What do you mean by the size effect?

I would be very grateful if someone could help me with this. Explain the concept of size effects in the investment management?
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"• Several studies have examined the impact of size on the risk-adjusted rates of return • The studies indicate that risk-adjusted returns for extended periods indicate that the small firms consistently experienced significantly larger risk-adjusted returns than large firms • Firm size is a major efficient market anomaly • Attempts to explain the size anomaly in terms of superior risk measurements, transactions costs, analysts attention, trading activity, and differential information have not succeeded The P/E studies and size studies are dual tests of the EMH and the CAPM • Abnormal returns could occur because either : markets are inefficient or market model is not properly specified and provides incorrect estimates of risk and expected returns • Size and Ratio of Book Value of a firm’s Equity to Market Value of its equity (BV/MV) dominate other ratios such as E/P ratio or leverage. Source: http://in.docsity.com/en-docs/Testing_Market_Efficiency_-_Security_Analysis_and_Portfolio_Management_-_Solved_Quiz_"
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"Within data, a result dimension is a stride in the strength of the phenomenon (as an example, the relationship between ii issues in the record human population) or maybe a sample-based mostly estimation of the sum. An impact dimension computed by info is A illustrative statistic that provides the particular projected specifications of an relationship with out making any assertion concerning whether or not the manifest human relationship in the data shows a real relationship from the inhabitants. In that way, influence sizes match illative data for instance g-prices. Amongst additional makes use of, impact size actions perform an important role inwards meta-analysis research in which summarise conclusions at a unique subject of study, and in statistical might analyses. "
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