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Thought to represent inherent risks in smaller businesses, the size effect has long been used as an explanation for the risk-reward relationship empirically seen in small businesses. Since its widespread use in the 1980's however, empirical analysis has shown several discrepancies in this analysis including the "January Effect" and more importantly, a significant decrease in the observed size effect.
On July 28 expert appraisers Michael Crain and William Kennedy join BVR for an in-depth look at the size effect's recent history, the counter-intuitive and anomalous characteristics viewed in its analysis, and, most importantly, what all of this means for appraisers today.
Program Agenda
What is the size effect?
Observation of the size effect
Current state of size premiums in BV practice
Evidence of the diminishment or disappearance of the size effect in U.S. and UK listed firms since the 1980s
Link between the size effect and liquidity risk in empirical research
Concentration of the size effect in smaller firms
Other empirical evidence
Implications for BV theory and practice
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