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Many valuation practitioners believe that there is a size effect and add a size premium to their CAPM cost of equity. In this talk, Cliff Ang will demonstrate why the underlying premise behind the size effect no longer holds and discuss the academic literature and empirical evidence on the absence of a size effect. He then dives into the related issue, which is why valuation practitioners should let go of the size premium.
Program Agenda
What is the size effect?
Academic literature
Empirical evidence
Issues with the size premium
Learning Objectives
List the evidence as to why there is no size effect
Identify issues with existing studies that appear to show there is a size effect
Describe the issues when they add a size premium to their CAPM cost of equity
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