Asset pricing in the dark: The cross-section of OTC stocks

A Ang, AA Shtauber, PC Tetlock - The Review of Financial …, 2013 - academic.oup.com
Abstract Over-the-counter (OTC) stocks are far less liquid, disclose less information, and
exhibit lower institutional holdings than do listed stocks. We exploit these different market …

On the effects of stock spam e-mails

M Hanke, F Hauser - Journal of Financial markets, 2008 - Elsevier
Over the past few years we have seen a rise in the number of unsolicited e-mails that
recommend buying certain stocks. The senders of these mails claim to have private …

The survival and success of Canadian penny stock IPOs

C Carpentier, JM Suret - Small Business Economics, 2011 - Springer
We analyze the survival and success of a large sample of Canadian penny stock initial
public offerings (IPOs), launched mostly by small and unprofitable firms from 1986 to 2003 …

The twilight zone: OTC regulatory regimes and market quality

U Brüggemann, A Kaul, C Leuz… - The Review of Financial …, 2018 - academic.oup.com
Studying a comprehensive sample of stocks from the US OTC market, we show that this
market is a large and diverse trading environment with a rich set of regulatory and disclosure …

Off but not gone: a study of Nasdaq delistings

JH Harris, V Panchapagesan… - Fisher College of …, 2008 - papers.ssrn.com
We examine 1,098 Nasdaq firms delisted in 1999-2002 that subsequently traded in the OTC
Bulletin Board and/or the Pink Sheets. Market quality deteriorates significantly after delisting …

A reinvestigation of the stock price reactions to announcements of Black top executive appointments

S Bermiss, J Green, JRM Hand - Journal of Management …, 2023 - journals.sagepub.com
We investigate the stock market reactions to the announcements of Black CEO and top
management team (TMT) appointments in light of two conflicting studies that advance …

Outcomes of investing in OTC stocks

JT White - US securities & exchange commission DERA white …, 2016 - papers.ssrn.com
This paper analyzes three aspects of over-the-counter (OTC) stocks:(1) the recent trends in
the OTC stock market structure and size;(2) the documented properties of OTC stocks; and …

The twilight zone: OTC regulatory regimes and market quality

U Brüggemann, A Kaul, C Leuz, IM Werner - 2013 - nber.org
We analyze a comprehensive sample of more than 10,000 US OTC stocks. We provide
much needed descriptive evidence on this market and show that the OTC market is a large …

Do stock prices reflect undisclosed financial statement information? Evidence from the OTCBB

BM Burnett - Journal of Accounting and Public Policy, 2020 - Elsevier
I exploit a regulatory change that mandated that Over-the-Counter Bulletin Board (OTCBB)
firms must comply with the reporting requirements of the 1934 Securities Exchange Act. I use …

[PDF][PDF] From pink slips to pink sheets: Liquidity and shareholder wealth consequences of Nasdaq delistings

JJ Angel, JH Harris, V Panchapagesan… - University of …, 2004 - researchgate.net
If liquidity is priced, as suggested by Amihud and Mendelson (1986) and Acharya and
Pedersen (2004), shareholders of firms that experience drastic declines in liquidity should …