Penny Stock Reform Act of 1990
Author : United States. Congress. House. Committee on Energy and Commerce
Publisher :
Page : 44 pages
File Size : 22,50 MB
Release : 1990
Category : Securities fraud
ISBN :
Author : United States. Congress. House. Committee on Energy and Commerce
Publisher :
Page : 44 pages
File Size : 22,50 MB
Release : 1990
Category : Securities fraud
ISBN :
Author : Richard C. Breeden
Publisher :
Page : 22 pages
File Size : 11,7 MB
Release : 1990
Category : Penny stocks
ISBN :
Author : United States. Congress. House. Committee on Energy and Commerce
Publisher :
Page : 42 pages
File Size : 44,79 MB
Release : 1990
Category : Securities fraud
ISBN :
Author : United States. Congress. House. Committee on Energy and Commerce
Publisher :
Page : 42 pages
File Size : 29,4 MB
Release : 1990
Category : Securities fraud
ISBN :
Author : United States. Congress
Publisher :
Page : pages
File Size : 36,29 MB
Release : 1993
Category : Penny stocks
ISBN :
Law, reports, bills, debate, articles, hearings, print.
Author : United States. Congress. House. Committee on Energy and Commerce
Publisher :
Page : 42 pages
File Size : 49,74 MB
Release : 1990
Category :
ISBN :
Author :
Publisher :
Page : 340 pages
File Size : 41,83 MB
Release : 1990
Category : Banking law
ISBN :
Author : Kirkland & Ellis (Firm)
Publisher :
Page : pages
File Size : 30,54 MB
Release : 1992
Category : Insider trading in securities
ISBN :
Author : Gary G. Lynch
Publisher :
Page : 496 pages
File Size : 47,79 MB
Release : 1990
Category : Penny stocks
ISBN :
Author : Randolph P. Beatty
Publisher :
Page : pages
File Size : 19,81 MB
Release : 2019
Category :
ISBN :
The Penny Stock Reform Act of 1990 (PSRA) was an attempt to curb fraudulent security issues by placing severe restrictions on initial public offerings (IPOs) that were priced below $5. The regulation had the cosmetic effect of reducing the number of IPOs priced below $5, but had no substantive impact on issuer quality. Delisting risk, which is a measure of issuer quality, did not decline significantly in the post-PSRA period. Instead, abnormal returns earned by a portfolio of non-penny stocks declined significantly in the post-PSRA period. We present evidence that attributes the decline in abnormal returns to migration of speculative issuers into the non-penny range.