Returns in Over-the-Counter Stock Markets was first published in 1973. Important new information about over-the-counter (OTC) stock markets is presented here, based on the authors’ broad analysis of returns from various OTC markets over an extended time period. As the authors note, individual investors have included OTC stocks in their portfolios for many years, but more recently institutions have become fore active investors in such stocks. Despite greater public participation, information about OTC markets has been limited, and thus this book fills a basic need in financial literature. The study examines the national OTC market, made up of widely held stocks of relatively large firms, and also regional OTC markets concerned in five metropolitan areas -- Atlanta, Chicago, Minneapolis-St.Paul, St. Louis, and San Francisco. The principal questions dealt with are the dimensions of OTC markets, investment returns in various OTC markets, the impact of portfolio diversification in these markets, and the volatility of returns from OTC markets. Throughout, these questions are approached from an investor’s viewpoint. By analyzing portfolio outcomes rather than selected examples of OTC stocks, the authors provide a counterweight to publicized success stories about individual OTC stocks. The data constitute an important foundation for further research studies and for public policy decisions relating to securities laws and investment regulations.
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