Advances in Financial Economics, Volume 6 (Advances in by M. Hirschey, K. John, A.K. Makhija

By M. Hirschey, K. John, A.K. Makhija

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Warn of poor liquidity of shares, and Blinder-Robinson’s dominant role in market making. II. Issuer Specific Risks Number of Issues Number of Instances a. Civil lawsuits against issuer 5 10 b. Action from federal (IRS,Labor Dept. EPA) State agencies 4 6 c. Officer’s background: Felony charges, license suspended (as broker), declared personal bankruptcy 4 5 d. Near term liquidity crisis: low cash, bank debt due, negative working capital, negative bank balance 10 10 e. Product/business weaknesses: no product at developmental stage, loss of major account potential liabilities, hidden liabilities from guarantee given to affiliate.

I. Common risks, as warnings found in the registration statement a. The IPO price has been arbitrarily determined by the company and the underwriter, and bears no direct relationship to the assets. Earnings, book value or any other objective standard of worth. b. The securities are highly speculative, involve significant risk and immediate substantial dilution, and should not be purchased by any person who cannot afford the loss of his entire investment. c. Discuss extensively (1-2 pages) NASD and SEC actions against Blinder-Robinson, and the possibility that it may nor be able to perform as underwriter.

The legislation has effectively choked off the market for stocks selling at $5 or less. 6. SUMMARY AND CONCLUSIONS In this paper we examine in detail the characteristics of twelve IPOs brought to market by BR in the period from late 1985 through late 1987. In addition, we examine the return experience of investors subsequent to the IPOs and detail the microstructure of the penny stock market. The topic is of theoretical interest because penny stock markets lack some of the conditions necessary for a standard efficient market such as the presence of large investors (institutions and individuals) and analysts following the securities.

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