Conventional wisdom says that US small-cap stocks have historically outperformed large-cap stocks, but some recent studies have argued that this is not always necessarily the case.
Q3 2019 hedge fund letters, conferences and more
Two recent studies stand out. Alquist et al. (2018) consider the empirical findings of the Size effect over the past few decades and argue that there no strong empirical evidence to support the idea of a size premium. Meanwhile, Beck et al. (2016) reached a similar conclusion.
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