Does the Size Effect Explain the UK Winner‐Loser Effect?
检验英国FT500大公司样本中是否存在规模效应，并考察规模效应是否能够解释此前发现的长期赢家-输家效应。结果发现规模效应存在且与赢家-输家效应相关，但并未取代后者。
Dissanaike (1997) found a long‐term winner‐loser effect in the UK, within a sample of large (FT500) companies. However, he did not investigate as to whether there was a size effect within his sample, nor did he check to see if it subsumed his winner‐loser effect. We find evidence of a size effect within the FT500 sample, and the size and winner‐loser effects are not unrelated. But, there is no evidence to suggest that the size effect subsumes the winner‐loser effect.