CHANGES IN THE FINANCIAL CHARACTERISTICS OF NEWLY QUOTED SMALL FIRMS 1970–73 AND 1980–83

The British Unlisted Securities Market (USM) was created in 1980. The study looks at the financial characteristics of small firms which achieved flotation on the USM and makes some comparisons, with small firms that remained private and with similar firms that were floated on the conventional stock market during the early 1970s.