Michael Murray: Small company shares outperform large ones on global stock markets over the long term

Michael Murray: Small company shares outperform large ones on global stock markets over the long term

In their research contained in the “Numis Smaller Companies Index – 2015 Annual Review” three London Business School academics – Elroy Dimson, Paul Marsh and Mike Staunton – provide a comprehensive compendium of research on the “Smaller Companies Effect”.

Their key findings show that across most major economies in the world (Taiwan and Mexico being notable exceptions) small cap premia from 2000 to 2014 have been significant, averaging 5.9 per cent per annum on a global basis over the...

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