Preface -- Acknowledgments -- Contents -- PART I. Identifying Over-the-Counter Markets -- 1. Over-the-Counter Market Systems: An Introduction -- Framework -- Market Specification -- Market Dimensions -- Summary -- PART II. Measuring Market Returns -- 2. Indexes versus Rates of Return -- An OTC Market Index -- Rate-of-Return Measures -- Four Principal Assumptions -- Rate of Return from Portfolios of National OTC Stocks: An Illustration -- Intermarket Comparisons of Rates of Return -- 3. Returns from the National Over-the-Counter Market -- Rates of Return: One-Year Holding Periods -- Analyses of Longer Holding Periods -- Impact of Transaction Costs -- 4. Returns from Regional Over-the-Counter Markets -- Returns from Aggregate Regional OTC Markets -- Returns in Five Regional OTC Markets -- Summary -- PART III. "Winners, Losers, and Diversification -- 5. High and Low Portfolio Returns -- High Returns: A Multimarket Comparison -- Skewness within Highest-Return OTC Portfolios -- Low Returns: The Counterpoint -- 6. High- and Low-Return Stocks -- High-Return Stocks: Potential "Winners" -- Highest-Return Stocks -- Low-Return Stocks: Potential "Losers" -- Lowest-Return Stocks -- Summary -- 7. Diversification -- PART IV. Market Volatility -- 8. Relative Volatility: The Beta Controversy -- Beta Measures -- Betas of OTC Markets, 1955-69 -- Instability of Beta -- 9. Market Attributes of Over-the-Counter Stocks -- Dividend Policies -- Valuation -- Movement among Markets -- Summary -- PART V. Conclusions -- 10. Opportunities in Over-the-Counter Markets -- Variability of Returns -- Why Invest in OTC Stocks? -- Appendixes -- 1. One-Year Portfolio Returns in National and Regional OTC Markets, 1946-69 -- 2. Number of Stocks in Regional OTC Portfolios, 1955-69 -- 3. Total Value of Individual Stocks in Regional OTC Markets: Aggregated Data for Selected Years, 1955-70.

4. Total Value of Individual Stocks in Regional OTC Markets: Aggregated Data for Selected Years, 1955-70 (as of January 1) -- 5. Total Value of Individual Stocks in the National OTC Market for Selected Years, 1955-70 (as of January 1) -- 6. Company Names of National OTC Stocks Analyzed in This Study, 1946-69 -- 7. Company Names of Regional OTC Stocks Analyzed in This Study, by Market, 1955-69 -- Index -- A -- B -- C -- D -- E -- F -- H -- I -- J -- L -- M -- N -- O -- P -- R -- S -- T -- U -- V -- W.