Thought to represent inherent risks in smaller businesses, the size effect has long been used as an explanation for the risk-reward relationship empirically seen in small businesses. Since its widespread use in the 1980s, however, empirical analysis has shown several discrepancies in this analysis including the "January Effect" and, more importantly, a significant decrease in the observed size effect. On July 28, expert appraisers Michael Crain and William Kennedy join BVR for an in-depth look at the size effect's recent history, the counterintuitive and anomalous characteristics viewed in its analysis, and, most importantly, what all of this means for appraisers today.