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« I s the proof of the pudding in the eating? » Comparaison entre l'Alternative Investment Market et Alternext

Author

Listed:
  • Paul Lagneau-Ymonet
  • Amir Rezaee
  • Angelo Riva

Abstract

As a stock exchange dedicated to small and medium enterprises (SMEs), the success of the Alternative Investment Market (AIM) has established this segment of the London Stock Exchange as the benchmark, of which the Alternext is considered a flawed copy. This article aims to invalidate this proposition. First, the performance of Alternext (2005-2012), if compared to AIM?s performance at the same stage of development, is not as bad as critiques have been deluded the public into believing. Second, AIM characteristics are not set up as a stock exchange model dedicated to medium and small enterprises: the success seems to be based less on the services which AIM provides to small or innovative companies than on the regulatory arbitrage realized by medium and large companies. This observation acutely raises the question of the nature and organization of a stock exchange adapted to the specifications of SMEs. Classification JEL: G10, G23, G28, G32, L25, M10.

Suggested Citation

  • Paul Lagneau-Ymonet & Amir Rezaee & Angelo Riva, 2014. "« I s the proof of the pudding in the eating? » Comparaison entre l'Alternative Investment Market et Alternext," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 189-206.
    • Handle: RePEc:cai:refaef:ecofi_114_0189
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    Cited by:

    1. Cosimo Abbate & Alessandro Sapio, 2016. "Gazelles and muppets in the City: Stock market listing, risk sharing, and firm growth quantiles," LEM Papers Series 2016/33, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    2. Valerie Revest & Alessandro Sapio, 2016. "The creation function of a junior listing venue: An empirical test on the Alternative Investment Market," LEM Papers Series 2016/32, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.

    More about this item

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General

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