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An essay on the emergence, organization and performance of financial markets: the case of the Alternative Investment Market

Author

Listed:
  • Valérie Revest

    (TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS de Lyon - École normale supérieure de Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet - Saint-Étienne - CNRS - Centre National de la Recherche Scientifique)

  • Alessandro Sapio

    (D.E.S. - Department of Economic Studies - Université de Naples)

Abstract

This work provides an overview of the historical evolution, the organizational forms, and the performances of the stock exchanges and market segments catering to small and growing companies, set up in Europe in the last thirty years. We mainly focus on the Alternative Investment Market (AIM), created by the London Stock Exchange in 1995. This case study yields useful insights about the role of public and private interests in market emergence and in shaping market architectures, the costs and benefits of light stock market regulation, and the use of stock markets to support technology-based small firms. A review of the existing empirical evidence shows that dimensional growth of the AIM has been fueled by companies characterized by low values of long-term returns, growth rates, R&D productivity and solvency.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Valérie Revest & Alessandro Sapio, 2013. "An essay on the emergence, organization and performance of financial markets: the case of the Alternative Investment Market," Post-Print halshs-00855203, HAL.
    • Handle: RePEc:hal:journl:halshs-00855203
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    Cited by:

    1. Giovanni Dosi & Valérie Revest & Alessandro Sapio, 2016. "Financial regimes, financialization patterns and industrial performances : preliminary remarks," Post-Print halshs-01418040, HAL.

    More about this item

    Keywords

    finance; Alternative Investment Market;

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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