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Alternext : un marché au bilan contrasté

Author

Listed:
  • Emmanuel Boutron
  • Béatrice de Séverac
  • Philippe Dessertine

Abstract

Alternext was set up in 2005 and was intended to help small and medium enterprises (SMEs) finance their development. Using a sample of SMEs that went public on Alternext during the period 2005-2009, the aim of this article is threefold: firstly, it sheds a light on the operational and financial performances of these firms before and after the initial public offering; secondly, it gives evidence of a short term undervaluation and a long term underperformance over a 3-year period after the IPO. Finally, it assesses the activity on the primary market of Alternext from the date of the IPO until the 3rd anniversary. Classification JEL: G10, G23, G32, L25.

Suggested Citation

  • Emmanuel Boutron & Béatrice de Séverac & Philippe Dessertine, 2014. "Alternext : un marché au bilan contrasté," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 149-166.
    • Handle: RePEc:cai:refaef:ecofi_114_0149
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    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
    • 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

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