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SME Stock Exchanges – Should They Have a Greater Role?

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Abstract

Access to finance is widely recognized as one of the main impediments for growth and development of the small and medium enterprises. This article presents certain aspects of development of stock exchanges oriented towards small and medium-size enterprises. It aims to contribute towards the growing debate on funding of small and medium enterprises through dedicated stock exchanges and serve as a useful contribution to stakeholders to undertake certain steps toward implementation of effective policies for design of exchanges dedicated to financing of small and medium enterprises.

Suggested Citation

  • Aljosa Sestanovic, 2015. "SME Stock Exchanges – Should They Have a Greater Role?," Effectus - Working Paper Series 0008, Effectus - University College for Law and Finance.
  • Handle: RePEc:eff:wpaper:0008
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    File URL: http://effectus-uciliste.eu/images/working_papers/8_Sestanovic_Aljosa_SME_Stock_Exchanges-Should_They_Have_a_Greater_Role.pdf
    File Function: First version, 2015-06
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    References listed on IDEAS

    as
    1. Chemmanur, Thomas J. & Fulghieri, Paolo, 2006. "Competition and cooperation among exchanges: A theory of cross-listing and endogenous listing standards," Journal of Financial Economics, Elsevier, vol. 82(2), pages 455-489, November.
    2. Beck, Thorsten & Demirguc-Kunt, Asli, 2006. "Small and medium-size enterprises: Access to finance as a growth constraint," Journal of Banking & Finance, Elsevier, vol. 30(11), pages 2931-2943, November.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    tržište Small and medium enterprises; stock exchanges; SME exchanges; alternative markets; multilateral trade facilities (MTFs); Zagreb Stock Exchange;

    JEL classification:

    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • P34 - Economic Systems - - Socialist Institutions and Their Transitions - - - Finance

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