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Does the Alternative Investment Market nurture firm growth ? A comparison between listed and private companies

Author

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  • 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

    (DISAE - PARTHENOPE - Università degli Studi di Napoli “Parthenope” = University of Naples)

Abstract

The creation of stock market segments with low admission requirements was welcomed in the 1990s as an essential move to release small- and medium-sized enterprises from their dependency on banks for external funding, thereby removing the financial barriers that hinder their growth and competitiveness. But does easier access to public equity really translate into superior real performance? We explore this issue by focusing on the Alternative Investment Market (AIM), a "junior" segment of the London Stock Exchange that has experienced long-lasting growth in capitalization. (...)

Suggested Citation

  • Valérie Revest & Alessandro Sapio, 2013. "Does the Alternative Investment Market nurture firm growth ? A comparison between listed and private companies," Post-Print halshs-00843011, HAL.
    • Handle: RePEc:hal:journl:halshs-00843011
    DOI: 10.1093/icc/dtt021
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    Cited by:

    1. Valérie Revest & Alessandro Sapio, 2014. "L'Alternative Investment Market : un modèle pour le financement des petites et moyennes capitalisations ?," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 167-188.
    2. 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.
    3. Esho, Ebes & Verhoef, Grietjie, 2018. "The Funding Gap and the Financing of Small and Medium Businesses: An Integrated Literature Review and an Agenda," MPRA Paper 90153, University Library of Munich, Germany, revised 21 Nov 2018.
    4. 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.
    5. Cécile Carpentier & Jean-Marc Suret, 2018. "Entrepreneurs and Junior Markets: An Assessment," CIRANO Working Papers 2018s-18, CIRANO.
    6. Giovanni Dosi & Valerie Revest & Alessandro Sapio, 2016. "Financial regimes, financialization patterns and industrial performances: preliminary remarks," LEM Papers Series 2016/25, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    7. Caroline Granier & Valérie Revest & Alessandro Sapio, 2019. "SMEs and junior stock markets : a comparison between European and Japanese markets," Post-Print halshs-02097577, HAL.
    8. Alessandro Cirillo & Donata Mussolino & Sara Saggese & Fabrizia Sarto, 2018. "Looking at the IPO from the “top floor”: a literature review," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 22(3), pages 661-688, September.

    More about this item

    Keywords

    Alternative Investment Market; AIM;

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