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Do Market Listing And Size Entail Behavioural Differences?


  • Bernard BELLETANTE

    (EM Lyon)

  • Bernard PARANQUE

    (Banque de France)


It is possible to study companies according to their methods of gaining access to finance, and in particular the stock market. Two approaches are possible. The first looks at the organisation of such access through the relationships built up by the company with suppliers of capital, enabling the financial territory of the company to be defined. The second approach, which does not exclude the first, is to compare companies according the degree to which they enjoy access to financial markets, which can be defined in terms of whether a company is listed on the stock market or not. Both approaches have been tested using data for recent years. The purpose of this paper is to examine firstly the differences in access to financial markets between large and small companies, and secondly the effects and constraints generated by the fact of being listed (comparison of listed and unlisted companies).

Suggested Citation

  • Bernard BELLETANTE & Bernard PARANQUE, 2000. "Do Market Listing And Size Entail Behavioural Differences?," Finance 0004012, EconWPA, revised 29 Oct 2000.
  • Handle: RePEc:wpa:wuwpfi:0004012
    Note: Type of Document - pdf; prepared on PC; pages: 10

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    References listed on IDEAS

    1. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    2. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-592, July.
    3. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Richard Shearmur, 2001. "Financial Flows and Places: The Case of Monreal," Canadian Public Policy, University of Toronto Press, vol. 27(2), pages 219-233, June.

    More about this item


    sme's; listed; unlisted; IPO; corporate; finance;

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • G3 - Financial Economics - - Corporate Finance and Governance
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior

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