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L'Alternative Investment Market : un modèle pour le financement des petites et moyennes capitalisations ?

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  • Valérie Revest
  • Alessandro Sapio

Abstract

The Alternative Investment Market (AIM), a stock market dedicated to small and medium capitalizations, has been created in 1995 by the London Stock Exchange (LSE). The AIM is viewed nowadays as a model for numerous stock markets with a similar target. It relies on a specific market model, where private intermediaries, the Nomads, replace, to a certain extent, the LSE regulation. This paper investigates on the nature of the AIM success. We shed light on the strengths and the weaknesses, through a review of the empirical literature. On the one hand, the AIM is characterized by a high rate of new IPOs, seasoned offerings, and voluntary exits. On the other hand, the operational performances of the AIM-listed companies appear to be lower than those for similar firms on other stock markets, thereby casting doubts on the role of AIM as a stepping stone for innovative firms. The conclusions of the article offer some insights for policy-makers considering the creation of new junior markets. Classification JEL: G10, G23, G32, L25, M13.

Suggested Citation

  • 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.
    • Handle: RePEc:cai:refaef:ecofi_114_0167
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    References listed on IDEAS

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    1. Valérie Revest & Alessandro Sapio, 2013. "Does the alternative investment market nurture firm growth? A comparison between listed and private companies," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 22(4), pages 953-979, August.
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    1. Giovanni Dosi & Valérie Revest & Alessandro Sapio, 2016. "Financial regimes, financialization patterns and industrial performances : preliminary remarks," Post-Print halshs-01418040, HAL.

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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
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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