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

Valérie Revest and Sandro Sapio ()

Revue d'économie financière, 2014, vol. N° 114, issue 2, 167-188

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.

JEL-codes: G10 G23 G32 L25 M13 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (1)

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