Italian SMEs and IPO performance. An empirical analysis over a ten-year period

Maurizio Dallocchio, Emanuele Teti and Matteo Perugi

International Journal of Entrepreneurship and Small Business, 2022, vol. 45, issue 3, 279-299

Abstract: We investigate the performance of shares issued by Italian small and medium enterprises (SMEs) between January 2007 and August 2017. The empirical evidence shows that stocks traded on the AIM Italian market - the market of Borsa Italiana devoted to the SMEs with high growth potential - significantly underperform compared to other similarly listed companies over the same time span. The cause is related neither to the limited size of the companies - small firms significantly outperform larger ones within the sample - nor to the tendency to inflate the economic results in the fiscal year before the IPO, but our result is rather explained by the limited liquidity of most underperforming SMEs.

Keywords: small and medium enterprises; SMEs; AIM Italia; IPOs; performances; small cap. (search for similar items in EconPapers)
Date: 2022
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