Alternext: un marché au bilan contrasté

Emmanuel Boutron, Béatrice de Séverac and Philippe Dessertine
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Emmanuel Boutron: CEROS - Centre d'Etudes et de Recherches sur les Organisations et la Stratégie - UPN - Université Paris Nanterre
Béatrice de Séverac: CEROS - Centre d'Etudes et de Recherches sur les Organisations et la Stratégie - UPN - Université Paris Nanterre
Philippe Dessertine: CEROS - Centre d'Etudes et de Recherches sur les Organisations et la Stratégie - UPN - Université Paris Nanterre

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Abstract: Alternext: A Market with Mixed ResultsAlternext was set up in 2005 and was intended to help small and medium enterprises (SMEs) finance their development. Using a sample of SMEs that went public on Alternext during the period 2005-2009, the aim of this article is threefold: firstly, it sheds a light on the operational and financial performances of these firms before and after the initial public offering; secondly, it gives evidence of a short term undervaluation and a long term underperformance over a 3-year period after the IPO. Finally, it assesses the activity on the primary market of Alternext from the date of the IPO until the 3rd anniversary.

Date: 2014
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Published in Revue d'économie financière, 2014, 114 (2), ⟨10.3917/ecofi.114.0149⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01754800

DOI: 10.3917/ecofi.114.0149

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