SMEs and junior stock markets: a comparison between European and Japanese markets

Caroline Granier, Valérie Revest () and Alessandro Sapio
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Caroline Granier: GREThA - Groupe de Recherche en Economie Théorique et Appliquée - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique, SSSUP - Scuola Universitaria Superiore Sant'Anna = Sant'Anna School of Advanced Studies [Pisa]
Valérie Revest: TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS de Lyon - École normale supérieure de Lyon - Université de Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet - Saint-Étienne - CNRS - Centre National de la Recherche Scientifique
Alessandro Sapio: SSSUP - Scuola Universitaria Superiore Sant'Anna = Sant'Anna School of Advanced Studies [Pisa], Department of Business and Economics, Parthenope University of Naples, SSSUP - Scuola Universitaria Superiore Sant'Anna = Sant'Anna School of Advanced Studies [Pisa]

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Abstract: The financing of SMEs has been a central concern for industrialized countries over the last couple of decades. Stock markets dedicated to SMEs, called junior markets, are increasingly seen as an alternative to bank financing. This article examines the functions of the junior markets that are located in continental Europe and in Japan. Based on the analytical framework developed by Lazonick and O’Sullivan (2004) and Lazonick (2007), we evaluate the functions performed by junior markets through the listing criteria and ongoing requirements and through the collection of market statistics. Market models appear to be heterogeneous: continental European markets lie between the UK Alternative Investment Market (AIM) and the oldest Japanese junior markets. According to their organization, they may stimulate more growth or exit. This contribution can play a useful role in informing policy makers about junior markets.

Keywords: Junior stock markets; SME (search for similar items in EconPapers)
Date: 2019
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-02097577v1
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Citations: View citations in EconPapers (3)

Published in Journal of Innovation Economics & Management, 2019, 2019/2 (29), pp.43-67. ⟨10.3917/jie.029.0043⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-02097577

DOI: 10.3917/jie.029.0043

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