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Is the proof of the pudding in the eating? » - Comparaison entre l’Alternative Investment Market et Alternext

Author

Listed:
  • Paul Lagneau-Ymonet

    (IRISSO - Institut de Recherche Interdisciplinaire en Sciences Sociales - INRA - Institut National de la Recherche Agronomique - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique)

  • Amir Rezaee

    (LEO - Laboratoire d'économie d'Orleans [2008-2011] - UO - Université d'Orléans - CNRS - Centre National de la Recherche Scientifique, EDHEC - EDHEC Business School - UCL - Université catholique de Lille)

  • Angelo Riva

    (IREBS - Institut de recherche de l'European Business School - EBS Paris - European Business School Paris, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PSE - Paris-Jourdan Sciences Economiques - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique)

Abstract

En matière d'organisation boursière dédiée aux petites et moyennes entreprises (PME), lesuccès de l'Alternative Investment Market (AIM) aurait établi ce segment du London Stock Exchange comme le benchmark, dont l'Alternext serait une déclinaison manquée. Cet article tend à infirmer cette proposition. D'abord, la performance d'Alternext (2005-2012) est moins mauvaise que ce qu'ont pu faire accroire les critiques formulées, notamment lorsqu'on la compare à celle de l'AIM au même stade de développement. Ensuite, les caractéristiques de l'AIM ne permettent pas de l'ériger en modèle d'organisation boursière dédiée aux entreprises moyennes ou petites : le succès semble se fonder moins sur les services que l'AIM fournit à des sociétés modestes ou innovantes que sur l'arbitrage réglementaire qu'accomplissent des capitalisations assez importantes. Ce constat pose avec acuité la question de la nature et de l'organisation d'un marché boursier adapté aux spécificités des PME.

Suggested Citation

  • Paul Lagneau-Ymonet & Amir Rezaee & Angelo Riva, 2014. "Is the proof of the pudding in the eating? » - Comparaison entre l’Alternative Investment Market et Alternext," Post-Print halshs-01207195, HAL.
    • Handle: RePEc:hal:journl:halshs-01207195
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    Cited by:

    1. Valerie Revest & Alessandro Sapio, 2016. "The creation function of a junior listing venue: An empirical test on the Alternative Investment Market," LEM Papers Series 2016/32, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    2. Cosimo Abbate & Alessandro Sapio, 2016. "Gazelles and muppets in the City: Stock market listing, risk sharing, and firm growth quantiles," LEM Papers Series 2016/33, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.

    More about this item

    Keywords

    Alternative Investment Market; London Stock Exchange;

    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
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • 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
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General

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