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

Author

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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 - 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])

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.

Suggested Citation

  • Caroline Granier & Valérie Revest & Alessandro Sapio, 2019. "SMEs and junior stock markets : a comparison between European and Japanese markets," Post-Print halshs-02097577, HAL.
    • Handle: RePEc:hal:journl:halshs-02097577
    DOI: 10.3917/jie.029.0043
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-02097577
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    References listed on IDEAS

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    Cited by:

    1. Yuji Honjo, 2021. "Public or perish? From founding to initial public offering," Review of Managerial Science, Springer, vol. 15(6), pages 1573-1610, August.
    2. Yuji Honjo & Koki Kurihara, 2023. "Graduation of initial public offering firms from junior stock markets: evidence from the Tokyo Stock Exchange," Small Business Economics, Springer, vol. 60(2), pages 813-841, February.
    3. HONJO Yuji & KURIHARA Koki, 2021. "Graduation of Initial Public Offering Firms from Junior Stock Markets: Evidence from the Tokyo Stock Exchange," Discussion papers 21049, Research Institute of Economy, Trade and Industry (RIETI).

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    Keywords

    Junior stock markets; SME;

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