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Special stock market segments for small company shares in Europe - What went wrong?

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  • Rasch, Sebastian

Abstract

Special stock market segments for small company shares were established by all major European stock exchanges during the 1980's. After showing a remarkable success during the first years of their existence - both in the primary as well as in the secondary market - these segments today suffer from increasing illiquidity. The stock exchange authorities in London and in Amsterdam have therefore decided to close down their stock markets for smaller companies. This paper takes a closer look at the current situation of these stock market segments throughout Europe and discusses the causes for their decline.

Suggested Citation

  • Rasch, Sebastian, 1994. "Special stock market segments for small company shares in Europe - What went wrong?," ZEW Discussion Papers 94-13, ZEW - Leibniz Centre for European Economic Research.
    • Handle: RePEc:zbw:zewdip:9413
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    Cited by:

    1. Cécile Carpentier & Jean-Marc Suret, 2009. "The Survival and Success of Canadian Penny Stock IPOs," CIRANO Working Papers 2007s-28, CIRANO.
    2. Carpentier, Cécile & L'Her, Jean-François & Suret, Jean-Marc, 2010. "Stock exchange markets for new ventures," Journal of Business Venturing, Elsevier, vol. 25(4), pages 403-422, July.
    3. Aggarwal, Reena & Angel, James J., 1999. "The rise and fall of the Amex Emerging Company Marketplace," Journal of Financial Economics, Elsevier, vol. 52(2), pages 257-289, May.
    4. Black, Bernard S. & Gilson, Ronald J., 1998. "Venture capital and the structure of capital markets: banks versus stock markets," Journal of Financial Economics, Elsevier, vol. 47(3), pages 243-277, March.
    5. J. Ari Pandes & Michael J. Robinson, 2013. "The Canadian junior IPO market and the Capital Pool Company program," Chapters, in: Mario Levis & Silvio Vismara (ed.), Handbook of Research on IPOs, chapter 6, pages 124-140, Edward Elgar Publishing.

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