Do Stock Markets have a Negative Attitude to SMEs? Findings on the Italian Market
SSRN Electronic Journal
2003
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Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
Citation Benchmarking is provided by Scopus and SciVal and is different from the metrics context provided by PlumX Metrics.
Article Description
The research target is to explore the relation between the fundamental performance and the market pricing for SME which have floated in the Italian stock market in the period 1994 - 2000. The fundamental performance is defined as the degree of consistency between the financial results obtained in the years immediately after the listing process and the enterprise's objectives declared at the listing stage in the prospectus. The single share market valuation is measured as its underperformance or outperformance compared with the general market trend expressed by a suitable index. We expect that enterprises which are consistent ex post with their declarations in prospectuses and create value to shareholders have a market valuation at least in line with the stock market performance or outperform it. Empirical evidence shows that Italian stock market has basically a bias against SME IPOs because it is very good in valuation of the majority of inconsistent companies but at the same time, it excessively penalised the consistent companies.
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