PlumX Metrics
SSRN
Embed PlumX Metrics

Do Stock Markets have a Negative Attitude to SMEs? Findings on the Italian Market

SSRN Electronic Journal
2003
  • 0
    Citations
  • 1,369
    Usage
  • 2
    Captures
  • 0
    Mentions
  • 0
    Social Media
Metric Options:   Counts1 Year3 Year

Metrics Details

  • Usage
    1,369
    • Abstract Views
      1,232
    • Downloads
      137
  • Captures
    2
    • Readers
      2
      • SSRN
        2
  • Ratings
    • Download Rank
      422,839

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.

Bibliographic Details

Claudio Zara

Elsevier BV

enterprise size; SME funding; company's flotation; small caps; long-run underperformance

Provide Feedback

Have ideas for a new metric? Would you like to see something else here?Let us know