We investigate the performance of shares issued by Italian small and medium enterprises (SMEs) between January 2007 and August 2017. The empirical evidence shows that stocks traded on the AIM Italia market – the market of Borsa Italiana devoted to the SMEs with high growth potential - significantly underperform comparable listed companies over the same time horizon. The cause is related neither to the limited size of the companies – small firms significantly outperform larger ones within the sample – nor to the tendency to inflate the economic results in the fiscal year before the IPO, but it is rather explained by the limited liquidity of most of the underperforming SMEs.
Italian SMEs and IPO Performance. An empirical analysis over a 10-year period
teti, emanuele;dallocchio, maurizio;
2019-01-01
Abstract
We investigate the performance of shares issued by Italian small and medium enterprises (SMEs) between January 2007 and August 2017. The empirical evidence shows that stocks traded on the AIM Italia market – the market of Borsa Italiana devoted to the SMEs with high growth potential - significantly underperform comparable listed companies over the same time horizon. The cause is related neither to the limited size of the companies – small firms significantly outperform larger ones within the sample – nor to the tendency to inflate the economic results in the fiscal year before the IPO, but it is rather explained by the limited liquidity of most of the underperforming SMEs.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
