Alternext: A Market with Mixed Results
Alternext was set up in 2005 and was intended to help small and medium enterprises (SMEs) finance their development. Using a sample of SMEs that went public on Alternext during the period 2005-2009, the aim of this article is threefold: firstly, it sheds a light on the operational and financial performances of these firms before and after the initial public offering; secondly, it gives evidence of a short term undervaluation and a long term underperformance over a 3-year period after the IPO. Finally, it assesses the activity on the primary market of Alternext from the date of the IPO until the 3rd anniversary.