Italian SMEs and IPO performance. An empirical analysis over a ten-year period
by Maurizio Dallocchio; Emanuele Teti; Matteo Perugi
International Journal of Entrepreneurship and Small Business (IJESB), Vol. 45, No. 3, 2022

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 Italian market - the market of Borsa Italiana devoted to the SMEs with high growth potential - significantly underperform compared to other similarly listed companies over the same time span. 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 our result is rather explained by the limited liquidity of most underperforming SMEs.

Online publication date: Fri, 08-Apr-2022

The full text of this article is only available to individual subscribers or to users at subscribing institutions.

 
Existing subscribers:
Go to Inderscience Online Journals to access the Full Text of this article.

Pay per view:
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.

Complimentary Subscribers, Editors or Members of the Editorial Board of the International Journal of Entrepreneurship and Small Business (IJESB):
Login with your Inderscience username and password:

Username:        Password:          Forgotten your password?

Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.

If you still need assistance, please email subs@inderscience.com