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An Essay On The Emergence, Organization And Performance Of Financial Markets: The Case Of The Alternative Investment Market

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Executive Summary

This paper provides an overview of the historical evolution, the organizational forms, and the performances of the stock exchanges and market segments catering to small and growing companies, set up in Europe in the last thirty years. The authors mainly focus on the Alternative Investment Market (AIM), created by the London Stock Exchange in 1995. This case study yields useful insights about the role of public and private interests in market emergence and in shaping market architectures, the costs and benefits of light stock market regulation, and the use of stock markets to support technology-based small firms.

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