Europe's Second Markets for Small Companies
研究了欧洲证券交易所设立二板市场以吸引小公司上市的动机与失败原因，发现二板市场IPO长期表现远逊于主板，但为企业提供了融资机会；伦敦AIM的相对成功促使其他交易所效仿，但多数交易清淡。
Abstract European stock exchanges have repeatedly opened second markets to list small companies. We explain the motivation for the creation of these second markets, and the reasons why many of them have failed. We find that the average long‐run performance of initial public offerings (IPOs) on second markets is dramatically worse than for main market IPOs. However, the second markets have provided firms with the opportunity to raise funds at the IPO and in follow‐on offerings. The relative success of London's AIM, which is an exchange‐regulated market with minimal regulations, has led other European stock exchanges to establish similar non‐EU regulated second markets. Most of the IPOs on these exchange‐regulated markets are offered exclusively to institutional investors, and are equivalent to private placements. These IPOs, which frequently raise only a few million euros, rarely develop liquid trading.