Journal of Accounting and Economics Vol. 56 No. 2-3 2013
The London Stock Exchange's AIM experiment: Regulatory or market failure? A discussion of Gerakos, Lang and Maffett
Abstract
The conference paper by Gerakos, Lang and Maffett (2013) provides reliable, descriptive evidence on the post-IPO performance of firms listing on the London Stock Exchange's Alternative Investment Market (AIM). Their findings are consistent with both a failure of private sector regulation and incorrect market expectations about AIM's investor protections. In this discussion of Gerakos et al. (2013), I highlight the strengths and limitations of their conference paper, summarize how various regulatory and market factors could produce the observed systematic under-performance of AIM offerings, and outline paths for future research on the topic.
- DOI
- 10.1016/j.jacceco.2013.10.004
- Volume
- 56
- Issue
- 2-3
- Pages
- 216-223
- Language
- en
- Sources
- bibtex:phds-export.bib openalex crossref