jeudi, août 30, 2007

AIM continue de susciter l'intérêt

Le Alternative Investment Market de Londres continue de susciter de l'intérêt. Récemment, Mendoza, Securities Regulation in Low-Tier Listing Venues: The Rise of the Alternative Investment Market nous proposait une étude soulignant les mérites du modèle réglementaire mis de l'avant par AIM:

As stock exchanges face escalating pressures for convergence and private equity and hedge funds rampage across jurisdictions in their quest for absolute returns, the success of a London-based junior listing venue - the Alternative Investment Market (AIM) - has drawn the collective attention of international market participants. Despite AIM's astounding results in recent years, the causes underlying its growth have not been the object of extensive academic analysis. This paper will focus on the recent outbreak of low-cost listing venues in international financial centers and AIM's dominance in this particular niche. It will be contended here that AIM covered a funding gap for companies whose specific characteristics preclude them from listing in senior markets such as NASDAQ, the New York Exchange or the London Stock Exchange. This paper also endeavors to show that AIM's regulatory model is optimal - imposing low compliance costs on firms, but ensuring adequate disclosure and transparency levels - given the type of companies that seek an AIM listing and the sophisticated nature of its investors.

Tout en reconnaissant les mérites du modèle de AIM, je demeure moins enthousiaste que Mendoza (voir ici). De fait, récemment, le Telegraph rapportait d'ailleurs que AIM était en mutation, notamment sous l'angle réglementaire (voir ici). À suivre...

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