Alternext: A Market with Mixed Results

Emmanuel BOUTRON CEROS (Centre d’études et de recherches sur les organisations et la stratégie), université Paris Ouest Nanterre La Défense.

Béatrice DE SÉVERAC CEROS (Centre d’études et de recherches sur les organisations et la stratégie), université Paris Ouest Nanterre La Défense. Contact : bseverac@u-paris10.fr.

Philippe DESSERTINE GREGOR (Groupe de recherche en gestion des organisations), IAE de Paris Panthéon-Sorbonne.

Alternext was set up in 2005 and was intended to help small and medium enterprises (SMEs) finance their development. Using a sample of SMEs that went public on Alternext during the period 2005-2009, the aim of this article is threefold: firstly, it sheds a light on the operational and financial performances of these firms before and after the initial public offering; secondly, it gives evidence of a short term undervaluation and a long term underperformance over a 3-year period after the IPO. Finally, it assesses the activity on the primary market of Alternext from the date of the IPO until the 3rd anniversary.