Chapter 12: The underwriters of IPOs in Europe’s second markets
Since 1995, most stock exchanges in Europe have launched second-tier markets with the aim to fulfil the needs of particular categories of firms. Among all the second markets, the London Alternative Investment Market (AIM) has attracted an impressive high number of new listings (Vismara et al., 2012). Even after the collapse of the Internet bubble, the AIM continued to attract new listings, while the US stock exchanges faced a permanent decline in IPO volume and other European second-tier markets closed. The attention on AIM has entitled increasing debate in the financial press on regulation and on the role of nominated advisors (that is, Nomads). The AIM market is an exchange-regulated market (that is, unregulated) as defined by the European Financial Services Directive, meaning a market with minimal regulatory requirements for firms listed on these markets.
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