The alternative investment market in Spain: An assessment

Small and medium sized enterprises (SMEs) are unquestionably the leading actors in Spanish business. Financing of SMEs has always involved difficulties and has become even more so in times of crisis. As a new way of financing SMEs, the Spanish Stock Exchange for smaller growing companies (MAB) was created in March 2008, in order to raise the capital needed for expansion. After more than three years of operation, there are currently 17 companies listed in MAB. In this paper, an assessment of this stock market is performed in order to ascertain the characteristics of this new alternative market in Spain which include: how the companies improve their capital structure; what types of companies access this market; and in what way their expansion plans are developed. (C) 2012 Asociacion Cuadernos de Economia. Published by Elsevier Espana, S.L. All rights reserved.