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The rise and fall of the penny-share offer: A historical sociology of London’s smaller company markets

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The rise and fall of the penny-share offer : A historical sociology of London’s smaller company markets. / Roscoe, Philip John.

University of St Andrews, 2017. 120 p.

Research output: Book/ReportOther report

Harvard

Roscoe, PJ 2017, The rise and fall of the penny-share offer: A historical sociology of London’s smaller company markets. University of St Andrews.

APA

Roscoe, P. J. (2017). The rise and fall of the penny-share offer: A historical sociology of London’s smaller company markets. University of St Andrews.

Vancouver

Roscoe PJ. The rise and fall of the penny-share offer: A historical sociology of London’s smaller company markets. University of St Andrews, 2017. 120 p.

Author

Roscoe, Philip John. / The rise and fall of the penny-share offer : A historical sociology of London’s smaller company markets. University of St Andrews, 2017. 120 p.

Bibtex - Download

@book{5e692cef5a7448389014811acfb79652,
title = "The rise and fall of the penny-share offer: A historical sociology of London{\textquoteright}s smaller company markets",
abstract = "This report offers a narrative, {\textquoteleft}historical sociology{\textquoteright} of two markets establishedin London in 1995 in response to a series of rule changes at the London StockExchange (LSE). The first, the Alternative Investment Market, or AIM, wasset up by the LSE. It was established as part of LSE chief executive MichaelLawrence{\textquoteright}s {\textquoteleft}seven-point plan{\textquoteright} for the repositioning of the Exchange as anengine for economic growth focused on the UK regions. AIM was also, in part,a reactive move allowing the Exchange to deal with competitive threats inEurope and at home, particularly growing activity under its own Rule 535.It has acted as a proving ground for many smaller companies and playsan important role in the political positioning of the LSE. The second, OFEX(renamed PLUS in 2004) was privately operated and driven by commercialdemand. Originally operated as a trading facility, it achieved legal recognitionas a {\textquoteleft}designated market{\textquoteright} in 2001, and then as a Recognized InvestmentExchange (RIE) in 2007. As OFEX it coexisted with the LSE and rode thedotcom wave; as PLUS it served as a vehicle for a market rebellion againstthe LSE. It struggled to maintain a commitment to its original small companyconstituency and to compete as a trading venue of choice against theExchange. While AIM has flourished, PLUS faltered after the financial crisis of2008, and my narrative finishes in 2012 with the sale of the PLUS RIE licenceto ICAP, now NEX.",
author = "Roscoe, {Philip John}",
note = "This work has been supported by a Leverhulme Trust Research Fellowship (RF-2016-078)",
year = "2017",
month = oct,
language = "English",
publisher = "University of St Andrews",

}

RIS (suitable for import to EndNote) - Download

TY - BOOK

T1 - The rise and fall of the penny-share offer

T2 - A historical sociology of London’s smaller company markets

AU - Roscoe, Philip John

N1 - This work has been supported by a Leverhulme Trust Research Fellowship (RF-2016-078)

PY - 2017/10

Y1 - 2017/10

N2 - This report offers a narrative, ‘historical sociology’ of two markets establishedin London in 1995 in response to a series of rule changes at the London StockExchange (LSE). The first, the Alternative Investment Market, or AIM, wasset up by the LSE. It was established as part of LSE chief executive MichaelLawrence’s ‘seven-point plan’ for the repositioning of the Exchange as anengine for economic growth focused on the UK regions. AIM was also, in part,a reactive move allowing the Exchange to deal with competitive threats inEurope and at home, particularly growing activity under its own Rule 535.It has acted as a proving ground for many smaller companies and playsan important role in the political positioning of the LSE. The second, OFEX(renamed PLUS in 2004) was privately operated and driven by commercialdemand. Originally operated as a trading facility, it achieved legal recognitionas a ‘designated market’ in 2001, and then as a Recognized InvestmentExchange (RIE) in 2007. As OFEX it coexisted with the LSE and rode thedotcom wave; as PLUS it served as a vehicle for a market rebellion againstthe LSE. It struggled to maintain a commitment to its original small companyconstituency and to compete as a trading venue of choice against theExchange. While AIM has flourished, PLUS faltered after the financial crisis of2008, and my narrative finishes in 2012 with the sale of the PLUS RIE licenceto ICAP, now NEX.

AB - This report offers a narrative, ‘historical sociology’ of two markets establishedin London in 1995 in response to a series of rule changes at the London StockExchange (LSE). The first, the Alternative Investment Market, or AIM, wasset up by the LSE. It was established as part of LSE chief executive MichaelLawrence’s ‘seven-point plan’ for the repositioning of the Exchange as anengine for economic growth focused on the UK regions. AIM was also, in part,a reactive move allowing the Exchange to deal with competitive threats inEurope and at home, particularly growing activity under its own Rule 535.It has acted as a proving ground for many smaller companies and playsan important role in the political positioning of the LSE. The second, OFEX(renamed PLUS in 2004) was privately operated and driven by commercialdemand. Originally operated as a trading facility, it achieved legal recognitionas a ‘designated market’ in 2001, and then as a Recognized InvestmentExchange (RIE) in 2007. As OFEX it coexisted with the LSE and rode thedotcom wave; as PLUS it served as a vehicle for a market rebellion againstthe LSE. It struggled to maintain a commitment to its original small companyconstituency and to compete as a trading venue of choice against theExchange. While AIM has flourished, PLUS faltered after the financial crisis of2008, and my narrative finishes in 2012 with the sale of the PLUS RIE licenceto ICAP, now NEX.

M3 - Other report

BT - The rise and fall of the penny-share offer

PB - University of St Andrews

ER -

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ID: 251080627

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