Yoo, JaeHoon2012-08-132012-08-132007-03https://hdl.handle.net/10986/11168More than 24 countries operate separate boards and exchanges aimed at small and medium-size enterprises (SMEs). Equity markets play a critical role in fostering economic productivity by financing innovation. But only a few SME exchanges function properly, providing coveted fresh capital and liquidity. What steps are key to building an efficient exchange to provide risk capital for SMEs? Creating an SME-friendly market architecture supported by effective institutions and forging links to policies that foster a new class of investable equities.CC BY 3.0 IGOAFFILIATED ORGANIZATIONSCAPITAL MARKETCOMPANYCORPORATE GOVERNANCEDISCLOSUREECONOMIC GROWTHEMPLOYMENTENTREPRENEURSENTREPRENEURSHIPEQUITY MARKETSFINANCIAL CONTRACTSFIXED CAPITALGROSS FIXED CAPITAL FORMATIONINSTITUTIONAL INVESTMENTINSTITUTIONAL INVESTORSINSURANCEINVESTMENT AMOUNTINVESTMENT BANKSINVESTMENT MARKETINVESTOR CONFIDENCELIQUIDITYMARKET DEVELOPMENTMARKET SEGMENTMEDIUM ENTERPRISESNASDAQOFFERINGSOTCPORTFOLIOPRIVATE EQUITYPUBLIC FUNDSPUBLIC POLICY INNOVATIONSRETAILRISK CAPITALSALESSECURITIESSHAREHOLDERSSMALL FIRMSSMESTOCK EXCHANGESTAX INCENTIVESTOTAL MARKET CAPITALIZATIONTRANSPARENCYTURNOVERVENTURE CAPITALWorld Bank10.1596/11168