TY  - JOUR
T1  - LONG TERM UNDERPERFORMANCE ANOMALY and ITS DTERMINANT FACTORS on SEASONED EQUITY OFFERINGS: EVIDENCE FROM TURKEY
AU  - Cikrikci, Mustafa
AU  - Ozyesil, Mustafa
PY  - 2018
DA  - September
JF  - Journal of Business Economics and Finance
JO  - JBEF
PB  - Dilek TEKER
WT  - DergiPark
SN  - 2146-7943
SP  - 208
EP  - 227
VL  - 7
IS  - 3
LA  - en
AB  - Purpose- Thisstudy investigates long term underperformance anomaly existence on SeasonedEquity Offerings (seos) conducted in Borsa Istanbul for the 2010 – 2015 periodand analyzes its determinant factors. Methodology- Raw and abnormal returns werecalculated then t statistics were obtained for each type of returns. Allreturns were compared to market average and peer groups returns. The hypotheseswere tested via the comparison t statistics and t values. Regression analysiswere used to determine what kind of determinants affect long-term priceperformance. To find out underperformance anomaly’s determinants regressionanalysis was used through Panel Dynamic OLS (PDOLS) method. The analysis wasalso conducted based on year and sector separately.Findings- Long-term price performanceof firms that performed seos during the 2010-2015 period were calculated lowerthan market average and peer groups and all findings were statisticallysignificant. Same results were obtained when the analysis was conducted on thebasis of year and sector.Conclusion- Long-termunderperformance anomaly was confirmed and it has been determined that LeverageChange Ratio, Private Placemet method and Volume variables have a positiveeffect on long-term price performance while all other variables have a negativeeffect.
KW  - Seasoned equity offering
KW  - underperformance
KW  - capital increase
KW  - abnormal stock returns
KW  - price anomalies
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UR  - https://dergipark.org.tr/en/pub/jbef/issue//469240
L1  - https://dergipark.org.tr/en/download/article-file/551584
ER  -