2000 YILINDA İSTANBUL MENKUL KIYMETLER BORSASIN’DA HALKA İLK ARZI YAPILAN HİSSE SENETLERİNİN PERFORMANSI

Yıl 2003, Cilt: 4 Sayı: 1, 117 - 128, 01.01.2003

Suat Teker Ömer Ekit

Öz

Firmaların halka ilk arz yoluyla küçük ve kurumsal yatırımcılardan fon toplaması dü ük maliyetli finanslama yollarından biri olabilir. Tahvil ihracı ve bankalardan kısa ve uzun vadeli kredi almanın maliyetleri, halka ilk arzın komisyon ve di er maliyetleriyle kar ıla tırıldı ında oldukça yüksek olabilir. Bu ampirik çalı ma 2000 yılında Istanbul Menkul Kıymetler Borsasında halka ilk arzı yapılan hisse senetlerinin performanslarını incelemektedir. Bu analizde literatürde yaygın olarak kullanılan “event-study” yöntemi uygulanarak halka ilk arzı yapılan 34 firmanın 30 günlük arz sonrası performansı ölçülmü tür. Ampirik bulgular literatürde geçen di er çalı malar sonuçlarıyla uyumludur. Elde edilen sonuçlara göre, halka arzın ilk iki gününde yatırımcıların normal üstü getiri elde etmeleri mümkündür

Anahtar Kelimeler

Halka ilk arz, düşük fiyatlama, normal üstü getiri, olay çalışması

THE PERFORMANCE OF IPOS IN ISTANBUL STOCK EXCHANGE IN YEAR 2000

Öz

Initial public offering IPO may be the lowest cost financing for firms to obtain funds from small and institutional investors. The commissions, fees and other related expenses incurred are considerably small compared to those of short or long term loan or bond financing. This empirical study examines the performance of all IPOs in Istanbul Stock Exchange during the year of 2000. The study employs standard event study methodology for 34 IPOs over a 30 day event window. The empirical findings are consistent with most of the previous literature. The results support that the first two days of IPOs generally provide positive abnormal returns.

Anahtar Kelimeler

Initial Public Offering, Underpricing, Abnormal Return, Event - Study

Kaynakça

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