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Türkiye'de İlk Defa Halka Arz Edilen Bankacılık Sektörü Hisse Senetlerinin Uzun Dönem Fiyat Performansları

Year 2006, Issue: 27, - , 01.04.2006

Öğr. Gör. Ulaş Ünlü

Abstract

Bankaların sermaye yapılarını sağlamlaştırmak amacıyla, hisse senetlerini halka arz ederek fon temin etme seçeneğini alternatif olarak kullanabilmeleri, daha önce halka arz edilmiş bankacılık sektörü hisse senetlerinin göstereceği performansla yakından ilgilidir. Bu amaçla, ilk defa halka arz edilen bankacılık sektörü hisse senetlerinin uzun dönem fiyat performansları araştırılmıştır. Sonuç olarak, bu çalışmada Türkiye'de ilk defa halka arz edilen bankacılık sektörü hisse senetlerinin, bir ve iki yıllık dönemlerde negatif bir getiri elde ettiği, üç yıllık dönemde ise piyasa performans düzeyinin üzerinde bir performans gösterdiği ortaya konulmuştur. Bankacılık sektörü hisse senetlerinin kısa dönemde negatif getiri elde etmesi, sektörün halka arza bakış açısını olumsuz etkilemektedir. Bankacılık sektörü hisse senetlerinin uzun dönemde (36 ay) olumlu bir performans göstermesi, yatırımcı davranışları üzerinde de olumlu bir etki yaratabileceğinden, sektörün daha sonra gerçekleştireceği halka arzların önünü açabilir. Bu da halka arz yoluyla fon temini seçeneğinin bankalar tarafından daha fazla kullanılmasını sağlayabilir

Keywords

Anahtar Kavramlar: Hisse senetleri-Türkiye hisse senedi – fiyatlar hisse senetleri –performans düşük fiyatlama bankacılık sektörü

References

  • ACTIVELINE (2004), “Bankacılık Aslına Dönmeye Başladı”, ss: 1-15
  • AGGARWAL, R. and L. HERNANDEZ (1993), “The Aftermarket Performance of Public Offerings in Latin America”, Financial Management, 22, pp. 42-53.
  • BARON, D.P. (1982), “A Model of The Demand for Investment Banking Advertising and Distiribution of Services for New Issues”, The Journal of Finance, 37, pp. 955-976.
  • BOWER, N. L. (1989), “Firm Value and the Choice of Offering Method in Initial Public Offerings”, The Journal Of Finance, 44(3), pp. 647-662.
  • CARTER, R. and S. MANASTER (1990), “ Initial Public Offerings and Underwriter Reputation”, The Journal Of Finance, 45(4), pp. 1045- 1067.
  • ÇELİK, P. (2004), “Bankaların Risk Derecelendirmesi” TCMB Uzmanlık Te- zi, internet adresi: http:// tcmb.gov.tr/yayınlar, ss. 1-161, Erişim Tarihi: 01.04.2005.
  • DAWSON, M.S. (1987), “Secondary Stocks Market Performance of Initial Public Offers, Hong Kong, Singapore and Malaysia : 1978-1984”, The Journal of Business Finance and Accounting, 14, pp. 65-76.
  • KIYMAZ, H. (1997), “İMKB’de Halka Arz Edilen Hisse Senetlerinin Uzun Dönem Performansları ve Bunları Etkileyen Faktörler: İmalat Sektörü 1990-1995
  • Uygulaması”, İMKB Dergisi, 3, ss. 47-73.
  • KOH, F. and T. WALTER (1989), “A Direct Test of Rock’s Model of Underpricing of Unseasoned Issues”, The Journal of Financial Economics, 23(2), pp. 251-272.
  • KUNZ, R.M. and R. AGGARWAL (1994), “Why Initial Public Offerings are Underpriced: Evidence from Switzerland ”, The Journal of Banking and Finance, 18, pp. 705-723.
  • KÜÇÜKBIÇAKÇI, R. (2004), “Banka Yeniden Yapılandırma Programları ve Ekonomik Sonuçları” TCMB Uzmanlık Tezi, İnternet Adresi: http:// tcmb.gov.tr/yayınlar, ss. 1-166, Erişim Tarihi: 01.04.2005.
  • LELAND, H. and H. PYLE (1977), “Information Asymmetries, Financial Structure and Financial Intermediation”, The Journal of Finance, 32(2), pp. 371-387.
  • LEVIS, M. (1993), “The Long Run Performance Of Initial Public Offerings: The U.K. Experience 1980-1988” Financial Management, 22, pp. 28- 41.
  • LOGUE, D. (1973), “On the Pricing of Unseasoned Equity Issues: 1965-1969”, The Journal of Financial and Quantative Analysis, 8(1), pp. 91-103.
  • MUSCARELLA, C.J. and M.R. VETSUYPENS (1989), “A Simple Test of Baron’s Model of Underpricing”, The Journal of Financial Ekonomics, 24, pp.125-135.
  • ÖZER B. (1999), “Price Performance of Initial Public Offerings in Turkey”, Sermaye Piyasası Kurumu Yayınları, Yayın No: 128.
  • RITTER, J. R. (1987), “The Cost of Going Public”, The Journal of Financial . Economics, 19, pp,187-212.
  • RITTER, J. R. (1991), “The Long-Run Performance of Initial Public Offerings”, The Journal Of Finance, 46(1), pp. 3-27.
  • ROCK, K. (1986), “Why New Issues Are Underpriced ”, The Journal of Financial Economics, 15, pp. 187-212.
  • TINIÇ, S. (1988), “Anotomy of Inıtıal Public Offerings of Common Stocks” The
  • Journal of Finance, 43(4), pp.789-822.
  • ÜNLÜ, U. ve E. ERSOY(2006), “ İMKB’de İlk Defa Halka Arz Edilen Hisse Senetlerinin Kısa Dönem Fiyat Performansları ve Bu Performansın Belirleyicileri”, Dokuz Eylül Üniversitesi İİBF İşletme Bölümü, 10. Ulusal Finans Sempozyumu, Sürmeli Efes Otel, İZMİR.
  • YILDIRIM, S. ve O. ALTUN (1995),“Türkiye’de Kaynak Aktarım Sürecinde Sermaye piyasasının Rolü: 1980 Sonrası Dönemin bir Değerlendirilmesi, SPK Yayın No:17, ss. 133-135.
  • İMKB, www.imkb.gov.tr, Erişim Tarihi: 01.04.2005.
  • TCMB, www.tcmb.gov.tr, Erişim Tarihi:01.04.2005.
  • TBB, www.tbb.org.tr, Erişim Tarihi: 01.04.2005.

Year 2006, Issue: 27, - , 01.04.2006

Öğr. Gör. Ulaş Ünlü

Abstract

References

  • ACTIVELINE (2004), “Bankacılık Aslına Dönmeye Başladı”, ss: 1-15
  • AGGARWAL, R. and L. HERNANDEZ (1993), “The Aftermarket Performance of Public Offerings in Latin America”, Financial Management, 22, pp. 42-53.
  • BARON, D.P. (1982), “A Model of The Demand for Investment Banking Advertising and Distiribution of Services for New Issues”, The Journal of Finance, 37, pp. 955-976.
  • BOWER, N. L. (1989), “Firm Value and the Choice of Offering Method in Initial Public Offerings”, The Journal Of Finance, 44(3), pp. 647-662.
  • CARTER, R. and S. MANASTER (1990), “ Initial Public Offerings and Underwriter Reputation”, The Journal Of Finance, 45(4), pp. 1045- 1067.
  • ÇELİK, P. (2004), “Bankaların Risk Derecelendirmesi” TCMB Uzmanlık Te- zi, internet adresi: http:// tcmb.gov.tr/yayınlar, ss. 1-161, Erişim Tarihi: 01.04.2005.
  • DAWSON, M.S. (1987), “Secondary Stocks Market Performance of Initial Public Offers, Hong Kong, Singapore and Malaysia : 1978-1984”, The Journal of Business Finance and Accounting, 14, pp. 65-76.
  • KIYMAZ, H. (1997), “İMKB’de Halka Arz Edilen Hisse Senetlerinin Uzun Dönem Performansları ve Bunları Etkileyen Faktörler: İmalat Sektörü 1990-1995
  • Uygulaması”, İMKB Dergisi, 3, ss. 47-73.
  • KOH, F. and T. WALTER (1989), “A Direct Test of Rock’s Model of Underpricing of Unseasoned Issues”, The Journal of Financial Economics, 23(2), pp. 251-272.
  • KUNZ, R.M. and R. AGGARWAL (1994), “Why Initial Public Offerings are Underpriced: Evidence from Switzerland ”, The Journal of Banking and Finance, 18, pp. 705-723.
  • KÜÇÜKBIÇAKÇI, R. (2004), “Banka Yeniden Yapılandırma Programları ve Ekonomik Sonuçları” TCMB Uzmanlık Tezi, İnternet Adresi: http:// tcmb.gov.tr/yayınlar, ss. 1-166, Erişim Tarihi: 01.04.2005.
  • LELAND, H. and H. PYLE (1977), “Information Asymmetries, Financial Structure and Financial Intermediation”, The Journal of Finance, 32(2), pp. 371-387.
  • LEVIS, M. (1993), “The Long Run Performance Of Initial Public Offerings: The U.K. Experience 1980-1988” Financial Management, 22, pp. 28- 41.
  • LOGUE, D. (1973), “On the Pricing of Unseasoned Equity Issues: 1965-1969”, The Journal of Financial and Quantative Analysis, 8(1), pp. 91-103.
  • MUSCARELLA, C.J. and M.R. VETSUYPENS (1989), “A Simple Test of Baron’s Model of Underpricing”, The Journal of Financial Ekonomics, 24, pp.125-135.
  • ÖZER B. (1999), “Price Performance of Initial Public Offerings in Turkey”, Sermaye Piyasası Kurumu Yayınları, Yayın No: 128.
  • RITTER, J. R. (1987), “The Cost of Going Public”, The Journal of Financial . Economics, 19, pp,187-212.
  • RITTER, J. R. (1991), “The Long-Run Performance of Initial Public Offerings”, The Journal Of Finance, 46(1), pp. 3-27.
  • ROCK, K. (1986), “Why New Issues Are Underpriced ”, The Journal of Financial Economics, 15, pp. 187-212.
  • TINIÇ, S. (1988), “Anotomy of Inıtıal Public Offerings of Common Stocks” The
  • Journal of Finance, 43(4), pp.789-822.
  • ÜNLÜ, U. ve E. ERSOY(2006), “ İMKB’de İlk Defa Halka Arz Edilen Hisse Senetlerinin Kısa Dönem Fiyat Performansları ve Bu Performansın Belirleyicileri”, Dokuz Eylül Üniversitesi İİBF İşletme Bölümü, 10. Ulusal Finans Sempozyumu, Sürmeli Efes Otel, İZMİR.
  • YILDIRIM, S. ve O. ALTUN (1995),“Türkiye’de Kaynak Aktarım Sürecinde Sermaye piyasasının Rolü: 1980 Sonrası Dönemin bir Değerlendirilmesi, SPK Yayın No:17, ss. 133-135.
  • İMKB, www.imkb.gov.tr, Erişim Tarihi: 01.04.2005.
  • TCMB, www.tcmb.gov.tr, Erişim Tarihi:01.04.2005.
  • TBB, www.tbb.org.tr, Erişim Tarihi: 01.04.2005.
There are 27 citations in total.

Details

Primary Language Turkish
Journal Section Makaleler
Authors

Öğr. Gör. Ulaş Ünlü This is me

Publication Date April 1, 2006
Published in Issue Year 2006 Issue: 27

Cite

APA Ünlü, Ö. . G. . U. (2006). Türkiye’de İlk Defa Halka Arz Edilen Bankacılık Sektörü Hisse Senetlerinin Uzun Dönem Fiyat Performansları. Erciyes Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi(27).

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