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HALKA ARZDA ARACI KURULUŞ İTİBARININ ETKİSİ 2 : KURAMSAL DEĞERLENDİRME

Year 2019, Volume: 21 Issue: 3, 778 - 808, 30.09.2019
https://doi.org/10.31460/mbdd.552092

Abstract

Halka arz süreci, üç ana
aktörün aktif olarak katılmasını gerektirir. Bu aktörler; ihraççı şirket, aracı
kuruluş ve yatırımcılardır
. Aracı kuruluşlar, ihraççı şirket ile yatırımcılar arasında aracı olarak
hareket ederler ve halka arzın başarısında önemli bir rol oynarlar.
Bu çalışma, Çakır ve Küçükkocaoğlu (2018) çalışmasında yer alan tespitlerin
kuramsal geri planının seçilmiş ülke örneklerini içerecek şekilde
genişletilmesini ve halka arzlardaki dönemselliğin aracı kurum itibarlarındaki
değişime etkisini araştırmaktadır. Kuramsal değerlendirme iki ana bölümden
oluşmaktadır. Birinci bölümde, halka arzın kısa ve uzun dönem performansında
aracı kuruluş itibarının rolünü araştıran çalışmalara dair bir literatür
değerlendirmesi yapılarak konuyla ilgili araştırmalar hakkında özlü bilgi
verilmektedir. İkinci bölümde ise
Borsa İstanbul’da 1993-2017 yılları arasında farklı
dönemlerde gerçekleşen halka arzların performanslarında aracı kuruluş
itibarının etkisi incelenmiştir. 

References

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Year 2019, Volume: 21 Issue: 3, 778 - 808, 30.09.2019
https://doi.org/10.31460/mbdd.552092

Abstract

References

  • Allen, F. 1984. “Reputation and Product Quality”, Rand Journals of Economics, 15 (3).
  • Aggarwal, R. 2000. “Stabilization Activities by Underwriters after IPOs”, Journal of Finance, 55.
  • Allen, F. ve G. Faulhaber. 1989. “Signaling by Underpricing in the IPO Market”, Journal of Financial Economics, 23.
  • Almeıda, V. De S. 2011. “Underwriter Reputation in Brazilian IPOs”, Latin American Business Review, 12.
  • Andres, C., A. Betzer, P. Limbach. 2013. “Underwriter Reputation and the Quality of Certification: Evidence from High-Yield Bonds”, Schumpeter Dıscussıon Papers.
  • Akerlof, G. 1970. “The Market for Lemons: Quality, Uncertainity, and the Market Mechanism”, The Quarterly Journal of Economics, 84 (13).
  • Balvers, R. J., B. McDonald ve R.E. Miller. 1988. “Underpricing a New Ussies and the Choice of Auditor as a Signal of Investment Banker Reputation”, The Accounting Review, 63 (4).
  • Beckman J., G. Jacqueline, M. Beverly ve O. Hideo. 2001. “The Influence of Underwriter Reputation, Keiretsu Affiliation, and Financial Health on the Underpricing of Japanese IPOs”, Pacific-Basin Finance Journal, 9.
  • Beatty, R. ve J. Ritter. 1986. “Investment Banking, Reputation, and The Underpricing of Initial Public Offerings”, Journal of Financial Economics, 15.
  • Beatty, R. P. ve I. Welch. 1996. “Issuer Expenses and Legal Liability in Initial Public Offerings”, Journal of Law and Economics, 3 (2).
  • Bekiş, T. A. B. ve M. Şeker. 2013. “Kurumsal İtibarın İşgören Performansı Üzerindeki Etkisinin Belirlenmesine Yönelik Bir Araştırma”, Uluslararası Alanya İşletme Fakültesi Dergisi, 5 (2).
  • Booth, J. R. ve L. Chua. 1996. “Ownership Dispersion, Costly Information, and IPO Underpricing”, Journal of Financial Economics, 41.
  • Booth, J. ve R. L. Smith. 1986. “Capital Raising, Underwriting and the Certification Hypothesis”, Journal of Financial Economics, 15.
  • Booth, J. R., L. C. Booth ve D. Deli. 2011. “Choice of Underwriters in Initial Public Offerings”, Journal of Business and Policy Research, 5 (2).
  • Booth, L. C. 2004. “Underwrıter Reputatıon and Aftermarket Performance of Closed-end funds”, The Journal of Financial Research, 27 (4).
  • Brau, J. C. ve S. E. Fawcett. 2006. “Initial Public Offerings. An Analysis Of Theory and Practice”, The Journal Of Finance, 61 (1).
  • Bulut, H. İ. 2008. “Halka Arz Piyasalarında Yatırım Bankası İtibar Etkisi: Bir Literatür Değerlendirmesi”, Muhasebe Bilim Dünyası Dergisi, 10 (3).
  • Carter, R. B., F. H. Dark, T. R. A. Sapp. 2010. “Underwriter reputation and IPO issuer alignment 1981–2005”, The Quarterly Review of Economics and Finance, 50.
  • Carter, R., F. H. Dark ve A. K. Sıngh. 1998. “Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks”, The Journal of Fınance, 53 (1).
  • Carter, R. ve S. Manaster. 1990. “Initial Public Offerings and Underwriter Reputation”, The Journal of Finance, 45 (4).
  • Chambers, D. ve E. Dımson. 2009. “IPO Underpricing over the Very Long Run”, The Journal of Fınance, 64 (3).
  • Chemmanur, T.ve J. P. Fulghieri. 1994. “Investment Bank Reputation, Information Production, And Financial Intermediation”, The Journal of Finance, 49 (1).
  • Chemmanur, T. J. ve K. Krishnan. 2009. “Heterogeneous Beliefs, Short Sale Constraints, and the Economic Role of the Underwriter in IPOs”, Financial Management, 41.
  • Chemmanur, T. J. ve J. He. 2011. “IPO Waves, Product Market Competition, and the Going Public Decision: Theory and Evidence”, Journal of Financial Economics, 10.
  • Chen, H.C. ve J. R. Ritter. 2000. “The Seven Percent Solution”, The Journal of Finance, 55.
  • Chen, C., H. Shi. ve H. Xu. 2014. “The IPO Underwriting Market Share in China: Do Ownership and Quality Matter?”, Journal of Banking & Finance, 46.
  • Cooney, J.W., B.J. Jordan ve A.K. Singh. 2004. “Who is? A New Approach to Ranking U.S. IPO Underwriters”.
  • Daniel, K.D., D. Hirshleifer ve A. Subrahmanyam. 1998. “Investor Psychology and Security Market Underand Over-Reactions”, Journal of Finance, 53.
  • Darmetko, T. 2009. Long – Run Performance of Initial Public Offerings in the Polish Capital Market, Aarhus School of Business.
  • Dewenter, K. L. ve L. C. Field. 2001. “Investment Bank Reputation And Relaxed Listing Requirements: Evidence From Infrastructure Firm Ipos in Hong Kong”, Pacific-Basin Finance Journal, 9.
  • Dimovski, W., S. Philavanh ve R. Brooks. 2011. “Underwriter Reputation and Underpricing: Evidence From the Australian IPO Market”, Rev Quant Finan Acc, 37.
  • Dolvin, S. D., 2005. “Market Structure, Changing İncentives, And Underwriter Certification”, The Journal of Financial Research.
  • Dong. M., J.S. Michel, J.A. Pandes. 2011. “Underwriter Quality and Long-Run IPO Performance”, Financial Management.
  • Dunbar, C.G. 2000. “Factors Affecting Investment Bank Initial Public Offering Market Share”, Journal of Financial Economics, 55.
  • Ellis, K., R. Michaely, ve M. O’Hara. 1999. “A guide to the Initial Public Offering Process”, Corporate Finance Review, 3.
  • Esen E. 2011. “Türkiye’deki ve Dünya’daki İtibar Ölçümlerinin Karşılaştırılması”, Marmara Üniversitesi İ.İ.B.F Dergisi, 31 (2).
  • Fang, L.H. 2014. “Investment Bank Reputation and The Price and Quality of Underwriting Services”, 2044 (59) FIN.
  • Fernando, C. S., A. Vladimir, A. M. Gatchev, A. D. May ve W. L. Megginson. 2014. “Prestige without Purpose? Reputation, Differentiation, and Pricing in U.S. Equity Underwriting”, 5.
  • Fernando, C. S.,V.A. Gatchev ve P. A. Spindt. 2005. “Wanna dance? How Firms and Underwriters Choose Each Other?”, Journal of Finance, 60.
  • Fernando, C. S., A. D. May ve W.L. Megginson. 2012.“Underwriter Compensation and the Returns to Reputation”.
  • Flandreau, M. 2015. “Anatomy of a Regime Change: Underwriters’ Reputation, New Deal Financial Acts and the Collapse of International Capital Markets (1920-1935)”.
  • Gao, X., J. R. Ritter. 2010. “The Marketing of Seasoned Equity Offerings”, Journal of Financial Economics, 97.
  • Gemma L. ve R.W. Masulis. 2011. “Do more Reputable Financial Institutions Reduce Earnings Management by IPO Issuers?”, Journal of Corporate Finance, 17.
  • Goergen, M., A. Khurshed ve R. Mudambi. 2007 "The Long‐Run Performance of UK IPOs: Can it be Predicted?", Managerial Finance, 33 (6).
  • Güner, N., Z. Önder ve S. D. Rhoades. 2000. “Underwrıter Reputatıon And Short-Run Ipo Returns: A Re-Evaluatıon For An Emergıng Market”, Topics in Middle Eastern and North African Economies.
  • Huang, W. 2012. Underwriter Reputation, IPO Underpricing and Underwriting Spreads: Evidence from Chinese Stocks Market.
  • Indriani, S. ve S. Marlia. 2014. “The Evidence of IPO Underpricing in Indonesia 2009 – 2013”, Rev. Integr. Bus. Econ. Res., 4 (1).
  • Jain, B. ve M.Kini. 1999. “The Life Cycle of Initial Public Offering Firms”, Journal of Business and Accounting, 26 (9- 10).
  • James, C. 1992. “Relationship-Specific Assets and the Pricing of Underwriter Services”, The Journal Of Fınance, 47 (5).
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There are 112 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section MAIN SECTION
Authors

Güray Küçükkocaoğlu 0000-0001-6170-3269

Nimet Çakır 0000-0002-7606-1876

Hakan Kapucu 0000-0003-0132-4034

Publication Date September 30, 2019
Submission Date April 10, 2019
Published in Issue Year 2019 Volume: 21 Issue: 3

Cite

APA Küçükkocaoğlu, G., Çakır, N., & Kapucu, H. (2019). HALKA ARZDA ARACI KURULUŞ İTİBARININ ETKİSİ 2 : KURAMSAL DEĞERLENDİRME. Muhasebe Bilim Dünyası Dergisi, 21(3), 778-808. https://doi.org/10.31460/mbdd.552092