Kasdi İskontolar ve Türk Halka Arzlarının Düşük Fiyatlaması

Year 2019, Issue: 112, 225 - 240, 29.10.2019

Lokman Tütüncü , Elif Acar

https://doi.org/10.33203/mfy.469212

Abstract

Bu çalışma Borsa
İstanbul’da ilk defa halka arz edilen 113 şirketin düşük fiyatlamasını ve kasdi
iskontoları incelemektedir. Çalışma ihraç öncesi izahnameleri ve fiyat tespit
raporlarını kullanarak fiyatlamadaki iyimserlik derecesini, yatırım bankası
iskontolarını ve bunların ilk getirilerle ilişkisini ortaya koymaktadır.
Çalışmada halka arz değer tahminlerinin önyargısız olduğu durumda ve kasdi
iskontoların adil fiyatları yansıttığı takdirde ilk getirilerin yüzdelik kasdi
iskonto ile orantılı olması gerektiği öne sürülmektedir. Bulgular yapılan
iskontoların halka arz değer tahminlerindeki iyimserlik derecesi ile orantılı
olmadığını göstermektedir, zira hisse fiyatları ilk gün ticaretinde kasdi
iskonto yüzdesi kadar artış göstermemektedir. Testler ayrıca iyimser değer
tahminlerinin.daha yüksek fiyat iskontoları ile bağlantılı olduğunu ve fiyat
iskontolarının ilk getirilerle negatif yönlü ilişkide olduğunu göstermektedir.

Keywords

İlk halka arz, düşük fiyatlama, kasdi iskonto

Deliberate Discounts and Underpricing of Turkish IPOs

Abstract

This study investigates
underpricing and deliberate discounts in a unique sample of 113 initial public
offerings at Borsa Istanbul. Using pre-issue prospectuses and valuation reports,
this study documents the degree of optimism, underwriter discounts and their
association with initial returns. We hypothesise that first day returns should
be proportional to the percentage discounts offered if value estimates are
unbiased and deliberate discounts reflect fair value. The findings indicate
that offered discounts are not proportional to the degree of optimism in value
estimates, as share prices do not recover on the first day as much as percentage
price discounts. Tests also show that optimistic value estimates are associated
with larger price discounts and price discounts are negatively related to
initial returns.

Keywords

Initial public offerings, underpricing, deliberate discount

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