Research Article
BibTex RIS Cite

Borsa İstanbul’a Kayıtlı Firmaların Halka Arz Öncesi Ve Sonrası Finansal Karakteristikleri

Year 2018, Issue: 77, 165 - 176, 01.01.2018

İbrahim Emre Karaa

https://doi.org/10.25095/mufad.401479
Cited By: 1

Abstract

Çalışmada, halka arz öncesi ve sonrası süreçlerinde 37 firmanın mali tablolarından elde edilen 18 finansal oran analiz edilerek benzeşen ve ayrışan finansal karakteristikler belirlenmeye çalışılmıştır. Halka arz öncesine göre finansal oranlarda farklılıklar t-testi ile belirlenmiş, farklılığın en önemli ayrımcılarının aktif devir hızı, maddi duran varlık devir hızı, net işletme sermayesi devir hızı, dönen varlıklar/toplam aktifler ve duran varlıklar/toplam aktifler olduğu logaritmik regresyon yöntemi ile gösterilmiştir. Halka arz olasılıkları bu oranlar üzerinden hesaplanmış, halka arz öncesi ve sonrası yoğunlaşmalar belirlenmiştir. Farklı sektör ve yıllara rağmen yoğunlaşmalar, önemli ölçüde homojen finansal davranışlar olduğunu göstermektedir. Bulgular, halka arz güdülerinden (incentives) büyüme, bilinirliğin artması önermelerini destekler niteliktedir. Kârların halka arzdan sonra düşüşü, makyajlama ihtimalini düşündürmektedir.

Keywords

Halka arz öncesi halka arz sonrası makyajlama yoğunluk analizi

References

  • Aktaş, Cengiz - Erkuş, Orkun (2009), “Lojistik Regresyon Analizi ile Eskişehir’in Sis Kestiriminin İncelenmesi”, İstanbul Ticaret Üniversitesi Fen Bilimleri Dergisi, 8,16, ss. 47-61
  • Altı, Aydoğan (2005), “IPO Market Timing”, Review of Financial Studies, 18, 2, pp. 1105-1138
  • Apergıs, Emmanuel - Apergıs, Nicholas (2016), “The 11/13 Paris terrorist attacks and stock prices: The case of the international defense industry”, Finance Research Letters, 17, pp. 186-192
  • Brau, James. C. - Francıs, Bill - Kohers, Ninon (2003), “The choice of IPO versus takeover: Empirical evidence”, The Journal of Business, 76, 4, pp. 583-612
  • Brau, James C. (2010), “Why do firms go public?”, Oxford Handbook of Entrepreneurial Finance. https://ssrn.com/abstract=1649008, ( 08.11.2017)
  • Basıle, I.; (1988), “M. Cattaneo et al. eds.: L’ammissione Alla Quotazione di Borsa: Un’analisi Interdisciplinare.” Gil Intermediary Creditizi e la Quotazione di Borsa. İçinde PAGANO, Marco - PANETTA, Fabio – ZINGALES, Luigi (1998), “Why Do Companies Go Public? An Empirical Analysis”, Journal of Finance, 53, pp. 27–64
  • Brealy, Richard – Leland Hayne E. - Pyle, David H. (1977), “Information asymmetries, financial structure and financial intermediation”, Journal of Finance, 32, May, pp. 371–87.
  • Chemmanur, Thomas J. - Fulghıerı, Paolo (1999), “A theory of the going-public decision”, Review of Financial Studies, 12, 2, pp. 249-279
  • Çokluk, Ömay (2010), “Lojistik regresyon analizi: Kavram ve Uygulama. Kuram ve Eğitim Bilimleri”, 10, 3, ss. 1357-1407
  • Demers, Elizabeth - Lewellen, Katharina (2003), “The marketing role of IPOs: evidence from internet stocks”, Journal of Financial Economics, 68, 3, pp. 413-437
  • Kım, Woojin - Weısbach, Michael (2005), “Do firms go public to raise capital?” (No. w11197). National Bureau of Economic Research, http://www.nber.org/papers/w11197, ( 08.11.2017 )
  • Kraus, Alan - Lıtzenberger, Robert H. (1973), “A state‐preference model of optimal financial leverage”, The Journal of finance, 28, 4, pp. 911-922
  • Lemmon, Michael L. - Roberts, Michael R. - Zender, Jaime F. (2008), “Back to the beginning: persistence and the cross‐section of corporate capital structure”, The Journal of Finance, 63, 4, pp. 1575-1608
  • Mıkkelson, Wayne H. - Partch, M. Megan - Shah, Ksitij (1997), “Ownership and operating performance of companies that go public”, Journal of financial economics, 44, 3, pp. 281-307
  • Pagano, Marco - Panetta, Fabio - Zıngales, Luigi (1996), “The stock market as a source of capital: Some lessons from initial public offerings in Italy”, European Economic Review, 40, 3, pp. 1057-1069
  • Pagano, Marco - Panetta, Fabio – Zıngales, Luigi (1998), “Why Do Companies Go Public? An Empirical Analysis”, Journal of Finance, 53, pp. 27–64
  • Rajan, Raghuram - Servaes, Henri (1997), “Analyst following of initial public offerings”, Journal of Finance, 52, June, pp. 507–29
  • Rodríguez, German (2007), “Lecture Notes on Generalized Linear models” http://data.princeton.edu/wws509/notes/ , ( 05.05.2017)
  • Schıozer, Rafael F. - Olıveıra, Raquel F. – Saıto, Richard (2010), “Why do Banks go Public? Evidence from the 2005-2007 wave of Brazilian Bank IPOs,”, Central Bank of Brazil working paper, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1470994, (08.11.2017)
  • Schultz, Paul (2003), “Pseudo Market Timing and the Long-Run Underperformance of IPOs”, Journal of Finance, 58, pp. 483-517
  • Welch, Ivo (2004), “Capital Structure and Stock Returns”, Journal of Political Economy, 112, 1, pp. 106-131.

Year 2018, Issue: 77, 165 - 176, 01.01.2018

İbrahim Emre Karaa

https://doi.org/10.25095/mufad.401479
Cited By: 1

Abstract

References

  • Aktaş, Cengiz - Erkuş, Orkun (2009), “Lojistik Regresyon Analizi ile Eskişehir’in Sis Kestiriminin İncelenmesi”, İstanbul Ticaret Üniversitesi Fen Bilimleri Dergisi, 8,16, ss. 47-61
  • Altı, Aydoğan (2005), “IPO Market Timing”, Review of Financial Studies, 18, 2, pp. 1105-1138
  • Apergıs, Emmanuel - Apergıs, Nicholas (2016), “The 11/13 Paris terrorist attacks and stock prices: The case of the international defense industry”, Finance Research Letters, 17, pp. 186-192
  • Brau, James. C. - Francıs, Bill - Kohers, Ninon (2003), “The choice of IPO versus takeover: Empirical evidence”, The Journal of Business, 76, 4, pp. 583-612
  • Brau, James C. (2010), “Why do firms go public?”, Oxford Handbook of Entrepreneurial Finance. https://ssrn.com/abstract=1649008, ( 08.11.2017)
  • Basıle, I.; (1988), “M. Cattaneo et al. eds.: L’ammissione Alla Quotazione di Borsa: Un’analisi Interdisciplinare.” Gil Intermediary Creditizi e la Quotazione di Borsa. İçinde PAGANO, Marco - PANETTA, Fabio – ZINGALES, Luigi (1998), “Why Do Companies Go Public? An Empirical Analysis”, Journal of Finance, 53, pp. 27–64
  • Brealy, Richard – Leland Hayne E. - Pyle, David H. (1977), “Information asymmetries, financial structure and financial intermediation”, Journal of Finance, 32, May, pp. 371–87.
  • Chemmanur, Thomas J. - Fulghıerı, Paolo (1999), “A theory of the going-public decision”, Review of Financial Studies, 12, 2, pp. 249-279
  • Çokluk, Ömay (2010), “Lojistik regresyon analizi: Kavram ve Uygulama. Kuram ve Eğitim Bilimleri”, 10, 3, ss. 1357-1407
  • Demers, Elizabeth - Lewellen, Katharina (2003), “The marketing role of IPOs: evidence from internet stocks”, Journal of Financial Economics, 68, 3, pp. 413-437
  • Kım, Woojin - Weısbach, Michael (2005), “Do firms go public to raise capital?” (No. w11197). National Bureau of Economic Research, http://www.nber.org/papers/w11197, ( 08.11.2017 )
  • Kraus, Alan - Lıtzenberger, Robert H. (1973), “A state‐preference model of optimal financial leverage”, The Journal of finance, 28, 4, pp. 911-922
  • Lemmon, Michael L. - Roberts, Michael R. - Zender, Jaime F. (2008), “Back to the beginning: persistence and the cross‐section of corporate capital structure”, The Journal of Finance, 63, 4, pp. 1575-1608
  • Mıkkelson, Wayne H. - Partch, M. Megan - Shah, Ksitij (1997), “Ownership and operating performance of companies that go public”, Journal of financial economics, 44, 3, pp. 281-307
  • Pagano, Marco - Panetta, Fabio - Zıngales, Luigi (1996), “The stock market as a source of capital: Some lessons from initial public offerings in Italy”, European Economic Review, 40, 3, pp. 1057-1069
  • Pagano, Marco - Panetta, Fabio – Zıngales, Luigi (1998), “Why Do Companies Go Public? An Empirical Analysis”, Journal of Finance, 53, pp. 27–64
  • Rajan, Raghuram - Servaes, Henri (1997), “Analyst following of initial public offerings”, Journal of Finance, 52, June, pp. 507–29
  • Rodríguez, German (2007), “Lecture Notes on Generalized Linear models” http://data.princeton.edu/wws509/notes/ , ( 05.05.2017)
  • Schıozer, Rafael F. - Olıveıra, Raquel F. – Saıto, Richard (2010), “Why do Banks go Public? Evidence from the 2005-2007 wave of Brazilian Bank IPOs,”, Central Bank of Brazil working paper, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1470994, (08.11.2017)
  • Schultz, Paul (2003), “Pseudo Market Timing and the Long-Run Underperformance of IPOs”, Journal of Finance, 58, pp. 483-517
  • Welch, Ivo (2004), “Capital Structure and Stock Returns”, Journal of Political Economy, 112, 1, pp. 106-131.
There are 21 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section Research Article
Authors

İbrahim Emre Karaa

Publication Date January 1, 2018
Submission Date July 31, 2017
Published in Issue Year 2018 Issue: 77

Cite

APA Karaa, İ. E. (2018). Borsa İstanbul’a Kayıtlı Firmaların Halka Arz Öncesi Ve Sonrası Finansal Karakteristikleri. The Journal of Accounting and Finance(77), 165-176. https://doi.org/10.25095/mufad.401479
AMA Karaa İE. Borsa İstanbul’a Kayıtlı Firmaların Halka Arz Öncesi Ve Sonrası Finansal Karakteristikleri. The Journal of Accounting and Finance. January 2018;(77):165-176. doi:10.25095/mufad.401479
Chicago Karaa, İbrahim Emre. “Borsa İstanbul’a Kayıtlı Firmaların Halka Arz Öncesi Ve Sonrası Finansal Karakteristikleri”. The Journal of Accounting and Finance, no. 77 (January 2018): 165-76. https://doi.org/10.25095/mufad.401479.
EndNote Karaa İE (January 1, 2018) Borsa İstanbul’a Kayıtlı Firmaların Halka Arz Öncesi Ve Sonrası Finansal Karakteristikleri. The Journal of Accounting and Finance 77 165–176.
IEEE İ. E. Karaa, “Borsa İstanbul’a Kayıtlı Firmaların Halka Arz Öncesi Ve Sonrası Finansal Karakteristikleri”, The Journal of Accounting and Finance, no. 77, pp. 165–176, January 2018, doi: 10.25095/mufad.401479.
ISNAD Karaa, İbrahim Emre. “Borsa İstanbul’a Kayıtlı Firmaların Halka Arz Öncesi Ve Sonrası Finansal Karakteristikleri”. The Journal of Accounting and Finance 77 (January 2018), 165-176. https://doi.org/10.25095/mufad.401479.
JAMA Karaa İE. Borsa İstanbul’a Kayıtlı Firmaların Halka Arz Öncesi Ve Sonrası Finansal Karakteristikleri. The Journal of Accounting and Finance. 2018;:165–176.
MLA Karaa, İbrahim Emre. “Borsa İstanbul’a Kayıtlı Firmaların Halka Arz Öncesi Ve Sonrası Finansal Karakteristikleri”. The Journal of Accounting and Finance, no. 77, 2018, pp. 165-76, doi:10.25095/mufad.401479.
Vancouver Karaa İE. Borsa İstanbul’a Kayıtlı Firmaların Halka Arz Öncesi Ve Sonrası Finansal Karakteristikleri. The Journal of Accounting and Finance. 2018(77):165-76.

Cited By

İLK HALKA ARZLARA YÖNELİK KISA DÖNEM FİYAT PERFORMANS İNCELEMESİ ve SEKTÖREL KARŞILAŞTIRMA
Cankiri Karatekin Universitesi Iktisadi ve Idari Bilimler Fakultesi Dergisi
https://doi.org/10.18074/ckuiibfd.1038703