HALKA ARZLARDA ANORMAL GETİRİYE ETKİ EDEN FAKTÖRLERİN TESPİTİ

Year 2021, , 312 - 328, 31.12.2021

Serkan Usanmaz , Arif Orçun Söylemez

https://doi.org/10.14780/muiibd.1052085

Abstract

Şirketlerin alternatif finansman arayışının artış gösterdiği günümüzde şirket paylarının halka arzı gittikçe
daha fazla ilgi görmektedir. Söz konusu artan ilgiye paralel olarak hisse senetlerinin halka arz performansının
ölçülmesi ve halka arz sonrası hisse performansına etki eden faktörlerin tespiti literatürde önem
kazanmaktadır. Bu çalışma 2000-2015 yılları arasında Borsa İstanbul’da gerçekleşen 189 halka arzda, Borsa
İstanbul endeks getirisinin üstünde getiri elde edilmesine etki eden faktörlerin tespitini hedeflemektedir.
Söz konusu faktörlerden; halka arz yöntemlerinin, aracılık şekillerinin, halka arz zamanlamasının ve halka
arz sonrasında hisselerin işlem göreceği pazarların kısa ve orta vadede hisse performansı üzerindeki etkileri
araştırılmıştır. Kısa vadeli performans ölçümü olarak halka arz sonrası birinci ve beşinci gün anormal
getirileri ele alınırken, orta vadeli performans ölçümü halka arz sonrası birinci ay ve birinci yıl anormal
getirileri ele alınmıştır. Çalışmada halka arz yönteminin, kısa veya orta vadede halka arz performansı ile
arasında ilişki bulunmadığı saptanmıştır. Aynı şekilde aracılık şekillerinin, halka arz zamanlamasının ve
halka arz sonrasında hisselerin işlem göreceği pazarların kısa ve orta vadede hisse performansında anormal
getiri üzerinde etkisinin olmadığı görülmüştür.

Keywords

Halka arz, halka arz performansı, halka arzlarda normal üstü getiri, halka arz yöntemi, sermaye piyasası, aracılık şekli, hisse pazarı, halka arz zamanlaması

DETERMINATION OF FACTORS AFFECTING ABNORMAL RETURN ON INITIAL PUBLIC OFFERINGS

Abstract

Companies’ increased search for different financing options rendered initial public offerings of the company
shares focally important. In line with the rising interest in IPOs, measuring the IPO performance of stocks
and determining the factors affecting post-IPO performance gained importance in literature. This study
aims to determine the factors that affected the IPO returns in excess of the Borsa İstanbul index return in the
189 public offerings that took place in Borsa Istanbul between 2000-2015. The factors that are analyzed for
the short and mid-term stock performance include the IPO method, intermadiation method, IPO timing
and the market where stocks would be traded after IPO. As for short-term performance measurement,
abnormal returns on the first and fifth days after the public offering are considered, while for medium-term
performance measurement, abnormal returns in the first month and first year are considered. It’s
determined in the study that there is no relationship between IPO method and short and mid-term IPO
performance. Also, it has been determined that intermediation method, public offering timing and post-public
offering markets do not have any effect on abnormal returns on stock performance in the short and
medium term.

Keywords

: Public offering, public offering performance, abnormal return in public offering, public offering methology, capital market, intermediary model, stock market, public offering timing

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