Corporate Hedging and IPO Underpricing in Türkiye

Year 2024, Volume: 33 Issue: 2, 353 - 373, 24.10.2024

Yusuf Aytürk , Caner Akbaba

https://doi.org/10.26650/siyasal.2024.33.1514089

Abstract

The initial public offerings (IPO) phenomenon remains one of the most nebulous and sophisticated issues in the financial industry. Numerous studies in different countries provide significant evidence by addressing various aspects of underpricing of IPOs. Information asymmetry between investors and issuers is a prominent reason for the extent of underpricing. Issuers tend to disclose more information to reach a fair equilibrium price in the market. Hedging instruments are the most widely used financial risk management tools that can decrease information asymmetry. The relationship between corporate derivatives use and information asymmetry has been investigated through value relevance channels in secondary markets. However, researchers have recently started to analyse the impact of hedging using various markets, such as debt markets, mergers and acquisitions, and IPOs. Moreover, increasing interest in real assets and initial public offerings due to a high inflationary environment can provide further evidence for IPO underpricing, especially in emerging markets. For this purpose, this study investigates the impact of financial risk management using financial derivatives on short-term IPO performance (i.e., IPO underpricing) in the Turkish IPO market. Employing a sample of 287 Turkish IPOs between 2008 and 2023, we find that financial derivatives use negatively affects the level of IPO underpricing.

Keywords

Financial derivatives, Valuation, Initial public offerings, Underpricing, Türkiye

Ethical Statement

We have no conflict of interest to declare Approval of ethics committee is not necessary for this study

Supporting Institution

There is no external financing for the study

Türkiye’de Kurumsal Riskten Korunma ve İlk Halka Arzlarda Düşük Fiyatlandırma

Abstract

İlk halka arz olgusu finans sektöründeki en belirsiz ve karmaşık konulardan biri olmaya devam etmektedir. Farklı ülkelerde yapılan bir dizi çalışma, ilk halka arzlardaki düşük fiyatlandırmanın çeşitli yönlerini ele alarak önemli kanıtlar sunmaktadır. Yatırımcılar ve ihraççılar arasındaki bilgi asimetrisi, düşük fiyatlandırmanın en önemli nedeni olarak gösterilmektedir. Piyasada gerçeğe uygun fiyat dengesine ulaşmak için ihraççılar daha fazla bilgi açıklama eğilimindedir. Riskten korunma araçları, bilgi asimetrisini de azaltabilen ve en yaygın kullanılan finansal risk yönetim araçlarındandır. Kurumsal türev araçların kullanımı ve bilgi asimetrisi arasındaki ilişki ikincil piyasalarda genellikle değer ilişkisi aracılığı ile araştırılmıştır. Ancak, araştırmacılar son zamanlarda borç piyasası, birleşme ve devralmalar ve ilk halka arzlar gibi çeşitli piyasaları kullanarak riskten korunmanın etkisini analiz etmeye başlamışlardır. Ayrıca, yüksek enflasyonist ortam nedeniyle reel varlıklara ve ilk halka arzlara yönelik artan ilgi, özellikle gelişmekte olan piyasalardaki ilk halka arzların düşük fiyatlandırması için daha fazla kanıt sağlayabilmektedir. Bu amaçla çalışmamız, finansal türev araçlar aracılığıyla finansal risk yönetiminin ilk halka arzların kısa vadeli performansı, diğer bir deyişle Türkiye halka arz piyasasında ilk halka arzların düşük fiyatlandırılması üzerindeki etkisini araştırmaktadır. Sonuç olarak, çalışmamızda 2008 ile 2023 yılları arasında Türkiye’de gerçekleşen 287 ilk halka arzdan oluşan bir örneklem kullanarak, finansal türev araç kullanımının ilk halka arzlarda düşük fiyatlandırma düzeyini negatif yönde etkilediğini tespit etmekteyiz.

Keywords

Finansal türev araçlar, Değerleme, İlk halka arzlar, Düşük fiyatlandırma, Türkiye

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