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Year 2013, Issue: 11, - , 20.04.2015

Ayten Turan Kurtaran

Abstract

The purpose of this study is to analyze relationship between initial returns and long-run price performances of initial public offerings (IPOs) that have taken place in Turkey in the period of January 1994-December 2009. The long-run price performances of IPOs is to examine according to the both Cumulative Abnormal Return and Buy and Hold Return methods. Obtained results demonstrate that underpricing level of IPOs taken place in Turkey is high and investors provide positive return in first day trading. Manufacturing industry sector has been determined as sector investors are obtained highest initial return in first trading day. IPOs providing high return to investors in first trading day have shown high performance according to the CAR method, low performance according to the BHR method in the long run. Consequently, underpriced IPOs have shown higher performance according to overpriced IPOs in first day trading

Keywords

Initial Public Offering Initial Return Price Performance

References

  • AGGARWAL, R., LEAL, R. ve HERNANDEZ, L. (1993), “The Aftermar-ket Performance of Initial Public Offerings in Latin America”, Financial Manage-ment, Spring, 42-53.
  • AGGARWAL, Reena ve RIVOLI, Pietro (1990), “Fads in the Initial Public Offering Market?”, Financial Management, 19 (Winter), 45-67.
  • ALLEN, F. ve FAULHABER, G. R. (1989), “Signaling by Underpricing in the IPO Market”, The Journal of Financial Economics, 23(2), 303-323.
  • BARON, D. P. (1982), “A Model of the Demand for Investment Bank Advising and Distribution Services for New Issues”, The Journal of Finance, 37, 955-976
  • BİLDİK, Recep ve YILMAZ, Mustafa K. (2008), “The Market Performance of Initial Public Offerings in the Istanbul Stock Exchange”, BDDK Bankacılık ve Finansal Piyasalar, 2(2), 49-75.
  • CANBAŞ, Serpil ve DÜZAKIN, Hatice G. (1998), İMKB’de Halka İlk Arzdan Sonra Hisse Senetlerin Performanslarının Ölçümü ve Düşük Fiyatlandırma ile İlgili Yaklaşımların Firmalar ve Bunlara Aracılık Eden Kurumlar Açısından Değerlendirilmesi, Yayınlanmamış Doktora Tezi, Çukurova Üniversitesi Sosyal Bilimler Enstitüsü.
  • CARTER, Richard ve MANASTER, Steven (1990), “Initial Public Offerings and Underwriter Reputation”, The Journal of Finance, 45(4), 1045-1067.
  • CHEMMANUR, T. J.(1993), “The Pricing of Initial Public Offerings: A Dy-namic Model with Information Production”, The Journal of Finance, 48(1), 285-304.
  • CHI, J. ve PADGETT, C. (2005), “Short-run Underpricing and its Character-istics in Chinese Initial Public Offering (IPO) Markets”, Research International Business and Finance, 19, 71-93.
  • DRAKE, Philip D. ve VETSUYPENS, Michael R. (1993), “IPO Underpric-ing and Insurance Against Legal Liability”, Financial Management, 22(1), 64-73.
  • DURUKAN, M. Banu (2002), “The Relationship Between Ipo Returns and Factors Influencing IPO Performance: Case Study of the Istanbul Stock Exchange”, Managerial Finance, 28, 18-38.
  • GRINBLATT, Mark ve HWANG, Chuan Y. (1989), “Signalling and Pricing of New Issues”, The Journal of Finance, 44(2), 393-418.
  • GÜZELHAN, H. ve AĞAR, M. (1991), “İlk Halka Arzlarda Hisse Senedi Performansı”, İşletme ve Finans Dergisi, Sayı 68-69, 51-59.
  • HANLEY, Kathleen W. (1993), “The Underpricing of Initial Public Offer-ings and the Partial Adjustment Phenomenon”, The Journal of Financial Economics, 34, 177-197.
  • IBBOTSON, Roger G. (1975), “Price Performance of Common Stock New Issues”, The Journal of Financial Economics, 3 (September), 235-272.
  • İstanbul Menkul Kıymetler Borsası, http://www.imkb.gov.tr/Data/Stocks Data.aspx, (15.05.2008).
  • JAMES, L. ve WIER, P. (1990), “Borrowing Relationship, Intermediation and the Cost of Issuing Public Securities”, The Journal of Financial Economics, 28(1), 149-171.
  • KIRKULAK, Berna (2010), “Uzun Dönemli Al ve Tut Getirileri: İMKB'de Halka Açık Şirketler Üzerine Bir Uygulama”, Ege Akademik Bakış, 10(2), 465-486.
  • KIYMAZ, Halil (1996), “Halka Arz Edilen Hisse Senetlerinin Performansları: Finans Sektörüne Bakış”, Uzman Gözüyle Bankacılık, Eylül, 22-29.
  • ____________(1997), “IMKB’de Halka Arz Edilen Hisse Senetlerinin Uzun Dönem Performansları ve Bunları Etkileyen Faktörler: İmalat Sektörü 1990-1995 Uygulaması”, IMKB Dergisi, 1(2), 47-73.
  • ___________(2000), “The Initial and Aftermarket Performance of IPOs in An Emerging Market: Evidence from Istanbul Stock Exchange”, The Journal of Multinational Financial Management, 10, 213-227.
  • KUNZ, Roger M. ve AGGARWAL, Reena (1994), “Why Initial Public Of-ferings are Underpriced: Evidence from Switzerland”, The Journal of Banking and Finance, 18(4), 705-723.
  • LEE, P. J., TAYLOR, S.L. ve WALTER, T.S. (1996), “IPO Underpricing Explanations: Implication from Investor Application and Allocation Schedules”, The Journal of Financial and Quantitative Analysis, 31(4), 425-444.
  • LERNER, J. (1994), “Venture Capitalist and the Decision to Go Public”, The Journal of Financial Economics, 35, 293-316.
  • LOGUE, D. (1973), “On the Pricing of Unseasoned Equity Issues”, The Journal of Financial and Quantitative Analysis, 8(1), 91-103.
  • LOWRY, M. ve SHU, S. (2002), “Litigation Risk and IPO Underpricing”, The Journal of Financial Economics, January, 54-77.
  • LYN, Esmeralda O. ve ZYCHOWICZ, Edward J. (2003), “The Performance of New Equity Offerings in Hungary and Poland”, The Journal of Financial Economics, .
  • MANDACI, Pınar E. (2003), “İMKB’de Genel Seçimler Öncesi ve Sonrasında Anormal Fiyat Hareketleri”, İMKB Dergisi, 7(27), 1-16.
  • MCDONALD, J. G. ve FISHER, A. K. (1972), “New Issue Stock Price Be-havior”, The Journal of Finance, 22, 97-102.
  • MUSCARELLA, Chris J. ve VETSUYPENS Michael R. (1989), “A Simple Test of Baron's Model of Underpricing”, The Journal of Financial Economics, 24(1), 125-135.
  • ÖZER, Bengi (1999), “Price Performance of Initial Public Offerings in Tur-key”, Sermaye Piyasası Kurumu Yayını, No:128, Ankara.
  • REILLY, F. K. (1978), “New Issues Revisited”, Financial Management, Winter, 28-42.
  • RITTER, Jay R. (1984), “The Hot Issue Market of 1980”, The Journal of Business, 57(2), 215-240.
  • ___________(1987), “The Cost of Going Public”, The Journal of Financial Economics, 19, 269-289.
  • ____________(1991), “The Long-Run Performance of Initial Public Offer-ings “, The Journal of Finance, 46(1), 3-27.
  • TINIC, Seha M. (1988), “Anatomy of Initial Public Offerings of Common Stocks”, The Journal of Finance, 43(4), 789-822.
  • YU, Ting ve TSE, Y. K. (2005), “An Empirical Examination of IPO Under-pricing in the Chinese A-Share Market”, China Economic Review, 17, 363-382.

TÜRKİYE’DEKİ İLK HALKA ARZLARIN İLK GETİRİLERİ İLE UZUN DÖNEM FİYAT PERFORMANSLARI ARASINDAKİ İLİŞKİNİN ANALİZİ

Year 2013, Issue: 11, - , 20.04.2015

Ayten Turan Kurtaran

Abstract

Bu çalışmanın amacı, Türkiye’de Ocak 1994-Aralık 2009 tarihleri arasında gerçekleşen ilk halka arzların ilk getirileri ile uzun dönem fiyat performansları arasındaki ilişkinin analiz edilmesidir. İlk halka arzların uzun dönem fiyat performansları hem Kümülatif Getiriler Yöntemi hem de Satın Al Elde Tut yöntemine göre incelenmiştir. Elde edilen sonuçlar, Türkiye’de gerçekleşen ilk halka arzlarda düşük fiyatlandırma düzeyinin yüksek olduğunu ve yatırımcıların ilk işlem gününde pozitif getiri sağladığını göstermektedir. Yatırımcıların, ilk işlem gününde en yüksek getiri elde ettiği sektörün imalat sanayi sektörü olduğu tespit edilmiştir. İlk günde yatırımcılara yüksek getiriler sağlayan ilk halka arzlar, uzun dönemde kümülatif getiriler yöntemine göre yüksek performans, satın al elde tut yöntemine göre ise düşük performans göstermiştir. İlk işlem gününde, düşük fiyatlandırılmış ilk halka arzlar yüksek fiyatlandırılmış ilk halka arzlara göre uzun dönemde daha iyi performans göstermiştir.

Keywords

İlk Halka Arz İlk Getiri Fiyat Performansı

References

  • AGGARWAL, R., LEAL, R. ve HERNANDEZ, L. (1993), “The Aftermar-ket Performance of Initial Public Offerings in Latin America”, Financial Manage-ment, Spring, 42-53.
  • AGGARWAL, Reena ve RIVOLI, Pietro (1990), “Fads in the Initial Public Offering Market?”, Financial Management, 19 (Winter), 45-67.
  • ALLEN, F. ve FAULHABER, G. R. (1989), “Signaling by Underpricing in the IPO Market”, The Journal of Financial Economics, 23(2), 303-323.
  • BARON, D. P. (1982), “A Model of the Demand for Investment Bank Advising and Distribution Services for New Issues”, The Journal of Finance, 37, 955-976
  • BİLDİK, Recep ve YILMAZ, Mustafa K. (2008), “The Market Performance of Initial Public Offerings in the Istanbul Stock Exchange”, BDDK Bankacılık ve Finansal Piyasalar, 2(2), 49-75.
  • CANBAŞ, Serpil ve DÜZAKIN, Hatice G. (1998), İMKB’de Halka İlk Arzdan Sonra Hisse Senetlerin Performanslarının Ölçümü ve Düşük Fiyatlandırma ile İlgili Yaklaşımların Firmalar ve Bunlara Aracılık Eden Kurumlar Açısından Değerlendirilmesi, Yayınlanmamış Doktora Tezi, Çukurova Üniversitesi Sosyal Bilimler Enstitüsü.
  • CARTER, Richard ve MANASTER, Steven (1990), “Initial Public Offerings and Underwriter Reputation”, The Journal of Finance, 45(4), 1045-1067.
  • CHEMMANUR, T. J.(1993), “The Pricing of Initial Public Offerings: A Dy-namic Model with Information Production”, The Journal of Finance, 48(1), 285-304.
  • CHI, J. ve PADGETT, C. (2005), “Short-run Underpricing and its Character-istics in Chinese Initial Public Offering (IPO) Markets”, Research International Business and Finance, 19, 71-93.
  • DRAKE, Philip D. ve VETSUYPENS, Michael R. (1993), “IPO Underpric-ing and Insurance Against Legal Liability”, Financial Management, 22(1), 64-73.
  • DURUKAN, M. Banu (2002), “The Relationship Between Ipo Returns and Factors Influencing IPO Performance: Case Study of the Istanbul Stock Exchange”, Managerial Finance, 28, 18-38.
  • GRINBLATT, Mark ve HWANG, Chuan Y. (1989), “Signalling and Pricing of New Issues”, The Journal of Finance, 44(2), 393-418.
  • GÜZELHAN, H. ve AĞAR, M. (1991), “İlk Halka Arzlarda Hisse Senedi Performansı”, İşletme ve Finans Dergisi, Sayı 68-69, 51-59.
  • HANLEY, Kathleen W. (1993), “The Underpricing of Initial Public Offer-ings and the Partial Adjustment Phenomenon”, The Journal of Financial Economics, 34, 177-197.
  • IBBOTSON, Roger G. (1975), “Price Performance of Common Stock New Issues”, The Journal of Financial Economics, 3 (September), 235-272.
  • İstanbul Menkul Kıymetler Borsası, http://www.imkb.gov.tr/Data/Stocks Data.aspx, (15.05.2008).
  • JAMES, L. ve WIER, P. (1990), “Borrowing Relationship, Intermediation and the Cost of Issuing Public Securities”, The Journal of Financial Economics, 28(1), 149-171.
  • KIRKULAK, Berna (2010), “Uzun Dönemli Al ve Tut Getirileri: İMKB'de Halka Açık Şirketler Üzerine Bir Uygulama”, Ege Akademik Bakış, 10(2), 465-486.
  • KIYMAZ, Halil (1996), “Halka Arz Edilen Hisse Senetlerinin Performansları: Finans Sektörüne Bakış”, Uzman Gözüyle Bankacılık, Eylül, 22-29.
  • ____________(1997), “IMKB’de Halka Arz Edilen Hisse Senetlerinin Uzun Dönem Performansları ve Bunları Etkileyen Faktörler: İmalat Sektörü 1990-1995 Uygulaması”, IMKB Dergisi, 1(2), 47-73.
  • ___________(2000), “The Initial and Aftermarket Performance of IPOs in An Emerging Market: Evidence from Istanbul Stock Exchange”, The Journal of Multinational Financial Management, 10, 213-227.
  • KUNZ, Roger M. ve AGGARWAL, Reena (1994), “Why Initial Public Of-ferings are Underpriced: Evidence from Switzerland”, The Journal of Banking and Finance, 18(4), 705-723.
  • LEE, P. J., TAYLOR, S.L. ve WALTER, T.S. (1996), “IPO Underpricing Explanations: Implication from Investor Application and Allocation Schedules”, The Journal of Financial and Quantitative Analysis, 31(4), 425-444.
  • LERNER, J. (1994), “Venture Capitalist and the Decision to Go Public”, The Journal of Financial Economics, 35, 293-316.
  • LOGUE, D. (1973), “On the Pricing of Unseasoned Equity Issues”, The Journal of Financial and Quantitative Analysis, 8(1), 91-103.
  • LOWRY, M. ve SHU, S. (2002), “Litigation Risk and IPO Underpricing”, The Journal of Financial Economics, January, 54-77.
  • LYN, Esmeralda O. ve ZYCHOWICZ, Edward J. (2003), “The Performance of New Equity Offerings in Hungary and Poland”, The Journal of Financial Economics, .
  • MANDACI, Pınar E. (2003), “İMKB’de Genel Seçimler Öncesi ve Sonrasında Anormal Fiyat Hareketleri”, İMKB Dergisi, 7(27), 1-16.
  • MCDONALD, J. G. ve FISHER, A. K. (1972), “New Issue Stock Price Be-havior”, The Journal of Finance, 22, 97-102.
  • MUSCARELLA, Chris J. ve VETSUYPENS Michael R. (1989), “A Simple Test of Baron's Model of Underpricing”, The Journal of Financial Economics, 24(1), 125-135.
  • ÖZER, Bengi (1999), “Price Performance of Initial Public Offerings in Tur-key”, Sermaye Piyasası Kurumu Yayını, No:128, Ankara.
  • REILLY, F. K. (1978), “New Issues Revisited”, Financial Management, Winter, 28-42.
  • RITTER, Jay R. (1984), “The Hot Issue Market of 1980”, The Journal of Business, 57(2), 215-240.
  • ___________(1987), “The Cost of Going Public”, The Journal of Financial Economics, 19, 269-289.
  • ____________(1991), “The Long-Run Performance of Initial Public Offer-ings “, The Journal of Finance, 46(1), 3-27.
  • TINIC, Seha M. (1988), “Anatomy of Initial Public Offerings of Common Stocks”, The Journal of Finance, 43(4), 789-822.
  • YU, Ting ve TSE, Y. K. (2005), “An Empirical Examination of IPO Under-pricing in the Chinese A-Share Market”, China Economic Review, 17, 363-382.
There are 37 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Ayten Turan Kurtaran This is me

Publication Date April 20, 2015
Published in Issue Year 2013 Issue: 11

Cite

APA Turan Kurtaran, A. (2015). TÜRKİYE’DEKİ İLK HALKA ARZLARIN İLK GETİRİLERİ İLE UZUN DÖNEM FİYAT PERFORMANSLARI ARASINDAKİ İLİŞKİNİN ANALİZİ. Uluslararası İktisadi Ve İdari İncelemeler Dergisi(11). https://doi.org/10.18092/ijeas.30329
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