TY  - JOUR
T1  - Unveiling the Pricing Anomaly: A Detailed Examination of Initial Public Offerings in Borsa Istanbul in 2023
AU  - Özyeşil, Mustafa
AU  - Tembelo, Havane
PY  - 2025
DA  - July
Y2  - 2025
DO  - 10.26650/ISTJECON2024-1499157
JF  - İstanbul İktisat Dergisi
PB  - İstanbul Üniversitesi
WT  - DergiPark
SN  - 2602-4152
SP  - 97
EP  - 116
VL  - 75
IS  - 1
LA  - en
AB  - This study investigates the short-term pricing anomalies observed in the initial public offerings in Borsa Istanbul during 2023. The raw returns of 39 newly listed firms were initially calculated and benchmarked against the Borsa Istanbul-100 index. To determine abnormal returns, these raw returns were adjusted for market performance over periods of one, three, and seven days post-offering. The statistical significance of these abnormal returns was evaluated using t-statistics at a 5% significance level. The results demonstrate statistically significant pricing anomalies, thereby challenging the market efficiency hypothesis. The presence of these anomalies shows that market participants do not immediately incorporate all available information into IPO pricing. This research contributes to the literature by highlighting the unique dynamics of an emerging market and provides empirical evidence of persistent short-term anomalies in initial public offering pricing in Borsa Istanbul. It underscores the need for enhanced regulatory frameworks to improve market efficiency and offers strategic insights for investors navigating the Turkish IPO market.JEL Classification : G12 , G14 , G32
KW  - IPO
KW  - Pricing anomalies
KW  - Short-term analysis
KW  - Borsa Istanbul Stock Exchange
KW  - Abnormal returns
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L1  - https://dergipark.org.tr/tr/download/article-file/3996853
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