Initial public offering puzzle: new evidence from turkish capital markets

Yıl 2013, Cilt: 24 Sayı: 87, 79 - 97, 01.04.2013

Sözer Jale Oran Yusuf Aytürk Caner Akbaba

Öz

In this study, valuation approaches used in initial public offerings occured during the period from January 2008 to July 2013 in Borsa Istanbul and the concept of underpricing in the mentioned initial public offerings were analyzed. As a result of analysis, which was conducted by using a new dataset covering initial public offerings of 61 companies during the relevant period, firstly it was found that fair value estimations of intermediary institutions were statistically different from the real market values. Secondly, it was found that first trading day underpricing level was 8.30yüzde, the only variable which explained the concept of underpricing was initial public offering discount and initial public offering puzzle existed in Turkish capital markets.

Anahtar Kelimeler

-

İlk halka arz bilmecesi: Türk sermaye piyasasından güncel bulgular

Öz

Bu çalışmada Borsa İstanbul'da Ocak 2008-Temmuz 2013 dönemi içerisinde gerçekleşen ilk halka arzlarda kullanılan değerleme yaklaşımları ve söz konusu halka arzlardaki düşük fiyatlandırma olgusu analiz edilmiştir. İlgili dönemde gerçekleşen 61 şirketin ilk halka arz verilerini kapsayan yeni bir veri setiyle yapılan analizler sonucunda, ilk olarak aracı kurumlar tarafından yapılan gerçeğe uygun değer tahminlerinin istatistiksel olarak gerçek piyasa değerinden farklı olduğu tespit edilmiştir. İkinci olarak, söz konusu ilk halka arzlarda birinci işlem günü düşük fiyatlandırma düzeyinin yüzde8,30 olduğu, düşük fiyatlandırma olgusunu açıklayan tek değişkenin halka arz iskontosu olduğu ve ilk halka arz bilmecesinin Türk sermaye piyasalarında var olduğu sonucuna ulaşılmıştır.

Anahtar Kelimeler

-

Kaynakça

• Bildik, R. ve Yılmaz, M. K. (2008). The Market Performance of Initial Public Offerings in the Istanbul Stock Exchange, BBDK Bankacılık ve Finansal Piyasalar, 2(2), 49-75
• Borsa İstanbul A.Ş., “İlk Halka Arz Verileri” 15 Temmuz 2013 http://borsaistanbul.com/veriler/verileralt/halka-arz-verileri adresinden erişildi
• tarihinde Borsa İstanbul A.Ş. Kamuyu Aydınlatma Platformu, “İlk Halka Arz Fiyat Tespit Raporları” 15 Temmuz 2013 tarihinde http://www.kap.gov.tr/yay/ek/index.aspx adresinden erişildi
• Brau, J. C. ve Fawcett, S. E. (2006). Initial Public Offerings: An Analysis of Theory and Practice, Journal of Finance, LXI(1), 399-436
• Çakır, N. ve Kapucu, H. (2007). İMKB’deki İlk Halka Sunumlarda Düşük Fiyatlama ve Pay Senetlerinin Kısa Dönem Performansı (1996-2006) Zonguldak Karaelmas Üniversit XI
• Ulusal Finans Sempozyumu, 49-66
• Deloof, M., De Maeseneire, W. ve Inghelbrecht, K. (2009). How do Investment Banks Value Inıtial Public Offerings (IPOs)? Journal of Business Finance & Accounting, 130-160
• Dimovski, W. ve Brooks, R. (2008). The Underpricing of Gold Mining Initial Public Offerings Research in International Business and Finance, 22, 1-16
• Durukan, M. B. (2002). The Relationship between IPO Returns and factors Influencing IPO Performance: Case of Istanbul Stock Exchange Managerial Finance, 28(2), 18-38
• Engelen, P.J. ve Essen, M. V. (2010). Underpricing of IPOs: Firm-, Issue- and Country- Specific Characteristics Journal of Banking and Finance, 34, 1958-1969 İş Yatırım A.Ş
• “Günlük Piyasa Verileri” 15 Temmuz http://www.isyatirim.com.tr/LT_isadata2.aspx adresinden erişildi
• 2013 tarihinde Francis, J., Olsson, P. ve Oswald, D. (2000). Comparing the Accuracy and Explainability of Dividend, Free Cash Flow, and Abnormal Earnings Equity Value Estimates Journal of Accounting Research, 38(1) 45-70
• Güner, N., Önder, Z., Rhoades, ve Danışoğlu S. (2004). Underwriter Reputation and Short- Run IPO Returns: A Re-evaluation for an Emerging Market SSRN Working Papers, 1-39
• Kaplan, N. S. ve Ruback, R.S. (1994). The Valuation of Cash Flow Forecasts: An Empirical Analysis National Bureau of Economic Research, 4724, 1-37
• Kıymaz, H. (2000). The Initial and Aftermarket Performance of IPOs in an Emerging Market: Evidence from Istanbul Stock Exchange Journal of Multinational Financial Management, 10, 213-227
• Küçükkocaoğlu, G. (2008). Underpricing in Turkey: A Comparison of the IPO Methods International Research Journal of Finance and Economics, 13, 162-182
• Ritter, J.R. (1991). Long-Run Performance of Inıtial Public Offerings Journal of Finance, 46(1), 3-27
• Ritter, J. R. (1984). The Hot Issue Market of 1980 Journal of Business, 57(2), 215-240
• Ritter, J. R. ve Kim, M. (1999). Valuing IPOs, Journal of Financial Economics, 1999, 409-437
• Ritter, J.R. ve Welch, I. (2002). A Review of IPO Activity, Pricing, and Allocations Journal of Finance, LVII(4), 1795-1828
• Rock, K. (1986). Why New Issues are Underpriced? Journal of Financial Economics, 15, 187- 212
• Roosenboom, P. (2007). How Do Underwriters Value Initial Public Offerings? An Emprical Analysis of the French IPO Market Contemporary Accounting Research, 24(4), 1217- 1243
• Roosenboom, P. (2012). Valuing and Pricing IPOs Journal of Banking and Finance, 36, 1653- 1664
• Sahoo, S. ve Rajib, P. (2010) After Market Pricing Performance of Initial Public Offerings (IPOs): Indian IPO Market 2002-2006 Vikalpa, 35(4), 27-43
• Tian, L. (2011). Regulatory Underpricing: Determinants of Chinese Extreme IPO Returns Journal of Empirical Finance, 78-90
• Wei, J. Z. (1999). A Layman’s Guide to Financial Terms, University of Toronto, 1999