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İMKB’DE UYGULANAN HALKA ARZ YÖNTEMLERİNİN KARŞILAŞTIRMALI ANALİZİ

Yıl 2009, Cilt: 24 Sayı: 2 - Cilt: 24 Sayı: 2, 65 - 86, 25.07.2016

Öz

Türkiye’de halka arz piyasası ihraççılara ve aracı kuruluşlara farklı halka arz yöntemleri sunmaktadır. Halka arza karar veren firmalar talep toplama (sabit fiyatla talep toplama, fiyat aralığı ile talep toplama) ve borsada satış yönteminden birini tercih etmek durumundadır. Bu çalışma, İMKB’de uygulanan halka arz yöntemlerinden hangisinin daha etkin olduğunu ve daha düşük fiyatlandırmaya imkan verdiğini araştırmaktadır. Bu amaçla, 1993-2005 yılları arasında gerçekleşen halka arz verileri kullanılarak sabit fiyatla talep toplama ve fiyat aralığı ile talep toplama yöntemlerinin karşılaştırması yapılmıştır. Ampirik analizler sabit fiyatla talep toplanan halka arzlarda ilk gün gözlemlenen düşük fiyatlandırmanın yüzde 7.13 ve fiyat aralığıyla talep toplanan halka arzlarda ilk gün gözlemlenen düşük fiyatlandırmanın yüzde 10.61 düzeyinde gerçekleştiğini göstermektedir. Bu çalışma aynı zamanda, menkul kıymet pazarının hareketliliğinin bir göstergesi olarak halka arzdan 3 ay önceki piyasa getirilerinin düşük fiyatlandırmada önemli bir gösterge olduğunu göstermektedir. Bulgular, ihraççı firmaların halka arz için yükselen piyasayı tercih ettiğini ve ihraç fiyatının belirlenmesi öncesi üç aylık ağırlıklı ortalama getirilerin düşük fiyatlandırmada önemli etkisi olduğunu doğrulamaktadır.

Kaynakça

  • Aorsio, R., G. Giudici, ve S., Paleari., (2000), “Underpricing and Money "Left on the Table" in Italian IPOs”, Working Paper, Politecnico di Milano - Dipartimento di Economia e Produzione.
  • Benveniste, L. ve P. Spindt, (1988), “Bringing New Issues to Market: A Theory of Underwriting.” Unpublished Manuscript.
  • Benveniste, L. ve P. Spindt, (1989), “How investment bankers determine the offer price and allocation of new issues”, Journal of Financial Economics, 24, 343-361.
  • Benveniste, L. ve W. Busaba, (1997), “Bookbuilding versus Fixed Price: An Analysis of Competing Strategies for Marketing IPOs”, Journal of Financial and Quantitative Analysis, 32, 383-403.
  • Biais, B. ve A.M. Faugeron-Crouzet, (2002), “IPO Auctions: English, Dutch, French and Internet”, Journal of Financial Intermediation, 11,9-36.
  • Chowdhry, B. ve A. Sherman, (1996), “International differences in oversubscription and underpricing of IPOs”, Journal of Corporate Finance, Vol. 2, Issue 4 , pp. 359-381.
  • Derrien, F. and K. Womack, 2003, “Auction vs Bookbuilding and the Control for Underpricing in the Hot IPO Markets”, Review of Financial Studies, Vol. 16, Number 1, pp. 31-61.
  • Durukan, M.B., (2002), “The relationship between IPO returns and factors influencing IPO performance: case of the Istanbul Stock Exchange”, Managerial Finance, Vol. 28, pp. 18-38.
  • Guidici, G. ve S. Paleari., 2001, “What drives the initial market performance of Italian IPOS? An empirical investigation on underpricing and price support”, Working Paper, Universita degli Studi di Bergamo, Italy.
  • Hsu, Y., and H. Chung-Wen, (2005), “Why Have IPO Auctions Lost Market Share to Fixed-price Offers? Evidence from Taiwan” Working Paper, National Chengchi University, Taipei, Taiwan, Southern Taiwan University of Technology, Tainan, Taiwan.
  • Kennedy, P., (2006), ‘Ekonometri Kılavuzu’, Gazi Kitabevi, Ankara
  • Kıymaz, H., (2000), “The initial and aftermarket performance of IPOs in an emerging market: evidence from Istanbul Stock Exchange”, Journal of Multinational Financial Management, Vol. 10, pp. 213-227.
  • Ljungqvist, A.P., (2005), “IPO Underpricing”, Forthcoming in B. Espen Eckbo (ed.), Handbook of Corporate Finance: Empirical Corporate Finance (Handbooks in Finance Series, Elsevier/North Holland), Chapter 12.
  • Ljungqvist, A.P., Jenkinson, T., Wilhelm, W.J., (2000), “Has the introduction of bookbuilding increased the efficiency of international IPOs?” Working Paper, Stern School of Business,New York University.
  • Loughran, T., Ritter, J.R. ve K. Rydqvist, (1994), “Initial public offerings: international insights”, Pacific-Basin Journal, Vol. 2, pp. 165-199.
  • Ozer, B., (1999), “Price Performance of Initial Public Offerings in Turkey”, Capital Markets Board of Turkey, Publication No. 128, Ankara, Turkey.
  • Ritter, J.R., (1998), “Initial Public Offerings”, Contemporary Finance Digest 2, 5-30.
  • Ritter, J.R., (2003), “Differences between European and American IPO Markets”, European Financial Management, Vol. 9, Number 4, pp. 421-434.
  • Rock, K., (1986), ‘Why New Issues Are Underpriced’,Journal Of Financial Economics,15,187-212.
  • Sermaye Piyasası Ve Borsa Temel Bilgiler Kitabı, www.imkb.gov.tr./yayinlar/spkilavuzu.htm (10/03/2009).
  • Sherman, A., (2000), “IPOs and Long Term Relationships: An Advantage of Book Building”, Review of Financial Studies 13, 697-714.
  • Sherman, A., (2002), “Global Trends in IPO Methods: Book Building vs. Auctions”, Working Paper, University of Notre Dame.
  • Spatt, C., and S. Srivastava, (1991), “Preplay Communication, Participation Restrictions, and Effciency in Initial Public Offerings”, Review of Financial Studies 4, 709-726.
  • Welch, I., (1992), “Sequential Sales, Learning, and Cascades”, Journal of Finance, 47, 695-732.
  • Williams,R.,“Categorical Data Analysis Sociology 73994”, www.nd.edu/~rwilliam/xsoc73994/L08.pdf. (10/03/2009)

COMPARISON OF THE INITIAL PUBLIC OFFERING METHODS IN THE ISTANBUL STOCK EXCHANGE

Yıl 2009, Cilt: 24 Sayı: 2 - Cilt: 24 Sayı: 2, 65 - 86, 25.07.2016

Öz

The Turkish IPO market gives issuers and underwriters a choice of different IPO selling mechanisms. Accordingly, firms may offer their shares to the public through one of the following two methods of sale; Collection of Bids (Fixed-Price Offering and Book Building Method) and Sale through the Stock Exchange. In this paper we try to answer the question of “What kind of selling and underwriting procedure might be preferred for controlling the amount and volatility of underpricing in the Istanbul Stock Exchange (ISE)”. Using 1993-2005 firm and issue data, we compare the book building mechanism and the fixed price offer available in the ISE. The empirical analysis reveals significant first day underpricing of 7.13% in fixed price offers and 10.61% in book building mechanism. We also show that market returns prior to IPOs, a proxy for the overall market’s price momentum in the 3 months prior to an offering, is a significant ex ante predictor of the level of underpricing. Our findings confirm that firms prefer to go public in “hot markets” and the Market Return variable, calculated as the weighted average of the returns of the market index for the 3 months before the IPO pricing date, has a significant impact on the underpricing of the issues.

Kaynakça

  • Aorsio, R., G. Giudici, ve S., Paleari., (2000), “Underpricing and Money "Left on the Table" in Italian IPOs”, Working Paper, Politecnico di Milano - Dipartimento di Economia e Produzione.
  • Benveniste, L. ve P. Spindt, (1988), “Bringing New Issues to Market: A Theory of Underwriting.” Unpublished Manuscript.
  • Benveniste, L. ve P. Spindt, (1989), “How investment bankers determine the offer price and allocation of new issues”, Journal of Financial Economics, 24, 343-361.
  • Benveniste, L. ve W. Busaba, (1997), “Bookbuilding versus Fixed Price: An Analysis of Competing Strategies for Marketing IPOs”, Journal of Financial and Quantitative Analysis, 32, 383-403.
  • Biais, B. ve A.M. Faugeron-Crouzet, (2002), “IPO Auctions: English, Dutch, French and Internet”, Journal of Financial Intermediation, 11,9-36.
  • Chowdhry, B. ve A. Sherman, (1996), “International differences in oversubscription and underpricing of IPOs”, Journal of Corporate Finance, Vol. 2, Issue 4 , pp. 359-381.
  • Derrien, F. and K. Womack, 2003, “Auction vs Bookbuilding and the Control for Underpricing in the Hot IPO Markets”, Review of Financial Studies, Vol. 16, Number 1, pp. 31-61.
  • Durukan, M.B., (2002), “The relationship between IPO returns and factors influencing IPO performance: case of the Istanbul Stock Exchange”, Managerial Finance, Vol. 28, pp. 18-38.
  • Guidici, G. ve S. Paleari., 2001, “What drives the initial market performance of Italian IPOS? An empirical investigation on underpricing and price support”, Working Paper, Universita degli Studi di Bergamo, Italy.
  • Hsu, Y., and H. Chung-Wen, (2005), “Why Have IPO Auctions Lost Market Share to Fixed-price Offers? Evidence from Taiwan” Working Paper, National Chengchi University, Taipei, Taiwan, Southern Taiwan University of Technology, Tainan, Taiwan.
  • Kennedy, P., (2006), ‘Ekonometri Kılavuzu’, Gazi Kitabevi, Ankara
  • Kıymaz, H., (2000), “The initial and aftermarket performance of IPOs in an emerging market: evidence from Istanbul Stock Exchange”, Journal of Multinational Financial Management, Vol. 10, pp. 213-227.
  • Ljungqvist, A.P., (2005), “IPO Underpricing”, Forthcoming in B. Espen Eckbo (ed.), Handbook of Corporate Finance: Empirical Corporate Finance (Handbooks in Finance Series, Elsevier/North Holland), Chapter 12.
  • Ljungqvist, A.P., Jenkinson, T., Wilhelm, W.J., (2000), “Has the introduction of bookbuilding increased the efficiency of international IPOs?” Working Paper, Stern School of Business,New York University.
  • Loughran, T., Ritter, J.R. ve K. Rydqvist, (1994), “Initial public offerings: international insights”, Pacific-Basin Journal, Vol. 2, pp. 165-199.
  • Ozer, B., (1999), “Price Performance of Initial Public Offerings in Turkey”, Capital Markets Board of Turkey, Publication No. 128, Ankara, Turkey.
  • Ritter, J.R., (1998), “Initial Public Offerings”, Contemporary Finance Digest 2, 5-30.
  • Ritter, J.R., (2003), “Differences between European and American IPO Markets”, European Financial Management, Vol. 9, Number 4, pp. 421-434.
  • Rock, K., (1986), ‘Why New Issues Are Underpriced’,Journal Of Financial Economics,15,187-212.
  • Sermaye Piyasası Ve Borsa Temel Bilgiler Kitabı, www.imkb.gov.tr./yayinlar/spkilavuzu.htm (10/03/2009).
  • Sherman, A., (2000), “IPOs and Long Term Relationships: An Advantage of Book Building”, Review of Financial Studies 13, 697-714.
  • Sherman, A., (2002), “Global Trends in IPO Methods: Book Building vs. Auctions”, Working Paper, University of Notre Dame.
  • Spatt, C., and S. Srivastava, (1991), “Preplay Communication, Participation Restrictions, and Effciency in Initial Public Offerings”, Review of Financial Studies 4, 709-726.
  • Welch, I., (1992), “Sequential Sales, Learning, and Cascades”, Journal of Finance, 47, 695-732.
  • Williams,R.,“Categorical Data Analysis Sociology 73994”, www.nd.edu/~rwilliam/xsoc73994/L08.pdf. (10/03/2009)
Toplam 25 adet kaynakça vardır.

Ayrıntılar

Diğer ID JA38DP26PB
Bölüm Makaleler
Yazarlar

Güray Küçükkocaoğlu Bu kişi benim

Ayşegül Alagöz Bu kişi benim

Yayımlanma Tarihi 25 Temmuz 2016
Yayımlandığı Sayı Yıl 2009 Cilt: 24 Sayı: 2 - Cilt: 24 Sayı: 2

Kaynak Göster

APA Küçükkocaoğlu, G., & Alagöz, A. (2016). İMKB’DE UYGULANAN HALKA ARZ YÖNTEMLERİNİN KARŞILAŞTIRMALI ANALİZİ. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, 24(2), 65-86.
AMA Küçükkocaoğlu G, Alagöz A. İMKB’DE UYGULANAN HALKA ARZ YÖNTEMLERİNİN KARŞILAŞTIRMALI ANALİZİ. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi. Temmuz 2016;24(2):65-86.
Chicago Küçükkocaoğlu, Güray, ve Ayşegül Alagöz. “İMKB’DE UYGULANAN HALKA ARZ YÖNTEMLERİNİN KARŞILAŞTIRMALI ANALİZİ”. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi 24, sy. 2 (Temmuz 2016): 65-86.
EndNote Küçükkocaoğlu G, Alagöz A (01 Temmuz 2016) İMKB’DE UYGULANAN HALKA ARZ YÖNTEMLERİNİN KARŞILAŞTIRMALI ANALİZİ. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi 24 2 65–86.
IEEE G. Küçükkocaoğlu ve A. Alagöz, “İMKB’DE UYGULANAN HALKA ARZ YÖNTEMLERİNİN KARŞILAŞTIRMALI ANALİZİ”, Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, c. 24, sy. 2, ss. 65–86, 2016.
ISNAD Küçükkocaoğlu, Güray - Alagöz, Ayşegül. “İMKB’DE UYGULANAN HALKA ARZ YÖNTEMLERİNİN KARŞILAŞTIRMALI ANALİZİ”. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi 24/2 (Temmuz 2016), 65-86.
JAMA Küçükkocaoğlu G, Alagöz A. İMKB’DE UYGULANAN HALKA ARZ YÖNTEMLERİNİN KARŞILAŞTIRMALI ANALİZİ. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi. 2016;24:65–86.
MLA Küçükkocaoğlu, Güray ve Ayşegül Alagöz. “İMKB’DE UYGULANAN HALKA ARZ YÖNTEMLERİNİN KARŞILAŞTIRMALI ANALİZİ”. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, c. 24, sy. 2, 2016, ss. 65-86.
Vancouver Küçükkocaoğlu G, Alagöz A. İMKB’DE UYGULANAN HALKA ARZ YÖNTEMLERİNİN KARŞILAŞTIRMALI ANALİZİ. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi. 2016;24(2):65-86.