İLK HALKA ARZLARIN UZUN VADELİ PERFORMANSLARI VE UCUZ FİYAT OLGUSU: İSTANBUL MENKUL KIYMETLER BORSASI'NDA SEKTÖREL KARŞILAŞTIRMALI BİR UYGULAMA

Öz

The purpose of this study is to test the low price phenomen for Istanbul Stock Exchange. In this connection, 185 initial public offerings which were offered to the public from 1990 to 1999- have been analysed. In this research, average abnormal returns and cumulative average abnormal returns have been also calculated. According to the results of this study, the average abnormal returns within 36 months have reached the positive value in 13 months, whereas they have reached a negative value in 23 months. At the end of 36 months, cumulative average abnormal returns reached the value of -15.26%. In other words these stocks could not provide for their investors a return over the market. Moreover, in this study 16 groups were formed according to their activity area and smiliar results were obtained. In this study, it has been reached that in long run, one can not obtain returns over the market throughout the strategie of investing on the initial public offerings in ISE

Anahtar Kelimeler

• Initial public oferings, Long-run performance, Efficient markets hypothesis

İLK HALKA ARZLARIN UZUN VADELİ PERFORMANSLARI VE UCUZ FİYAT OLGUSU: İSTANBUL MENKUL KIYMETLER BORSASI'NDA SEKTÖREL KARŞILAŞTIRMALI BİR UYGULAMA

Öz

Bu çalışmanın amacı, İstanbul Menkul Kıymetler Borsası’nda uzun vadede ucuz fiyat olgusunu test etmektir. Bu amaçla çalışmada 1990-1999 yılları arasında ilk kez halka arz edilen 185 hisse senedi analize tabi tutulmuştur. Araştırmada ortalama anormal getiriler ve birikimli ortalama anormal getiriler hesaplanmıştır. 36 aylık süreçte ortalama anormal getiriler 13 ayda pozitif, 23 ayda negatif değere sahiptir. 36 ayın sonunda, birikimli ortalama anormal getirinin -%15,26 değerine ulaştığı görülmüştür. Yani bu hisse senetleri, yatırımcılarına piyasanın üzerinde bir getiri sağlayamamıştır. Ayrıca bu çalışmada hisse senetlerinden faaliyet alanlarına göre 16 grup oluşturulduğunda benzer sonuçlar elde edilmiştir. Bu araştırmada, İMKB’de ilk kez halka açılan hisse senetlerine yatırım yapılarak oluşturulacak bir işlem stratejisiyle, uzun vadede piyasanın üzerinde bir getiri elde edilemeyeceği sonucuna ulaşılmıştır

Anahtar Kelimeler

• İlk halka arz, Uzun vadeli performans, Etkin piyasalar hipotezi, İMKB

Kaynakça

1. Brounen, D. ve Eichholtz, P. (2002). “Initial Public Offerings Evidence from the British, French and Swedish Property Share Markets” The Journal of Real Estate Finance and Economics ,24: 103-117.
2. Canına, L. Ve Gıbson, S. (2003). “Understanding First-day Returns of Hospitality Initial Public Offerings”, Cornell Hotel and Restaurant Administration Quarterly, 17-28.
3. Chi, J. ve Padgett, C. (2005). “Short-run underpricing and its characteristics in Chinese initial public offering (IPO) markets”, Research In Internatıonal Busıness and Fınance 19: 71-93.
4. Chahine, S. (2004). “Lonr-run abnormal return after IPOs and optimistic analysts’ forecasts”, International Review of Financial Analysis, 13: 83-103.
5. Fama, E. F. (1970). “ Efficient Capital Markets: A Riview Theory and Empirical Work”, The Journal of Fınance, 25: 383-417.
6. Firth, M., (1997). “An analysis of the stock market performance of new issues in New Zealand”, Pacific-Basin Finance Journal, 5: 63-85.
7. Hensler, D.A., Herrera, M.J. ve Lockwood, L.J. (2000). “The performance of initial public offerings in the Mexican stock market, 1987-1993”, Journal of International Money and Finance, 19: 93-116.
8. Houge, T. ve Loughran, T. (1999). “Growth fixation and the performance of bank initial public offerings, 1983-1991”, Journal of Banking & Finance, 23: 1277-1301.

9. Ibbotson, R.G. (1975). “Price performance of common stock new issues”, Journal of Financial Economics, 2: 235-272.
10. Jelic, R., Saadouni, B. ve Briston, R. (2001). “Performance of Malaysian IPOs: Underwriters reputation and management earnings forecasts”, Pacific-Basin Finance Journal, 9: 457-486.
11. Kim, J-B., Krinsky, I. ve Lee, J. (1995). “The aftermarket performance of initial public offerings in Korea”, Pacific-Basin Finance Journal, 3: 429-448.
12. Kıymaz, H. (2000). “The initial and aftermarket performance of IPOs in an emerging market: evidence from İstanbul stock Exchange”, Journal of Multinational Financial Management, 10: 213-227.
13. Kooli, M. ve Suret, M.K. (2004). “The aftermarket performance of initial public offerings in Canada”, Journal of Multinational Financial Management, 14: 47-66.
14. Ljugqvist, A.P. (1997). “Pricing initial public offerings: Further evidence from Germany”, Europan Economic Rewiew, 41: 1309-1320.
15. Lyn, E.O ve Zychowicz,E.J. (2003). “The performance of new equity offerings in Hungary and Poland”, Global Finance Journal, 14: 181- 195.
16. McDonald, J.G. ve Fısher, A.K. (1972) “New-Issue Stock Prıce Behavior”, The Journal of Finance, 27: 97-102.
17. Ritter, J.R., (1991). “The Long-Run Performance of Initial Public Offerings”, The Journal of Finance, 46: 3-27.
18. Yi, J-H., (2001). “Pre-offering earnings and the long-run performance of IPOs”, International Review of Financial Analysis, 10: 53-67.
19. Yu, T. ve TSE, Y.K. (2005) “An empirical examination of IPO underpricing in the Chinese A-share market”, China Economic Review,1-19.