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

Yıl 2006, Sayı: 16, - , 20.06.2015

Şerafettin Sevim Soner Akkoç

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

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