BORSA İSTANBUL’DA İŞLEM GÖRMEK ÜZERE 1993-2020 ARASINDA GERÇEKLEŞTİRİLEN İLK HALKA ARZLARIN UZUN DÖNEMLİ FİYAT PERFORMANSINI ETKİLEYEN FAKTÖRLERİN ANALİZİ

Öz

Bu makale, 1993-2018 döneminde, 330 şirketin Borsa İstanbul’da işlem görmek üzere yapılan ilk halka arzlarının, uzun dönemli fiyat performanslarını etkileyen değişkenlerin analizini içermektedir. 1993-2018 döneminde ilk halka arzını gerçekleştirilmiş hisse senetlerinin uzun dönem (36 ay) fiyat performansları ve bu performansları etkilediği düşünülen açıklayıcı değişkenlerle oluşturulmuş regresyon modelleri incelenmiştir. Uzun dönem fiyat performansını etkileyen değişkenler ile oluşturulan regresyon modelleri, tabi tutulan muhtelif alt ayrımlar bazında, anlamlı sonuçlar vermiştir. İlk halka arzı yapılan hissenin ilk gün getirisi, uzun dönem endeks getirisi, aynı hissenin daha önceki dönemdeki getirileri, halka açılma oranı vb. açıklayıcı değişkenleri ilk halka arz hisse senetlerinin uzun dönem performansını açıklamakta anlamlıdır.

Anahtar Kelimeler

• İlk Halka Arz
• İstanbul Borsası
• Uzun Dönem Fiyat Performansı
• Regresyon Modelleri

ANALYSIS OF THE FACTORS, AFFECTING THE LONG-TERM PRICE PERFORMANCE OF THE INITIAL PUBLIC OFFERINGS TO BE TRADED ON BORSA ISTANBUL BETWEEN 1993-2020

Öz

This article includes the analysis of the variables that affect the long-term price performances of the initial public offerings of 330 companies to be traded on Borsa Istanbul between 1993-2018. The long-term (36 months) price performances of the stocks that were offered to the public in the 1993-2018 period and the regression models created with the explanatory variables that are thought to affect these performances were examined. The regression models created with the variables affecting the long-term price performance gave significant results based on various sub-divisions. First day return, long-term index return, returns of the same stock in the previous period, public offering rate, etc. the explanatory variables are significant in explaining the long-term performance of initial public offering stocks.

Anahtar Kelimeler

• Initial Public Offering
• Istanbul Stock Exchange
• Long Run Price Performance

Kaynakça

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