We investigate operating performance of Turkish IPOs between January 2010 and December 2017 through well-specified industry- and performance-adjusted models advocated by Barber and Lyon (1996). We find that issuers underperform matched peers in the long-run regardless of the choice of model. Any improvement in performance is either temporary or precedes the issue. We conclude that performance improvements observed around the issue do not extend to long-term, because better profitability could point to earnings management which leads to earnings reversal, while improvements in leverage and liquidity end when proceeds are exhausted.
Initial public offerings, financial performance, operating performance
We investigate operating performance of Turkish IPOs between January 2010 and December 2017 through well-specified industry- and performance-adjusted models advocated by Barber and Lyon (1996). We find that issuers underperform matched peers in the long-run regardless of the choice of model. Any improvement in performance is either temporary or precedes the issue. We conclude that performance improvements observed around the issue do not extend to long-term, because better profitability could point to earnings management which leads to earnings reversal, while improvements in leverage and liquidity end when proceeds are exhausted
Initial public offerings, financial performance, operating performance
Birincil Dil | İngilizce |
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Konular | Sosyal |
Bölüm | Makaleler |
Yazarlar |
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Yayımlanma Tarihi | 31 Temmuz 2020 |
Başvuru Tarihi | 17 Şubat 2020 |
Kabul Tarihi | |
Yayınlandığı Sayı | Yıl 2020, Cilt 12, Sayı 23 |
Bibtex | @araştırma makalesi { marufacd785864, journal = {Finansal Araştırmalar ve Çalışmalar Dergisi}, issn = {1309-1123}, eissn = {2529-0029}, address = {}, publisher = {Marmara Üniversitesi}, year = {2020}, volume = {12}, number = {23}, pages = {639 - 652}, doi = {10.14784/marufacd.785864}, title = {MEASURING IPO PERFORMANCE THROUGH INDUSTRY-ADJUSTED MODELS}, key = {cite}, author = {Tütüncü, Lokman and Uzunel, Veysel} } |
APA | Tütüncü, L. & Uzunel, V. (2020). MEASURING IPO PERFORMANCE THROUGH INDUSTRY-ADJUSTED MODELS . Finansal Araştırmalar ve Çalışmalar Dergisi , 12 (23) , 639-652 . DOI: 10.14784/marufacd.785864 |
MLA | Tütüncü, L. , Uzunel, V. "MEASURING IPO PERFORMANCE THROUGH INDUSTRY-ADJUSTED MODELS" . Finansal Araştırmalar ve Çalışmalar Dergisi 12 (2020 ): 639-652 <https://dergipark.org.tr/tr/pub/marufacd/issue/56245/785864> |
Chicago | Tütüncü, L. , Uzunel, V. "MEASURING IPO PERFORMANCE THROUGH INDUSTRY-ADJUSTED MODELS". Finansal Araştırmalar ve Çalışmalar Dergisi 12 (2020 ): 639-652 |
RIS | TY - JOUR T1 - MEASURING IPO PERFORMANCE THROUGH INDUSTRY-ADJUSTED MODELS AU - Lokman Tütüncü , Veysel Uzunel Y1 - 2020 PY - 2020 N1 - doi: 10.14784/marufacd.785864 DO - 10.14784/marufacd.785864 T2 - Finansal Araştırmalar ve Çalışmalar Dergisi JF - Journal JO - JOR SP - 639 EP - 652 VL - 12 IS - 23 SN - 1309-1123-2529-0029 M3 - doi: 10.14784/marufacd.785864 UR - https://doi.org/10.14784/marufacd.785864 Y2 - 2022 ER - |
EndNote | %0 Finansal Araştırmalar ve Çalışmalar Dergisi MEASURING IPO PERFORMANCE THROUGH INDUSTRY-ADJUSTED MODELS %A Lokman Tütüncü , Veysel Uzunel %T MEASURING IPO PERFORMANCE THROUGH INDUSTRY-ADJUSTED MODELS %D 2020 %J Finansal Araştırmalar ve Çalışmalar Dergisi %P 1309-1123-2529-0029 %V 12 %N 23 %R doi: 10.14784/marufacd.785864 %U 10.14784/marufacd.785864 |
ISNAD | Tütüncü, Lokman , Uzunel, Veysel . "MEASURING IPO PERFORMANCE THROUGH INDUSTRY-ADJUSTED MODELS". Finansal Araştırmalar ve Çalışmalar Dergisi 12 / 23 (Temmuz 2020): 639-652 . https://doi.org/10.14784/marufacd.785864 |
AMA | Tütüncü L. , Uzunel V. MEASURING IPO PERFORMANCE THROUGH INDUSTRY-ADJUSTED MODELS. JFRS. 2020; 12(23): 639-652. |
Vancouver | Tütüncü L. , Uzunel V. MEASURING IPO PERFORMANCE THROUGH INDUSTRY-ADJUSTED MODELS. Finansal Araştırmalar ve Çalışmalar Dergisi. 2020; 12(23): 639-652. |
IEEE | L. Tütüncü ve V. Uzunel , "MEASURING IPO PERFORMANCE THROUGH INDUSTRY-ADJUSTED MODELS", Finansal Araştırmalar ve Çalışmalar Dergisi, c. 12, sayı. 23, ss. 639-652, Tem. 2020, doi:10.14784/marufacd.785864 |