1. DergiPark
  2. Finansal Araştırmalar ve Çalışmalar Dergisi
  3. Arşiv
  4. Cilt 12, Sayı 23
Yıl 2020, Cilt 12 , Sayı 23, Sayfalar 639 - 652 2020-07-31

MEASURING IPO PERFORMANCE THROUGH INDUSTRY-ADJUSTED MODELS
MEASURING IPO PERFORMANCE THROUGH INDUSTRY-ADJUSTED MODELS

Lokman TÜTÜNCÜ [1] , Veysel UZUNEL [2]

Öz

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
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.

Kaynakça

  • ALLEN, Franklin - FAULHABER, Gerald R. (1989). “Signaling by underpricing in the IPO market”, Journal of Financial Economics, 23(2), 303-324.
  • BARBER, Brad M. - LYON, John D. (1996). “Detecting abnormal operating performance: The empirical power and specification of test statistics”, Journal of Financial Economics, 41(3), 359-399.
  • BENNINGA, Simon - HELMANTEL, Mark - SARIG, Oded. (2005). “The timing of initial public offerings”, Journal of Financial Economics, 75(1), 115-132.
  • BILDIK, Recep - YILMAZ, Mustafa K. (2008). “The Market Performance of Initial Public Offerings in the Istanbul Stock Exchange”, BDDK Bankacılık ve Finansal Piyasalar, 2(2), 49-75.
  • BRAV, Alon - GOMPERS, Paul A. (2003). “The role of lockups in initial public offerings”, Review of Financial Studies, 16(1), 1-29.
  • CELIK, Melike K. (2016). “Evaluation of post-IPO operating performance of firms: evidence from Borsa Istanbul”, International Journal of Management Economics and Business, 12(27), 267-282.
  • CHI, Jing - PADGETT, Carol. (2006). “Operating performance and its relationship to market performance of Chinese Initial Public Offerings”, Chinese Economy, 39(5), 28-50.
  • DURUKAN, M. B. (2002). “The relationship between IPO returns and factors influencing IPO performance: case study of the Istanbul Stock Exchange”, Managerial Finance, 28(2), 18-38.
  • FIELD, Laura C. - HANKA, Gordon. (2001). “The expiration of IPO share lockups”, Journal of Finance, 56(2), 471-500.
  • JAIN, Bharat A. - KINI, Omesh. (1994). “The post-issue operating performance of IPO firms”, Journal of Finance, 49(5), 1699-1726.
  • IBBOTSON, Roger G. (1975). “Price performance of common stock new issues”, Journal of Financial Economics, 2(3), 235-272.
  • KIM, Moonchul - RITTER, Jay R. (1999). “Valuing IPOs”, Journal of Financial Economics, 53(3), 409–437.
  • KIYMAZ, Halil. (2000). “The initial and aftermarket performance of IPOs in an emerging market: evidence from Istanbul Stock Exchange”, Journal of Multinational Financial Management, 10(2), 213-227.
  • KURTARAN, Ahmet - ER, Bunyamin. (2008). “The post-issue operating performance of IPOs in an emerging market: evidence from Istanbul Stock Exchange”, Investment Management and Financial Innovations, 5(4), 50-62.
  • LOUGHRAN, Tim - RITTER, Jay R. (2002). “Why don't issuers get upset about leaving money on the table in IPOs?” Review of Financial Studies, 15(2), 413-443.
  • LOUGHRAN, Tim - RITTER, Jay R. - RYDQVIST, Kristian. (1994). “Initial public offerings: International insights”, Pacific-Basin Finance Journal, 2(2-3), 165-199.
  • LYON, John D. - BARBER, Brad M. - TSAI, Chih-Ling. (1999). “Improved methods for tests of abnormal long-run stock returns”, Journal of Finance, 54(1), 165-201.
  • MACKINLAY, Craig A. (1997). “Event studies in economics and finance”, Journal of Economic Literature, 35(1), 13-39.
  • MIKKELSON, Wayne H. - PARTCH, Megan M. - SHAH, Kshitij. (1997). “Ownership and operating performance of companies that go public”, Financial Economics, 44(3), 281-307.
  • MILLER, Edward M. (1977). “Risk, uncertainty, and divergence of opinion”, Journal of Finance, 32(4), 151-1168.
  • RITTER, Jay R. (1984). “The ‘Hot Issue’ market of 1980”, Journal of Business, 57(2), 215–240.
  • RITTER, Jay R. (1991). “The long-run performance of initial public offerings”, Journal of Finance, 46(1), 3-28.
  • RITTER, Jay R. and WELCH, Ivo. (2002). “A review of IPO activity, pricing and allocations”, Journal of Finance, 57(4), 1795–1828.
  • ROOSENBOOM, Peter. (2012). “Valuing and pricing of IPOs”, Journal of Banking and Finance, 36(6), 1653-1664.
  • SCHULTZ, Paul. (2003). “Pseudo market timing and long-run underperformance of IPOs”, Journal of Finance, 58(2), 483-517.
  • TEOH, Siew H. - WELCH, Ivo - WONG, T. J. (1998). “Earnings management and the long-run market performance of initial public offerings”, Journal of Finance, 53(6), 1935-1974.

Ayrıntılar

Birincil Dil en
Konular Sosyal
Bölüm Makaleler
Yazarlar

Yazar: Lokman TÜTÜNCÜ
Kurum: BÜLENT ECEVİT ÜNİVERSİTESİ
Ülke: Turkey

Yazar: Veysel UZUNEL
Kurum: BÜLENT ECEVİT ÜNİVERSİTESİ
Ülke: Turkey
Tarihler

Yayımlanma Tarihi : 31 Temmuz 2020

Kaynak Göster

Bibtex @araştırma makalesi { marufacd785864, journal = {Finansal Araştırmalar ve Çalışmalar Dergisi}, issn = {1309-1123}, eissn = {2529-0029}, address = {}, publisher = {Marmara Üniversitesi}, year = {2020}, volume = {12}, 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 - 2021 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
Makalenin Yazarları
Lokman TÜTÜNCÜ [1]
Veysel UZUNEL [2]
Makale Gönder
Arşiv
Editör Kurulu
İletişim
TR Dizin
TR Dizin