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]


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.
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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

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