Araştırma Makalesi
BibTex RIS Kaynak Göster

Kasdi İskontolar ve Türk Halka Arzlarının Düşük Fiyatlaması

Yıl 2019, Sayı: 112, 225 - 240, 29.10.2019
https://doi.org/10.33203/mfy.469212

Öz

Bu çalışma Borsa
İstanbul’da ilk defa halka arz edilen 113 şirketin düşük fiyatlamasını ve kasdi
iskontoları incelemektedir. Çalışma ihraç öncesi izahnameleri ve fiyat tespit
raporlarını kullanarak fiyatlamadaki iyimserlik derecesini, yatırım bankası
iskontolarını ve bunların ilk getirilerle ilişkisini ortaya koymaktadır.
Çalışmada halka arz değer tahminlerinin önyargısız olduğu durumda ve kasdi
iskontoların adil fiyatları yansıttığı takdirde ilk getirilerin yüzdelik kasdi
iskonto ile orantılı olması gerektiği öne sürülmektedir. Bulgular yapılan
iskontoların halka arz değer tahminlerindeki iyimserlik derecesi ile orantılı
olmadığını göstermektedir, zira hisse fiyatları ilk gün ticaretinde kasdi
iskonto yüzdesi kadar artış göstermemektedir. Testler ayrıca iyimser değer
tahminlerinin.daha yüksek fiyat iskontoları ile bağlantılı olduğunu ve fiyat
iskontolarının ilk getirilerle negatif yönlü ilişkide olduğunu göstermektedir.

Kaynakça

  • Aggarwal, R., Leal, R. and Hernandez, L. (1993). “The aftermarket performance of initial public offerings in Latin America”, Financial Management, 22(1): 42–53.
  • Alford, A. (1992). “The effect of the set of comparable firms on the accuracy of the price-earnings valuation method”, Journal of Accounting Research, 30(1): 94-108.
  • Allen, F. and Faulhaber, G.R. (1989). “Signaling by underpricing in the IPO market, Journal of Financial Economics”, 23(2): 303-324.
  • Baron, D. (1982). “A model of the demand of investment banking advising and distribution services for new issues”. Journal of Finance, 37(4): 955–976.
  • Barry, C., Muscarella, C., Peavy, J. and Vetsuypens, M. (1990). “The role of venture capital in the creation of public companies: evidence from the going-public process”, Journal of Financial Economics, 27: 447–472.
  • Beatty, R. P. and Ritter, J. R. (1986). “Investment banking, reputation, and the underpricing of initial public offerings”, Journal of Financial Economics, 15(1-2): 213-232.
  • Bildik, R. and Yilmaz, M. K. (2008). “The Market Performance of Initial Public Offerings in the Istanbul Stock Exchange”, BDDK Bankacılık ve Finansal Piyasalar, 2(2): 49-75.
  • 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.
  • Francis, J., Olsson, P., & Oswald, D. R. (2000). “Comparing the accuracy and explainability of dividend, free cash flow and abnormal earnings equity value estimates”, Journal of Accounting Research, 38(1), 45-70.
  • Habib, M. and Ljungqvist, A. (2001). “Underpricing and entrepreneurial wealth losses in IPOs: Theory and evidence”, Review of Financial Studies, 14(2): 433-458.
  • Ibbotson, R. G. (1975). “Price performance of common stock new issues”, Journal of Financial Economics, 2(3): 235-272.
  • Kim, M. and Ritter, J. R. (1999). “Valuing IPOs”, Journal of Financial Economics, 53(3): 409–437.
  • Kiymaz, H. (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.Leland, H. E. and Pyle, D. H. (1977). “Information asymmetries, financial structure and financial intermediaries”, Journal of Finance, 32(2): 317–387.
  • Loughran, T. and Ritter, J.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, T., Ritter, J.R. (2004). “Why has IPO underpricing changed over time?” Financial Management, 33(3): 5–37.
  • Megginson, W. and Weiss, K. (1991). “Venture capitalist certification in initial public offerings”, Journal of Finance, 46(3): 879–903.
  • Paleari, S., Signori, A. and Vismara, S. (2014). “How do underwriters select peers when valuing IPOs?” Financial Management, 43(4): 731-755.
  • Purnanandam, A.K. and Swaminathan, B. (2004). “Are IPOs really underpriced?” Review of Financial Studies, 17(3): 811–848.
  • Ritter, J. R., (1984). “The ‘Hot Issue’ market of 1980”, Journal of Business, 57(2): 215–240.
  • Ritter, J. R., (1991). “The long-run performance of initial public offerings”, Journal of Finance, 46(1): 3-28.
  • Ritter, J. R. and Welch, I. (2002). “A review of IPO activity, pricing and allocations”, Journal of Finance, 57(4): 1795–1828.
  • Rock, K., (1986). “Why new issues are underpriced”, Journal of Financial Economics, 15(1-2): 187–212.
  • Roosenboom, P. (2007). “How do underwriters value IPOs? An empirical analysis of the French IPO market”, Contemporary Accounting Research, 24(4): 1217–1243.
  • Rosenboom, P. (2012). “Valuing and pricing of IPOs”, Journal of Banking and Finance, 36(6): 1653-1664.
  • Shiller, R. J. (1990). “Speculative prices and popular models”, Journal of Economic Perspectives, 4(2): 55–65.
  • Tinic, S. M. (1988). “Anatomy of initial public offerings of common stock”, Journal of Finance, 43(4): 789-822.
  • Vismara, S., Signori, A., & Paleari, S. (2015). “Changes in underwriters’ selection of comparable firms pre- and post-IPO: Same bank, same company, different peers”, Journal of Corporate Finance, 34: 235-250.
  • Welch, I. (1989). “Seasoned offerings, imitation costs, and the underpricing of initial public offerings”, Journal of Finance, 44(2): 421-450.
  • Zheng, S.X. (2007). “Are IPOs really overpriced?” Journal of Empirical Finance, 14(3): 287-309.

Deliberate Discounts and Underpricing of Turkish IPOs

Yıl 2019, Sayı: 112, 225 - 240, 29.10.2019
https://doi.org/10.33203/mfy.469212

Öz

This study investigates
underpricing and deliberate discounts in a unique sample of 113 initial public
offerings at Borsa Istanbul. Using pre-issue prospectuses and valuation reports,
this study documents the degree of optimism, underwriter discounts and their
association with initial returns. We hypothesise that first day returns should
be proportional to the percentage discounts offered if value estimates are
unbiased and deliberate discounts reflect fair value. The findings indicate
that offered discounts are not proportional to the degree of optimism in value
estimates, as share prices do not recover on the first day as much as percentage
price discounts. Tests also show that optimistic value estimates are associated
with larger price discounts and price discounts are negatively related to
initial returns.

Kaynakça

  • Aggarwal, R., Leal, R. and Hernandez, L. (1993). “The aftermarket performance of initial public offerings in Latin America”, Financial Management, 22(1): 42–53.
  • Alford, A. (1992). “The effect of the set of comparable firms on the accuracy of the price-earnings valuation method”, Journal of Accounting Research, 30(1): 94-108.
  • Allen, F. and Faulhaber, G.R. (1989). “Signaling by underpricing in the IPO market, Journal of Financial Economics”, 23(2): 303-324.
  • Baron, D. (1982). “A model of the demand of investment banking advising and distribution services for new issues”. Journal of Finance, 37(4): 955–976.
  • Barry, C., Muscarella, C., Peavy, J. and Vetsuypens, M. (1990). “The role of venture capital in the creation of public companies: evidence from the going-public process”, Journal of Financial Economics, 27: 447–472.
  • Beatty, R. P. and Ritter, J. R. (1986). “Investment banking, reputation, and the underpricing of initial public offerings”, Journal of Financial Economics, 15(1-2): 213-232.
  • Bildik, R. and Yilmaz, M. K. (2008). “The Market Performance of Initial Public Offerings in the Istanbul Stock Exchange”, BDDK Bankacılık ve Finansal Piyasalar, 2(2): 49-75.
  • 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.
  • Francis, J., Olsson, P., & Oswald, D. R. (2000). “Comparing the accuracy and explainability of dividend, free cash flow and abnormal earnings equity value estimates”, Journal of Accounting Research, 38(1), 45-70.
  • Habib, M. and Ljungqvist, A. (2001). “Underpricing and entrepreneurial wealth losses in IPOs: Theory and evidence”, Review of Financial Studies, 14(2): 433-458.
  • Ibbotson, R. G. (1975). “Price performance of common stock new issues”, Journal of Financial Economics, 2(3): 235-272.
  • Kim, M. and Ritter, J. R. (1999). “Valuing IPOs”, Journal of Financial Economics, 53(3): 409–437.
  • Kiymaz, H. (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.Leland, H. E. and Pyle, D. H. (1977). “Information asymmetries, financial structure and financial intermediaries”, Journal of Finance, 32(2): 317–387.
  • Loughran, T. and Ritter, J.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, T., Ritter, J.R. (2004). “Why has IPO underpricing changed over time?” Financial Management, 33(3): 5–37.
  • Megginson, W. and Weiss, K. (1991). “Venture capitalist certification in initial public offerings”, Journal of Finance, 46(3): 879–903.
  • Paleari, S., Signori, A. and Vismara, S. (2014). “How do underwriters select peers when valuing IPOs?” Financial Management, 43(4): 731-755.
  • Purnanandam, A.K. and Swaminathan, B. (2004). “Are IPOs really underpriced?” Review of Financial Studies, 17(3): 811–848.
  • Ritter, J. R., (1984). “The ‘Hot Issue’ market of 1980”, Journal of Business, 57(2): 215–240.
  • Ritter, J. R., (1991). “The long-run performance of initial public offerings”, Journal of Finance, 46(1): 3-28.
  • Ritter, J. R. and Welch, I. (2002). “A review of IPO activity, pricing and allocations”, Journal of Finance, 57(4): 1795–1828.
  • Rock, K., (1986). “Why new issues are underpriced”, Journal of Financial Economics, 15(1-2): 187–212.
  • Roosenboom, P. (2007). “How do underwriters value IPOs? An empirical analysis of the French IPO market”, Contemporary Accounting Research, 24(4): 1217–1243.
  • Rosenboom, P. (2012). “Valuing and pricing of IPOs”, Journal of Banking and Finance, 36(6): 1653-1664.
  • Shiller, R. J. (1990). “Speculative prices and popular models”, Journal of Economic Perspectives, 4(2): 55–65.
  • Tinic, S. M. (1988). “Anatomy of initial public offerings of common stock”, Journal of Finance, 43(4): 789-822.
  • Vismara, S., Signori, A., & Paleari, S. (2015). “Changes in underwriters’ selection of comparable firms pre- and post-IPO: Same bank, same company, different peers”, Journal of Corporate Finance, 34: 235-250.
  • Welch, I. (1989). “Seasoned offerings, imitation costs, and the underpricing of initial public offerings”, Journal of Finance, 44(2): 421-450.
  • Zheng, S.X. (2007). “Are IPOs really overpriced?” Journal of Empirical Finance, 14(3): 287-309.
Toplam 29 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Makaleler
Yazarlar

Lokman Tütüncü 0000-0002-8653-9546

Elif Acar Bu kişi benim

Yayımlanma Tarihi 29 Ekim 2019
Gönderilme Tarihi 10 Ekim 2018
Yayımlandığı Sayı Yıl 2019 Sayı: 112

Kaynak Göster

APA Tütüncü, L., & Acar, E. (2019). Deliberate Discounts and Underpricing of Turkish IPOs. Maliye Ve Finans Yazıları(112), 225-240. https://doi.org/10.33203/mfy.469212

Dergi özellikle maliye, finans ve bankacılık alanlarında faaliyet göstermektedir.