İlk Halka Arzda Düşük Fiyatlama, Düşük Performans ve Yatırımcı İlgisi: Türkiye’den Kanıtlar

Öz

Bu çalışma, Türkiye’de gerçekleştirilen ilk halka arzlarda yatırımcı ilgisinin kısa vadeli düşük fiyatlama ve uzun dönem düşük performans üzerindeki etkisini incelemektedir. Örneklem, 2008-2025 döneminde Borsa İstanbul’da gerçekleştirilen 190 halka arzdan oluşmaktadır. Çalışmada, yatırımcı ilgisinin ilk gün getirileri ile bir, iki ve üç yıllık dönemler için hesaplanan satın al ve tut anormal getirileri üzerindeki etkisi analiz edilmektedir. Bulgular, ilk gün düşük fiyatlama ve uzun dönemde düşük performans sonuçlarını doğrulamaktadır. Beklentilerin aksine, yatırımcı ilgisi ile düşük fiyatlama arasında negatif bir ilişki tespit edilmiştir. Ayrıca, yatırımcı ilgisinin uzun dönem anormal getiriler üzerinde istatistiksel olarak anlamlı bir etkisi bulunmamaktadır. Analiz sonuçları, daha yüksek ilk gün getirilerin, halka arz sonrası birinci ve ikinci yıllarda daha yüksek anormal getirilerle pozitif ilişkili olduğunu göstermektedir. Bunun yanı sıra, uzun dönem performansta bir momentum etkisi tespit edilmiştir. Buna göre, birinci yıldaki yüksek anormal getiriler ikinci yılda, ikinci yıldaki yüksek anormal getiriler ise üçüncü yılda da devam etmektedir. Sonuç olarak, elde edilen bulgular yatırımcı ilgisinin uzun dönemli düşük performans üzerinde bir etkisinin olmadığını ortaya koymaktadır. Genel olarak bu sonuçlar, yatırımcı ilgisi açısından Borsa İstanbul özelinde Türkiye’ye özgü yatırımcı davranışlarının farklı özelliklerini ortaya koymaktadır.

Anahtar Kelimeler

• İlk Halka Arz
• Düşük Fiyatlama
• Düşük Performans
• Yatırımcı İlgisi
• Google SVI

Etik Beyan

“İlk Halka Arzda Düşük Fiyatlama, Düşük Performans ve Yatırımcı İlgisi: Türkiye’den Kanıtlar” başlıklı çalışmanın yazım sürecinde bilimsel kurallara, etik ve alıntı kurallarına uyulmuş; toplanan veriler üzerinde herhangi bir tahrifat yapılmamış ve bu çalışma herhangi başka bir akademik yayın ortamına değerlendirme için gönderilmemiştir. Bu araştırma da etik kurul kararı zorunluluğu bulunmamaktadır. Çatışma Beyanı: Çalışmada herhangi bir potansiyel çıkar çatışması söz konusu değildir. Finansman: Bu çalışma için herhangi bir kurum veya kuruluştan destek alınmamıştır. Yapay Zeka ve Türleri Kullanım Beyanı: Bu makalenin yazımında yapay zeka ve türleri kullanılmamıştır. Veri Paylaşım Beyanı: Bu çalışmanın verilerini bulguların doğrulanması amacıyla makul bir talep üzerine “etik ilkeler ve yayın politikası”nın ilgili kısmında belirtilen şartlara göre paylaşabileceğimi beyan ederim.

Underpricing, Underperformance, and Investor Attention in IPO: Evidence from Türkiye

Öz

This study examines the impact of investor attention on the short-term underpricing and long-run underperformance of initial public offerings (IPOs) in Türkiye. The sample consists of 190 IPOs conducted on Borsa Istanbul (BIST) between 2008 and 2025 and investigates the effect of investor attention on initial returns (IR) as well as buy-and-hold abnormal returns (BHAR) over one, two, and three-year periods. The findings confirm the results of underpricing and long-run underperformance. Contrary to expectations, a negative relationship is identified between investor attention and underpricing. Furthermore, investor attention is not significant for abnormal returns (AR) in the long run. The analysis results indicate that higher IRs are positively associated with higher AR in the first and second years following the IPO. In addition, a momentum effect is detected in long-run performance, whereby higher AR in the first year are associated with higher AR in the second year, and similarly, higher AR returns in the second year persist into the third year. Consequently, the findings suggest that investor attention does not influence long-run underperformance. Overall, these results highlight distinct characteristics of investor behavior in Türkiye, specifically within the context of BIST, with respect to investor attention.

Anahtar Kelimeler

• Initial Public Offering
• Underpricing
• Underperformance
• Investor Attention
• Google SVI

Etik Beyan

During the writing process of the study “Underpricing, Underperformance, and Investor Attention in IPO: Evidence from Türkiye” scientific rules, ethical and citation rules were followed. No falsification was made on the collected data and this study was not sent to any other academic publication medium for evaluation. Ethics Committee Permission is not required. Declaration of Conflict: There is no potential conflict of interest in the study. Funding: No funding was received from any institution or organization for this study. Statement of Use for Artificial Intelligence and Its Types: Artificial intelligence and its various types were not used in the writing of this article. Data Sharing Statement: I declare that, upon reasonable request for the purpose of verifying the findings, I can share the data of this study according to the conditions specified in the relevant section of the "ethical principles and publication policy".

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