HISSE GETIRILERI PERSPEKTIFINDEN DÜŞÜK FIYATLAMAYA BAKIŞ: BORSA ISTANBUL’DAKI İLK HALKA ARZLAR ÜZERINE BİR UYGULAMA

Öz

Düşük fiyatlama, sermaye piyasası literatüründe en çok araştırılan konulardan birisidir. Sermaye piyasaları deneyiminin daha sağlam bir temelde başlaması, hiç kuşkusuz şirketler kadar yeni yatırımcılar için de çok önemlidir. Şirketlerin genellikle ilk gün elde ettikleri pozitif getirilerin, ilerleyen yıllarda sürdürülüp sürdürülemeyeceği araştırmacı ve yatırımcıların cevaplamaya çalıştıkları bir soru olmuştur. Bu çalışmada, 2005-2015 yılları arasında Borsa Istanbul’da gerçekleşen 65 ilk halka arz, düşük fiyatlama ve uzun vadeli hisse getirileri açısından analiz edilmiştir. Sonuçlar, düşük fiyatlama ile üç yıllık kümülatif hisse getirileri arasında %29,5 oranında negatif bir korelasyon olduğunu göstermektedir. Halka arz oranındaki artış, ihracın özellikle ilk yılında hisse senedinin getirisini olumlu yönde etkilemektedir. Literatürün aksine, şirket yaşındaki artış düşük fiyatlamayı artırmaktadır. İhraçtan sonraki üç yıllık dönemde düşük performans gözlemlenirken, özellikle arz sonrası dördüncü yılda hisse senedi getirilerinin artış trendine girdiği tespit edilmiştir.

Anahtar Kelimeler

• Sermaye Piyasası,Düşük Fiyatlama,Hisse Getirisi,Düşük Performans

UNDERPRICING PUZZLE AT THE SCOPE OF SHARE RETURN: A CLOSER LOOK AT INITIAL PUBLIC OFFERINGS AT BORSA ISTANBUL

Öz

Underpricing is one of the most researched topics in the capital markets literature. It is undoubtedly important for companies to start their capital markets experience on a more solid basis, as well as for their new investors. It is a question researchers and investors have been trying to answer; whether the company can maintain this positive return on the first day in the upcoming years. In this study, 65 initial public offerings listed at Borsa Istanbul were analyzed in terms of underpricing and long-term share returns. Results show that there is a 29.5% negative correlation between underpricing and three-year cumulative return on shares. The increase in public offering rate effects the return on share positively in the first year of issuance. Contrary to the literature, it has been observed that the increase in the company age increases the underpricing in the analysis period. Interestingly, while underperformance was observed in the three-year period after the issuance, it was discovered that the share returns tended to increase especially at fourth year after offering.

Anahtar Kelimeler

• Capital Markets,Underpricing,Share Return,Underperformance

Kaynakça

1. Achmadsyah, V.A. (2016). IPO Lockup Length and its Implication for Post-IPO Performance, MSc Thesis: University of Rotterdam.
2. Aggarwal, R., Leal, R., & Hernandez, L. (1993). The Aftermarket Performance of Initial Public Offerings in Latin America, Financial Management, 22, 42-53.
3. Aggarwal, R., Prabhala, N., & Puri M. (2002). Institutional Allocation in Initial Public Offerings: Empirical Evidence, Journal of Finance, 57(3), 1421-1442.
4. Allen, F., & Faulhaber G. (1989). Signalling by Underpricing in the IPO Market, Journal of Financial Economics, 23(2), 303-323.
5. Cai, X., Liu, G., & Mase, B. (2008). The Long-Run Performance of Initial Public Offerings and its Determinants: The Case of China, Review of Quantitative Finance and Accounting, 30(4), 419–432.
6. Carter, R. & Manaster, S. (1990). Initial Public Offerings and Underwriter Reputation, The Journal Of Finance, 45(4), 1045-1067.
7. Carter, R., Dark, F.H., & Sapp, T.R.A. (2010). Underwriter Reputation and IPO Issuer Alignment 1981-2005. The Quarterly Review of Economics and Finance, 50, 443-455.
8. Chen, Y., Wang, S.S., Li, W., Sun, Q., & Tong W.H.S. (2015). Institutional Environment, Firm Ownership, and IPO First-Day Returns: Evidence from China, Journal of Corporate Finance, 32, 150-168.

9. Durukan, M.B. (2002). The Relationship between IPO Returns and Factors Influencing IPO Performance: Case of the Istanbul Stock Exchange, Managerial Finance, 28, 18-38.
10. Fan, J.P.H., Wong, T.J., & Zhang, T. (2007). Politically Connected CEOs, Corporate Governance, and Post-IPO Performance of China’s Newly Partially Privatized Firms, Journal of Financial Economics, 84(2), 330-357.
11. Field, C.L., & Lowry, M. (2010). Institutional versus Individual Investment in IPOs: The Importance of Firm Fundamentals, Journal of Financial and Quantitative Analysis, 44(3), 489-516.
12. Ghosh, S. (2005). Underpricing of Initial Public Offerings: The Indian Experience, Emerging Markets Finance and Trade, 41(6), 45–57.
13. Ibbotson, R.G., & Jaffe, J.F. (1975). Hot Issue Markets, Journal of Finance, 30, 1027-1042.
14. Jain, B.A., & Kini, O. (1994). The Post-Issue Operating Performance of IPO Firms, The Journal of Finance, 49(5), 1699-1726.
15. Kenourgios, D.F., Papathanasiou, S., & Melas, E.R. (2007). Initial Performance of Greek IPOs, Underwriters Reputation and Oversubscription. Managerial Finance, 33(5), 332-343.
16. Kıymaz, H. (2000). The Initial and Aftermarket Performance of IPOs in an Emerging Market: Evidence from Istanbul Stock Exchange, Journal of Multinational Financial Management, 10, 213-227.
17. Lee, P., Taylor, S., & Walter, T. (1996). Australian IPO Underpricing in the Short and Long-Run. Journal of Banking and Finance, 20, 1189-1210.
18. Levis, M. (1993). The Long Run Performance Of Initial Public Offerings: The U.K. Experience 1980-1988, Financial Management, 22, 28-41.
19. Lewis-Beck, M.S. (1980). Applied Regression: An Introduction, Qualitative Applications in the Social Science, California: SAGE Publications.
20. Loughran, T., Ritter, J.R., & Rydqvist, K. (1994). Initial Public Offerings: International Insights, Pacific-Basin Finance Journal, 2, 165-199.
21. Loughran, T., & 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.
22. Lowry, M., & Schwert, G.W. (2002). IPO Market Cycles: Bubbles or Sequential Learning, Journal of Finance, 57, 1171-1200.
23. Minardi, A.M., Ferrari, G.L., & Araujo Tavares, P.C. (2013). Performances of Brazilian IPOs Backed by Private Equity, Journal of Business Research, 66(3), 448–455.
24. Özer, B. (1999). Price Performance Of Initial Public Offerings In Turkey. Ankara: Capital Markets Boards Publishing, Production Number: 128.
25. Ritter, J.R. (1984). The Hot Issue Market of 1980, The Journal of Business, 57(2), 215-240.
26. Ritter, J.R. (1991). The Long-Run Performance of Initial Public Offerings, The Journal Of Finance, 46(1), 3-27.
27. Ritter, J.R. (2003). Differences between European and American IPO Markets, European Financial Management, 9(4), 421-434.
28. Rock, K. (1986). Why New Issues are Underpriced, Journal of Financial Economics, 15(1), 187-212.
29. Schultz, P. (2003). Pseudo Market Timing and the Long-Run Underperformance of IPOs. The Journal of Finance, 58(2), 483-517.
30. Stoll, H., & Curley, A. (1970). Small Business and the New Issues Market for Equities, The Journal of Financial and Quantitative Analysis, 5(3), 309-322.
31. Switzer, LN., & Bourdon, J. (2011). Management Quality and Operating Performance: Evidence for Canadian IPOs, International Journal of Business, 16(2), 133-149.
32. Thomadakis, S., Nounis, C., & Gounopoulos, D. (2012). Longterm Performance of Greek IPOs, European Financial Management, 18(1), 117–141.
33. Zaier, LH., & Abdelmoula, A.K. (2014). Hot and Cold Cycles for African Emerging Share IPO Market Evidence From Tunisia, Asian Economic and Financial Review, 4(11), 1691-1704.