Borsada İlk Halka Arzların Performansının Değerlendirilmesi: Borsa İstanbul Üzerine Bir Uygulama
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Date
2019Author
Tunçay, Ezgi
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Companies need financial resources to grow and improve themselves. One of the methods
to provide financial resources for companies is to offer their shares to the public. However,
according to the literature, there is underpricing in the initial public offerings (IPOs).
Especially the initial day underpricing is a globally accepted phenomenon.
The aims of this study are to measure whether there is initial day or short-term underpricing
in IPOs stocks in Borsa Istanbul after the 2008 Global Financial Crisis and to measure the
level of activity of Borsa Istanbul. In the study, the initial day and short term abnormal returns
of 109 companies, offered to the public for the first time between 2010 and 2017 were
examined by using the ‘event study’ method and the significance levels of these returns were
tested. Within this scope, the initial day and short term (over 15 trading days) of the IPO
stocks were examined. Additionally, these 109 companies were tested on the basis of years,
sectors, intermediation for public offerings, public offering methods, market values of the
companies, stocks traded in the hot / cold markets.
As a result of the study, the average initial day return of all companies is 1.59%, the
cumulative abnormal return at the 15th day is 4.59% and both returns are statistically
significant at 1%. Therefore, both the initial day and short-term underpricing are available for
the stocks. In addition, the first-day and short-term performances of the publicly traded
shares differ from each other on the basis of the sub-categories mentioned above. The
results indicate that Borsa Istanbul is not a semi-efficient market as it is possible to obtain a
return above the market return by investing in the IPO stocks.
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TUNÇAY, Ezgi. Borsada İlk Halka Arzların Performansının Değerlendirilmesi: Borsa İstanbul Üzerine Bir Uygulama, Yüksek Lisans Tezi, Ankara, 2019.The following license files are associated with this item: