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İlk Halka Arzların Uzun Vadeli Performansları ve Ucuz Fiyat Olgusu: İstanbul Menkul Kıymetler Borsası’nda Sektörel Karşılaştırmalı Bir Uygulama

The Long-Run Performance of Initial Public Offerings and Low Price Phenomen: A Sectoral Comparison in ISE

Journal Name:

  • Dumlupınar Üniversitesi Sosyal Bilimler Dergisi

Publication Year:

  • 2006

Key Words:

Keywords (Original Language):

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
The purpose of this study is to test the low price phenomen for Istanbul Stock Exchange. In this connection, 185 initial public offerings which were offered to the public - from 1990 to 1999- have been analysed. In this research, average abnormal returns and cumulative average abnormal returns have been also calculated. According to the results of this study, the average abnormal returns within 36 months have reached the positive value in 13 months, whereas they have reached a negative value in 23 months. At the end of 36 months, cumulative average abnormal returns reached the value of -15.26%. In other words these stocks could not provide for their investors a return over the market. Moreover, in this study 16 groups were formed according to their activity area and smiliar results were obtained. In this study, it has been reached that in long run, one can not obtain returns over the market throughout the strategie of investing on the initial public offerings in ISE.
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Abstract (Original Language): 
Bu çalısmanın amacı, Đstanbul Menkul Kıymetler Borsası’nda uzun vadede ucuz fiyat olgusunu test etmektir. Bu amaçla çalısmada 1990-1999 yılları arasında ilk kez halka arz edilen 185 hisse senedi analize tabi tutulmustur. Arastırmada ortalama anormal getiriler ve birikimli ortalama anormal getiriler hesaplanmıstır. 36 aylık süreçte ortalama anormal getiriler 13 ayda pozitif, 23 ayda negatif değere sahiptir. 36 ayın sonunda, birikimli ortalama anormal getirinin -%15,26 değerine ulastığı görülmüstür. Yani bu hisse senetleri, yatırımcılarına piyasanın üzerinde bir getiri sağlayamamıstır. Ayrıca bu çalısmada hisse senetlerinden faaliyet alanlarına göre 16 grup olusturulduğunda benzer sonuçlar elde edilmistir. Bu arastırmada, ĐMKB’de ilk kez halka açılan hisse senetlerine yatırım yapılarak olusturulacak bir islem stratejisiyle, uzun vadede piyasanın üzerinde bir getiri elde edilemeyeceği sonucuna ulasılmıstır.
FULL TEXT (PDF): 
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  • 16
107-124
  • Turkish

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