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TÜRKİYE’DEKİ İLK HALKA ARZLARIN İLK GETİRİLERİ İLE UZUN DÖNEM FİYAT PERFORMANSLARI ARASINDAKİ İLİŞKİNİN ANALİZİ

Journal Name:

  • Uluslararası İktisadi ve İdari İncelemeler Dergisi

Publication Year:

  • 2013

Key Words:

Keywords (Original Language):

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Abstract (2. Language): 
The purpose of this study is to analyze relationship between initial returns and long-run price performances of initial public offerings (IPOs) that have taken place in Turkey in the period of January 1994-December 2009. The long-run price performances of IPOs is to examine according to the both Cumulative Abnormal Return and Buy and Hold Return methods. Obtained results demonstrate that underpricing level of IPOs taken place in Turkey is high and investors provide positive return in first day trading. Manufacturing industry sector has been determined as sector investors are obtained highest initial return in first trading day. IPOs providing high return to investors in first trading day have shown high performance according to the CAR method, low performance according to the BHR method in the long run. Consequently, underpriced IPOs have shown higher performance according to overpriced IPOs in first day trading.
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Abstract (Original Language): 
Bu çalışmanın amacı, Türkiye’de Ocak 1994-Aralık 2009 tarihleri arasında gerçekleşen ilk halka arzların ilk getirileri ile uzun dönem fiyat performansları arasındaki ilişkinin analiz edilmesidir. İlk halka arzların uzun dönem fiyat performansları hem Kümülatif Getiriler Yöntemi hem de Satın Al Elde Tut yöntemine göre incelenmiştir. Elde edilen sonuçlar, Türkiye’de gerçekleşen ilk halka arzlarda düşük fiyatlandırma düzeyinin yüksek olduğunu ve yatırımcıların ilk işlem gününde pozitif getiri sağladığını göstermektedir. Yatırımcıların, ilk işlem gününde en yüksek getiri elde ettiği sektörün imalat sanayi sektörü olduğu tespit edilmiştir. İlk günde yatırımcılara yüksek getiriler sağlayan ilk halka arzlar, uzun dönemde kümülatif ge-tiriler yöntemine göre yüksek performans, satın al elde tut yöntemine göre ise düşük performans göster-miştir. İlk işlem gününde, düşük fiyatlandırılmış ilk halka arzlar yüksek fiyatlandırılmış ilk halka arzlara göre uzun dönemde daha iyi performans göstermiştir.
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PDF icon arastrmx_194000_6_pp_186-210.pdf
  • 11
186-210
  • Turkish

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REFERENCES

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