The Market Performance of Initial Public Offerings in the İstanbul Stock Exchange

Yilmaz, Mustafa Kemal; BİLDİK, Recep

The Market Performance of Initial Public Offerings in the İstanbul Stock Exchange

Recep BİLDİK, (Harvard Univercity, USA)

Mustafa K. YILMAZ (İstanbul Menkul Kıymetler Borsası (İMKB), İstanbul, Türkiye)

BDDK Bankacılık ve Finansal Piyasalar Dergisi

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Yıl: 2008 Cilt: 2 Sayı: 2 Sayfa Aralığı: 49 - 75 Metin Dili: Türkçe İndeks Tarihi: 29-07-2022

The Market Performance of Initial Public Offerings in the İstanbul Stock Exchange

Öz:

Bu çalışmada, İstanbul Menkul Kıymetler Borsası (İMKB) nda 1990-2000 yılları arasında yapılan ilk halka arzların uzun dönemli performansı, piyasanın durumu (hareketli/durağan), halka arza aracılık eden kurumların ünü ve hisseleri halka arz edilen şirketlerin özellikleri (şirket büyüklüğü, F/K ve PD/DD oranları) yanında, hisse ihracının kaynağı (yeni hisse ihracı veya büyük ortakların satışı), ihraç edilen hisse senetlerinin yatırımcılar arasındaki dağılımı ve yatırımcıların farklılığı gibi yeni faktörler kullanılarak analiz edilmiştir. Çalışmanın sonuçları, aynı konuda daha önce yapılmış çalışmalarda ortaya konulan bulgulardan üç yönden farklılık göstermektedir. İlk olarak, diğer çalışmalarla karşılaştırıldığında, ilk halka arzdaki düşük fiyatlamanın (underpricing) boyutu daha küçük olmakla birlikte, halka arz edilen hisse senetlerinin uzun dönemli getirilerinin düşük performansının (underperformance) daha yüksek boyutta olması dikkat çekmektedir. Çalışmadaki kısa dönemli pozitif getiriler (% 5.94) düşük fiyatlamayı, uzun dönemli negatif getiriler (% - 84.5) ise uzun dönemdeki düşük performansı güçlü olarak desteklemektedir. İkinci olarak, İMKB’de düşük performans, dalgalı piyasada kısa dönemde yüksek getiri elde etmek isteyen yatırımcıların kısa ufuklu bakış açısı nedeniyle diğer piyasalarla karşılaştırıldığında daha erken bir dönemde (halka arzı izleyen birinci ayın sonunda) başlamaktadır. Üçüncü olarak ise, piyasanın cazip olmadığı (durağan olduğu) yıllarda ve büyük ortakların satışı şeklinde gerçekleştirilen ilk halka arzlarda uzun vadedeki düşük performansın ortadan kalktığı gösterilmektedir. İlk halka arzlarda hisse senetlerinin dağılımı ve firma büyüklüğü de hisse senetlerinin ihraç sonrası performansı üzerinde etkili olmaktadır.

Anahtar Kelime: düşük fiyatlandırma gelişmekte olan piyasalar performans pazar İstanbul menkul kıymetler borsası İstanbul menkul kıymetler borsası (İMKB) halka ilk arz piyasa etkinliği

Konular: İşletme İktisat

IMKB'de İlk Halka Arzların Piyasa Performansı

Öz:

This study examines the long-standing IPO performance in the Istanbul Stock Exchange (ISE) by using new factors such as source of shares (new issue or sale of large shareholders), allocation of shares and dispersion of investors as well as existing factors such as market conditions (hot/cold), underwriters’ reputation, and firm characteristics (firm size, E/P, and B/M ratios) in the period of1990-2000. Our results differ from the previous studies at least three ways. First, the magnitude of underpricing is significantly lower, while underperformance is higher than those of in other studies. Our strong evidence supports the existence of the underpricing by positive initial excess returns (5.94%) and the long-term underperformance up to three-year holding period (-84.5%) in the ISE. Second, underperformance starts much earlier than in other markets i.e. at the end of first month following the IPO because of myopic behavior of investors seeking short-term returns. Third, the underperformance disappears for IPOs made in a cold market, and those made through the sale of large shareholders. Allocation of shares in an IPO and firm size also impact after-market performance of shares.

Anahtar Kelime: market Istanbul stock exchange Istanbul stock exchange (ISE) initial public offering market efficiency underpricing emerging markets performance

Konular: İşletme İktisat

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık

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APA	BİLDİK R, Yilmaz M (2008). The Market Performance of Initial Public Offerings in the İstanbul Stock Exchange. , 49 - 75.
Chicago	BİLDİK Recep,Yilmaz Mustafa Kemal The Market Performance of Initial Public Offerings in the İstanbul Stock Exchange. (2008): 49 - 75.
MLA	BİLDİK Recep,Yilmaz Mustafa Kemal The Market Performance of Initial Public Offerings in the İstanbul Stock Exchange. , 2008, ss.49 - 75.
AMA	BİLDİK R,Yilmaz M The Market Performance of Initial Public Offerings in the İstanbul Stock Exchange. . 2008; 49 - 75.
Vancouver	BİLDİK R,Yilmaz M The Market Performance of Initial Public Offerings in the İstanbul Stock Exchange. . 2008; 49 - 75.
IEEE	BİLDİK R,Yilmaz M "The Market Performance of Initial Public Offerings in the İstanbul Stock Exchange." , ss.49 - 75, 2008.
ISNAD	BİLDİK, Recep - Yilmaz, Mustafa Kemal. "The Market Performance of Initial Public Offerings in the İstanbul Stock Exchange". (2008), 49-75.

APA	BİLDİK R, Yilmaz M (2008). The Market Performance of Initial Public Offerings in the İstanbul Stock Exchange. BDDK Bankacılık ve Finansal Piyasalar Dergisi, 2(2), 49 - 75.
Chicago	BİLDİK Recep,Yilmaz Mustafa Kemal The Market Performance of Initial Public Offerings in the İstanbul Stock Exchange. BDDK Bankacılık ve Finansal Piyasalar Dergisi 2, no.2 (2008): 49 - 75.
MLA	BİLDİK Recep,Yilmaz Mustafa Kemal The Market Performance of Initial Public Offerings in the İstanbul Stock Exchange. BDDK Bankacılık ve Finansal Piyasalar Dergisi, vol.2, no.2, 2008, ss.49 - 75.
AMA	BİLDİK R,Yilmaz M The Market Performance of Initial Public Offerings in the İstanbul Stock Exchange. BDDK Bankacılık ve Finansal Piyasalar Dergisi. 2008; 2(2): 49 - 75.
Vancouver	BİLDİK R,Yilmaz M The Market Performance of Initial Public Offerings in the İstanbul Stock Exchange. BDDK Bankacılık ve Finansal Piyasalar Dergisi. 2008; 2(2): 49 - 75.
IEEE	BİLDİK R,Yilmaz M "The Market Performance of Initial Public Offerings in the İstanbul Stock Exchange." BDDK Bankacılık ve Finansal Piyasalar Dergisi, 2, ss.49 - 75, 2008.
ISNAD	BİLDİK, Recep - Yilmaz, Mustafa Kemal. "The Market Performance of Initial Public Offerings in the İstanbul Stock Exchange". BDDK Bankacılık ve Finansal Piyasalar Dergisi 2/2 (2008), 49-75.