İLK HALKA ARZLARDAKİ DÜŞÜK FİYATLANDIRMANIN İSTANBUL MENKUL KIYMETLER BORSASINDA DEĞERLENDİRİLMESİ

Öz Hisse senetleri ilk halka arz edildiklerinde gerçek değerinin altında bir fiyattan satılabilmektedir. Bu şekilde ortaya çıkan düşük fiyatlandırmayla hisselerini halka arz eden firmalar yatırımcıları kendilerine çekmeye çalışmaktadır. Bu çalışmanın amacı, İstanbul Menkul Kıymetler Borsası’nda gerçekleşen ilk halka arzlardaki düşük fiyatlandırma seviyesini tespit etmek ve düşük fiyatlandırmayla varlıkların halka arzdan sonraki kısa ve uzun vadedeki getirileri arasındaki ilişkiyi ortaya koymaktır. Bu amaçla öncelikle düşük fiyatlandırmanın nedenleri araştırılmış, daha sonra İMKB’deki ilk halka arzların ilk getirileriyle arzdan sonraki getirileri arasındaki ilişki incelenmiştir.

Anahtar Kelimeler:

Düşük Fiyatlandırma, İlk Halka Arz, İlk Getiri

PDF

___

Altınkılıç, O. ve Hansen, Robert S. (2003), “Discounting and Underpricing in Seasoned equity Offers, Journal of Financial Economics, 69, ss.285- 323.

Beatty, R. ve Ritter, J. (1986), “Investment Banking, Reputation, and Underpricing of Initial Public Offerings”, Journal of Financial Economics, 15, ss.213-232.

Benveniste, L.M. ve Spindt, P.A. (1989), “How Investment Bankers Determine The Offer Price and Allocation of New Issues”, Journal of Financial Economics, 24, ss.343-361.

Booth, J.R. ve Smith, R.L. (1986), “Capital Raising, Underwriting, and The Certification Hypothesis, Journal of Financial Economics, 15, ss.261- 281.

Carter, R. ve Manaster, S. (1990), “Initial Public Offerings and Under-Writer Reputation”, The Journal of Finance, 45(2), ss.1045-1067.

Chen, G., Firth, M. ve Kim, J. (2000), “The Post-issue Market Performance of Initial Public Offerings in China’s New Stock Markets”, Review of Quantitative Finance and Accounting, 14, ss.319-339.

Corwin, Shane A. (2003), “The Determinants o Underpricing for Seasoned Equity Offers”, The Journal of Finance, 58(5), ss.2249-2279.

Dongwei, S. ve Belton, M. F. (1999), “An Ampirical investigation of Underpricing in Chinese IPOs”, Pasific-Basin Finance Journal, 7, ss.173-202.

Gongmeng, C., Firth, M. ve Kim, J. (2004), “IPO Underpricing in China’s New Stock Markets”, Journal of Multinational Financial Management, 14, ss.283-302.

Grinblatt, M. ve Hwang, C.Y. (1989), “Signalling and The Pricing of New Issues”, Journal of Finance, 44(1), ss.393-420.

Hensler, Douglas A., Herrera, Martin J. ve Lockwood, Larry J. (2000), “The Performance of Inıtial Public Offerings in the Mexican Stock Market”, Journal of International Money and Finance, 19, ss.93-106.

Hirt, Geoffrey A. (2004), Managing Investments, McGraw-Hill Companies, Blacklick, OH, USA.

Huibers, N. (2005), Future of State-Owned Financial Institutions: Policy and Practice, Brookings Institution Pres, Washington, DC, USA.

İMKB, www.imkb.gov.tr

Kirkulak, B. ve Davis, C. (2005), “Underwriter Reputation and underpricing: Evidence From Japanese IPO Market”, Pasific-Basin Finance Journal, 13, ss.451-470.

Knopf, John D. ve Teall, John L. (1999), “The IPO Effect and Measurement of Risk”, Journal of Financial and Strategic Decisions, 12(2), ss.51-58.

Loughran, T, Ritter, J. ve Rydqvist, K. (1994), “Initial Public Offerings: International Insight”, Pasific-Basin Finance Journal, 2, ss.165-199.

Mok, Henry M.K. ve Hui, Y.V. (1998), “Underpricing and Aftermarket Performance of IPOs in Shanghai, China”, Pasific-Basin Finance Journal, 6, ss.453-474.

Rock, K. (1986), “Why New Issues are Underpriced”, Journal of Financial Economics, 15, ss.187-212.

Tinic, S. (1988), “Anatomy of Initial Public Offerings”, Journal of Finance, 46(1), ss.3-48.