İLK HALKA ARZLARDA DÜŞÜK FİYATLAMA VE KISA DÖNEM PERFORMANSIN BELİRLEYİCİLERİ: 1995-2008 İMKB ÖRNEĞİ

Bu çalışmada 1995-2008 döneminde İMKB’de ilk defa halka arz edilen hisse senetleri için düşük fiyatlama olgusunun varlığı, kısa dönem performans ile bu performansa ve düşük fiyatlamaya etki eden faktörler araştırılmıştır. Bu çalışmada elde edilen bulgular diğer gelişmiş ve gelişmekte olan piyasalara paralel olarak İMKB’de de ilk gün düşük fiyatlama olgusunun geçerli olduğuna ve ilk halka arzların kısa dönemde yüksek performans gösterdiğine kanıt sağlamakta olup, elde edilen sonuçlar literatürdeki diğer çalışmalarla tutarlıdır. Düşük fiyatlama için regresyon analizi sonuçları incelendiğinde, faaliyet süresi 20 yıldan daha uzun olan firmalarla sabit fiyatla talep toplama yöntemini kullanarak halka arz edilen firmalarda düşük fiyatlamanın daha fazla yapıldığı tespit edilmiştir. Ayrıca ilkgün düşük fiyatlanan, belirsizliği fazla olan, sermaye artırımı yöntemini kullanarak halka arz edilen ve faaliyet süresi 20 yıldan daha uzun olan firmalar kısa dönemde daha yüksek performans göstermişlerdir.

Anahtar Kelimeler:

İlk halka arz, Düşük fiyatlama, Kısa dönem performans, İMKB

THE DETERMINANTS OF UNDERPRICING AND SHORT-RUN PERFORM OF INITIAL PUBLIC OFFERINGS: EVIDENCE FROM ISE FOR 1995-2008

This study investigates the existence of underpricing of IPOs in ISE, short-run perform and the factors influencing this performance and underpricing for the period between 1995 and 2008. Findings in this study present evidence of over-perform in short run and underpricing of IPOs in ISE such as other developed and emerging market, and also these results are consistence with other studies in literature. When the regression results for underpricing are analyzed, it is determined that there is more underpricing for the firms with more than 20 years of working period and the firms with fixed priced offer IPOs. The firms which are underpriced for the first day, have uncertainity, use the increase method of capital in IPOs and more than 20 years of working period show over-performances in short-run.

Keywords:

Initial public offerings, Underpricing, Short-run perform, ISE,

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İMKB, www.imkb.gov.tr, Erişim Tarihi: 07.12.2008.