The Performance of Ipos in Istanbul Stock Exchange in Year 2000

Firmaların halka ilk arz yoluyla küçük ve kurumsal yatırımcılardan fon toplaması düşük maliyetli finanslama yollarından biri olabilir. Tahvil ihracı ve bankalardan kısa ve uzun vadeli kredi almanın maliyetleri, halka ilk arzın komisyon ve diğer maliyetleriyle karşılaştırıldığında oldukça yüksek olabilir. Bu ampirik çalışma 2000 yılında İstanbul Menkul Kıymetler Borsasında halka ilk arzı yapılan hisse senetlerinin performanslarını incelemektedir. Bu analizde literatürde yaygın olarak kullanılan “event-study” yöntemi uygulanarak halka ilk arzı yapılan 34 firmanın 30 günlük arz sonrası performansı ölçülmüştür. Ampirik bulgular literatürde geçen diğer çalışmalar sonuçlarıyla uyumludur. Elde edilen sonuçlara göre, halka arzın ilk iki gününde yatırımcıların normal üstü getiri elde etmeleri mümkündür.

2000 Yılında İstanbul Menkul Kıymetler Borsasın'da Halka İlk Arzı Yapılan Hisse Senetlerinin Performansı

Initial public offering (IPO) may be the lowest cost financing for firms to obtain funds from small and institutional investors. The commissions, fees and other related expenses incurred are considerably small compared to those of short or long term loan or bond financing. This empirical study examines the performance of all IPOs in Istanbul Stock Exchange during the year of 2000. The study employs standard event study methodology for 34 IPOs over a 30 day event window. The empirical findings are consistent with most of the previous literature. The results support that the first two days of IPOs generally provide positive abnormal returns.

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