2001 finansal krizi'nin halka arz piyasalarında yatırım bankası ve denetim firması itibar algılamasına etkisi: İMKB örneği

Bu çalışmanın amacı, 2001 Finansal krizinin hem yatırım bankalarının ve denetim firmalarının kendi içerisindeki itibar hassasiyetleri üzerinde hem de ilk halka arz firmalarının yatırım bankalarına ve denetim firmalarına karşı itibar algılamaları üzerinde herhangi bir etki gösterip göstermediğini ortaya koymaktır. Buna bağlı olarak; finansal kriz öncesi ve sonrası dönemler için, yatırım bankası ve denetim firması itibarı ile ilk halka arz piyasalarında kısa dönemli hisse senedi fiyat performans ilişkisi incelenmiştir. Kriz öncesi dönem olarak 1995-2000 yılları arası ve bu dönemde halka arz olmuş 115 firmaya ait hisse senetleri ile kriz sonrası dönem olarak 2002-2007 yılları arası ve bu dönemde halka arz olmuş 51 firmaya ait hisse senetlerinin kısa dönem fiyat performansları değerlemeye alınmıştır.

The effect of 2001 financial crisis on investment bank and auditing firm reputational concern in initial pubkic offering markets: The case of Istanbul Stock Exchange

This study aims to investigate whether the 2001 financial crisis has any effect on the reputational concerns of investment banks, auditing firms and initial public offering firms. In doing so, we examine the reputational effect of both investment banks and auditing firms on the underpricing in the initial public offering marjets at the Istanbul Stock Exchange for two periods before and after the crisis. 115 and 51 initial public offering firms taken into consideration for the pre-crisis period which took place between 1995 -2000 and the post-crisis period which took place 2002-2007 respectively.

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