SEKTÖRE UYARLANMIŞ MODELLERLE HALKA ARZ PERFORMANSININ ÖLÇÜLMESI

Bu çalışmada Ocak 2010 ve Aralık 2017 arasında Türkiye’deki halka arzların faaliyet performansı Barber ve Lyon (1996) tarafindan onerilen sektöre ve performansa uyarlanmiş modellerle incelenmektedir. Sonuçlar ih- raççı firmaların model seciminden bagımsız olarak uzun vadede eşleştirilmiş benzer firmalardan düşük perfor- mans gösterdiğini ortaya koymaktadır. Performansta gerçekleşen iyileşmeler ya geçici ya da ihraçtan öncedir. İhraç senesi etrafinda gözlenen iyileşmelerin uzun vadeye uzanmamasının sebebi olarak halka arz gelirlerinin kısa vadede tüketilmesi ile kaldıraç ve likiditedeki iyileşmenin durması ve karlılıktaki iyileşmenin kar manipu- lasyonu kaynaklı olabileceği sonucuna varılmıştır.

MEASURING IPO PERFORMANCE THROUGH INDUSTRY- ADJUSTED MODELS

We investigate operating performance of Turkish IPOs between January 2010 and December 2017 through well-specified industry – and performance-adjusted models advocated by Barber and Lyon (1996). We find that issuers underperform matched peers in the long-run regardless of the choice of model. Any improvement in performance is either temporary or precedes the issue. We conclude that performance improvements obser- ved around the issue do not extend to long-term, because better profitability could point to earnings manage- ment which leads to earnings reversal, while improvements in leverage and liquidity end when proceeds are ex- hausted.

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