Kasdi İskontolar ve Türk Halka Arzlarının Düşük Fiyatlaması

Bu çalışma Borsa İstanbul’da ilk defa halka arz edilen 113 şirketin düşük fiyatlamasını ve kasdi iskontoları incelemektedir. Çalışma ihraç öncesi izahnameleri ve fiyat tespit raporlarını kullanarak fiyatlamadaki iyimserlik derecesini, yatırım bankası iskontolarını ve bunların ilk getirilerle ilişkisini ortaya koymaktadır. Çalışmada halka arz değer tahminlerinin önyargısız olduğu durumda ve kasdi iskontoların adil fiyatları yansıttığı takdirde ilk getirilerin yüzdelik kasdi iskonto ile orantılı olması gerektiği öne sürülmektedir. Bulgular yapılan iskontoların halka arz değer tahminlerindeki iyimserlik derecesi ile orantılı olmadığını göstermektedir, zira hisse fiyatları ilk gün ticaretinde kasdi iskonto yüzdesi kadar artış göstermemektedir. Testler ayrıca iyimser değer tahminlerinin.daha yüksek fiyat iskontoları ile bağlantılı olduğunu ve fiyat iskontolarının ilk getirilerle negatif yönlü ilişkide olduğunu göstermektedir.

Anahtar Kelimeler:

İlk halka arz, düşük fiyatlama, kasdi iskonto

Deliberate Discounts and Underpricing of Turkish IPOs

This study investigates underpricing and deliberate discounts in a unique sample of 113 initial public offerings at Borsa Istanbul. Using pre-issue prospectuses and valuation reports, this study documents the degree of optimism, underwriter discounts and their association with initial returns. We hypothesise that first day returns should be proportional to the percentage discounts offered if value estimates are unbiased and deliberate discounts reflect fair value. The findings indicate that offered discounts are not proportional to the degree of optimism in value estimates, as share prices do not recover on the first day as much as percentage price discounts. Tests also show that optimistic value estimates are associated with larger price discounts and price discounts are negatively related to initial returns.

Keywords:

Initial public offerings, underpricing, deliberate discount,

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