BORSA İSTANBUL’DA İŞLEM GÖRMEK ÜZERE 1993-2020 ARASINDA GERÇEKLEŞTİRİLEN İLK HALKA ARZLARIN UZUN DÖNEMLİ FİYAT PERFORMANSINI ETKİLEYEN FAKTÖRLERİN ANALİZİ

Year 2022, Volume: 7 Issue: 3, 442 - 461, 30.09.2022

Cafer Bakırhan , Güven Sayılgan

https://doi.org/10.29106/fesa.1135303

Cited By: 1

Abstract

Bu makale, 1993-2018 döneminde, 330 şirketin Borsa İstanbul’da işlem görmek üzere yapılan ilk halka arzlarının, uzun dönemli fiyat performanslarını etkileyen değişkenlerin analizini içermektedir. 1993-2018 döneminde ilk halka arzını gerçekleştirilmiş hisse senetlerinin uzun dönem (36 ay) fiyat performansları ve bu performansları etkilediği düşünülen açıklayıcı değişkenlerle oluşturulmuş regresyon modelleri incelenmiştir. Uzun dönem fiyat performansını etkileyen değişkenler ile oluşturulan regresyon modelleri, tabi tutulan muhtelif alt ayrımlar bazında, anlamlı sonuçlar vermiştir. İlk halka arzı yapılan hissenin ilk gün getirisi, uzun dönem endeks getirisi, aynı hissenin daha önceki dönemdeki getirileri, halka açılma oranı vb. açıklayıcı değişkenleri ilk halka arz hisse senetlerinin uzun dönem performansını açıklamakta anlamlıdır.

Keywords

İlk Halka Arz, İstanbul Borsası, Uzun Dönem Fiyat Performansı, Regresyon Modelleri

ANALYSIS OF THE FACTORS, AFFECTING THE LONG-TERM PRICE PERFORMANCE OF THE INITIAL PUBLIC OFFERINGS TO BE TRADED ON BORSA ISTANBUL BETWEEN 1993-2020

Abstract

This article includes the analysis of the variables that affect the long-term price performances of the initial public offerings of 330 companies to be traded on Borsa Istanbul between 1993-2018. The long-term (36 months) price performances of the stocks that were offered to the public in the 1993-2018 period and the regression models created with the explanatory variables that are thought to affect these performances were examined. The regression models created with the variables affecting the long-term price performance gave significant results based on various sub-divisions. First day return, long-term index return, returns of the same stock in the previous period, public offering rate, etc. the explanatory variables are significant in explaining the long-term performance of initial public offering stocks.

Keywords

Initial Public Offering, Istanbul Stock Exchange, Long Run Price Performance

References

• ALWAREZ O.S. ve GONZALEZ V. “Analyze all the Spanish Initial Public Offerings (IPOs) during the period 1987-1997.” SSRN Electronic Journal, 2001,
• AVCI B.S., “Long-Run Price and Operating Performance of Initial Public Offerings in Borsa Istanbul”, Business and Economics Research Journal, 12/2021
• BAKIRHAN C., “Birincil Hisse Senedi Halka Arzlarında Kısa ve Uzun Dönemli Fiyat Performansı ve Performans Belirleyicileri: (Borsa İstanbul 1993-2020)”, Doktora Tezi, AÜSBE, 2021
• BEATTY, R. P., ve RİTTER, J. R. “Investment Banking, Reputation, And The Underpricing Of İnitial Public Offerings.” Journal Of Financial Economics, 1986, 15(1), 213-232.
• BESSLER W. VE THİES S., "The long‐run performance of initial public offerings in Germany", Managerial Finance, 33 (6), 2007
• BRAV A. VE GOMPERS PAUL A., “ Myth or Reality? The Long-Run Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure Capital-Backed Companies” The Journal of Finance Vol. 52, No. 5 (Dec., 1997)
• BREİNLİNGER, L. ve GLOGOVA E., “Determinants of Initial Public Offerings-A European Time-Series Cross-Section Analysis.” Financial Stability Report 3, 2002, 87-106
• BROWN E., “Long-run performance analysis of a new sample of UK IPOs”. University of Edinburgh. 1999
• CARTER, R. B., ve MANASTER, S. “Initial public offerings and underwriter reputation”. Journal of Finance, 1990, 45(4), 1045-1067.
• CHOİ S., Lee I. VE MEGGİNSON W., “Do Privatization IPOs Outperform in the Long Run?” Financial Management , Vol. 39, No. 1 (SPRING 2010)
• COSTE L., “Long-run performance of Initial Public Offerings and its determinants: Evidence from France” EDHEC Business School, MSc Corporate Finance and Banking, Research Papers, 2020
• FAİSAL Rizwan M. ve KHAN S., “Long-run Performance of Public vs. Private Sector Initial Public Offerings in Pakistan” The Pakistan Development Review : Vol. 46, No. 4, Papers and Proceedings PARTS I and II Twenty-third Annual General Meeting and Conference of the Pakistan Society of Development Economists Islamabad, March 12-14, 2008 (Winter 2007)
• FOERSTER S.R. VE KAROLYİ G.A., “The Long-Run Performance of Global Equity Offerings”, The Journal of Financial and Quantitative Analysis, Vol. 35, No. 4 (Dec., 2000)
• GANDOLFİ G., REGALLİ M., SOANA M.G., VE ARCURİ M.C., “Underpricing And Long-Term Performance Of Ipos: Evıdence From European Intermediary-Oriented Markets”. Economics, Management & Financial Markets, 13(3), 2018 GAO, X., RİTTER, J. R., ve ZHU, Z. “Where have all the IPOs gone?” Journal of Financial and Quantitative Analysis, 2013, 48(6), 1663-1692.
• GOMPERS P.A. VE LERNER J., “The Really Long-Run Performance of Initial Public Offerings: The Pre-Nasdaq Evidence” The Journal of Finance Vol. 58, No. 4 (Aug., 2003)
• KARAOĞLAN S., “Halka arz edilen hisse senetlerinin kısa ve uzun dönem performansını belirlemeye yönelik ekonometrik bir analiz” Doktora Tezi, Manisa Celal Bayar Üniversitesi / Sosyal Bilimler Enstitüsü / İşletme Ana Bilim Dalı, 2018 KAUR Manpreet, “Factors Affectıng Ipo’s & Fpo’s- An Analysıs For Short Run & Long Run” Lovely Professional University, Research Paper, 2017
• KIYMAZ H., “İMKB’de Halka Arz Edilen Hisse Senetlerinin Uzun Dönem Performansları ve Bunları Etkileyen Faktörler: İmalat Sektörü 1990-1995 Uygulaması”. İMKB Dergisi. 1 (3), 1997
• LOUGHRAN, T. “NYSE vs NASDAQ returns. Market microstructure or the poor performance of initial public offerings?”, Journal of Financial Economics, 1993, 33 (2), 241-260.
• LOUGHRAN, Tim, JAY R. Ritter, ve KRİSTİAN Rydqvist, “Initial public offerings: international insights.” Pacific Basin Finance Journal 2(2), 1994, 165-200.
• LOUGHRAN, T., ve RİTTER, J. R. “The new issues puzzle.” Journal of Finance, 50(1), 1995, 23-51.
• LOUGHRAN, T., ve RİTTER, J. R. “Uniformly least powerful tests of market efficiency”. Journal of Financial Economics, 2000, 55(3), 361-389.
• MBURUGU Sarah K., “An Analysis of the Long-Run Performance IPOs and Effects in the Kenyan Stock Market” International Letters of Social and Humanistic Sciences, 2021
• ÖZYEŞİL M., “Dönemsel halka arzlarda şirket büyüklüğü ve halka arz yönteminin kısa ve uzun dönem hisse senedi fiyat performansına etkisi: Borsa İstanbul uygulaması” Doktora Tezi, İstanbul Aydın Üniversitesi / Sosyal Bilimler Enstitüsü / İşletme Ana Bilim Dalı, 2018
• POULSEN Mathias P. ve RAUNHOLT Philip B. N., “Long-Term IPO Performance A Scandinavian Event-Time Study”, Copenhagen Business School, 2017
• RİTTER J., “The Long-Run Performance of Initial Public Offerings”. The Journal of Finance, 46 (1), 1991
• RİTTER, J. R. “The "hot issue" market of 1980”. Journal of Business, 1984, 57(2), 215-240.
• RİTTER, J. R. “The costs of going Public”. Journal of Financial Economics, 1987, 19(2), 269-281.
• RİTTER, J. R., ve WELCH, I. “A review of IPO activity, pricing, and allocations.” Journal of Finance, 2002, 57(4), 1795-1828.
• ROCK, K. “Why new issues are underpriced.” Journal of Financial Economics, 1986, 15(1), 187-212.
• RYDQVİST, Kristian ve KENNETH Hogholm, “Going public in the 1980s: Evidence from Sweden”. European Financial Management 1(3), 1995, 287-315.
• S. DHAMİJA S. VE ARORA R.K., “Determinants of long-run performance of initial public offerings: evidence from India”. Vision, 21(1), 2017
• SOHAİL M.K. VE NASR M., “Performance of initial public offerings in Pakistan”. International Review of Business Research Papers, 3(2), 2007
• ZARAFAT H. VE VEJZAGİC M., “The Long-Term Performance of Initial Public Offerings: Evidence from Bursa Malaysia”, Journal of Applied Economics and Business Research JAEBR, 4 (1): 42-51 (2014)