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HALKA ARZDA ARACI KURULUŞ İTİBARININ ETKİSİ

Year 2018, Volume: 20 Issue: 4, 924 - 955, 30.12.2018

Güray Küçükkocaoğlu , Nimet Çakır

https://doi.org/10.31460/mbdd.420687
Cited By: 1

Abstract




Bu
çalışmada, Borsa İstanbul’da 1993-2017 yılları arasında gerçekleşen halka
arzların kısa ve uzun dönemdeki performanslarında aracı kuruluş itibarının
etkisi incelenmiştir. Gelişmiş piyasalarda aracı kuruluş itibarını ölçmek için
kullanılan Carter-Manaster ve Megginson-Weiss yöntemleri Türkiye gibi
gelişmekte olan sermaye piyasalarında anlamlı sonuçlar vermemektedir. Çalışmanın
ilk aşamasında elde edilen bulgular, gelişmiş piyasalarda uygulanan bu
yöntemlerin gelişmekte olan piyasalarda doğrudan uygulanabilmesinin piyasa
dinamiklerindeki farklılaşmalardan dolayı mümkün olmadığını göstermektedir. Bu
eksikliği gidermek için, gelişmekte olan piyasalardaki aracı kuruluş itibarını
ölçmeye yönelik, piyasa özelliklerini de dikkate alarak, yeni bir model geliştirilmiştir.
Geliştirilen ve önerilen araştırma modeli, gelişmekte olan sermaye
piyasalarında gerçekleşen halka arzların kısa ve uzun dönemdeki
performanslarında, aracı kuruluş itibarını yeniden ölçerek daha anlamlı
sonuçlara ulaşmıştır.




Keywords

Halka Arz Aracı Kurum

References

  • Beatty, R. and J. Ritter (1986). “Investment Banking, Reputation, and The Underpricing of Initial Public Offerings”,Journal of Financial Economics 15, s:213-232.
  • Booth, J., and R. L. Smith, (1986). “Capital Raising, Underwriting and the Certification Hypothesis”. Journal of Financial Economics 15, s.261-281.
  • Bulut, Halil İbrahim (2008).“Halka Arz Piyasalarında Yatırım Bankası İtibar Etkisi: Bir Literatür Değerlendirmesi”,Muhasebe Bilim Dünyası Dergisi, Cilt: 10, Sayı: 3,s:77-106.
  • Carter, Richard, Frederick H. Dark, Ajai K. Sıngh, (1998). “Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks” The Journal of Fınance • Vol 53, no. 1 Şubat, s:285-311.
  • Carter, Richard and Steven Manaster (1990). “Initial Public Offerings and Underwriter Reputation” The Journal of Finance, Vol. 45, No. 4, s: 1045- 1067.
  • Chemmanur, Thomas J.,Paolo Fulghieri(1994). “Investment Bank Reputation, Information Production, And Financial Intermediation” The Journal of Finance, Sayı. 49, No. 1, s: 57-79.
  • Chemmanur, Thomas J., Karthik Krishnan (2011). “Heterogeneous Beliefs, IPO Valuation, and the Economic Role of the Underwriter in IPOs” August 17.
  • Cooney, J.W. A. K.Singh, R.B.Carter, and F.Dark, (2001). “IPO Initial Returns and Undewriter Reputation: Has the Inverse Relation Flipped in the 1990s?” Working Paper, University of Kentucky
  • Cooney, John W., Bradford J. Jordan, Ajai K. Singh (2004). “Who is ? A New Approach to Ranking U.S. IPO Underwriters.”.
  • Dolvin, S. D., 2005. “Market Structure, Changing Incentives, and Underwriter Certification”, The Journal of Financial Research, s.403-409.
  • Dong. Ming, Jean-S´ebastien Michel,, J. Ari Pandes (2011). “Underwriter Quality and Long-Run IPO Performance”. Financial Management, s. 219 – 251.
  • Dunbar, Craig G (2000).” Factors Affecting Investment Bank Initial Public Offering Market Share”. Journal of Financial Economics sayı:55, s: 3- 41.
  • Fernando, Chitru S., Anthony D. May, and William L. Megginson, (2012).“Underwriter Compensation and the Returns toReputation”
  • Gao, X., J.R. Ritter, 2010, “The Marketing of Seasoned Equity Offerings,” Journal of Financial Economics97, s.33-52.
  • Jain, Bharat ve Kini, mesh, (1999). “The Life Cycle of Initial Public Offering Firms”, Journal of Business and Accounting, sayı: 26 (9) ve (10), s.1281-1307
  • Jiao, Jian, Xuan Guo (2010).“Do Chinese Underwriters Grandstand To Attract More Firms When They Are Ready To Go Public?” Umea School of Business, 2010 Yüksek lisanstezi.
  • Liu, Xiaoding ve Ritter, Jay R.,(2011). “Local Underwriter Oligopolies and IPO Underpricing”. http://dx.doi.org/10.2139/ssrn.1512554.
  • Logue, Dennis (1973). “On The Prıcıng Of Unseasoned Equıty Issues: 1965-1969”, Journal Of Fınancial And Quantitative Analysis, Haziran, s.91-103.
  • Logue, Dennis E., Richard J. Rogalski, James K. Seward, and Lynn Foster‐Johnson Source (2002). “What Is Special about the Roles of Underwriter Reputation and Market Activities in Initial Public Offerings?” The Journal of Business, Vol. 75, No. 2, s:213-243.
  • Loughran, T. and J.R.Ritter, 2004. “Why has IPO Underpricing Changed Over Time?” Finacial Management 33, s.5-37
  • Katti, Supriya ve Phani, B.V. (2016). “Underpricing of Initial Public Offerings: A Literature Review”, Universal Journal of Accounting and Finance sayı:4(2), s. 35-52.
  • Mc Donald, J. G. ve A. K. Fisher (1972). “New Issue Stock Price behavior”, The Journal of Finance sayı: 3, s:97-102.
  • Megginson, W. and K. Weiss (1991). “Venture Capitalist Certification in Initial Public Offerings”, Journal ofFinance sayı: 46, s:879-904.
  • Michaely, R. and W. H. Shaw (1994). “The Pricing Of Initial Public Offerings: Tests Of Adverse Selection And Signaling Theories”, The Review of Financial Studies sayı: 7, s:279-319.
  • Neuberger, Brian M. ve Carl T. Hammond (1974). “A Study Op Underwriters Experience With Unseasoned New Issues”, Journal Of Fınancıal And Quantitative Analysis, Mart, s.165-177.
  • Neuberger, Brian M. ve Chris A. La Chapelle (1983). “Unseasoned New Issue Price Performance on Three Tiers: 1975-1980”, Financial Management, Sayı: 12, No. 3, s. 23-28.
  • Razafindrambinina, Dominique, Tiffany Kwan (2013). “The Influence of Underwriter and Auditor Reputations on IPO Under-pricing”, European Journal of Business and Management, sayı:5, no:2, s:199-212.
  • Tinic, Seha M. (1988).“Anatomy of Initial Public Offerings of Common Stock”, Journal of Finance 43,s:789-822.

Year 2018, Volume: 20 Issue: 4, 924 - 955, 30.12.2018

Güray Küçükkocaoğlu , Nimet Çakır

https://doi.org/10.31460/mbdd.420687
Cited By: 1

Abstract

References

  • Beatty, R. and J. Ritter (1986). “Investment Banking, Reputation, and The Underpricing of Initial Public Offerings”,Journal of Financial Economics 15, s:213-232.
  • Booth, J., and R. L. Smith, (1986). “Capital Raising, Underwriting and the Certification Hypothesis”. Journal of Financial Economics 15, s.261-281.
  • Bulut, Halil İbrahim (2008).“Halka Arz Piyasalarında Yatırım Bankası İtibar Etkisi: Bir Literatür Değerlendirmesi”,Muhasebe Bilim Dünyası Dergisi, Cilt: 10, Sayı: 3,s:77-106.
  • Carter, Richard, Frederick H. Dark, Ajai K. Sıngh, (1998). “Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks” The Journal of Fınance • Vol 53, no. 1 Şubat, s:285-311.
  • Carter, Richard and Steven Manaster (1990). “Initial Public Offerings and Underwriter Reputation” The Journal of Finance, Vol. 45, No. 4, s: 1045- 1067.
  • Chemmanur, Thomas J.,Paolo Fulghieri(1994). “Investment Bank Reputation, Information Production, And Financial Intermediation” The Journal of Finance, Sayı. 49, No. 1, s: 57-79.
  • Chemmanur, Thomas J., Karthik Krishnan (2011). “Heterogeneous Beliefs, IPO Valuation, and the Economic Role of the Underwriter in IPOs” August 17.
  • Cooney, J.W. A. K.Singh, R.B.Carter, and F.Dark, (2001). “IPO Initial Returns and Undewriter Reputation: Has the Inverse Relation Flipped in the 1990s?” Working Paper, University of Kentucky
  • Cooney, John W., Bradford J. Jordan, Ajai K. Singh (2004). “Who is ? A New Approach to Ranking U.S. IPO Underwriters.”.
  • Dolvin, S. D., 2005. “Market Structure, Changing Incentives, and Underwriter Certification”, The Journal of Financial Research, s.403-409.
  • Dong. Ming, Jean-S´ebastien Michel,, J. Ari Pandes (2011). “Underwriter Quality and Long-Run IPO Performance”. Financial Management, s. 219 – 251.
  • Dunbar, Craig G (2000).” Factors Affecting Investment Bank Initial Public Offering Market Share”. Journal of Financial Economics sayı:55, s: 3- 41.
  • Fernando, Chitru S., Anthony D. May, and William L. Megginson, (2012).“Underwriter Compensation and the Returns toReputation”
  • Gao, X., J.R. Ritter, 2010, “The Marketing of Seasoned Equity Offerings,” Journal of Financial Economics97, s.33-52.
  • Jain, Bharat ve Kini, mesh, (1999). “The Life Cycle of Initial Public Offering Firms”, Journal of Business and Accounting, sayı: 26 (9) ve (10), s.1281-1307
  • Jiao, Jian, Xuan Guo (2010).“Do Chinese Underwriters Grandstand To Attract More Firms When They Are Ready To Go Public?” Umea School of Business, 2010 Yüksek lisanstezi.
  • Liu, Xiaoding ve Ritter, Jay R.,(2011). “Local Underwriter Oligopolies and IPO Underpricing”. http://dx.doi.org/10.2139/ssrn.1512554.
  • Logue, Dennis (1973). “On The Prıcıng Of Unseasoned Equıty Issues: 1965-1969”, Journal Of Fınancial And Quantitative Analysis, Haziran, s.91-103.
  • Logue, Dennis E., Richard J. Rogalski, James K. Seward, and Lynn Foster‐Johnson Source (2002). “What Is Special about the Roles of Underwriter Reputation and Market Activities in Initial Public Offerings?” The Journal of Business, Vol. 75, No. 2, s:213-243.
  • Loughran, T. and J.R.Ritter, 2004. “Why has IPO Underpricing Changed Over Time?” Finacial Management 33, s.5-37
  • Katti, Supriya ve Phani, B.V. (2016). “Underpricing of Initial Public Offerings: A Literature Review”, Universal Journal of Accounting and Finance sayı:4(2), s. 35-52.
  • Mc Donald, J. G. ve A. K. Fisher (1972). “New Issue Stock Price behavior”, The Journal of Finance sayı: 3, s:97-102.
  • Megginson, W. and K. Weiss (1991). “Venture Capitalist Certification in Initial Public Offerings”, Journal ofFinance sayı: 46, s:879-904.
  • Michaely, R. and W. H. Shaw (1994). “The Pricing Of Initial Public Offerings: Tests Of Adverse Selection And Signaling Theories”, The Review of Financial Studies sayı: 7, s:279-319.
  • Neuberger, Brian M. ve Carl T. Hammond (1974). “A Study Op Underwriters Experience With Unseasoned New Issues”, Journal Of Fınancıal And Quantitative Analysis, Mart, s.165-177.
  • Neuberger, Brian M. ve Chris A. La Chapelle (1983). “Unseasoned New Issue Price Performance on Three Tiers: 1975-1980”, Financial Management, Sayı: 12, No. 3, s. 23-28.
  • Razafindrambinina, Dominique, Tiffany Kwan (2013). “The Influence of Underwriter and Auditor Reputations on IPO Under-pricing”, European Journal of Business and Management, sayı:5, no:2, s:199-212.
  • Tinic, Seha M. (1988).“Anatomy of Initial Public Offerings of Common Stock”, Journal of Finance 43,s:789-822.
There are 28 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section MAIN SECTION
Authors

Güray Küçükkocaoğlu

Nimet Çakır

Publication Date December 30, 2018
Submission Date May 3, 2018
Published in Issue Year 2018 Volume: 20 Issue: 4

Cite

APA Küçükkocaoğlu, G., & Çakır, N. (2018). HALKA ARZDA ARACI KURULUŞ İTİBARININ ETKİSİ. Muhasebe Bilim Dünyası Dergisi, 20(4), 924-955. https://doi.org/10.31460/mbdd.420687

Cited By

HALKA ARZDA ARACI KURULUŞ İTİBARININ ETKİSİ 2 : KURAMSAL DEĞERLENDİRME
Muhasebe Bilim Dünyası Dergisi
https://doi.org/10.31460/mbdd.552092
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