HISSE GETIRILERI PERSPEKTIFINDEN DÜŞÜK FIYATLAMAYA BAKIŞ: BORSA ISTANBUL’DAKI İLK HALKA ARZLAR ÜZERINE BİR UYGULAMA

Year 2020, Volume: 16 Issue: 1, 1 - 14, 08.04.2020

Orhan Emre Elma

Abstract

Düşük fiyatlama, sermaye piyasası literatüründe en çok araştırılan konulardan birisidir. Sermaye piyasaları deneyiminin daha sağlam bir temelde başlaması, hiç kuşkusuz şirketler kadar yeni yatırımcılar için de çok önemlidir. Şirketlerin genellikle ilk gün elde ettikleri pozitif getirilerin, ilerleyen yıllarda sürdürülüp sürdürülemeyeceği araştırmacı ve yatırımcıların cevaplamaya çalıştıkları bir soru olmuştur. Bu çalışmada, 2005-2015 yılları arasında Borsa Istanbul’da gerçekleşen 65 ilk halka arz, düşük fiyatlama ve uzun vadeli hisse getirileri açısından analiz edilmiştir. Sonuçlar, düşük fiyatlama ile üç yıllık kümülatif hisse getirileri arasında %29,5 oranında negatif bir korelasyon olduğunu göstermektedir. Halka arz oranındaki artış, ihracın özellikle ilk yılında hisse senedinin getirisini olumlu yönde etkilemektedir. Literatürün aksine, şirket yaşındaki artış düşük fiyatlamayı artırmaktadır. İhraçtan sonraki üç yıllık dönemde düşük performans gözlemlenirken, özellikle arz sonrası dördüncü yılda hisse senedi getirilerinin artış trendine girdiği tespit edilmiştir.

Keywords

Sermaye Piyasası, Düşük Fiyatlama, Hisse Getirisi, Düşük Performans

UNDERPRICING PUZZLE AT THE SCOPE OF SHARE RETURN: A CLOSER LOOK AT INITIAL PUBLIC OFFERINGS AT BORSA ISTANBUL

Abstract

Underpricing is one of the most researched topics in the capital markets literature. It is undoubtedly important for companies to start their capital markets experience on a more solid basis, as well as for their new investors. It is a question researchers and investors have been trying to answer; whether the company can maintain this positive return on the first day in the upcoming years. In this study, 65 initial public offerings listed at Borsa Istanbul were analyzed in terms of underpricing and long-term share returns. Results show that there is a 29.5% negative correlation between underpricing and three-year cumulative return on shares. The increase in public offering rate effects the return on share positively in the first year of issuance. Contrary to the literature, it has been observed that the increase in the company age increases the underpricing in the analysis period. Interestingly, while underperformance was observed in the three-year period after the issuance, it was discovered that the share returns tended to increase especially at fourth year after offering.

Keywords

Capital Markets, Underpricing, Share Return, Underperformance

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