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İstanbul Menkul Kıymetler Borsası’nda Düşük Fiyatlandırma ve Aracılık Türü, Arz Yılı, Aracı Kurum Etkileri Üzerine Bir Araştırma = An Investigation for Underpricing in Initial Public Offerings and Underwriting Type, Offering Year, Intermediary Institution in Istanbul Stock Exchange

Author(s): Gökçe Yıldız SAĞLAM | Arzum Erken ÇELİK

Journal: Dogus University Journal
ISSN 1302-6739

Volume: 12;
Issue: 2;
Start page: 289;
Date: 2011;
Original page

Keywords: Halka İlk Arz | Düşük Fiyatlandırma | Aracılık Türü Etkisi | Arz Yılı Etkisi | Aracı Kurum Etkisi

In this study which aims to determine whether there exits underpricing in İstanbul Stock Exchange, short, medium and long term price performances of 40 stocks initally offered in 1993-2006 period by only one underwriter have been investigated. Consequently it appeared that 31 of these stocks on the first offering date and 24 of them in the first dealing month had been underpriced. Also existance of underwriting type, offering year and intermediary institution effects on this matter of fact has been searched by ANOVA. But following this search any significant effect of these variables on underpricing could not be found.

Tango Jona
Tangokurs Rapperswil-Jona

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