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Turkiye’de Ilk Halka Arz Getirilerinin Degiskenligi

Author

Listed:
  • Senay ACIKGOZ

    (Gazi Universitesi)

  • Veysel GOKKAYA

    (Turkiye Istatistik Kurumu)

Abstract

Ilk halka arz getirilerinin degiskenligi ya da oynakligi yuksek eksik bilgi nedeniyle firmalarin ilk halka arz edilislerinde degerlemesini zorlastirmaktadir. Eger ilk halka arz getirilerinin oynakligi halka arzin fiyatini belirlemedeki gucluk icin bir arac olarak kullanilabilirse ilk halka arz piyasasinda firmalari degerleme problemi oldugu ve bununda dusuk fiyatlamayi beraberinde getirdigi soylenebilir. Bu calismada, Turkiye’de halka arz piyasasinda halka arzin ilk getirileri ile oynakligi arasinda bir iliski olup olmadigi incelenmistir. Ilk getiriler halka arzin ilk gunu ve ilk ayina gore belirlenmistir. 1998-2013 doneminde incelenen 173 halka arza gore, ilk halka arz getirileri ile bu getirilerin oynakligi arasinda halka arzin gerceklestigi ay icinde pozitif ve yuksek bir iliski oldugu sonucuna varilmistir. Diger bir ifade ile Turkiye ilk halka arz piyasasinda dusuk fiyatlama soz konusudur. Calismada getiriler ile getirilerin oynakligi arasindaki bu iliski uzerinde (a) kurumsal yatirimci ve (b) dis yatirimci oranlarinin (c) araci kurulus bilinirligi ile birlikte belirleyici olduklari sonucuna ulasilmistir

Suggested Citation

  • Senay ACIKGOZ & Veysel GOKKAYA, 2017. "Turkiye’de Ilk Halka Arz Getirilerinin Degiskenligi," Ege Academic Review, Ege University Faculty of Economics and Administrative Sciences, vol. 17(1), pages 33-58.
    • Handle: RePEc:ege:journl:v:17:y:2017:i:1:p:33-58
    DOI: 10.21121/eab.2017123467
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