The initial and aftermarket performance of IPOs in an emerging market: evidence from Istanbul stock exchange
作者： Halil Kiymaz
DOI: 10.1016/S1042-444X(99)00027-4
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摘要: Abstract This paper empirically analyzes the initial and after-market returns for Turkish public offerings (IPOs) to provide an emerging market case of international evidence on performances IPOs. The sample consists 163 firms listed traded Istanbul Stock Exchange during period 1990–1996. results show that IPOs are underpriced trading day average 13.1%. underpricing is 11.7% industrial firms, 15% financial 17.6% others. In terms sub-sectors highest return obtained in Tourism/Transportation group, while lowest observed Machinery/Equipment group. With exception Banking all experienced statistically significant underpricing. investigation factors influencing performance size issuer, rising stock between date offering first day, institutional ownership, self-issued determinants
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