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dc.contributor.authorYüksel, Aydinen_US
dc.contributor.authorYüksel, Aslien_US
dc.date.accessioned2019-01-30T19:07:41Z
dc.date.available2019-01-30T19:07:41Z
dc.date.issued2006en_US
dc.identifier.issn2373-1753
dc.identifier.urihttp://hdl.handle.net/11693/48562
dc.description.abstractRecent evidence from U.S. markets shows that IPO underpricing is associated with high liquidity for issuing firms. One explanation given for this link is that IPO firms simultaneously decide on share retention and underpricing to maximize aftermarket liquidity. We use data from the Istanbul Stock Exchange (ISE) to provide international evidence. Our results do not support the argument that IPO firms use underpricing as a tool to make up the reduction in liquidity caused by higher share retention. We report that there is an asymmetric relationship between underpricing and trading volume in the short run. However, the positive link between short term volume and long term volume, which is shown to exist in U.S. markets, is missing in the ISE. Based on the explanations in prior research, we argue that the lack of persistency in initial broad ownership and/or investor interest may be the reason for the missing link.en_US
dc.language.isoEnglishen_US
dc.source.titleThe Journal of Entrepreneurial Financeen_US
dc.subjectInitial Public Offeringen_US
dc.subjectIPOen_US
dc.subjectUnderpricingen_US
dc.subjectIstanbulen_US
dc.titleThe link between IPO underpricing and trading volume: evidence from the Istanbul stock exchangeen_US
dc.typeArticleen_US
dc.departmentDepartment of Economicsen_US
dc.citation.spage57en_US
dc.citation.epage78en_US
dc.citation.volumeNumber11en_US
dc.citation.issueNumber3en_US
dc.publisherPepperdine University * Graziadio School of Business and Managementen_US
dc.identifier.eissn2373-1761


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