Browsing by Subject "Corporations--Turkey--Finance."
Now showing 1 - 4 of 4
Results Per Page
Sort Options
Item Open Access Banking relationship and firm performance(2013) Sungu, GözdeThis thesis examines the relationship between firm performance and the number of banking relationships for the publicly traded Turkish firms listed in the Borsa Istanbul (BIST) for the period 2003-2011, by using 2SLS model. In the analysis, banks are categorized according to their nationalities, ownership structures and orientations; firms are classified based on their size as small and large, the sample period is divided into two as crisis and non- crisis years, considering the effect of the 2008 global crisis on the Turkish economic and financial system. I find that firm performance decreases as the number of banking relationships increases, regardless of bank types. However, this negative relationship between firm performance and the number of banks is observed only in non-crisis times and for only small-sized firms. I also find that firm age, size, obtaining funding from external sources other than bank loans, belonging to a group, related lending, being a multinational company, incentives obtained from government and state-ownership are significant factors affecting the number of banking relationships. However, the significances of these variables differ for different bank and firm types, and for sub-periods.Item Open Access Initial and long-term price performance of initial public offerings: Turkish experience 1990-1993(1996) Yavuz, Z. NurşinThe purpose of this study is to examine both the initial and medium-long term price performance of initial public offerings in Istanbul Stock Exchange during the continuous 1990-1993 period. In the light of the findings, initial public offerings are found to be underpriced meaning that investors in initial public offering market can exercise significant short-term returns relative to the market. In addition, in the whole period, the effect of this initial underpricing continues up to the second month. However, when we look at the long-term results, it is seen that IPOs underperformed the market although the results are not significant. As a result, investors in the IPO merket can exercise initial abnormal returns but in the long-run they produce a negative return although not significant.Item Open Access Price performance of initial public offerings in Istanbul Stock Exchange(1996) Öztop, İbrahim HalilTliis study aims at investigating the price behavior of initial public offerings (IPOs) in Istanbul Stock Exchange (ISE) during 1994 and 1995 in the short- and medium-term. The study is also devoted to the structure, pricing methods, timing, advantages and disadvantages of IPOs and the existing regulatory environment. The existence of significant abnormal positive returns of new issues on the first and fifth trading days is the proof of underpricing. However, no significant excess returns are observed for the second and third week following the initial trading. The absence of significant abnormal initial returns in the IPO market in ISE during the same period suggests that new issues follow the general market movement. On the first and third month after the initial trading, the IPOs are overpriced since there exist significant abnormal negative initial returns. The observed high variability on average returns indicates that there might be some stocks that are underpriced while there might be some stocks that are overpriced. Investors purchasing new issues at the initial offering earn positive abnormal returns in the early aftermarket period. IPOs are profitable investments in the short-term (until the fifth trading day), but perform quite poorly over longer periods (after the first month following the initial trading date).Item Open Access Pricing of initial public offerings(1992) Akkaşoğlu, VuslatThe purpose of this study is to examine how investors in new stock issues have fared relative to the rest of the stock market both in short and in medium term in Istanbul Stock Exchange during the period January 1990-April 1991. Furthermore, the speed of market adjustment to mispricing is also examined. In light of the findings, initial public offerings are found to be underpriced and investors in initial public offerings could enjoy short term returns relative the rest of the stock market. The market adjustment to mispricing is observed to be accomplished during the first two days of public trading with the bulk of the adjustment being in the first day.