Browsing by Subject "Securities--Turkey."

Now showing 1 - 6 of 6

Open Access
The global trend toward securitization and its reflections in the context of Turkey
(1994) Üçarkuş, Özlem
Last decade has been a period that was characterized by a series of developments in the international and domestic capital markets. Securitization, which essentially involves the transformation of financial assets into securities to be sold to investors in capital markets, was one of these major structural changes that has come to play an increasingly important role within these markets. The aim of this study is to provide a better understanding of what securitization is and what it can offer as a new financing technique along with its implications for the Turkish tuuincial market. The study covers all aspects of securitization including its development, basic principles and structures together with the discussion of the associated benefits and risks. Finally, a comprehensive analysis of the current securitization practice is provided in the context of Turkey along with some criticisms and suggestions for the future growth of as.set backed securities markets.
Open Access
Initial and long-term price performance of initial public offerings: Turkish experience 1990-1993
(1996) Yavuz, Z. Nurşin
The 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.
Open Access
An investigation of anomalies at Istanbul Stock Exchange: size and January effects
(1995) Bora, Zeynep Gül
This study investigates January effect at Istanbul Stock Exchange in combination with size of firms which are traded for the period of 1988 - 1994, using monthly data. The study is based on the groupings of stocks in ten size groups; which permits us to examine January effect via these groups. It starts with questioning of which size groups are associated with the turn of the year effect and further examines the existence of excess returns of the smallest size group over the largest one for both January and April. This study, however, presents the evidence that the so-called January effect via size does not exist at Istanbul Stock Exchange.
Open Access
Price performance of initial public offerings in Istanbul Stock Exchange
(1996) Öztop, İbrahim Halil
Tliis 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).
Open Access
Pricing of initial public offerings
(1992) Akkaşoğlu, Vuslat
The 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.
Open Access
The short and long term price performance of initial public offerings in Istanbul Stock Exchange
(1998) Karakaya, Sevengul
The present study aims at investigating the price performance of IPO’s in the Istanbul Stock Exchange (ISE) during the 1990-95 period in the short term and long term. The study is also devoted to the procedures for an Initial Public Offerings (IPO) and the existing regulatory environment. The existence of significant abnormal positive returns of new issues on the first day of trading is the proof of underpricing hence investors taking a position in IPO’s during the offering date can enjoy short term return relative to the market. However, on the average, cumulative abnormal returns do not exhibit any significant long term anomaly measured over 750 trading days.