Price performance of initial public offerings in Istanbul Stock Exchange

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buir.advisorMuğan, Can Şimga
dc.contributor.authorÖztop, İbrahim Halil
dc.date.accessioned2016-01-08T20:13:01Z
dc.date.available2016-01-08T20:13:01Z
dc.date.issued1996
dc.descriptionAnkara : The Graduate School of Business Administration of Bilkent Univ., 1996.en_US
dc.descriptionThesis (Master's) -- Bilkent University, 1996.en_US
dc.descriptionIncludes bibliographical refences.en_US
dc.description.abstractTliis 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).en_US
dc.description.provenanceMade available in DSpace on 2016-01-08T20:13:01Z (GMT). No. of bitstreams: 1 1.pdf: 78510 bytes, checksum: d85492f20c2362aa2bcf4aad49380397 (MD5)en
dc.description.statementofresponsibilityÖztop, İbrahim Halilen_US
dc.format.extentv, 41 leaves, tablesen_US
dc.identifier.itemidBILKUTUPB053793
dc.identifier.urihttp://hdl.handle.net/11693/17743
dc.language.isoEnglishen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectInitial public offering (IPO)en_US
dc.subjectUnderpricingen_US
dc.subjectOverpricingen_US
dc.subject.lccHG5706.5.I88 O98 1996en_US
dc.subject.lcshGoing public (Securities).en_US
dc.subject.lcshSecurities--Turkey.en_US
dc.subject.lcshStocks--Prices--Turkey.en_US
dc.subject.lcshCorporations--Turkey--Finance.en_US
dc.subject.lcshStock exchanges--Turkey.en_US
dc.titlePrice performance of initial public offerings in Istanbul Stock Exchangeen_US
dc.typeThesisen_US
thesis.degree.disciplineBusiness Administration
thesis.degree.grantorBilkent University
thesis.degree.levelMaster's
thesis.degree.nameMBA (Master of Business Administration)

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