Publication: Halka ilk kez arz edilen hisse senetlerinin uzun dönem fiyat performansları ve İMKB’de 1990-2004 dönemine ilişkin ampirik bir çalışma
Abstract
Ülkelerin sermaye piyasaları, finans dünyasındaki konumlarını belirleyen en önemli unsurlardan biridir.Yapılan araştırmada, gelişmekte olan piyasa tanımlaması içinde bulunan ülkemizde, sermaye piyasalarının bir kolunu oluşturan borsa içindeki halka arz işlemleri esas alınmıştır.Çalışmanın konusunu, İstanbul Menkul Kıymetler Borsası’nda, 1990-2004 döneminde şirketlerin yapmış oldukları halka arzlar sonucunda, hisse senetlerinin fiyat performanslarının değerlenmesi oluşturmaktadır. Çalışmada öncelikle, İMKB aracılığı ile yıllar itibariyle gerçekleştirilen halka arz işlemleri, bu işlemlere ait rakamsal verilerden bahsedilmiştir.İlk bölümde, halka arz kavramının genel bir açıklamasına değinilerek, gerek ilk halka arz gerekse ikincil halka arz konuları; tanımları, özellikleri, faydaları ve halka arzı gerçekleştirmiş şirketler açısından halka arzın bazı olumsuzlukları, olmak üzere açıklanmıştır. Bunun ardından, literatür araştırması bölümünde, ilk halka arzın çeşitli ülkelerdeki kısa ve uzun dönemdeki uygulamaları, ve uygulamalar üzerinden ulaşılan sonuçları, gelişmekte olan piyasalar ve gelişmiş piyasalar ayırımı ile verilmeye çalışılmıştır.Ayrıca, literatürde gerçekleştirilen çalışmaların bir çoğunda, araştırmaların genellikle hisse senedi fiyatlama sürecinde, düşük fiyatlama olgusunun ve buna bağlı olarak geliştirilen hipotezlerin, gelişmiş ve gelişmekte olan piyasalardaki etkileri üzerinde durulmuştur.Takip eden bölümde, İMKB üzerinde yapılan araştırmaya geçilmektedir.Çalışmanın konusunu, İMKB’de halka ilk kez arz edilen şirketlerin hisse senetlerinin fiyat performanslarının araştırılması oluşturmaktadır.Bu amaca yönelik olarak istatistik testleri yardımı ile, örnek kütleyi oluşturan her bir hisse senedi için gereken seriler oluşturularak sonuca ulaşılmıştır.En son aşamada ise, bu testlerin sonuçları değerlendirilmiş, elde edilen bulgular yazılı hale getirilmiştir. Bu çalışmada Ocak 1990 – Aralık 2004 döneminde İstanbul Menkul Kıymetler Borsası’nda halka ilk kez arz edilen 245 şirketin fiyat performansı geniş bir zaman diliminde ve tüm hisse senetleri gözönüne alınarak incelenmiştir.Buna göre; 1990- 2004 yılları arasında halka ilk kez arz edilen hisse senetlerinden üç yıl sonunda elde edilen ortalama anormal getiri %17,49 olarak bulunmuştur.Diğer ülkelerde olduğu gibi, Türkiye’de ilk günde gerçekleşen düşük fiyatlama üç yıl sonunda da tespit edilmiştir.
Capital markets of countries are one of the most important factors that determine their position in the financial world. In this thesis, public offering transactions in the stock market, which forms a branch of capital markets, are taken as basis for our country, which is included within the description of developing countries. Valuation of price performances of stocks as a consequence of public offerings of companies in Istanbul Stock Exchange in the period of 1990-2004 forms the subject of the study. Primarily, public offering transactions performed per year by Istanbul Stock Exchange and numeric data regarding these transactions are mentioned in the study. In the first chapter, after a general explanation of the concept of public offering, both initial public offering and secondary market offering subjects; their definitions, characteristics, advantages and some disadvantages of public offering for the companies offering their shares are defined. Subsequently, in the chapter of literature research, applications of initial public offering in various countries in short- and long-term and the results taken out of these applications are tried to be presented with the discrimination of developing countries and developed countries. Furthermore, in most of the studies in the literature, generally in the stock pricing process of the researches, effects of the phenomenon of low pricing and hypothesis built up relevantly on developing and developed markets are emphasized. The following chapter is about the research made on Istanbul Stock Exchange. The research of price performances of the companies that offered their shares for the first time in Istanbul Stock Exchange forms the subject of the study. To support this purpose, the outcome is obtained with the help of statistical tests by building the required series for every stock forming the sample. In the last phase, the results of these tests are evaluated and derived findings are put into writing. In this study, price performances of 245 companies which offered their shares for the first time between the period of January 1990-December 2004 in Istanbul Stock Exchange are analyzed in a wide period of time and by considering all the stocks. In respect of this, it is found out that the average abnormal yield gained at the end of three years from the stocks publicly offered for the first time between the years 1990- 2004 is found as %17,49. As in other countries, the first day low pricing determined to occur in Turkey is also stated at the end of three years.
Capital markets of countries are one of the most important factors that determine their position in the financial world. In this thesis, public offering transactions in the stock market, which forms a branch of capital markets, are taken as basis for our country, which is included within the description of developing countries. Valuation of price performances of stocks as a consequence of public offerings of companies in Istanbul Stock Exchange in the period of 1990-2004 forms the subject of the study. Primarily, public offering transactions performed per year by Istanbul Stock Exchange and numeric data regarding these transactions are mentioned in the study. In the first chapter, after a general explanation of the concept of public offering, both initial public offering and secondary market offering subjects; their definitions, characteristics, advantages and some disadvantages of public offering for the companies offering their shares are defined. Subsequently, in the chapter of literature research, applications of initial public offering in various countries in short- and long-term and the results taken out of these applications are tried to be presented with the discrimination of developing countries and developed countries. Furthermore, in most of the studies in the literature, generally in the stock pricing process of the researches, effects of the phenomenon of low pricing and hypothesis built up relevantly on developing and developed markets are emphasized. The following chapter is about the research made on Istanbul Stock Exchange. The research of price performances of the companies that offered their shares for the first time in Istanbul Stock Exchange forms the subject of the study. To support this purpose, the outcome is obtained with the help of statistical tests by building the required series for every stock forming the sample. In the last phase, the results of these tests are evaluated and derived findings are put into writing. In this study, price performances of 245 companies which offered their shares for the first time between the period of January 1990-December 2004 in Istanbul Stock Exchange are analyzed in a wide period of time and by considering all the stocks. In respect of this, it is found out that the average abnormal yield gained at the end of three years from the stocks publicly offered for the first time between the years 1990- 2004 is found as %17,49. As in other countries, the first day low pricing determined to occur in Turkey is also stated at the end of three years.