YILDIRIM, Durmuş Atatürk Üniversitesi - İktisadi ve İdari Bilimler Fakültesi - Muhasebe ve Finansman Anabilim Dalı, Turkey , DURSUN, Aydoğan Bayburt Üniversitesi - Bayburt Meslek Yüksekokulu - Muhasebe ve Vergi Uygulamaları Bölümü, Turkey

FIRST-DAY UNDERPRICING ANOMALIES OF INITIAL PUBLIC OFFERINGS ON THE BORSA ISTANBUL

36875

This study examines initial underpricing anomalies of IPO using IPO methods with respect to sectors and types of underwriting commitments on the BIST. This study also investigates whether there is a significant difference within the groups. This study includes 110 firms going to public in the BIST during the sample period of 2004-2014. The present study finds evidence about the existence of the initial underpricing anomalies and even a slight effect also continues in the second day. Additionally, according to initial average abnormal returns, there is no significant difference between sectors, IPO methods and underwriting commitment types.

189

Initial Public Offering , Underpricing , First Day Anomaly , BIST (Borsa İstanbul)

Journal Of Economics and Administrative Sciences, Ataturk University

202