Asimetrik Enformasyon Isiginda Halka Arzlarin Uzun Donemli Performanslarinin Degerlendirilmesi
Ayca Tukel ()
Additional contact information
Ayca Tukel: Okan University
Istanbul University Econometrics and Statistics e-Journal, 2010, vol. 12, issue 1, pages 102-121
In this paper we aim to test concept of low stock price and long term stock performance in the context of asymmetric information phenomenon by using data of initial public offerings at Istanbul Stock Exchange. Thus, we analyze 42 stocks which has offered to the public between years 2000-2007. We calculate average abnormal returns and cumulative abnormal return. As a result the initial average returns of the 42 stocks appear to be 10,94%. Moreover the cumulative abnormal returns which were 27,95 % rises to % 39,74 at the end of the 36th month. This significant increase in cumulative abnormal returns indicates that advantages of low pricing continues in the long term.
Keywords: asymmetric information; initial public offerings; low pricing; long term performance; average abnormal return; cumulative abnormal return; efficient market hypothesis; ISE (search for similar items in EconPapers)
JEL-codes: G11 G14 (search for similar items in EconPapers)
References: Add references at CitEc
Citations Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: http://EconPapers.repec.org/RePEc:ist:ancoec:v:12:y:2010:i:1:p:102-121
Access Statistics for this article
Istanbul University Econometrics and Statistics e-Journal is currently edited by Nov
More articles in Istanbul University Econometrics and Statistics e-Journal from Department of Econometrics, Faculty of Economics, Istanbul University Contact information at EDIRC.
Series data maintained by Kutluk Kagan Sumer ().