Analysis of Factors Affecting the Performances of Turkish Financial IPOs

Halil Kiymaz

Istanbul Stock Exchange Review, 1997, vol. 1, issue 2, 56-76

Abstract: In this paper, I empirically analyse the factors affecting the performances of the Turkish financial initial public offerings (IPOs). The sample consists of 39 financial firms listed and traded on the Istanbul Stock Exchange during the period of 1990 - 1995. The initial trading day raw and the market adjusted returns are 14.6% and 15.3% respectively. The investigation of factors influencing the initial performance reveals that the rising market between the fixing of the offering price and the first trading day, the standard deviation of market adjusted returns of IPOs during the first thirty trading days are found to be highly significant determinants of underpricing. Furthermore, the size of the income generated from public offering and the self-issued offerings variables are found to be weak determinants of initial underpricing.

Date: 1997
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