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Asimetrik Enformasyon Isiginda Halka Arzlarin Uzun Donemli Performanslarinin Degerlendirilmesi

Ayca Tukel ()
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Ayca Tukel: Okan University

Istanbul University Econometrics and Statistics e-Journal, 2010, vol. 12, issue 1, 102-121

Abstract: 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)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:ist:ancoec:v:12:y:2010:i:1:p:102-121

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