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dc.contributor.authorErdoğan, Ayşa İpeken_US
dc.date.accessioned2019-10-29T17:49:10Z
dc.date.available2019-10-29T17:49:10Z
dc.date.issued2010
dc.identifier.issn1450-2275
dc.identifier.urihttps://hdl.handle.net/20.500.12294/2096
dc.description.abstractThe purpose of this paper is to investigate the long run stock price behavior of initial public offerings (IPOs) in Turkey. Our sample consists of 126 IPOs for the period from 1995 to 2000. We use four different methodologies to analyze the relative performance of IPOs for up to five years after listing. The sample displays evidence of underperformance when we use wealth relatives as a measure of long-run performance. Using equally weighted BHARs as an abnormal performance measure, we find that IPOs significantly underperform the Istanbul Stock Exchange 100 Index after two years, after three years and after five years. Significant underperformance is found for value weighted BHARs after two years and after five years. The sample displays evidence of no underperformance or overperformance when we use cumulative abnormal returns. A calendar-time analysis also provides no evidence of underperformance or overperformance. Eventually, the results show that the performance of IPOs in Turkey depends on the method of return measurement used. Our findings provide support for Fama (1998) who argues that long-term return anomalies can be due to methodology and most anomalies tend to disappear with the use of different methods. © EuroJournals, Inc. 2010.en_US
dc.language.isoengen_US
dc.relation.ispartofEuropean Journal of Economics, Finance and Administrative Sciencesen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectInitial public offeringsen_US
dc.subjectIstanbul stock exchangeen_US
dc.subjectLong-run abnormal returnsen_US
dc.subjectMarket efficiencyen_US
dc.subjectUnderperformanceen_US
dc.titleThe long-run performance of initial public offerings: The case of Turkeyen_US
dc.typearticleen_US
dc.departmentİstanbul Arel Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, İşletme Bölümüen_US
dc.identifier.issue26en_US
dc.identifier.startpage57en_US
dc.identifier.endpage64en_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.department-tempErdogan, A.I., Department of Business Administration, Istanbul Arel University, Tepekent, Istanbul, Turkeyen_US
dc.institutionauthorErdoğan, Ayşa İpeken_US


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