Ankara : The Graduate School of Business Administration of Bilkent Univ., 1996.Thesis (Master's) -- İhsan Doğramacı Bilkent University, 1996.Includes bibliographical references (leaves 45-48).The purpose of this study is to examine both the initial and medium-long term price
performance of initial public offerings in Istanbul Stock Exchange during the continuous
1990-1993 period.
In the light of the findings, initial public offerings are found to be underpriced meaning
that investors in initial public offering market can exercise significant short-term returns
relative to the market. In addition, in the whole period, the effect of this initial
underpricing continues up to the second month. However, when we look at the long-term
results, it is seen that IPOs underperformed the market although the results are not
significant. As a result, investors in the IPO merket can exercise initial abnormal returns
but in the long-run they produce a negative return although not significant.Yavuz, Z. NurşinM.S