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The Long Run Performances of Turkish Industrial IPOs: 1990-1995 Experience

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  • Halil Kiymaz

Abstract

This study empirically analyses the long-run performances of Turkish industrial IPOs and the factors influencing these performances. The sample consists of 88 firms listed and traded on the Istanbul Stock Exchange during the period of 1990 - 1995. The event study methodology is employed to analyse the long run performances in the 36 months following the initial trading day. The performance results indicate that the industrial group as whole experience a cumulative abnormal returns of 41.33% at the end of 36 months. At the same period, the abnormal returns of sub-groups ranges from -4.27% to 76.23%. The second part of study investigates the factors influencing the long-run performances of industrial IPOs. The factors influencing these returns include the post-listing return variation, self-issuance and privatization variables. Additionally, firms performing well on initial trading day have poor performances in the long run.

Suggested Citation

  • Halil Kiymaz, 1997. "The Long Run Performances of Turkish Industrial IPOs: 1990-1995 Experience," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 1(3), pages 43-68.
    • Handle: RePEc:bor:iserev:v:1:y:1997:i:3:p:43-68
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    File URL: http://www.borsaistanbul.com/datum/imkbdergi/EN/ISE_Review_03.pdf
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    Cited by:

    1. Recep Bildik & Mustafa K. Yilmaz, 2008. "The Market Performance of Initial Public Offerings in the Istanbul Stock Exchange," Journal of BRSA Banking and Financial Markets, Banking Regulation and Supervision Agency, vol. 2(2), pages 49-76.

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