IDEAS home Printed from https://ideas.repec.org/a/bor/iserev/v10y2008i39p17-40.html
   My bibliography  Save this article

Investment Bank Reputation and the Post-IPO Operating Performance: The Case of the Istanbul Stock Exchange

Author

Listed:
  • Halil Ibrahim Bulut

Abstract

In this study, the investment bank reputation role in the initial public offerings for the Istanbul Stock Exchange is analyzed. A comparison is made between the investment bank reputation and the post-issue operating performance in the analysis, contrary to the works which examine the relationship between the investment bank reputation and the post-issue investment performance. The postissue operating performances of the high-reputable investment banks-backed and the low-reputable investment banks-backed initial public offerings are compared for the investigation of investment bank reputation effect. The findings in this study do not supply any evidence showing that investment bank reputation has an influence on the post-issue operating performance.

Suggested Citation

  • Halil Ibrahim Bulut, 2008. "Investment Bank Reputation and the Post-IPO Operating Performance: The Case of the Istanbul Stock Exchange," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 10(39), pages 17-40.
    • Handle: RePEc:bor:iserev:v:10:y:2008:i:39:p:17-40
    as

    Download full text from publisher

    File URL: http://www.borsaistanbul.com/datum/imkbdergi/EN/ISE_Review_39.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Geert Bekaert & Campbell R. Harvey, 2000. "Foreign Speculators and Emerging Equity Markets," Journal of Finance, American Finance Association, vol. 55(2), pages 565-613, April.
    2. Hyuk Choe & Bong-Chan Kho & René M. Stulz, 2005. "Do Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea," Review of Financial Studies, Society for Financial Studies, vol. 18(3), pages 795-829.
    3. Brennan, Michael J & Cao, H Henry, 1997. "International Portfolio Investment Flows," Journal of Finance, American Finance Association, vol. 52(5), pages 1851-1880, December.
    4. Dahlquist, Magnus & Robertsson, Goran, 2004. "A note on foreigners' trading and price effects across firms," Journal of Banking & Finance, Elsevier, vol. 28(3), pages 615-632, March.
    5. Grinblatt, Mark & Keloharju, Matti, 2000. "The investment behavior and performance of various investor types: a study of Finland's unique data set," Journal of Financial Economics, Elsevier, vol. 55(1), pages 43-67, January.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Karen K. Lewis, 2011. "Global Asset Pricing," Annual Review of Financial Economics, Annual Reviews, vol. 3(1), pages 435-466, December.
    2. Cuneyt Akar, 2008. "Do Foreigners Act as Positive Feedback Traders in Turkey?," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 10(39), pages 59-66.
    3. repec:bor:iserev:v:10:y:2010:i:39:p:41-58 is not listed on IDEAS
    4. Boubekeur Baba & Güven Sevil, 2021. "Bayesian analysis of time-varying interactions between stock returns and foreign equity flows," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-25, December.
    5. Serpil Canbas & Serkan Yilmaz Kandir & Ahmet Erismis, 2008. "The Analysis of the Impact of Size and Book-To-Market Ratio on the Stock Returns of the ISE Companies," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 10(39), pages 1-16.
    6. Saadet Kirbas Kasman & Adnan Kasman, 2008. "The Impact of Custom Union Agreement on the Integration of Turkish Stock Market with the Major Trading Partners in Europe," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 10(39), pages 41-58.
    7. repec:bor:iserev:v:10:y:2010:i:39:p:1-16 is not listed on IDEAS
    8. repec:bor:iserev:v:10:y:2010:i:39:p:59-66 is not listed on IDEAS
    9. repec:bor:iserev:v:10:y:2010:i:39:p:17-40 is not listed on IDEAS
    10. Joseph J. French, 2011. "The Dynamic Interaction Between Foreign Equity Flows And Returns: Evidence From The Johannesburg Stock Exchange," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 5(4), pages 45-56.
    11. Porras, Eva & Ülkü, Numan, 2015. "Foreigners’ trading and stock returns in Spain," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 34(C), pages 111-126.
    12. Kim, Jaemin & Landi, James & Yoo, Sean Sehyun, 2009. "Inter-temporal examination of the trading activities of foreign investors in the Korean stock market," Pacific-Basin Finance Journal, Elsevier, vol. 17(2), pages 243-256, April.
    13. Xuan Vinh Vo, 2016. "Foreign ownership and stock market liquidity - evidence from Vietnam," Afro-Asian Journal of Finance and Accounting, Inderscience Enterprises Ltd, vol. 6(1), pages 1-11.
    14. Liew, Ping-Xin & Lim, Kian-Ping & Goh, Kim-Leng, 2018. "Foreign equity flows: Boon or bane to the liquidity of Malaysian stock market?," The North American Journal of Economics and Finance, Elsevier, vol. 45(C), pages 161-181.
    15. Kee‐Hong Bae & Takeshi Yamada & Keiichi Ito, 2006. "How do Individual, Institutional, and Foreign Investors Win and Lose in Equity Trades? Evidence from Japan," International Review of Finance, International Review of Finance Ltd., vol. 6(3‐4), pages 129-155, September.
    16. Kim, Jaemin & Yoo, Sean Sehyun, 2009. "Market liberalization and foreign equity portfolio selection in Korea," Journal of Multinational Financial Management, Elsevier, vol. 19(3), pages 206-220, July.
    17. Richards, Anthony, 2005. "Big Fish in Small Ponds: The Trading Behavior and Price Impact of Foreign Investors in Asian Emerging Equity Markets," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 40(1), pages 1-27, March.
    18. Bai, Min & Qin, Yafeng & Zhang, Huiping, 2021. "Stock price crashes in emerging markets," International Review of Economics & Finance, Elsevier, vol. 72(C), pages 466-482.
    19. Kalev, Petko S. & Nguyen, Anh H. & Oh, Natalie Y., 2008. "Foreign versus local investors: Who knows more? Who makes more?," Journal of Banking & Finance, Elsevier, vol. 32(11), pages 2376-2389, November.
    20. repec:ebl:ecbull:v:7:y:2007:i:10:p:1-14 is not listed on IDEAS
    21. Hu, Xiaolu & Shi, Jing & Wang, Lafang & Yu, Jing, 2020. "Foreign ownership in Chinese credit ratings industry: Information revelation or certification?," Journal of Banking & Finance, Elsevier, vol. 118(C).
    22. repec:zbw:bofrdp:2019_003 is not listed on IDEAS
    23. Rhee, S. Ghon & Wang, Jianxin, 2009. "Foreign institutional ownership and stock market liquidity: Evidence from Indonesia," Journal of Banking & Finance, Elsevier, vol. 33(7), pages 1312-1324, July.
    24. Baele, Lieven & Pungulescu, Crina & Ter Horst, Jenke, 2007. "Model uncertainty, financial market integration and the home bias puzzle," Journal of International Money and Finance, Elsevier, vol. 26(4), pages 606-630, June.
    25. Ülkü, Numan & Weber, Enzo, 2013. "Identifying the interaction between stock market returns and trading flows of investor types: Looking into the day using daily data," Journal of Banking & Finance, Elsevier, vol. 37(8), pages 2733-2749.
    26. Hill, Brian & Michalski, Tomasz, 2018. "Risk versus ambiguity and international security design," Journal of International Economics, Elsevier, vol. 113(C), pages 74-105.

    More about this item

    Keywords

    Investment bank reputation; IPOs; Operating Performance; Emerging Markets.;
    All these keywords.

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bor:iserev:v:10:y:2008:i:39:p:17-40. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ahmet Palu (email available below). General contact details of provider: https://edirc.repec.org/data/rdisetr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.