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Initial Return Performance of Turkish REIT IPOs

Author

Listed:
  • Kerem Yavuz Arslanli
  • Dilek Pekdemir
  • Stephen Lee

Abstract

Initial Public Offerings (IPOs) of equity securities often exhibit under-pricing; i.e. common stock values tend to rise significantly from the offer price on the first day of trading. The evidence for Real Estate Investment Trust (REIT) IPOs is less consistent. However, most studies are concentrated in the mature REIT markets such as the US, UK and Australia. The present study examines the IPOs in a much smaller and immature REIT market; Turkey.

Suggested Citation

  • Kerem Yavuz Arslanli & Dilek Pekdemir & Stephen Lee, 2011. "Initial Return Performance of Turkish REIT IPOs," ERES eres2011_127, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2011_127
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2011-127
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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