English, Article, Journal or magazine article edition: Underpricing in Turkey: Comparison of the IPO Methods Guray Kucukkocaoglu

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Bookmark: http://trove.nla.gov.au/version/34593
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Underpricing in Turkey: Comparison of the IPO Methods
Author
  • Guray Kucukkocaoglu
Physical Description
  • preprint
Notes
  • This paper addresses the question of what kind of selling and underwriting procedure might be preferred for controlling the amount and volatility of underpricing in the Istanbul Stock Exchange (ISE). Using 1993-2005 firm and issue data, we compare the three substantially different IPO methods available in the ISE. One is very similar to the book building mechanism used in the U.S., another is the fixed price offer, and the third one is the sale through the stock exchange method. The empirical analysis reveals significant first day underpricing of 7.01% in fixed price offer, 11.47% in book building mechanism, and 15.68% in sale through the stock exchange method. Finally, we also show that fixed price offers can better control the impact of market information on underpricing than sale through the stock exchange method
  • ipo, book building, fixed price offer, istanbul stock exchange, emerging market
  • RePEc:mmf:mmfc06:8
Language
  • English
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