LONG TERM UNDERPERFORMANCE ANOMALY and ITS DTERMINANT FACTORS on SEASONED EQUITY OFFERINGS: EVIDENCE FROM TURKEY

Mustafa CİKRİKCİ; Mustafa OZYESİL

Makale detayları

LONG TERM UNDERPERFORMANCE ANOMALY and ITS DTERMINANT FACTORS on SEASONED EQUITY OFFERINGS: EVIDENCE FROM TURKEY

Yazarlar:

Mustafa CİKRİKCİ | Mustafa OZYESİL

Yayıncı:

PressAcademia

Ana Başlıklar:

Sosyoloji & antropoloji

Dergi:

Journal of Business Economics and Finance 2018 Vol.7 Issue 3, pp.208-227

Belge Tipi:

Makale

Yayın Tarihi:

9/2018

Belge Dili:

İngilizce

Document ID (Org No.):

2000737611

Sıklık:

Üç Aylık

eISSN:

2146-7943

Özet:

 


Purpose- This
study investigates long term underperformance anomaly existence on Seasoned
Equity Offerings (seos) conducted in Borsa Istanbul for the 2010 – 2015 period
and analyzes its determinant factors.    


Methodology- Raw and abnormal returns were
calculated then t statistics were obtained for each type of returns. All
returns were compared to market average and peer groups returns. The hypotheses
were tested via the comparison t statistics and t values. Regression analysis
were used to determine what kind of determinants affect long-term price
performance. To find out underperformance anomaly’s determinants regression
analysis was used through Panel Dynamic OLS (PDOLS) method. The analysis was
also conducted based on year and sector separately.


Findings- Long-term price performance
of firms that performed seos during the 2010-2015 period were calculated lower
than market average and peer groups and all findings were statistically
significant. Same results were obtained when the analysis was conducted on the
basis of year and sector.


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Makale detayları

LONG TERM UNDERPERFORMANCE ANOMALY and ITS DTERMINANT FACTORS on SEASONED EQUITY OFFERINGS: EVIDENCE FROM TURKEY

Yazarlar: Mustafa CİKRİKCİ | Mustafa OZYESİL

Yayıncı: PressAcademia

Ana Başlıklar: Sosyoloji & antropoloji

Dergi: Journal of Business Economics and Finance 2018 Vol.7 Issue 3, pp.208-227

Belge Tipi: Makale

Yayın Tarihi: 9/2018

Belge Dili: İngilizce

Document ID (Org No.): 2000737611

Sıklık: Üç Aylık

eISSN: 2146-7943

Sayı

Yazarlar:

Mustafa CİKRİKCİ | Mustafa OZYESİL

Yayıncı:

PressAcademia

Ana Başlıklar:

Sosyoloji & antropoloji

Dergi:

Journal of Business Economics and Finance 2018 Vol.7 Issue 3, pp.208-227

Belge Tipi:

Makale

Yayın Tarihi:

9/2018

Belge Dili:

İngilizce

Document ID (Org No.):

2000737611

Sıklık:

Üç Aylık

eISSN:

2146-7943