ISE Finance Award Series

This study examines the effect of underwriter reputation on the initial-day IPO returns in an emergingmarket. It uses both a traditional and an extended model given the characteristics of the IPO market underanalysis. The results from the traditional model indicate that underwriter reputation does not affect theinitial day IPO returns. However, after controlling for factors that are important in determining the price ofan IPO in an emerging market, a complex relationship between underwriter reputation measures and IPOreturns is documented. Results in this paper indicate that it is not appropriate to extend the findings in theUS to other markets without taking into account the unique characteristics of these markets.
Citation Formats
Z. N. Güner, Z. Önder, and S. Danışoğlu, “ISE Finance Award Series,” 2000, Accessed: 00, 2021. [Online]. Available: