Bank Reputation and IPO Underpricing Evidence from the Istanbul stock exchange

2013-09-21
This study examines the effect of underwriter reputation on the initial-day and long-term IPO returns in an emerging market. It uses both traditional and extended models given the characteristics of the IPO market under analysis. The results from the traditional model indicate that underwriter reputation has a significant and positive affect on the initial day IPO returns. After controlling for factors that are important in determining the price of an IPO in an emerging market, a complex relationship between underwriter reputation measures and IPO returns is documented. Results in this paper indicate that it is not appropriate to extend the findings in developed markets to emerging markets without taking into account the unique characteristics of the latter
Citation Formats
S. Danışoğlu, Z. N. Güner, and Z. Önder, “Bank Reputation and IPO Underpricing Evidence from the Istanbul stock exchange,” presented at the AIDEA Bicentenary Conference 2013 (19 - 21 Eylül 2013), Lecce, İtalya, 2013, Accessed: 00, 2021. [Online]. Available: https://hdl.handle.net/11511/84787.