The underpricing and long run performance of initial public offerings - Evidence from Turkey
This study investigates the underpricing and long run performance of initial public offerings in an emerging market economy, Turkey, by using event study methodology. Consistent with the evidence from international experiences, Turkish IPOs are underpriced by 7.3 percent on average during 1999-2007. Underpricing is higher in financials compared to non financials as measured by the first trading da
