Underpricing of Turkish IPOs after the global financial crisis
The purpose of this paper is to analyze the short-run price behavior of the initial public offerings (IPOs) in Turkey after the Global Financial Crisis by using the most recent IPO data from the Borsa Istanbul official website. Results show that the 63 selected IPOs during the period of 2008-2014 provide a 3.5 percent first-day return1 on average, and the average cumulative return increases to 8.5
