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    First Day and Short-Term Return Performances of Initial Public Offerings: A Study on Borsa Istanbul Companies
    (Bolu Abant İzzet Baysal Üniversitesi, 2024) Kartal, Cem; Turğut, Emre
    In this study, it is aimed to reveal whether underpricing and abnormal returns exist both on the first day and in the short term by looking at the first day returns and 30-day cumulative returns of 54 companies that made their initial public offerings on Borsa Istanbul in 2023.In addition, it was aimed to reveal the relationship between low pricing and abnormal returns and the industry in which the company is located. The first day returns and abnormal returns of each company were calculated with the first day return analysis method, using the first day returns of 54 companies that made public offerings for the first time in the period between January 01, 2023 and December 31, 2023, and the stock price data of the first 30 trading days.Then, using cumulative abnormal return analysis, cumulative stock returns and cumulative abnormal returns of all companies were calculated. According to the findings, it was observed that there were negative returns and underpricing in 2 stocks in the initial public offerings, both in the first day returns and in the 30-day cumulative returns. It was concluded that 52 of the 54 companies included in the study had abnormal returns in their first day and cumulative returns. In the study, which included many different industries, it was revealed that underpricing existed on the first day and in the short term in public offerings, but this situation could not be directly attributed to the industry in which the company was located.