Investigating the Impact of IPOs on the BIST Technology (XUTEK) Index Using the Event Study Method

Batuhan Medetoğlu; Arif Saldanlı

Article Details

Investigating the Impact of IPOs on the BIST Technology (XUTEK) Index Using the Event Study Method

Authors:

Batuhan Medetoğlu | Arif Saldanlı

Publisher:

Manisa Celal Bayar University

Main Topics:

Sermaye Piyasaları | Uluslararası Finans

Journal:

Manisa Celal Bayar Üniversitesi Sosyal Bilimler Dergisi Vol.21 Issue 4, pp.215-236

Document Type:

Article

Publication Date:

12/2023

Document Language:

English

Document ID (Org No.):

2001307078

pISSN:

1304-4796

Keywords:

Abstract:

 This study has been conducted to identify the impact of publicly offered companies in the BIST Technology sector on the index. The aim is to contribute to the development of more informed and effective strategies for investors in their future investment decisions. Focusing on 12 businesses that went public on the BIST Technology index in 2021 and 2022, their initial public offering IPO dates have been considered as event days. The relationship between index returns and these dates has been evaluated through an Event Study methodology. The analysis has revealed that, particularly in 2022, IPOs of businesses had a significant impact on index returns and the number of abnormal returns during this period was high. This finding helps to better understand the influence of IPO processes and developments in the technology sector on capital markets.

 This study has been conducted to identify the impact of publicly offered companies in the BIST Technology sector on the index. The aim is to contribute to the development of more informed and effective strategies for investors in their future investment decisions. Focusing on 12 businesses that went public on the BIST Technology index in 2021 and 2022, their initial public offering IPO dates have been considered as event days. The relationship between index returns and these dates has been evaluated through an Event Study methodology. The analysis has revealed that, particularly in 2022, IPOs of businesses had a significant impact on index returns and the number of abnormal returns during this period was high. This finding helps to better understand the influence of IPO processes and developments in the technology sector on capital markets.

 This study has been conducted to identify the impact of publicly offered companies in the BIST Technology sector on the index. The aim is to contribute to the development of more informed and effective strategies for investors in their future investment decisions. Focusing on 12 businesses that went public on the BIST Technology index in 2021 and 2022, their initial public offering IPO dates have been considered as event days. The relationship between index returns and these dates has been evaluated through an Event Study methodology. The analysis has revealed that, particularly in 2022, IPOs of businesses had a significant impact on index returns and the number of abnormal returns during this period was high. This finding helps to better understand the influence of IPO processes and developments in the technology sector on capital markets.

 Bu çalışma, BIST Teknoloji sektöründe halka arz edilen firmaların endeks üzerindeki etkisinin tespiti amacıyla gerçekleştirilmiştir. Bu sayede yatırımcıların gelecekteki yatırım kararlarında daha bilinçli ve etkili stratejiler geliştirmelerine katkıda bulunulması hedeflenmiştir. 2021 ve 2022 yıllarında BIST Teknoloji endeksinde halka arz edilen 12 işletmeye odaklanılarak, halka arz tarihleri olay günü olarak kabul etmiştir. Endeks getirileri ile bu tarihler arasındaki ilişki Olay Çalışması yöntemiyle analiz edilerek değerlendirilmiştir. Analiz sonucunda, özellikle 2022 yılında halka arz edilen işletmelerin endeks getirileri üzerinde belirgin bir etkisi olduğu ve bu dönemde anormal getiri sayısının yüksek olduğu tespit edilmiştir. Bu durum, halka arz süreçlerinin ve teknoloji sektöründeki gelişmelerin sermaye piyasaları üzerindeki etkisinin daha iyi anlaşılmasına yardımcı olmaktadır.

Article Details

Investigating the Impact of IPOs on the BIST Technology (XUTEK) Index Using the Event Study Method

Authors:

Batuhan Medetoğlu | Arif Saldanlı

Publisher:

Manisa Celal Bayar University

Main Topics:

Sermaye Piyasaları | Uluslararası Finans

Journal:

Manisa Celal Bayar Üniversitesi Sosyal Bilimler Dergisi Vol.21 Issue 4, pp.215-236

Document Type:

Article

Publication Date:

12/2023

Document Language:

English

Document ID (Org No.):

2001307078

pISSN:

1304-4796

Public Offering

Equity Market

Event Study

BIST Technology IndexHalka Arz

Pay Piyasası

BIST Teknoloji Endeksi

Olay Çalışması

Issues

Article Details

Authors: Batuhan Medetoğlu | Arif Saldanlı

Publisher: Manisa Celal Bayar University

Main Topics: Sermaye Piyasaları | Uluslararası Finans

Journal: Manisa Celal Bayar Üniversitesi Sosyal Bilimler Dergisi Vol.21 Issue 4, pp.215-236

Document Type: Article

Publication Date: 12/2023

Document Language: English

Document ID (Org No.): 2001307078

pISSN: 1304-4796

Issues

Authors:

Batuhan Medetoğlu | Arif Saldanlı

Publisher:

Manisa Celal Bayar University

Main Topics:

Sermaye Piyasaları | Uluslararası Finans

Journal:

Manisa Celal Bayar Üniversitesi Sosyal Bilimler Dergisi Vol.21 Issue 4, pp.215-236

Document Type:

Article

Publication Date:

12/2023

Document Language:

English

Document ID (Org No.):

2001307078

pISSN:

1304-4796