stanbul Menkul K ymetler Borsas ’nda Dü ük Fiyatland rma ve Arac l k Türü, Arz Y l , Arac Kurum Etkileri üzerine Bir Ara t rma = An Investigation for Underpricing in Initial Public Offerings and Underwriting Type, Offering Year, Intermediary Institution in Istanbul Stock Exchange

In this study which aims to determine whether there exits underpricing in stanbul Stock Exchange, short, medium and long term price performances of 40 stocks initally offered in 1993-2006 period by only one underwriter have been investigated. Consequently it appeared that 31 of these stocks on the first offering date and 24 of them in the first dealing month had been underpriced. Also existance of underwriting type, offering year and intermediary institution effects on this matter of fact has been searched by ANOVA. But following this search any significant effect of these variables on underpricing could not be found.