One of the most common anomalies related to price performance in initial public offerings (IPOs) is short-term underpricing and long-term underperformance anomalies. There are many studies on these conducted previous literature. This article's primary purpose contribute this existing academic research by examining for IPOs made Borsa Istanbul during 2021. For purpose, 32 performed 2021 as analy...

In this study we investigate the performance of investment trust new issues during their first 750 days of trading. Research on the initial performance of new issues has documented that abnormal returns are obtained during the first day of trading. We compare the performance of investment trust new issues with the performance of size and style-based matching investment trusts taking the multina...

In a typical IPO game with first-price auctions, we argue that risk-averse investors always underbid in equilibrium because of subjective interpretations of the firm’ communication about its actual value and resulting risk aversion about the likelihood of facing investors with higher valuations. We show that the noisier the investors’ inferences of the firm’ value (in the sense of first-order s...

Local IPO waves occur when firms from different industries, but located in the same area, go public time period. We classify IPOs within industry and local waves, see that sub-samples of on wave by only slightly overlap region; region are similar to industry: for example, early-in-the-wave equally more underpriced than late-in-the-wave IPOs. also find listing decision is sensitive not high valu...

The present research shows the influence of institutional differences on performance initial public offerings (IPOs), both at level underpricing and 1-, 3- 5-year performance. Our results represent a relevant empirical contribution to international evidence because they allow us test long-term in large database consisting IPOs from 18 European countries, given that framework has been less analy...

In this study we advance current research on social influence in markets by examining how the recency and availability of information about others’ actions within and between different communities influence their allocation of attention and their evaluations. Specifically, we examine how the media and investors allocate attention to and evaluate newly public firms in the days following their in...