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Market timing of IPO anf its long-term ompact on capital structure.

  • The aim of this study is to analyze if Turkish firms apply a market timing strategy on their financing decisions and to analyze the persistence of the market timing decision on their capital structure. The sample data of this study contains the 85 initial public offers from 2010 to 2015 in Istanbul Stock Exchange(BIST). Regression analysis method is used for testing the relationship between market timing and equity issues, and short-run and long-run effect of market timing. The year before IPO and the three subsequent years after the IPO considered for analyzing the impact of market timing. The results of this study show that there is a positive relationship between market timing and equity issues. Firms that are decided to go public in “hot” market periods, issue more equites and reduce their leverage ratio sharply right after the IPO, and this relationship shows an impact on capital structure only in short run. This short-term impact of market timing starts vanishing after the second year of going public.

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Metadaten
Author:Nihan Kol
Referee:Ursula Walther
Advisor:Martin Užík
Document Type:Master's Thesis
Language:English
Date of first Publication:2019/12/16
Publishing Institution:Hochschulbibliothek HWR Berlin
Granting Institution:Hochschule für Wirtschaft und Recht Berlin
Date of final exam:2019/07/22
Release Date:2019/12/16
Page Number:50
Institutes:FB I - Wirtschaftswissenschaften / International Finance M.Sc.
Licence (German):License LogoUrheberrechtsschutz