Cryptocurrency is a recent and popular topic that attracts the interest of investors and fund managers. Beyond the market discipline, researchers question the interaction between cryptocurrencies and macroeconomic variables. This study focuses on how the changes in gold and oil prices affect the daily price movements of various cryptocurrencies. The daily database used in this study includes the prices of the cryptocurrencies such as Bitcoin, Tether, Ethereum, Litecon and EOS for the period of August 1, 2017 and April 3, 2019. Initially, the stationarity of the time series is tested by Ng and Perron (2001) method. The existence of the cointegration relationship among the series is tested by Johansen (1988) technique. The presence of causality relationships among the series is investigated with the Dolado and Lütkepohl (1996) causality test. The empirical results support that there exists a cointegration relationship only in between Tether and gold and oil prices.
Initial public offering (IPO) may be the lowest cost financing for firms to obtain funds from small and institutional investors. The commissions, fees and other related expenses incurred are considerably small compared to those of short or long term loan or bond financing. This empirical study examines the performance of all IPOs in Istanbul Stock Exchange during the year of 2000. The study employs standard event study methodology for 34 IPOs over a 30 day event window. The empirical findings are consistent with most of the previous literature. The results support that the first two days of IPOs generally provide positive abnormal returns.ÖZET : Firmaların halka ilk arz yoluyla küçük ve kurumsal yatırımcılardan fon toplaması dü ük maliyetli finanslama yollarından biri olabilir. Tahvil ihracı ve bankalardan kısa ve uzun vadeli kredi almanın maliyetleri, halka ilk arzın komisyon ve di er maliyetleriyle kar ıla tırıldı ında oldukça yüksek olabilir. Bu ampirik çalı ma 2000 yılında Istanbul Menkul Kıymetler Borsasında halka ilk arzı yapılan hisse senetlerinin performanslarını incelemektedir. Bu analizde literatürde yaygın olarak kullanılan "event-study" yöntemi uygulanarak halka ilk arzı yapılan 34 firmanın 30 günlük arz sonrası performansı ölçülmü tür. Ampirik bulgular literatürde geçen di er çalı malar sonuçlarıyla uyumludur. Elde edilen sonuçlara göre, halka arzın ilk iki gününde yatırımcıların normal üstü getiri elde etmeleri mümkündür.Anahtar Kelimeler: Halka ilk arz, dü ük fiyatlama, normal üstü getiri, olayçalı ması.
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