Tutuncu, Lokman - In: Journal of business economics and management 21 (2020) 1, pp. 157-179
underwriters' valuation and underpricing in 113 firms going public on Borsa Istanbul. It argues that underwriter discretion in the … valuation is crucial to underpricing in the Turkish market, where fixed price is the dominant method of offering and retail … investor allocation is large. Building on the overpricing theories, the study hypothesizes and finds that optimistic valuation …