The effect of Capital Market Board approved prospectuses on stock returns after public offering

The main topic of this study is the increasing popularity of IPOs due to the low interest rate and high inflation policy in Turkey. The main hypotheses of the study are to investigate whether the sector of the IPO companies and the consortium leader firm that offers the company to the public have a significant effect on the 3, 7 and 15-day short-term returns of the stocks. In addition, information obtained from publicly available platforms is included in the model and the effects of publicly disclosed information on short-term stock returns are investigated. In order to conduct these investigations, three different regression models are constructed and consortium leader firms are added as dummy variables to the models one by one. In this respect, the study attempts to provide an innovative perspective to the literature. As a result of the study, some consortium leaders are found to have significant effects on returns, while sectors are found to have no significant effect.