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Çelikyurt, Uğur

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Uğur

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Çelikyurt

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Researcher Of Publications: search.filters.isAuthorOfPublication.8858040b-2f46-4d44-829d-0b6b7151c6ef

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    How an ipo helps in m&a
    (Wiley, 2010) Sevilir, Merih; Shivdasani, Anil; Department of Business Administration; Çelikyurt, Uğur; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 47082
    An initial public offering (IPO) can often provide a powerful stimulus to private companies seeking to pursue an acquisition- driven growth strategy. Based on a comprehensive analysis of U.S. IPOs, the authors show that newly public companies are prolific acquirers. Over 30% of companies conducting an IPO make at least one acquisition in their IPO year, and the typical IPO firm makes about four acquisitions during its first five years as a public company. IPOs facilitate MandA not only by providing infusions of capital but also by creating ongoing access to equity and debt markets for cash-financed deals. In addition, IPOs create an acquisition currency that can prove valuable in stock-financed deals when the shares are attractively priced. The authors also argue that IPOs improve the ability of companies to conduct MandA by resolving some of the valuation uncertainty facing privately held companies.
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    Mergers and acquisıtions activity of initial public offering firms on borsa Istanbul
    (N/A, 2016) Department of Business Administration; Department of Industrial Engineering; Çelikyurt, Uğur; Dönmez, Banu Nur; Faculty Member; Undergraduate Student; Department of Business Administration; Department of Industrial Engineering; College of Administrative Sciences and Economics; College of Engineering; 47082; N/A
    This paper studies the mergers and acquisitions (M&As) activity of initial public offering (IPO) firms on Borsa Istanbul (BIST) that went public between 1990-2014. We find that among the 398 firms that went public 87 firms acquired other firms while 104 firms were targeted by other firms within the first five years after their IPOs. For firms that have been involved in an M&A activity, the aggregate deal volume corresponds to 16% of their market size for acquiring IPO firms, and 29% of their market size for targeted IPO firms. On average, while these IPO firms acquired 2.1 firms within five years, they were targeted by 1.7 firms. As a result, firms that convert to public ownership on BIST might participate as acquiring firms or as target firms in the subsequent M&A processes in the first five years after their IPO. Our findings indicate that firms go public on BIST mainly to provide an exit opportunity for their existing shareholders, and they accomplish this i) through the sale of existing shares to the general public in an IPO or ii) through the sale of existing shares to the acquiring firms in a post-IPO M&A. / Öz: Bu çalışmada Borsa Đstanbul’da 1990-2014 arası ilk halka arzı gerçekleşen firmaların birleşme ve satın alma aktiviteleri incelenmiştir. Halka arz edilen 398 firma arasından 87 firma ilk halka arzlarından sonraki beş yıl içinde başka firma satın almış, 104’ü ise başka firmalar tarafından hedef alınmıştır. Birleşme ve satın alma aktivitesine katılmış firmalar için toplam işlem hacmi halka arz edilip alıcı olan firmaların market değerinin %16’sına, halka arz edilip hedef olan firmaların market değerinin %29’una denk gelmektedir. Ortalama olarak, bu halka arz edilen firmalar beş yıl içinde 2.1 firma satın alırken 1.7 firma tarafından da hedef alınmıştır. Sonuç olarak, BIST’te halka arzı gerçekleşen firmalar halka açılmayı takip eden ilk beş yıldaki birleşme ve satın alma süreçlerine alıcı firma ya da hedef firma olarak katılabilmektedir. Bulgularımıza göre firmalar çoğunlukla mevcut hissedarlarına bir çıkış fırsatı sağlamak amacıyla BIST’te halka açılmakta ve bunu i) ilk halka arzda mevcut hisselerin genel halka satışı yoluyla ya da ii) halka arz sonrası birleşme ve satın almalarda mevcut hisselerin alıcı firmaya satışı yoluyla gerçekleştirmektedir.
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    Bondholder governance, takeover likelihood, and division of gains
    (Elsevier, 2023) Akdogu, Evrim; Paukowits, Aysun Alp; Department of Business Administration; Çelikyurt, Uğur; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 47082
    We investigate the effect of creditor rights on the probability of becoming a takeover target by constructing firm-level bond covenant indices. Our primary result is that the more restrictive covenants a firm has, the more likely it is to become the target of an acquisition. This finding is robust to the exclusion of merger-related event-risk covenants which have the opposite impact and appear to reduce takeover likelihood. Furthermore, this effect is not driven by financially distressed firms and rather contained in small, profitable, financially healthy firms with high growth opportunities and low cash holdings. We also find that a higher target covenant index leads to a significant decrease (increase) in target (acquirer) abnormal returns around acquisition announcements and tilts merger gains towards the acquirer, suggesting the presence of a 'cove-nant discount' for potential target firms. Overall, our results are consistent with covenants creating key frictions, and in turn, making firms viable targets for acquirers with possibly deep pockets.
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    Going public to acquire? the acquisition motive in IPOs
    (Elsevier Science Sa, 2010) Sevilir, Merih; Shivdasani, Anıl; Department of Business Administration; Çelikyurt, Uğur; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 47082
    Newly public firms make acquisitions at a torrid pace. Their large acquisition appetites reflect the concentration of initial public offerings (IPOs) in mergers and acquisitions(M&A-) intensive industries, but acquisitions by IPO firms also outpace those by mature firms in the same industry. IPO firms' acquisition activity is fueled by the initial capital infusion at the IPO and through the creation of an acquisition currency used to raise capital for both cash- and stock-financed acquisitions along with debt issuance subsequent to the IPO. IPO firms play a bigger role in the M&A process by participating as acquirers than they do as takeover targets, and acquisitions are as important to their growth as research and development (R&D) and capital expenditures (CAPEX). The pattern of acquisitions following an WO shapes the evolution of ownership structure of newly public firms. (C) 2010 Elsevier B.V. All rights reserved.
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    Venture capitalists on boards of mature public firms
    (Oxford University Press (OUP) inc, 2014) Celikyurt, Ugur; Sevilir, Merih; Shivdasani, Anil; Department of Business Administration; Çelikyurt, Uğur; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 47082
    Venture capitalists (VCs) often serve on the board of mature public firms long after their initial public offering (IPO), even for companies that were not VC-backed at the IPO. Board appointments of VC directors are followed by increases in research and development intensity, innovation output, and greater deal activity with other VC-backed firms. VC director appointments are associated with positive announcement returns and are followed by an improvement in operating performance. Firms experience higher announcement returns from acquisitions of VC-backed targets following the appointment of a VC director to the board. Hence, in addition to providing finance, monitoring and advice for small private firms, VCs play a significant role in mature public firms and have a broader influence in promoting innovation than has been established in the literature.
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    Engineer CEOs and firm performance in BIST manufacturing firms
    (Muhasebe ve Finansman Öğretim Üyeleri Derneği (MUFAD), 2017) Department of Business Administration; Department of Industrial Engineering; Çelikyurt, Uğur; Dönmez, Banu Nur; Faculty Member; Undergraduate Student; Department of Business Administration; Department of Industrial Engineering; College of Administrative Sciences and Economics; College of Engineering; 47082; N/A
    We study the relation between the educational background of chief executive officers (CEOs) and firm performance for 122 manufacturing firms traded on Borsa Istanbul (BIST) between 2009-2015. We analyze two different measures of performance, namely operating performance and market-based performance. We find that firms that have CEOs with an engineering background experience higher operating performance measured by return on assets (ROA) than firms that have CEOs with other educational background. Moreover, firms with engineer CEOs also experience better market-based performance measured by Tobin’s Q. The positive association between having CEOs with an engineering background and firm performance that we document is robust to the inclusion of several firm-level control variables in our multivariate analysis. We also find that this positive relation is more pronounced for public manufacturing firms of smaller size. / Öz: Bu çalışmada Borsa İstanbul’da 2009-2015 arası işlem gören 122 imalat firmasındaki icra kurulu başkanının (CEO) öğrenim geçmişi ile firma performansı arasındaki ilişki incelenmiştir. Faaliyet performansı ve piyasa bazlı performans olmak üzere iki farklı performans ölçüsü analiz edilmiştir. Bulgularımıza göre icra kurulu başkanı mühendislik kökenli olan firmalar, icra kurulu başkanı diğer öğrenim geçmişlerinden olan firmalara kıyasla varlıkların getirisi bakımından daha yüksek faaliyet performansı göstermektedir. Ayrıca, icra kurulu başkanı mühendis olan firmalar Tobin’s Q oranı bakımından da daha iyi piyasa bazlı performans göstermektedir. Mühendislik kökenli icra kurulu başkanı sahibi olma ile firma performansı arasında göstermiş olduğumuz pozitif ilişki, firma düzeyindeki çeşitli kontrol değişkenlerinin çok değişkenli analizimize dahil edilmesinden etkilenmemektedir. Ayrıca bu pozitif ilişki daha küçük boyutlu halka açık imalat firmaları için daha belirgindir.
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    The relationship of g-index and convertible debt issuance in the presence of restrictive covenants
    (2020) Akdoğu, Evrim; Paukowits, Aysun Alp; Department of Business Administration; Çelikyurt, Uğur; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 47082
    We examine the relationship between the Governance Index (G-Index) and convertible bond use by firms, specifically in the presence or absence of covenants. We find that the better the shareholder governance (lower G-Index) of firms, the more they are likely to issue convertible instead of straight bonds. More importantly, we find that the complementary relationship between shareholder governance and convertible bond use is driven by the existence of certain covenants attached to these convertible securities. We also find that this effect is accentuated in firms with smaller size, higher market-to-book, R&D and intangibles as well as higher beta. We conclude that this link between strong shareholder rights and increased convertible bond use is conditional on the presence of covenants and therefore shows the important interaction of these three governance mechanisms. In addition, this triple link being emphasized in firms with higher agency costs and adverse selection problems is consistent with value-maximizing use of convertible bonds.
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    Multiperiod portfolio optimization models in stochastic markets using the mean-variance approach
    (Elsevier, 2007) Department of Business Administration; Department of Industrial Engineering; Çelikyurt, Uğur; Özekici, Süleyman; Faculty Member; Faculty Member; Department of Business Administration; Department of Industrial Engineering; College of Administrative Sciences and Economics; College of Engineering; 47082; 32631
    We consider several multiperiod portfolio optimization models where the market consists of a riskless asset and several risky assets. The returns in any period are random with a mean vector and a covariance matrix that depend on the prevailing economic conditions in the market during that period. An important feature of our model is that the stochastic evolution of the market is described by a Markov chain with perfectly observable states. Various models involving the safety-first approach, coefficient of variation and quadratic utility functions are considered where the objective functions depend only on the mean and the variance of the final wealth. An auxiliary problem that generates the same efficient frontier as our formulations is solved using dynamic programming to identify optimal portfolio management policies for each problem. Illustrative cases are presented to demonstrate the solution procedure with an interpretation of the optimal policies. (c) 2006 Published by Elsevier B.V.