Bağımsız Denetçi Görüşlerinin Yatırım Kararları Açısından  Önemi: Yeni Bir Kesitsel Anomali mi?

Karcioğlu, Reşat; Öztürk, Seyhan; Yilmaz, Cihan

doi:10.25095/mufad.982451

Cited by 2 publications

(2 citation statements)

References 13 publications

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“…In the study of Karcıoğlu et al (2021), they examined whether audit opinions caused a change in the stock prices of companies. In this context, the stock returns of 364 companies traded in Borsa Istanbul between the years 2019-2020 were examined in 6-month periods.…”

Section: Literature Reviewmentioning

confidence: 99%

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The Effect of Audit Opinions on TOBIN S Q and Stock Value by Panel Data Analysis

Sağlar,

Gizer

2023

isarder

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Purpose –Financial statements of businesses contain information risk for various reasons. The most accepted way to reduce the information risk is the independent audit of the financial statements of the enterprises. It is thought that the independently audited financial statements will have a positive impact on the market value of the enterprises. The main purpose of the research under this assumption is to measure the impact of audit opinion on the market value of the companies that operated in the manufacturing sector and traded on Borsa Istanbul. Design/methodology/approach –For measuring the impactof audit opinion on the market value of the companies that operated in the manufacturing sector and traded on Borsa Istanbul between 1998 to 2019 Tobin's Q ratio and stock price are used to represent the market value. Panel data analysis is used in the research, because of data sets consisting of both cross-section and time series. Tobin's Q ratio and stock price are determined as the dependent variables, audit opinion is determined as the independent variable and the leverage ratio and asset size are determined as control variables in the research. Finding –It is examined within the scope of 1651 financial statements and audit reports of 110 companies. And it is examined Tobin's Q ratio values on 31 March, 30 June, 30 September, 31 December and at the time of the announcement of the audit report. Also it is examined the firm's stock price on the date of the audit firm's opinion, on the date of the one day before and after it.Discussion –As a result of the research, it has been revealed that audit opinions do not affect the Tobin’s Q ratio but affect stock price of companies in Turkey.

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Section: Literature Reviewmentioning

confidence: 99%

“…The model to be used according to the purpose determined in the research is expressed as follows. 2 This model was created from panel data models in the literature (Martinez 2001, Ardiana 2014, Cengiz et al 2017, Önder and İrkörücü 2018, Kesen ve Salur 2020, Karcıoğlu, 2021.…”

Section: Research Hypothesis and Modelmentioning

confidence: 99%

The Effect of Audit Opinions on TOBIN S Q and Stock Value by Panel Data Analysis

Sağlar,

Gizer

2023

isarder

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Artificial neural network analysis of the day of the week anomaly in cryptocurrencies

et al. 2023

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Anomalies, which are incompatible with the efficient market hypothesis and mean a deviation from normality, have attracted the attention of both financial investors and researchers. A salient research topic is the existence of anomalies in cryptocurrencies, which have a different financial structure from that of traditional financial markets. This study expands the literature by focusing on artificial neural networks to compare different currencies of the cryptocurrency market, which is hard to predict. It aims to investigate the existence of the day-of-the-week anomaly in cryptocurrencies with feedforward artificial neural networks as an alternative to traditional methods. An artificial neural network is an effective approach that can model the nonlinear and complex behavior of cryptocurrencies. On October 6, 2021, Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA), which are the top three cryptocurrencies in terms of market value, were selected for this study. The data for the analysis, consisting of the daily closing prices for BTC, ETH, and ADA, were obtained from the Coinmarket.com website from January 1, 2018 to May 31, 2022. The effectiveness of the established models was tested with mean squared error, root mean squared error, mean absolute error, and Theil’s U1, and $${R}_{OOS}^{2}$$ R OOS 2 was used for out-of-sample. The Diebold–Mariano test was used to statistically reveal the difference between the out-of-sample prediction accuracies of the models. When the models created with feedforward artificial neural networks are examined, the existence of the day-of-the-week anomaly is established for BTC, but no day-of-the-week anomaly for ETH and ADA was found.

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Bağımsız Denetçi Görüşlerinin Yatırım Kararları Açısından Önemi: Yeni Bir Kesitsel Anomali mi?

Cited by 2 publications

References 13 publications

The Effect of Audit Opinions on TOBIN S Q and Stock Value by Panel Data Analysis

The Effect of Audit Opinions on TOBIN S Q and Stock Value by Panel Data Analysis

Artificial neural network analysis of the day of the week anomaly in cryptocurrencies

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