Şi̇rketlere Özgü Haberleri̇n Hi̇sse Performansina Etki̇si̇: Bi̇st-30 Şi̇rketleri̇ Örneği̇

Abstract

THE EFFECT OF FIRM-SPECIFIC NEWS TO STOCK PERFORMANCE: CASE OF BIST-30 COMPANIES ABSTRACTThe purpose of this study is to analyze whether the news provides an opportunity to obtain abnormal returns, which news are announced by companies traded in BIST-30 during January 2003 to December 2012. The firm-specific news are classified on 5 main topics which are corporate governance related announcements, financial announcements, legal announcements, operational announcements and restructuring related announcements. The data covers 2143 news announced by BIST-30 companies. For data analysis event study is used. As a result, it is determined investors mostly react to announcements about operational, financial and restructuring news in terms of the average abnormal returns (ARR) at the day of event respectively. Result shows that Borsa Istanbul is not effective at semi-strongly form within the scope of efficient market hypothesis.

The Impact of Tangible Asset Sales on Stock Returns: A Research on Manufacturing Companies Listed in Borsa Istanbul

“…According to the results, only in the most event specific window (-1; +1) the cumulative average abnormal returns are significantly positive indicating that the disclosure of tangible asset sales conveys positive information to the market participants. The results are consistent with the studies of Otlu et al (2012) and Eyüboğlu and Bulut (2016) for Turkish stock market and provide additional evidence on the immediate effect of the tangible fixed assets sales announcements in manufacturing industry.…”

“…Thus, the null hypotheses that the event has no impact is rejected providing evidence of the announcement effect on day 0 (t=0). These findings are similar to results of Alexander et al (1984) for US, Gadad and Thomas (2005) for UK, Huang and Chen (2012) for China, Sun (2012) for Taiwan and Eyüboğlu and Bulut (2016) for Turkey, that found positive significant AARs on announcement day. The fluctuation of stock returns in the pre-announcement period can be interpreted as no leakage of information that affected stock returns prior to the event.…”

Investigating the Impact of Mortgage Credit Interest Rate Discount Announcement on Stock Returns of Real Estates Investment Trusts

“…On the other days of the event window, abnormal returns are not found to be significant. This finding is in line with Sakarya (2011), Kaderli and Başkaya (2014) and Eyüboğlu and Bulut (2016). When tsd statistics and p-values (Sig.)…”

“…This finding implies that the mortgage interest rate discount announcement was used before it is shared with the public. Similar findings are obtained in Keown and Pinkerton (1981), Kavussanos and Tsounia (2007), Altıok-Yılmaz and Akben-Selçuk (2010) and Eyüboğlu and Bulut (2016).…”

Isparta İli̇ndeki̇ Bi̇st30 Endeks Yatirimcilarinin Haber Etki̇si̇yle Oluşan Fi̇nansal Yatirim Kararlarinin Araştirilmasi

“…Eizentas vd., (2012) Litvanya Borsa Endeksi Vilnus"te işlem gören şirketlerle ilgili haberlerin pay senetleri üzerindeki etkisini araştırdıkları çalışma, t±10 olay penceresinde yatırımcıların kamuya açıklanan bilgilerden istatistiksel olarak anlamlı aşırı getiriler elde edebildiğini göstermektedir. Eyüboğlu ve Bulut (2016), çalışmasında BIST30"da işlem gören şirketlerin açıkladığı haberlerin pay senedi getirilerine etkisini t±10 olay penceresinde araştırmış, yatırımcıların olay günü en çok operasyonel, finansal ve yeniden yapılanmaya ilişkin haberlere karşı duyarlı olduğunu ortaya koymuştur. Mandacı (2003), genel seçimlerin BIST100 etkisini incelediği, olay penceresi olarak t±15 kullandığı çalışmasında, seçim sonuçlarının genellenemeyeceğini sadece bazı seçimlerden sonra anormal getiri oluştuğunu tespit etmiştir.…”