In this study, we seek to answer whether stock prices fully reflect information in accruals and cash flows about future earnings. Following prior research, we perform Mishkin test and hedge portfolio analysis. The results based on full sample do not indicate mispricing in the components of earnings on Borsa Istanbul. When we exclude loss firms from the full sample, mispricing of total accruals and its components, and thus the presence of accrual anomaly on Borsa Istanbul, is revealed. Using trading strategy based on total accruals of profit firms, investors may generate abnormal returns of 18.58%. These results may suggest that Borsa Istanbul is not efficient in semi-strong form.

Küreselleşme ile birlikte serbest ticaretin benimsenmesi, özellikle tasarrufları yetersiz olan gelişmekte olan ülkeler için yabancı yatırımların önemini arttırmıştır. Yüksek getiri potansiyeline sahip ve cazip fırsatları bünyesinde barındıran gelişmekte olan ülkeler, tasarruf açıklarını giderebilmek, ekonomik olarak büyüyebilmek, finansal piyasalarını geliştirebilmek ve belki de en önemlisini gelişimlerini tamamlayabilmek için yabancı kaynaklara ihtiyaç duymaktadırlar. Bu doğrultuda bu çalışmada, 2000-2018 döneminde BRICS-T ülkeleri olarak da ifade edilen, Brezilya, Rusya, Hindistan, Çin, Güney Afrika ülkelerine ve Türkiye'ye yapılan doğrudan yabancı yatırımlar ve portföy yatırımlarının pay piyasa getirisine etkisi, panel veri analiz yöntemi ile incelenmiştir. Yapılan analizler sonucunda; portföy yatırımları ile pay piyasa getirisi arasında anlamlı ve pozitif yönde bir ilişki tespit edilirken, doğrudan yabancı yatırımlar ile pay piyasa getirisi arasında anlamlı bir ilişki tespit edilememiştir.

Tracking Accuracy of Large and Small-CAP ETFS: an Empirical Analysis Of The Istanbul Stock ExchangeIn this study, we examine the tracking performance of two ETFs, namely DJIST and SMIST, both traded on the Istanbul Stock Exchange, with respect to their own indices. We carry out an analysis first to identify each ETF's tracking ability of underlying index, and second to explore whether any differences exist between the return of large-cap and the return of small-cap stock ETFs, and their indices. By employing a data set of calculated daily returns for the specified ETFs and their corresponding indices, t-tests and regression analyses are conducted. Our findings suggest that both DJIST and SMIST stocks performed well in tracking their own indices' returns. However, the mimicking ability of DJIST stock is better than that of SMIST. Possible explanations regarding this difference are that the SMIST's introduction into the market is relatively new compared to the DJIST, and that the SMIST represents small-cap stocks with considerable illiquidity problems, while the DJIST represents large-cap stocks. Despite the odds, against the SMIST, it still shows a tracking performance that should be acknowledged, given both its place in an emerging market and its strength within such a short period of time.