Finansal Tablo İlanlarının Hisse Getirileri Üzerindeki Etkisi: BİST’de Ampirik Bir Uygulama

Abstract

The aim of this study is to analysis the impact of financial statements' publications on stock returns. In this study; annual accounts in 2009, 2010 and 2011, date of publications of annual accounts in 2011and daily prices in 2012 of 167 firms traded on ISE and daily prices of BİST-100 index in 2012 were used as datum. Event study method was used to analyses the data. The results of this analysis have demonstrated that (i) investors gained abnormal returns before and after date of publications of annual accounts, (ii) abnormal returns became different in comparison with ROI values of the firms, (iii) Turkish capital market have not been a semi strong market yet and (iv) this anomaly which is demonstrated by conflicting results with efficient-market hypothesis must have occurred due to under or overreaction effect and noise trade effect in this market.

The Effect of Contract Winning Announcement on the Market Value of Firms: An Empirical Research in Borsa Istanbul

“…If the null hypothesis that the cumulative abnormal returns are zero is rejected, in other words the calculated abnormal returns are statistically significant, it is concluded that the announcements of winning contracts by the companies are influential on the price changes of the companies and this activity is an explanatory activity for price changes. In addition, the CAR values obtained as a result of the study will allow the following interpretations to be made based on the studies in the literature (Bozkurt, Öksüz and Karakuş, 2015):…”

Yillik Fi̇nansal Raporlarin İşletmeleri̇n Pi̇yasa Değerli̇li̇ği̇ne Etki̇si̇ni̇n Olay Çalişmasi Yöntemi̇yle İncelenmesi̇: Bi̇st Haberleşme Sektöründe Uygulama

“…Bu çalışmalarda kapsamdaki olayların işletmelerin piyasa değerlerine etkisinin olmadığına yönelik bulgular elde edildiği ve bu açıdan alanda yapılan diğer çalışmalardan farklı sonuçlara ulaşıldığı görülmektedir. Bozkurt vd. (2015) çalışmalarında finansal tablo ilanlarının pay değerleri üzerindeki etkisini olay çalışması yöntemi kapsamında değerlendirmişlerdir.…”