THE INSIDERS’ TRADES IN TOURISM COMPANIES: EVIDENCE FROM NEW YORK STOCK EXCHANGE

Abstract

Insider trading, that harms trust in financial markets and changes the market mechanisms, is one of the most committed financial crimes by the white collars in recent years. In this paper, insider trading has been studied for the first time in tourism literature. Stock purchases and sell transactions of the directors and managers as well as personnel who works in tourism companies listed on New York Stock Exchange (NYSE) were descriptively studied. Within this framework, 32.205 purchases and sales by 1891 insiders who work at 227 tourism companies (containing accommodation, travel, recreation, food and beverage sectors listed on NYSE, spanning January 2008 – December 2016. As a result, insiders trade high volume of stocks and total number of transactions was at the highest level in the period following the year 2014 which has the highest average annual return in NYSE and the highest number and volume of shares were traded by the insiders in accommodation companies. The characteristics of the insiders’ trades also differ among various managerial positions.

Keywords

• Insider Trading,Financial Markets,Tourism Companies,Financial Crimes

TURİZM İŞLETMELERİNDE İÇERİDEN ÖĞRENENLERİN İŞLEMLERİ: NEW YORK BORSASI ÖRNEĞİ

Abstract

Finansal piyasalarda yatırımcıların güvenini sarsan ve piyasa işleyişini değiştiren içeriden öğrenenler ticareti, son yıllarda beyaz yakalıların karıştığı ve en çok artış gösteren finansal suçların başında gelmektedir. Bu çalışmada, turizm literatüründe içeriden öğrenenler ticareti ilk defa ele alınmış olup; turizm alt endüstrilerinde faaliyet gösteren ve borsaya kote olmuş işletmelerin yönetici ve çalışanlarına ilişkin hisse senedi alım ve satım işlemleri betimsel olarak incelenmiştir. Bu kapsamda, Ocak 2008 ile Aralık 2016 arasında New York borsasına (NYSE) kote olmuş konaklama, seyahat, rekreasyon ve yiyecek- içecek alanında faaliyet gösteren toplam 227 işletmede, 1891 içeriden öğrenen tarafından gerçekleştirilen 35.205 adet hisse senedi alım ve satım işlemi tanımsal olarak değerlendirilmiştir. Çalışma sonucunda, turizm işletmelerindeki içeriden öğrenenlerin yüksek hacimli işlemler gerçekleştirdikleri, NYSE yıllık getirisinin en yüksek olduğu yılı takip eden 2014 yılında içeriden öğrenenlerin toplam işlem sayısının en yüksek seviyeye ulaştığı; en yüksek miktarda ve hacimde gerçekleştirenlerin konaklama işletmelerindeki içeriden öğrenenler olduğu tespit edilmiştir. Ayrıca, çeşitli yönetici sınıflarında içeriden öğrenenlerin işlem özelliklerinin farklılaştığı sonucuna ulaşılmıştır.

Keywords

• İçeriden Öğrenenler Ticareti,Finansal Piyasalar,Turizm İşletmeleri,Finansal Suçlar

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