Sermaye Artırımı Duyurularının Hisse Getirileri Üzerine Etkileri: BİST'te Bir İnceleme

Abstract

Bu çalışmanın amacı bedelli ve bedelsiz sermaye artırımı duyurularının hisse senedi getirilerine olan etkisini araştırmaktır. Çalışmada 2010- 2022 yılları arasında BIST-30 ve BIST-50 endekslerinde yer alan ve bu endekslerde bulunduğu sırada sermaye artırımı duyuruları gerçekleştiren şirketler analiz edilmiştir. Toplamda 35 şirketin 84 farklı sermaye artırım duyurusu çalışmaya dahil edilmiştir. Çalışmada olay çalışması yöntemi kullanılmış olup, (-10, +10) ve (-5, +5) olarak iki farklı olay penceresi oluşturulmuştur. Analiz sonunda sermaye artırım duyurularının hisse getirilerini etkilediği gözlemlenmiştir. Çalışma bu etkinin istatistiksel olarak anlamlı negatif yönlü olduğunu ortaya çıkarmıştır. Bu duruma göre yatırımcıların sermaye artırımı duyurusu gerçekleştiren şirketlerden bekledikleri getirilerin negatif olması ve portföylerini bu sonuca göre düzenlemeleri gerektiği önerilmektedir. Araştırma sonuçlarına göre Borsa İstanbul'un yarı güçlü formda etkin olmayan bir piyasa olduğu ortaya çıkmıştır.

Keywords

• Bedelli Sermaye Artırımı
• Bedelsiz Sermaye Artırımı
• Olay Çalışması.

The Effects of New Equity Announcements on Stock Returns: An Examination on BIST

Abstract

The aim of this study is to examine the effect of rights and bonus issue announcements on stock returns. The study analyzes the companies included in the BIST-30 and BIST-50 indices between 2010 and 2022 and the companies that made capital increase announcements while they were included in these indices. In total, 84 different capital increase announcements of 35 companies were included in the study. In the study, the event study method was used and two different event windows were created as (-10, +10) and (-5, +5). At the end of the analysis, it was observed that new equity announcements affected stock returns. The study revealed that this effect was statistically significant negative. According to this situation, it can be said that the return expectations of the investors from the companies that announce the new equity issue should be negative and they should arrange their portfolios according to this result. According to the results of the research, it has been revealed that Borsa Istanbul is an inefficient market in semi-strong form.

Keywords

• Rights Issue
• Bonus Issue
• Event Study

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