The Effect of Contract Winning Announcement on the Market Value of Firms: An Empirical Research in Borsa Istanbul
Abstract
The aim of this study is to determine
the effect of contract winning announcements made by companies on the stock
returns. In this study, which focuses on this aim, the influence of the 112
contract winning declarations belonging to companies traded in Istanbul Stock
Exchange between 2011 and 2016 was examined by event study methodology. As a
result of the study, it has been determined that the contract winning
announcements generated statistically significant cumulative abnormal returns
before and after the date of declaration. It is also revealed that this
relationship differs between the groups according to the contract size and the
ratio of contract size to company's sales.
References
- Adjasi, C. (2009). Macroeconomic uncertainty and conditional stock-price volatility in frontier African markets: Evidence from Ghana. The Journal of Risk Finance, 10(4), 333-349.
- Bozkurt, İ. (2015). Ay’ın Pay Getirileri Üzerindeki Etkisinin İncelenmesi: BİST’de Ampirik Bir Uygulama. İktisat İşletme ve Finans, 30(352), 55-78.
- Bozkurt, İ., Öksüz, S., & Karakuş, R. (2015). Finansal Tablo İlanlarının Hisse Getirileri Üzerindeki Etkisi: BİST’de Ampirik Bir Uygulama. Maliye Finans Yazıları, 29(103), 113-140.
- Chin, L. & Soon, Y. K. (2011). Event Study of Successful Land Tenders: Singapore’s Evidence from 2003 To 2010. Pacific Rim Property Research Journal, 17(4), 584-597.
- Choi, J.(2015). Does the stock market curse contractor’s bidding decision and winning a new contract?. Management Decision, 53(6), 1268-1286.
- Dolley, J. C. (1933). Common Stock Split-Ups Motives and Effects. Harvard Business Review, 12(1), 70-81.
- Flannery, M., & Protopapadakis , A. (2002). Macroeconomic Factors Do Influence Aggregate Stock Returns. The Review of Financial Studies, 15(3), 751-782.
- Karakuş, R., Zor, İ., & Küçük, Ş. Y. (2017). Pay Geri Alım İlanlarının Hisse Getirisine Etkisi. Muhasebe ve Finansman Dergisi, 75, 55-70.
- Koçyiğit, M. & Kılıç, A. (2008). Leasing Sektöründe KDV Oranı Değişikliğinin İMKB’de İşlem Gören Leasing Şirketlerinin Hisse Senedi Getirisine Etkisi. Muhasebe ve Finansman Dergisi, 40, 165-174.
- Larson, S. J. & Picou, A. (2002). The Market’s Response To Contract Award Announcements: Government Versus Corporate Contracts. Journal of Public Procurement, 2(2), 237-251.
- Liargovas, P., & Repousis, S. (2010). The Impact of Terrorism on Greek Banks’ Stocks: An Event Study. International Research Journal of Finance and Economics, 51, 88-96.
- Lonkani, R., Changchit, C. & Satjawathee, T. (2012). Examining the Effects of Business Contract Announcements on Stock Prices in Thailand. International Research Journal of Finance and Economics, 93, 67-83.
- Sharma, G., & Mahendru, M. (2010). Impact of Macro-Economic Variables on Stock Prices in India. Global Journal of Management and Business Research, 10(7), 19-26.
İhale Kazanılması Bildirimlerinin Şirketlerin Piyasa Değerine Etkisi: Borsa İstanbul’da Ampirik Bir Araştırma
Abstract
Bu çalışmanın amacı, şirketler
tarafından yapılan ihale kazanma bildirimlerin hisse getirisine etkisini
belirlemektir. Bu amaca odaklanan çalışmada Borsa İstanbul’da işlem gören
şirketlerin 2011-2016 yılları arasında ihale kazanmasına ilişkin 112 adet
bildiriminin hisse getirilerine etkisi olay çalışması yöntemiyle incelenmiştir.
Çalışma sonucunda, ihale kazanma bildirimlerinin, bildirim tarihi öncesinde ve
sonrasında istatistiksel olarak anlamlı kümülatif anormal getiriler yarattığı
tespit edilmiştir. Ayrıca ihale büyüklüğüne göre ve ihale büyüklüğünün şirketin
satışlarına oranına göre ayrılan gruplar arasında bu ilişkinin farklılaştığı
görülmüştür.
References
- Adjasi, C. (2009). Macroeconomic uncertainty and conditional stock-price volatility in frontier African markets: Evidence from Ghana. The Journal of Risk Finance, 10(4), 333-349.
- Bozkurt, İ. (2015). Ay’ın Pay Getirileri Üzerindeki Etkisinin İncelenmesi: BİST’de Ampirik Bir Uygulama. İktisat İşletme ve Finans, 30(352), 55-78.
- Bozkurt, İ., Öksüz, S., & Karakuş, R. (2015). Finansal Tablo İlanlarının Hisse Getirileri Üzerindeki Etkisi: BİST’de Ampirik Bir Uygulama. Maliye Finans Yazıları, 29(103), 113-140.
- Chin, L. & Soon, Y. K. (2011). Event Study of Successful Land Tenders: Singapore’s Evidence from 2003 To 2010. Pacific Rim Property Research Journal, 17(4), 584-597.
- Choi, J.(2015). Does the stock market curse contractor’s bidding decision and winning a new contract?. Management Decision, 53(6), 1268-1286.
- Dolley, J. C. (1933). Common Stock Split-Ups Motives and Effects. Harvard Business Review, 12(1), 70-81.
- Flannery, M., & Protopapadakis , A. (2002). Macroeconomic Factors Do Influence Aggregate Stock Returns. The Review of Financial Studies, 15(3), 751-782.
- Karakuş, R., Zor, İ., & Küçük, Ş. Y. (2017). Pay Geri Alım İlanlarının Hisse Getirisine Etkisi. Muhasebe ve Finansman Dergisi, 75, 55-70.
- Koçyiğit, M. & Kılıç, A. (2008). Leasing Sektöründe KDV Oranı Değişikliğinin İMKB’de İşlem Gören Leasing Şirketlerinin Hisse Senedi Getirisine Etkisi. Muhasebe ve Finansman Dergisi, 40, 165-174.
- Larson, S. J. & Picou, A. (2002). The Market’s Response To Contract Award Announcements: Government Versus Corporate Contracts. Journal of Public Procurement, 2(2), 237-251.
- Liargovas, P., & Repousis, S. (2010). The Impact of Terrorism on Greek Banks’ Stocks: An Event Study. International Research Journal of Finance and Economics, 51, 88-96.
- Lonkani, R., Changchit, C. & Satjawathee, T. (2012). Examining the Effects of Business Contract Announcements on Stock Prices in Thailand. International Research Journal of Finance and Economics, 93, 67-83.
- Sharma, G., & Mahendru, M. (2010). Impact of Macro-Economic Variables on Stock Prices in India. Global Journal of Management and Business Research, 10(7), 19-26.
Details
| Journal Section | Articles |
|---|---|
| Authors | |
| Publication Date | December 26, 2017 |
| Submission Date | October 6, 2017 |
| Published in Issue | Year 2017 Volume: 2 Issue: 7 |
