Abstract
The purpose of this study is to examine the impact of announced financial news via the Public Disclosure Platform on the BIST -30 traded companies’ stock performances. The study will also investigate whether the market is semi- strong form efficient. For the data analysis event study is used. As a result of calculations, it is determined that investors mostly react to the ratings by ratings agencies and debt news at the day of event. It shows that existence of abnormal returns before disclosure, market is not efficient at semi-efficient form in terms of market efficiency. Besides, all average cumulative abnormal returns are positive and statistically significant and this can be taken as a suspicion of insider trading.
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Abstract
Çalışmanın amacı, BİST‐30’da işlem gören şirketlerce Kamuyu Aydınlatma Platformu aracılığı ile duyurulan finansal içerikli haberlerin hisse performansına etkisini incelemektir. İlave olarak; söz konusu etki üzerinden piyasanın yarı kuvvetli formda etkin olup olmadığını ortaya koymak çalışmanın diğer bir hedefidir. Olay çalışması yöntemi kullanılarak yapılan analiz ile yatırımcıların olay günü finansal içerik taşıyan haberlerden en çok derecelendirme kuruluşlarınca verilen finansal notlara ve borçlanma haberlerine tepki verdiği belirlenmiştir. Haber açıklama öncesi aşırı getirilerin varlığı piyasanın etkinliği açısından piyasanın yarı kuvvetli formda etkin olmadığını göstermektedir. İlave olarak; ortalama kümülatif aşırı getirilerin pozitif ve istatistiki olarak anlamlı olması, haberler öncesinde insider trading şüphesi uyandırmaktadır.
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Details
| Primary Language | Turkish |
|---|---|
| Journal Section | Articles |
| Authors | |
| Publication Date | March 29, 2015 |
| Published in Issue | Year 2015 Volume: 2 Issue: 1 |
Journal of Economics, Finance and Accounting (JEFA) is a scientific, academic, double blind peer-reviewed, quarterly and open-access online journal. The journal publishes four issues a year. The issuing months are March, June, September and December. The publication languages of the Journal are English and Turkish. JEFA aims to provide a research source for all practitioners, policy makers, professionals and researchers working in the area of economics, finance, accounting and auditing. The editor in chief of JEFA invites all manuscripts that cover theoretical and/or applied researches on topics related to the interest areas of the Journal. JEFA publishes academic research studies only. JEFA charges no submission or publication fee.
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