med Journal of Accounting Institute 2602-3202 2667-6982 Istanbul University 10.26650/MED.1098727 Business Administration İşletme Stock Price Synchronicity and Information Asymmetry Hisse Senetlerinin Fiyat Eşzamanlılığı ve Bilgi Asimetrisi https://orcid.org/0000-0002-9650-9244 Toutounchı Asl Mohammad Reza İstanbul Üniversitesi, Sosyal Bilimler Enstitüsü, İşletme Anabilim Dalı, Muhasebe Doktora Programı, İstanbul, Turkiye https://orcid.org/0000-0002-7911-3993 Abdı Sohrab Urmia Üniversitesi, İktisat ve İşletme Fakültesi, Muhasebe Yüksek Lisans Programı, Urmia, Iran 03 07 2023 68 57 70 04 05 2022 01 24 2023 Copyright © 1975, Journal of Accounting Institute 1975 Journal of Accounting Institute

This study aims to investigate how stock price synchronization affects information asymmetry. In this regard, the stock price synchronicity was estimated using the Market Model. Furthermore, the proposed buy and sell gap was used to evaluate information asymmetry. Therefore, to achieve the purpose of the research we have screened 95 firms from among accepted firms in the Tehran Stock Exchange from 2010 to 2020, including analysis. Accordingly, a multiple regression model is used to test our hypotheses. According to the results, there is a direct and significant relationship between Stock Price Synchronicity and Information Asymmetry. In other words, as a result of the publication of special information and the reflection of this information on the prices of stocks, it reduces the price synchronicity of stock and at the same time creates a smooth flow of information to investors, thus reducing information asymmetry.

Bu araştırmanın amacı, hisse senetlerinin fiyat eşzamanlılığının bilgi asimetrisi üzerindeki etkisini incelemektir. Bir şirketin piyasa veya sektör ile hisse senetlerinin fiyat eşzamanlılığını ölçmek için Pazar Modelinden yararlanılırken bilgi asimetrisini ölçmek için hisse senetlerine teklif edilen satın alma ve hisse senetlerinin satış fiyatlarının farkından yararlanılmaktadır. Dolayısıyla araştırmanın amacına ulaşmak için Tahran Menkul Kıymetler Borsasında işlem gören şirketler arasından 95 aktif şirkete ait 2010-2020 dönemini kapsayan veri analizine konu edilmiştir. Ayrıca, belirlenmiş olan hipotezlerin test edilebilmesi için çok değişkenli regresyon modeli kullanılmaktadır. Araştırma bulgularına göre, hisse senetleri fiyat eşzamanlılığı ile bilgi asimetrisinin ilişkisi doğru orantılı ve istatistiksel olarak anlamlı bulunmaktadır. Diğer bir ifade ile özel bilgilerin yayınlanması ve bu bilgilerin hisse senetlerinin fiyatlarına yansıması sonucunda hisse senetlerinin fiyat eşzamanlılığını azaltıp yatırımcılara düzgün bir bilgi akışı sağlayarak bilgi asimetrisinin de azalmasına neden olmaktadır.

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