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The Impact of Short Selling Bans and COVID-19 Regulations of Borsa Istanbul Equity Market on Market Efficiency

Year 2021, Volume: 10 Issue: 4, 2433 - 2448, 20.10.2021

Sinan Aytekin , Nida Abdioğlu , Arif Sezgin

https://doi.org/10.33206/mjss.759448
Cited By: 2

Abstract

This study firstly examines the impact of the announcement of short selling ban of Borsa İstanbul (BIST) in 28 Feb 2020 on BIST-30 indices firms. Secondly, the effect of COVID-19 epidemic and following market corrections on BIST-30 indices firms are investigated. Turkey reported the first COVID-19 case on 11 March 2020 and World Health Organization announced the virus epidemic as pandemic the same day. Because of the uneasiness in the markets on 12 March, head office of Borsa Istanbul announced that they would change the circuit breaker rate and daily price change limit. Following this announcement, they started to apply new rates on 13 March. By using event study methodology and determining 28 February and 13 March as two different event days, this study examines the impact of these two events on BIST-30 indices firms. According to the empirical results, indices and shares lose value after short sale ban in the first event. In the second event it is found that after the regulations in price margin and breaker rate, abnormal return turns out to be positive. Thus, this regulation is useful for the effectiveness of price fluctuations and price formation in the market.

Keywords

Short Selling Price Margin Circuit Breaker COVID-19 Borsa Istanbul

References

  • Abdioğlu, N. ve Aytekin, S. (2019). Açığa satış fiyatının belirleyicileri: Borsa İstanbul Mali Endeksi (XUMAL) Üzerinde Bir Uygulama. İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 8(3), 2081-2098. doi: https://doi.org/10.15869/itobiad.568523
  • Al-Awadhi, A. M., Alsaifi, K., Al-Awadhi, A. ve Alhammadi, S. (2020). Death and contagious ınfectious diseases: Impact of the COVID-19 virus on stock market returns. Journal of Behavioral and Experimental Finance, 27, 1-4. doi: https://doi.org/10.1016/j.jbef.2020.100326
  • Alfora, L., Chari, A., Greenland, A. N. ve Schott, P. K. (2020). Aggregate and firm level stock returns during pandemics, ın real time. NBER Working Paper Series, No 26950. Erişim adresi: https://www.nber.org/papers/w26950
  • Ashraf, B. N. (2020). Stock markets’ reaction to COVID-19: Cases or fatalities? Research in International Business and Finance, 54, 1-7. doi: https://doi.org/10.1016/j.ribaf.2020.101249
  • Autore, D. M., Billingsley, R. S. ve Kovacs, T. (2011). The 2008 short sale ban: Liquidity, dispersion of opinion, and the cross-section of returns of US fnancial stocks. Journal of Banking and Finance, 35, 2252-2266. doi: 10.1016/j.jbankfin.2011.01.026
  • Aygören, H. ve Uyar, S. (2007). İstanbul Menkul Kıymetler Borsası’nda (İMKB) Denetim görüşlerinin hisse senedi getirileri üzerindeki etkisi. İMKB Dergisi, 9(36), 33-51. Erişim adresi: https://www.borsaistanbul.com/datum/imkbdergi/IMKB_Dergisi_Turkce36.pdf
  • Baker, S., Bloom, N., Davis, S. J., Kost, K., Sammon, M. ve Viratyosin, T. (2020). The unprecedented stock market reaction to COVID-19. NBER Working Paper Series, No 26945. Erişim adresi: https://www.nber.org/papers/w26945.pdf
  • Baidoo, K. B. (2019). The Effect of short selling on financial market volatilities. European Journal of Business Science and Technologies, 5(2), 218-228. doi:http://dx.doi.org/10.11118/ejobsat.v5i2.183
  • Baklacı, H. F., Süer, Ö. ve Yelkenci, T. (2016). A closer ınsight into the causality between short selling trades and volatility. Financial Research Letters, 17, 48-54. doi:http://dx.doi.org/10.1016/j.frl.2016.01.007
  • Basdas, U. ve Oran, A. (2014). Event studies in Turkey. Borsa Istanbul Review, 14(3), 167-188. doi:https://doi.org/10.1016/j.bir.2014.03.003
  • Beber, A. ve Pagano, M. (2013). Short-selling bans around the world: Evidence from the 2007–09 Crisis. Journal of Finance, 68(1), 343-381. doi:https://doi.org/10.1111/j.1540-6261.2012.01802.x
  • Boehmer, E. ve Wu, J. (2013). Short selling and the price discovery process. The Review of Financial Studies, 26(2), 287-322. doi:https://doi.org/10.1093/rfs/hhs097
  • Bohl, M. T., Reher, G. ve Wilfling, B. (2016). Short selling contraints and stock return volality: Empirical evidence from the German stock market. Economic Modelling, 58, 159-166. doi:http://dx.doi.org/10.1016/j.econmod.2016.05.025
  • Bris, A., Goetzman, W. N. ve Zhu, N. (2007). Efficiency and the bear: Short sales and markets around the world. Journal of Finance, 62, 1029–1079. doi: https://doi.org/10.1111/j.1540-6261.2007.01230.x
  • Cankaya, S., Eken, H. M. ve Ulusoy, V. (2012). The ımpact of short selling on ıntraday volatility: Evidence from the Istanbul stock exchange. International Research Journal of Finance and Economics, 93, 202-212. Erişim adresi: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2193861
  • De Vito A. ve Gomez, J. P. (2020). Estimating the COVID-19 cash crunch: Global evidence and policy. Journal of Accounting and Public Policy, 39(2), 1-14. doi:https://doi.org/10.1016/j.jaccpubpol.2020.106741
  • Ding, W., Levine, R., Lin, C. ve Xie, W. (2020). Corporate ımmunity to the Covid-19 pandemic. NBER Working Paper Series, No 27055. Erişim adresi: http://www.nber.org/papers/w27055
  • Ebrahimnejad, A. ve Hosainzade, S. (2019). Short-sale constraints and stock price ınformativeness. Global Finance Journal, 40, 28-34. doi: https://doi.org/10.1016/j.gfj.2018.11.002
  • Erol, A. F. ve Aytekin, S. (2018). Borsa İstanbul Pay Piyasası şirketlerinin bedelsiz sermaye artırımı duyurularının hisse senedi getirileri üzerindeki etkisinin değerlendirilmesi. Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 5(3), 898-912. doi: 10.30798/makuiibf.439219
  • Goodell, J. W. ve Huynh, T. L. D. (2020). Did congress trade ahead? Considering the Reaction of US ındustries to COVID-19. Finance Research Letters, 101578. doi: https://doi.org/10.1016/j.frl.2020.101578
  • Hekimoglu, M. H. ve Tanyeri, B. (2011). Stock market reactions to mergers of non-financial Turkish firms. İktisat İşletme ve Finans, 26(308), 53-70. doi: 10.3848/iif.2011.308.3095
  • Henry, O. T. ve McKenzie, M. (2006). The ımpact of short selling on the price–volume relationship: Evidence from Hong Kong. Journal of Business, 79(2), 671-91. doi: 10.2139/ssrn.407711
  • Jung, C. S., Kim, W. ve Lee, D. W. (2013). Short selling by ındividual ınvestors: destabilizing or price discovering? Pacific-Basin Finance Journal, 21, 1232-1248. doi: https://doi.org/10.1016/j.pacfin.2012.09.001
  • Ji, Q., Zhang, D. ve Zhao, Y. (2020). Searching for Safe-haven assets during the COVID-19 pandemic. International Review of Financial Analysis, 71, 1-10. doi:https://doi.org/10.1016/j.irfa.2020.101526
  • Kılıç, Y. (2020). Borsa İstanbul’da COVID-19 (Koronavirüs) Etkisi. Journal of Emerging Economies and Policy, 5(1), 66-77. Erişim adresi: https://dergipark.org.tr/tr/download/article-file/1132865
  • Kim, J., Kim, J., Lee, S. K. ve Tang, (Rebecca) L. (2020). Effects of epidemic disease outbreaks on financial performance of restaurants: Event study method approach. Journal of Hospitality and Tourism Management, 43, 32-41. doi:10.1016/j.jhtm.2020.01.015
  • Li, Z., Lin, B., Zhang, T. ve Chen, C. (2018). Does short selling ımprove stock price efficiency and liquidity? Evidence from a natural experiment in China. The European Journal of Finance, 24(15), 1350-1368. doi:https://doi.org/10.1080/1351847X.2017.1307772
  • Liu H, Manzoor A., Wang C, Zhang L. ve Manzoor, Z. (2020). The COVID-19 outbreak and affected countries stock markets response. International Journal of Environmental Research and Public Health, 17(8), 1-19. doi:10.3390/ijerph17082800
  • Marsh, Ian W. ve Payne, R. (2012). Banning short sales and market quality: The UK’s experience. Journal of Banking and Finance, 36, 1975-1986. doi:http://dx.doi.org/10.1016/j.jbankfin.2012.03.005
  • Mertzanis, C. (2015). Short selling regulation, return volatility and market volatility in the athens exchange. Studies in Economics and Finance, 34 (1), 143-164. doi: 10.1108/SEF-06-2015-0157
  • Miller, E. M. (1977). Risk, uncertainty, and divergence of opinion. Journal of Finance, 32(4), 1151-1168. doi:https://doi.org/10.1111/j.1540-6261.1977.tb03317.x
  • Mishra, A. (2005). An empirical analysis of market reaction around the bonus ıssues in India. Indian Institute of Management Working Paper, No. 2005-10. Erişim Adresi: https://ssrn.com/abstract=733043 or http://dx.doi.org/10.2139/ssrn.733043
  • Morck, R., Yeung, B. ve Yu, W. (2000). The ınformation content of stock markets: Why do emerging markets have synchronous stock price movement. Journal of Financial Economics, 58(1), 215-260. doi: 10.1016/S0304-405X(00)00071-4
  • Ofek, E. ve Richardson, M. (2003). DotCom mania: The rise and fall of ınternet stock prices. The Journal of Finance, 58 (3), 1113- 1137. doi:https://doi.org/10.1111/1540-6261.00560
  • Onali, E. (2020). Covid-19 and stock market volatility. SSRN Working Paper. Erişim adresi: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3571453
  • Sansa, N. A. (2020). The impact of the COVID - 19 on the financial markets: Evidence from China and USA. Electronic Research Journal of Social Sciences and Humanities, 2(2), 29-39. Erişim adresi: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3562530
  • Sharif, A., Aloui, C. ve Yarovaya, L. (2020). COVID-19 pandemic, oil prices, stock market, geopolitical risk and policy uncertainty nexus in the US economy: Fresh evidence from the wavelet-based approach. International Review of Financial Analysis, 70, 1-9. doi:https://doi.org/10.1016/j.irfa.2020.101496
  • Sobacı, C., Sensoy, A. ve Ertürk, M. (2014). Impact of short selling activity on market dynamics: Evidence from an emerging market. Journal of Financial Stability, 15, 53–62. doi:https://doi.org/10.1016/j.jfs.2014.08.010
  • Suresha, B. ve Chandrashekara, B. (2016). Market efficiency around bonus, stock split and rights ıssue announcement–evidence from India. Journal of Economics and Sustainable Development, 7(11), 71-79. Erişim adresi: https://www.semanticscholar.org/paper/Market-Efficiency-around-Bonus%2C-Stock-Split-and-E2%80%93-Suresha- Chandrashekara/b5118f785f643db10180b3345cf85f9fa0555446
  • Yilmaz, A. K. ve Gulay, G. (2006). Dividend policies and price-volume reactions to cash dividends on the stock market: Evidence from the Istanbul stock exchange. Emerging Markets Finance and Trade, 42(4), 19-49. doi:https://doi.org/10.2753/REE1540-496X420402
  • Zeren, F. ve Hızarcı, A. E. (2020). The ımpact of Covid-19 coronavirus on stock markets: Evidence from selected countries. Muhasebe ve Finans İncelemeleri Dergisi, 3(1), 78-84. doi: 10.32951/mufider.706159
  • Zhang, D., Hu, M. ve Ji, Q. (2020). Financial markets under the global pandemic of Covid-19. Finance Research Letters, In Press. doi: https://doi.org/10.1016/j.frl.2020.10152

BİST Pay Piyasasında Açığa Satış Yasağı ve COVID-19 Düzenlemelerinin Piyasa Etkinliği Üzerindeki Etkisi

Year 2021, Volume: 10 Issue: 4, 2433 - 2448, 20.10.2021

Sinan Aytekin , Nida Abdioğlu , Arif Sezgin

https://doi.org/10.33206/mjss.759448
Cited By: 2

Abstract

 Bu çalışmada ilk olarak 28 Şubat 2020 tarihinde Sermaye Piyasası Kurulunun (SPK) Borsa İstanbul (BİST) pay piyasalarında açığa satışı yasakladığını duyurmasının BİST-30 endeksi şirketleri üzerindeki etkisi incelenmiştir. İkinci olarak ise COVID-19 salgınının ve bunu izleyen BİST piyasa düzenlemelerinin BİST-30 endeksi şirketleri üzerindeki etkisi incelenmiştir. 11 Mart 2020 tarihinde Türkiye'de ilk COVID-19 vakası raporlanmış ve aynı gün Dünya Sağlık Örgütü (DSÖ) virüs salgınını pandemi olarak ilan etmiştir. Piyasalarda oluşan tedirginlik nedeniyle Borsa İstanbul Genel Müdürlüğü 12 Mart günü pay piyasasında devre kesici tetikleme oranı ile günlük fiyat değişim limitlerinde değişikliğe gideceğini duyurmuş ve 13 Mart günü yeni oranları uygulamaya koymuştur. Olay etüdü yöntemi kullanılarak, 28 Şubat ve 13 Mart günleri 2 ayrı olay günü olarak belirlenerek her iki olayın da BİST-30 endeksi şirketleri üzerindeki etkisi incelenmiştir. İlk olay incelendiğinde açığa satış yasağı sonrasında endeks ve pay senetlerinin değer kaybettiği görülmüştür. İkinci olarak fiyat marjı ve devre kesici tetikleme oranı düzenlemeleri sonrasında anormal getirinin pozitif olduğu bulunmuştur. Dolayısıyla bu uygulamanın piyasada fiyat dalgalanmaları ve fiyat oluşumu etkinliği açısından faydalı olduğu sonucuna varılmıştır.

Keywords

Açığa Satış Fiyat Marjı Devre Kesici COVID-19 Borsa İstanbul

References

  • Abdioğlu, N. ve Aytekin, S. (2019). Açığa satış fiyatının belirleyicileri: Borsa İstanbul Mali Endeksi (XUMAL) Üzerinde Bir Uygulama. İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 8(3), 2081-2098. doi: https://doi.org/10.15869/itobiad.568523
  • Al-Awadhi, A. M., Alsaifi, K., Al-Awadhi, A. ve Alhammadi, S. (2020). Death and contagious ınfectious diseases: Impact of the COVID-19 virus on stock market returns. Journal of Behavioral and Experimental Finance, 27, 1-4. doi: https://doi.org/10.1016/j.jbef.2020.100326
  • Alfora, L., Chari, A., Greenland, A. N. ve Schott, P. K. (2020). Aggregate and firm level stock returns during pandemics, ın real time. NBER Working Paper Series, No 26950. Erişim adresi: https://www.nber.org/papers/w26950
  • Ashraf, B. N. (2020). Stock markets’ reaction to COVID-19: Cases or fatalities? Research in International Business and Finance, 54, 1-7. doi: https://doi.org/10.1016/j.ribaf.2020.101249
  • Autore, D. M., Billingsley, R. S. ve Kovacs, T. (2011). The 2008 short sale ban: Liquidity, dispersion of opinion, and the cross-section of returns of US fnancial stocks. Journal of Banking and Finance, 35, 2252-2266. doi: 10.1016/j.jbankfin.2011.01.026
  • Aygören, H. ve Uyar, S. (2007). İstanbul Menkul Kıymetler Borsası’nda (İMKB) Denetim görüşlerinin hisse senedi getirileri üzerindeki etkisi. İMKB Dergisi, 9(36), 33-51. Erişim adresi: https://www.borsaistanbul.com/datum/imkbdergi/IMKB_Dergisi_Turkce36.pdf
  • Baker, S., Bloom, N., Davis, S. J., Kost, K., Sammon, M. ve Viratyosin, T. (2020). The unprecedented stock market reaction to COVID-19. NBER Working Paper Series, No 26945. Erişim adresi: https://www.nber.org/papers/w26945.pdf
  • Baidoo, K. B. (2019). The Effect of short selling on financial market volatilities. European Journal of Business Science and Technologies, 5(2), 218-228. doi:http://dx.doi.org/10.11118/ejobsat.v5i2.183
  • Baklacı, H. F., Süer, Ö. ve Yelkenci, T. (2016). A closer ınsight into the causality between short selling trades and volatility. Financial Research Letters, 17, 48-54. doi:http://dx.doi.org/10.1016/j.frl.2016.01.007
  • Basdas, U. ve Oran, A. (2014). Event studies in Turkey. Borsa Istanbul Review, 14(3), 167-188. doi:https://doi.org/10.1016/j.bir.2014.03.003
  • Beber, A. ve Pagano, M. (2013). Short-selling bans around the world: Evidence from the 2007–09 Crisis. Journal of Finance, 68(1), 343-381. doi:https://doi.org/10.1111/j.1540-6261.2012.01802.x
  • Boehmer, E. ve Wu, J. (2013). Short selling and the price discovery process. The Review of Financial Studies, 26(2), 287-322. doi:https://doi.org/10.1093/rfs/hhs097
  • Bohl, M. T., Reher, G. ve Wilfling, B. (2016). Short selling contraints and stock return volality: Empirical evidence from the German stock market. Economic Modelling, 58, 159-166. doi:http://dx.doi.org/10.1016/j.econmod.2016.05.025
  • Bris, A., Goetzman, W. N. ve Zhu, N. (2007). Efficiency and the bear: Short sales and markets around the world. Journal of Finance, 62, 1029–1079. doi: https://doi.org/10.1111/j.1540-6261.2007.01230.x
  • Cankaya, S., Eken, H. M. ve Ulusoy, V. (2012). The ımpact of short selling on ıntraday volatility: Evidence from the Istanbul stock exchange. International Research Journal of Finance and Economics, 93, 202-212. Erişim adresi: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2193861
  • De Vito A. ve Gomez, J. P. (2020). Estimating the COVID-19 cash crunch: Global evidence and policy. Journal of Accounting and Public Policy, 39(2), 1-14. doi:https://doi.org/10.1016/j.jaccpubpol.2020.106741
  • Ding, W., Levine, R., Lin, C. ve Xie, W. (2020). Corporate ımmunity to the Covid-19 pandemic. NBER Working Paper Series, No 27055. Erişim adresi: http://www.nber.org/papers/w27055
  • Ebrahimnejad, A. ve Hosainzade, S. (2019). Short-sale constraints and stock price ınformativeness. Global Finance Journal, 40, 28-34. doi: https://doi.org/10.1016/j.gfj.2018.11.002
  • Erol, A. F. ve Aytekin, S. (2018). Borsa İstanbul Pay Piyasası şirketlerinin bedelsiz sermaye artırımı duyurularının hisse senedi getirileri üzerindeki etkisinin değerlendirilmesi. Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 5(3), 898-912. doi: 10.30798/makuiibf.439219
  • Goodell, J. W. ve Huynh, T. L. D. (2020). Did congress trade ahead? Considering the Reaction of US ındustries to COVID-19. Finance Research Letters, 101578. doi: https://doi.org/10.1016/j.frl.2020.101578
  • Hekimoglu, M. H. ve Tanyeri, B. (2011). Stock market reactions to mergers of non-financial Turkish firms. İktisat İşletme ve Finans, 26(308), 53-70. doi: 10.3848/iif.2011.308.3095
  • Henry, O. T. ve McKenzie, M. (2006). The ımpact of short selling on the price–volume relationship: Evidence from Hong Kong. Journal of Business, 79(2), 671-91. doi: 10.2139/ssrn.407711
  • Jung, C. S., Kim, W. ve Lee, D. W. (2013). Short selling by ındividual ınvestors: destabilizing or price discovering? Pacific-Basin Finance Journal, 21, 1232-1248. doi: https://doi.org/10.1016/j.pacfin.2012.09.001
  • Ji, Q., Zhang, D. ve Zhao, Y. (2020). Searching for Safe-haven assets during the COVID-19 pandemic. International Review of Financial Analysis, 71, 1-10. doi:https://doi.org/10.1016/j.irfa.2020.101526
  • Kılıç, Y. (2020). Borsa İstanbul’da COVID-19 (Koronavirüs) Etkisi. Journal of Emerging Economies and Policy, 5(1), 66-77. Erişim adresi: https://dergipark.org.tr/tr/download/article-file/1132865
  • Kim, J., Kim, J., Lee, S. K. ve Tang, (Rebecca) L. (2020). Effects of epidemic disease outbreaks on financial performance of restaurants: Event study method approach. Journal of Hospitality and Tourism Management, 43, 32-41. doi:10.1016/j.jhtm.2020.01.015
  • Li, Z., Lin, B., Zhang, T. ve Chen, C. (2018). Does short selling ımprove stock price efficiency and liquidity? Evidence from a natural experiment in China. The European Journal of Finance, 24(15), 1350-1368. doi:https://doi.org/10.1080/1351847X.2017.1307772
  • Liu H, Manzoor A., Wang C, Zhang L. ve Manzoor, Z. (2020). The COVID-19 outbreak and affected countries stock markets response. International Journal of Environmental Research and Public Health, 17(8), 1-19. doi:10.3390/ijerph17082800
  • Marsh, Ian W. ve Payne, R. (2012). Banning short sales and market quality: The UK’s experience. Journal of Banking and Finance, 36, 1975-1986. doi:http://dx.doi.org/10.1016/j.jbankfin.2012.03.005
  • Mertzanis, C. (2015). Short selling regulation, return volatility and market volatility in the athens exchange. Studies in Economics and Finance, 34 (1), 143-164. doi: 10.1108/SEF-06-2015-0157
  • Miller, E. M. (1977). Risk, uncertainty, and divergence of opinion. Journal of Finance, 32(4), 1151-1168. doi:https://doi.org/10.1111/j.1540-6261.1977.tb03317.x
  • Mishra, A. (2005). An empirical analysis of market reaction around the bonus ıssues in India. Indian Institute of Management Working Paper, No. 2005-10. Erişim Adresi: https://ssrn.com/abstract=733043 or http://dx.doi.org/10.2139/ssrn.733043
  • Morck, R., Yeung, B. ve Yu, W. (2000). The ınformation content of stock markets: Why do emerging markets have synchronous stock price movement. Journal of Financial Economics, 58(1), 215-260. doi: 10.1016/S0304-405X(00)00071-4
  • Ofek, E. ve Richardson, M. (2003). DotCom mania: The rise and fall of ınternet stock prices. The Journal of Finance, 58 (3), 1113- 1137. doi:https://doi.org/10.1111/1540-6261.00560
  • Onali, E. (2020). Covid-19 and stock market volatility. SSRN Working Paper. Erişim adresi: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3571453
  • Sansa, N. A. (2020). The impact of the COVID - 19 on the financial markets: Evidence from China and USA. Electronic Research Journal of Social Sciences and Humanities, 2(2), 29-39. Erişim adresi: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3562530
  • Sharif, A., Aloui, C. ve Yarovaya, L. (2020). COVID-19 pandemic, oil prices, stock market, geopolitical risk and policy uncertainty nexus in the US economy: Fresh evidence from the wavelet-based approach. International Review of Financial Analysis, 70, 1-9. doi:https://doi.org/10.1016/j.irfa.2020.101496
  • Sobacı, C., Sensoy, A. ve Ertürk, M. (2014). Impact of short selling activity on market dynamics: Evidence from an emerging market. Journal of Financial Stability, 15, 53–62. doi:https://doi.org/10.1016/j.jfs.2014.08.010
  • Suresha, B. ve Chandrashekara, B. (2016). Market efficiency around bonus, stock split and rights ıssue announcement–evidence from India. Journal of Economics and Sustainable Development, 7(11), 71-79. Erişim adresi: https://www.semanticscholar.org/paper/Market-Efficiency-around-Bonus%2C-Stock-Split-and-E2%80%93-Suresha- Chandrashekara/b5118f785f643db10180b3345cf85f9fa0555446
  • Yilmaz, A. K. ve Gulay, G. (2006). Dividend policies and price-volume reactions to cash dividends on the stock market: Evidence from the Istanbul stock exchange. Emerging Markets Finance and Trade, 42(4), 19-49. doi:https://doi.org/10.2753/REE1540-496X420402
  • Zeren, F. ve Hızarcı, A. E. (2020). The ımpact of Covid-19 coronavirus on stock markets: Evidence from selected countries. Muhasebe ve Finans İncelemeleri Dergisi, 3(1), 78-84. doi: 10.32951/mufider.706159
  • Zhang, D., Hu, M. ve Ji, Q. (2020). Financial markets under the global pandemic of Covid-19. Finance Research Letters, In Press. doi: https://doi.org/10.1016/j.frl.2020.10152
There are 42 citations in total.

Details

Primary Language Turkish
Journal Section Research Article
Authors

Sinan Aytekin 0000-0003-1502-2643

Nida Abdioğlu 0000-0002-8498-9893

Arif Sezgin 0000-0002-3381-6458

Publication Date October 20, 2021
Submission Date June 29, 2020
Published in Issue Year 2021 Volume: 10 Issue: 4

Cite

APA Aytekin, S., Abdioğlu, N., & Sezgin, A. (2021). BİST Pay Piyasasında Açığa Satış Yasağı ve COVID-19 Düzenlemelerinin Piyasa Etkinliği Üzerindeki Etkisi. MANAS Sosyal Araştırmalar Dergisi, 10(4), 2433-2448. https://doi.org/10.33206/mjss.759448
AMA Aytekin S, Abdioğlu N, Sezgin A. BİST Pay Piyasasında Açığa Satış Yasağı ve COVID-19 Düzenlemelerinin Piyasa Etkinliği Üzerindeki Etkisi. MJSS. October 2021;10(4):2433-2448. doi:10.33206/mjss.759448
Chicago Aytekin, Sinan, Nida Abdioğlu, and Arif Sezgin. “BİST Pay Piyasasında Açığa Satış Yasağı Ve COVID-19 Düzenlemelerinin Piyasa Etkinliği Üzerindeki Etkisi”. MANAS Sosyal Araştırmalar Dergisi 10, no. 4 (October 2021): 2433-48. https://doi.org/10.33206/mjss.759448.
EndNote Aytekin S, Abdioğlu N, Sezgin A (October 1, 2021) BİST Pay Piyasasında Açığa Satış Yasağı ve COVID-19 Düzenlemelerinin Piyasa Etkinliği Üzerindeki Etkisi. MANAS Sosyal Araştırmalar Dergisi 10 4 2433–2448.
IEEE S. Aytekin, N. Abdioğlu, and A. Sezgin, “BİST Pay Piyasasında Açığa Satış Yasağı ve COVID-19 Düzenlemelerinin Piyasa Etkinliği Üzerindeki Etkisi”, MJSS, vol. 10, no. 4, pp. 2433–2448, 2021, doi: 10.33206/mjss.759448.
ISNAD Aytekin, Sinan et al. “BİST Pay Piyasasında Açığa Satış Yasağı Ve COVID-19 Düzenlemelerinin Piyasa Etkinliği Üzerindeki Etkisi”. MANAS Sosyal Araştırmalar Dergisi 10/4 (October 2021), 2433-2448. https://doi.org/10.33206/mjss.759448.
JAMA Aytekin S, Abdioğlu N, Sezgin A. BİST Pay Piyasasında Açığa Satış Yasağı ve COVID-19 Düzenlemelerinin Piyasa Etkinliği Üzerindeki Etkisi. MJSS. 2021;10:2433–2448.
MLA Aytekin, Sinan et al. “BİST Pay Piyasasında Açığa Satış Yasağı Ve COVID-19 Düzenlemelerinin Piyasa Etkinliği Üzerindeki Etkisi”. MANAS Sosyal Araştırmalar Dergisi, vol. 10, no. 4, 2021, pp. 2433-48, doi:10.33206/mjss.759448.
Vancouver Aytekin S, Abdioğlu N, Sezgin A. BİST Pay Piyasasında Açığa Satış Yasağı ve COVID-19 Düzenlemelerinin Piyasa Etkinliği Üzerindeki Etkisi. MJSS. 2021;10(4):2433-48.

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