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BEDELSİZ SERMAYE ARTIRIMI DUYURULARININ ŞİRKETLERİN PİYASA DEĞERLERİNE ETKİSİ: BORSA İSTANBUL ÖRNEĞİ

Year 2015, Issue: 35, 129 - 149, 01.12.2015

Abstract

Bu çalışmanın amacı 2012-2014 yılları arasında Borsa İstanbul Hisse Senetleri Piyasasında işlem gören şirketlerin hisse senedi fiyatlarının bedelsiz sermaye artırımı duyurularından etkilenip etkilenmediğini inceleyerek, hisse senedi piyasasının yarı etkin güçlü yapıda olup olmadığını araştırmaktır. Bu bağlamda, incelenen periyotta Borsa İstanbul Hisse Senedi Piyasasının etkinliği “olay çalışması” yöntemi kullanılarak analiz edilmiştir. Analizde, olay penceresi (-5,+5) iş günü alınmıştır. Ayrıca ilgili dönemde bedelsiz sermaye artırım oranları %100’den düşük, %100 ve daha yüksek olan şirketler ayrı olarak incelenmiş ve bedelsiz sermaye artırım oranlarındaki farklılığın, ortalama anormal getiriler ve kümülatif anormal getirilerdeki etkisi analiz edilmiştir. Araştırma sonuçlarına göre; bedelsiz sermaye artırımı duyurularından sonra istatistiksel olarak anlamlı pozitif ortalama anormal getiriler elde edilmesi mümkün değildir. Ancak bedelsiz sermaye artırım oranı %100 ve daha fazla olan şirketlerde duyurunun yapıldığı tarihten sonraki 4. Gün anlamlı negatif ortalama anormal getiri elde edilmektedir. Aynı zamanda olay penceresi içerisinde farklı periyotlarda anlamlı kümülatif anormal pozitif getiriler elde edilebilir. Bu sonuçlara göre, Borsa İstanbul Hisse Senetleri Piyasası incelenen dönem içinde bedelsiz sermaye artırımı duyurularından etkilendiği ve yarı güçlü etkin yapıda bir piyasa olmadığı söylenebilir.

References

  • Adaoğlu Cahit (2006), ‘‘Market Reaction to ‘Sweetened’ and ‘Unsweetened ‘ Rights and Offerings in an Emerging European Stock Market’’,Journal of Multinational Financial Management,(16),p.249-268.
  • Altaş Soner(2010), ‘‘Anonim Şirketlerde Şarta Bağlı Sermaye Artırımı’’, Mali Çözüm, Sayı:98,s. 145-156.
  • Balachandran Balasingham, Robert Faff, Sally Tanner(2004),’’Further evidence on the announcement effect of bonus shares in an imputation tax setting’’, Global Finance Journal (15), p.147-170.
  • Barnes Michelle L., Shiguang Ma(2001), ‘‘Market Efficiency or Not? The Behaviour of China’s Stock Prices in Response to the Announcement of Bonus Issues’’, Center for International Economic Studies, Discussion Paper No. 0120, p.1-28.
  • Basha Jeelan. V(2014), ‘‘Wealth Maximization : An Empirical Analysis of Bonus Shares and Right Issue’’, Indian Journal of Applied Research, Vol. 4, Issue. 5, p. 105-108.
  • Campbell, John Y., Lo, Andrew W. ,MacKinlay, A. Craig (1996), “The Econometrics of Financial Markets”, Princeton University Press.
  • Dıma, Bogdan, MILOS, L. Raisa (2009), ‘’Testing The Efficiency Market Hypothesis For The Romanian Stock Market’’, Annales Universitatis Apulensis Series Oeconomica, 11 (1) , pp.402-415.
  • Dolley J.(1933), ‘‘Characteristics and Procedure of Common Stock Split-Ups’’, Harvard Business Review, p. 316-326.
  • Dutta Anupam(2014), ‘‘Parametric and Nonparametric Event Study Tests: A Review’’, International Business Research, Vol. 7, No. 12, p. 136-142.
  • Erdoğan, Muammer ve Bakir Elmas( 2010), ‘‘Hisse Senedi Piyasalarında Görülen Anomaliler ve Bireysel Yatırımcı Üzerine Bir Araştırma’’, Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Sayı:14, s.1-22.
  • Fama, Eugene(1970), ‘Efficient Capital Markets: A Review Theory and Empirical Work’’,Journal of Finance,25(2),p. 383-417.
  • Fernando K.G.K. , Guneratne P.S.M.(2009), ‘‘Measuring Abnormal Performance in Event Studies: An Application with Bonus Issue Announcements in Colombo Stock Exchange’’, Working Paper Series, p. 1-12.
  • Gunasekara H.M.D.T.(2005), ‘‘Share Price Reactions to Bonus Issue Announcements of Sri Lankan Stock Market (1993-2004)’’, Master Thesis, Department of Management of Technology, University of Moratuwa.
  • Jamroz, P., KORONKIEWICZ, G. (2013). “Stock Market Reactions to the Announcements and Executions of Stock-Splits and Reverse Stock-Splits”, Optimum Studia Ekonomiczne, 5 (65), 34-50.
  • Juan Tan Kok(2003), ‘‘The Effect of Bonus Issue Announcement Date and Ex-Date on Stock Prices of the Kuala Lumpur Stock Exchange’’, Master Thesis, University of Malaya.
  • Kawıra Kamanja Bessie(2014), ‘‘The Effect of Bonus Issue Announcements on Share Prices of Commercial Banks Listed at the Nairobi Securities Exchange’’, Research Project in Finance of the University of Nairobi.
  • Kotharı, S. P., WARNER, Jerold B. (2007). “Econometrics of Event Studies”, Handbook of Corporate Finance, Vol 1.
  • Mackınlay, A. Craig (1997), “Event Studies in Economics and Finance”, Journal of Economic Literature, Vol 35(1). p. 12-39.
  • Malhotra Madhuri, M. Thenmozhi, G. Arun Kumar(2007), ‘‘Stock Market Reaction and Liquidity Changes Around Bonus Issue Announcement: Evidence from India’’, 10th Capital Market Conference, Indian Institute of Capital Markets Paper, p. 1-12.
  • Malhotra Madhuri, M. Thenmozhi, G. Arun Kumar(2011), ‘‘Evidence on Changes in Time Varying Volatility Around Bonus and Rights Issue Announcements’’, Working Paper 61/2011, Madras School of Economics, p.1-30.
  • Mıshra Asim. K. (2005), ‘‘An Empirical Analysis of Market Reaction Around the Bonus Isuues in India’’, Indian Institute of Management Working Paper, No. 10,p. 1-29.
  • Raja M., Sudhahar J.Clement(2010), ‘‘An Empirical Test of Indian Stock Market Efficiency in Respect of Bonus Announcement’’, Asia Pasific Journal of Finance and Banking Research, Vol.4, No.4.
  • T.C. YASALAR (14.02.2011). 6102 sayılı Türk Ticaret Kanunu. Ankara: Resmi Gazete (27846 sayılı). Bedelsiz ve Bedelli Paylar, http://www.borsaistanbul.com/urunler-ve-piyasalar/urunler/paylar/hisse-senedi-cesitleri (08.02.2015)
  • Yavuz Mustafa(2013), ‘‘Yeni Türk Ticaret Kanununa göre İç Kaynaklardan Sermaye Artırımı’’, Mali Çözüm, s. 129-140.
Year 2015, Issue: 35, 129 - 149, 01.12.2015

Abstract

References

  • Adaoğlu Cahit (2006), ‘‘Market Reaction to ‘Sweetened’ and ‘Unsweetened ‘ Rights and Offerings in an Emerging European Stock Market’’,Journal of Multinational Financial Management,(16),p.249-268.
  • Altaş Soner(2010), ‘‘Anonim Şirketlerde Şarta Bağlı Sermaye Artırımı’’, Mali Çözüm, Sayı:98,s. 145-156.
  • Balachandran Balasingham, Robert Faff, Sally Tanner(2004),’’Further evidence on the announcement effect of bonus shares in an imputation tax setting’’, Global Finance Journal (15), p.147-170.
  • Barnes Michelle L., Shiguang Ma(2001), ‘‘Market Efficiency or Not? The Behaviour of China’s Stock Prices in Response to the Announcement of Bonus Issues’’, Center for International Economic Studies, Discussion Paper No. 0120, p.1-28.
  • Basha Jeelan. V(2014), ‘‘Wealth Maximization : An Empirical Analysis of Bonus Shares and Right Issue’’, Indian Journal of Applied Research, Vol. 4, Issue. 5, p. 105-108.
  • Campbell, John Y., Lo, Andrew W. ,MacKinlay, A. Craig (1996), “The Econometrics of Financial Markets”, Princeton University Press.
  • Dıma, Bogdan, MILOS, L. Raisa (2009), ‘’Testing The Efficiency Market Hypothesis For The Romanian Stock Market’’, Annales Universitatis Apulensis Series Oeconomica, 11 (1) , pp.402-415.
  • Dolley J.(1933), ‘‘Characteristics and Procedure of Common Stock Split-Ups’’, Harvard Business Review, p. 316-326.
  • Dutta Anupam(2014), ‘‘Parametric and Nonparametric Event Study Tests: A Review’’, International Business Research, Vol. 7, No. 12, p. 136-142.
  • Erdoğan, Muammer ve Bakir Elmas( 2010), ‘‘Hisse Senedi Piyasalarında Görülen Anomaliler ve Bireysel Yatırımcı Üzerine Bir Araştırma’’, Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Sayı:14, s.1-22.
  • Fama, Eugene(1970), ‘Efficient Capital Markets: A Review Theory and Empirical Work’’,Journal of Finance,25(2),p. 383-417.
  • Fernando K.G.K. , Guneratne P.S.M.(2009), ‘‘Measuring Abnormal Performance in Event Studies: An Application with Bonus Issue Announcements in Colombo Stock Exchange’’, Working Paper Series, p. 1-12.
  • Gunasekara H.M.D.T.(2005), ‘‘Share Price Reactions to Bonus Issue Announcements of Sri Lankan Stock Market (1993-2004)’’, Master Thesis, Department of Management of Technology, University of Moratuwa.
  • Jamroz, P., KORONKIEWICZ, G. (2013). “Stock Market Reactions to the Announcements and Executions of Stock-Splits and Reverse Stock-Splits”, Optimum Studia Ekonomiczne, 5 (65), 34-50.
  • Juan Tan Kok(2003), ‘‘The Effect of Bonus Issue Announcement Date and Ex-Date on Stock Prices of the Kuala Lumpur Stock Exchange’’, Master Thesis, University of Malaya.
  • Kawıra Kamanja Bessie(2014), ‘‘The Effect of Bonus Issue Announcements on Share Prices of Commercial Banks Listed at the Nairobi Securities Exchange’’, Research Project in Finance of the University of Nairobi.
  • Kotharı, S. P., WARNER, Jerold B. (2007). “Econometrics of Event Studies”, Handbook of Corporate Finance, Vol 1.
  • Mackınlay, A. Craig (1997), “Event Studies in Economics and Finance”, Journal of Economic Literature, Vol 35(1). p. 12-39.
  • Malhotra Madhuri, M. Thenmozhi, G. Arun Kumar(2007), ‘‘Stock Market Reaction and Liquidity Changes Around Bonus Issue Announcement: Evidence from India’’, 10th Capital Market Conference, Indian Institute of Capital Markets Paper, p. 1-12.
  • Malhotra Madhuri, M. Thenmozhi, G. Arun Kumar(2011), ‘‘Evidence on Changes in Time Varying Volatility Around Bonus and Rights Issue Announcements’’, Working Paper 61/2011, Madras School of Economics, p.1-30.
  • Mıshra Asim. K. (2005), ‘‘An Empirical Analysis of Market Reaction Around the Bonus Isuues in India’’, Indian Institute of Management Working Paper, No. 10,p. 1-29.
  • Raja M., Sudhahar J.Clement(2010), ‘‘An Empirical Test of Indian Stock Market Efficiency in Respect of Bonus Announcement’’, Asia Pasific Journal of Finance and Banking Research, Vol.4, No.4.
  • T.C. YASALAR (14.02.2011). 6102 sayılı Türk Ticaret Kanunu. Ankara: Resmi Gazete (27846 sayılı). Bedelsiz ve Bedelli Paylar, http://www.borsaistanbul.com/urunler-ve-piyasalar/urunler/paylar/hisse-senedi-cesitleri (08.02.2015)
  • Yavuz Mustafa(2013), ‘‘Yeni Türk Ticaret Kanununa göre İç Kaynaklardan Sermaye Artırımı’’, Mali Çözüm, s. 129-140.
There are 24 citations in total.

Details

Primary Language Turkish
Journal Section 2015
Authors

Engin Küçüksille

Rozi Mizrahi

Publication Date December 1, 2015
Submission Date September 1, 2015
Published in Issue Year 2015 Issue: 35

Cite

APA Küçüksille, E., & Mizrahi, R. (2015). BEDELSİZ SERMAYE ARTIRIMI DUYURULARININ ŞİRKETLERİN PİYASA DEĞERLERİNE ETKİSİ: BORSA İSTANBUL ÖRNEĞİ. Sosyal Ve Beşeri Bilimler Araştırmaları Dergisi, 16(35), 129-149.

Sosyal ve Beşeri Bilimler Araştırmaları Dergisi (SOBBİAD) Creative Commons Atıf-GayriTicari 4.0 Uluslararası Lisansı CC BY-NC 4.0 ile lisanslanmıştır.