Evaluation of Success in Investment Decisions of Stock Assessment Methods

Year 2014, Issue: 13, 155 - 168, 01.06.2014

Ahmet Kurtaran

Abstract

The aim of this study is to measure performance of price-earnings and book-to- market ratio which are stock valuation methods on stock investment decision. The study includes 5 years period between 2008 and 2012. It has been used data set composed of 136 firms and 680 observation in Borsa Istanbul Manufacturing Industry by the years. According to results of analysis, book-to-market method is more successful than price-earnings ratio method on the investment decisions. Besides, while there isn’t significant difference among stock returns as statistical it is reached result that returns of stocks having high and low book-to-market ratio are different from each other.

Keywords

Price-Earnings Ratio, Book-To-Market Value, Stock Return

Hisse Senedi Değerlendirme Yöntemlerinin Yatırım Kararlarındaki Başarısının Değerlendirilmesi

Abstract

Bu çalışmanın amacı hisse senedi değerlendirme yöntemlerinden piyasa değeri defter değeri ve fiyat kazanç oranı yöntemlerinin hisse senedi yatırım kararlarındaki başarısını ölçmektir. Çalışma 2008 ile 2012 arasındaki 5 yıllık bir dönemi kapsamaktadır. Belirtilen dönemler itibariyle Borsa İstanbul’daki imalat sanayi sektörüne ait 136 firma ve 680 adet gözlemden oluşan veri seti kullanılmıştır. Analiz sonucunda piyasa değeri defter değeri oranı yönteminin fiyat kazanç oranı yöntemine göre yatırım kararlarında daha başarılı olduğu tespit edilmiştir. Ayrıca fiyat kazanç oranı bakımından hisse senedi getirileri arasında istatistiksel olarak anlamlı bir fark bulunmazken yüksek ve düşük piyasa değeri defter değeri oranına sahip olan hisse senedi getirilerin birbirinden farklı olduğu sonucuna ulaşılmıştır.

Keywords

Fiyat-Kazanç Oranı, Piyasa Değeri Defter Değeri, Hisse Senedi Getirisi

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