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Year 2013, Issue: 10, - , 20.04.2015

Gülhan Suadiye

Abstract

The purpose of this study to investigate whether there is an association between stock returns and the annual earnings, derived from the new financial reporting standards (IFRS) of firms listed on the Istanbul Stock Exchange (ISE) National Market over the period 2005 -2009. To explore the association between stock returns and the annual earnings, the Return Valuation Model(s) devoloped by Easton and Harris (1991) is used. The model is linking both current earnings levels and earnings changes to stock returns. The empirical results of model indicate that there is a positive and significant association between stock returns and annual earnings for ISE national market

Keywords

Stock Returns Earnings Return Valuation Model Easton and Harris (1991) Istanbul Stock

References

  • AKTAS, M., (2008), “İstanbul Menkul Kıymetler Borsasında Hisse Senedi
  • Getirileri ile İlişkili Olan Finansal Oranların Araştırılması”, İstanbul Üniversitesi İşletme Fakültesi Dergisi, 37(2),137-150.
  • ALFARAH M. ve, F. ALANEZ, (2011), “The Usefulness Of Earnings And
  • Book Value For Equity Valuation To Kuwait Stock Exchange Participants”,
  • International Business & Economics Research Journal (IBER), 10 (1), 73-89.
  • AYDOGAN, K., ve GÜNEY, A. (1997), “Hisse Senedi Fiyatlarının Tahmininde F/Koranı ve Temettü Verimi”, MKB Dergisi, 1 (1).
  • BALL, R. ve P. BROWN (1968), “An Empirical Evaluation of Accounting
  • Income Numbers”, Journal of Accounting Research, 6(2), 159-178.
  • BALL, R., S. P. KOTHAR ve R. L. WATTS (1993), “Economic
  • Determinants of the Relation between Earnings Changes and Stock Returns”, The Accounting Review, 68(3), 622-638.
  • BEAVER, W. H. (1968), “The Information Content of Annual Earnings
  • Announcements”, Journal of Accounting Research,6(3), 67-92.
  • BEAVER, W., R. LAMBERT ve D. MORSE (1980), “The Information
  • Content of Security Prices”, Journal of Accounting and Economics, l2(1), 3-28.
  • BOOTH, G., G., J. BROUSSARD ve O. LOSTL (1997), “Earnings and
  • Stock Returns:Evidence from Germany”, The European Accounting Review, 6(4), 589-603.
  • CHEN, C. J. P., S. CHEN ve X. SU (2001), “Is Accounting Information
  • Value-Relevant in the Emerging Chinese Stock Market?”, Journal of International Accounting Auditing & Taxation, 10 (1), 1-22.
  • COLLNS, D. ve S. KOTHAR (1989), “An Analysis of Intertemporal and
  • Cross-Sectional Determinants of Earnings Response Coefficients”, Journal of Accounting and Economics, 11 (2/3), 143-181.
  • CITAK, L., (2004) “F/K Oranları ile MKB 100 Endeksi Arasındaki liskiler
  • Üzerine Bir Arastırma”, Dokuz Eylül Üniversitesi sletme Fakültesi Dergisi, V (1) 73–87.
  • EASTON, P. D. ve T. S. HARRS (1991), “Earnings as an Explanatory
  • Variable for Returns”, Journal of Accounting Research, 29(1), 19-36.
  • GJERDE, O., KNIVSFLÂ, K. H.,ve F. SASTTEM, (2011), “The Value
  • Relevance of Financial Reporting in Norway 1965–2004”, Scandinavian Journal of Management, 27(1), 113-128.
  • HARRIS, T. S., M. LANG, ve H. P MOLLER, (1994), “The value relevance
  • of German accounting measures”, Journal of Accounting Research, 32(2), 181-209.
  • HORASAN, M., (2009), “Fiyat/Kazanç Oranının Hisse Senedi Getirilerine
  • Etkisi: MKB 30 Endeksi Üzerine Bir Uygulama” A.Ü. ..B.F Dergisi, 23(1), 180-192.
  • JERMAKOWCZ, E. K. ve S. GORNK-TOMASZEWSK (1998),
  • “Information Content of Earnings in the Emerging Capital Market: Evidence from
  • Warsaw Stock Exchange”, Multinational Finance Journal, 2(4), 245-267.
  • JNDRCHOVSKA, I. (2001), “The Relationship Between Accounting
  • Numbers and Returns: Some Empirical Evidence from the Emerging Market of Czech Republic”, The European Accounting Review, 10(1),107-131.
  • KALAYCI, S.,ve A. KARATAS, (2005), “Hisse Senedi Getirileri ve Finansal
  • Oranlar İliskisi : stanbul Menkul Kıymetler Borsasında Bir Temel Analiz Arastırması”, Muhasebe ve Finansman Dergisi, 27(9), 146-157.
  • KOTHAR, S. P. ve J. L. ZMMERMAN (1995), “Price and Return Models”,
  • Journal of Accounting and Economics, 20(2), 155-192.
  • KOTHARI, S. P.,ve R. G SLOAN,.(1992), “Information in Prices About
  • Future Earnings”, Journal of Accounting and Economics, 15 (3), 143-171.
  • MADITINOS D.I, ZEVIC, Z, CHATZOGLOU3, P ve THERIOU G,N.
  • (2007), “Earnings As An Explanatory Tool in Explaining Stock Market Returns and The Use Of Easton And Harris (1991) Model: The Case Of Greece”, International Scientific Conference, Contemporary Challenges of Theory and Practice in Economics University of Belgrade, September 2007, 195.130.92.177/./Maditinos
  • %20et%20al%20-%20Belgrade%202007.(Erisim tarihi 04.02.2011)
  • OHLSON, J. A. (1995), “Earnings, Book Values, And Dividends in Equity
  • Valuation”, Contemporary Accounting Research, 11(2), 661-687.
  • OHLSON, J. A. ve P.K. SHROFF, (1992), “Changes Versus Levels in
  • Earnings as Explanatory Variables For Returns: Some Theoretical Considerations”, Journal of Accounting Research, 30(2), 210-226.
  • PRITCHARD J., N. (2002), The Relationship between Accounting Numbers
  • and Returns in the Baltic Stock Markets, CERT Discussion paper, No 2002/06, May 2002, Edinburgh, Heriot-Watt University.
  • www.sml.hw.ac.uk/downloads/cert/wpa/2002/dp0206.pdf.(Erisim Tarihi: 4.02.2011)
  • RAGAB, A., ve OMRAN, M. (2006), “Accounting Information, Value
  • Relevance, And Investors’ Behavior In The Egyptian Equity Market”, Review of Accounting and Finance, 5(3), 279-297.
  • SHROFF, P. (1995), “Determinants of the Returns-Earnings Correlation”,
  • Contemporary Accounting Research, 12(1), 41-55.
  • STRONG N, (1993,) “The Relation between Returns and Earnings: Evidence for the UK, Accouniing and Business Research, 24 (93), 69-77
  • SAMLOGLU, F. (2005), “Hisse Getirileri ve Fiyatlarıyla, Kazançlar ve Nakit
  • Akımları Arasındaki İlişki: Deri ve Gıda Şirketlerinde Ampirik Bir İnceleme", MUFAD Dergisi, Sayı:26, 120-126.
  • ÜNLÜ U., A., BAYRAKDAROGLU, ve ., EGE, “Hisse Senedi Endeks Getirileri ve Temettü Verimi: mkb 100 Ve S&P 500 Endeksleri Üzerine Bir Uygulama”, Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 11 / 1 (2009). 143-158
  • VAFEAS, N., L. TRGEORGS, ve X. GEORGOU (1998), “The Usefulness
  • of Earnings in Explaining Stock Returns in an Emerging Market: The Case of Cyprus”, European Accounting Review, 7(1), 105-126.

İSTANBUL MENKUL KIYMETLER BORSASI’NDA KAZANÇ VE HİSSE SENEDİ GETİRİSİ ARASINDAKİ İLİŞKİNİN TEST EDİLMESİ

Year 2013, Issue: 10, - , 20.04.2015

Gülhan Suadiye

Abstract

Bu çalısmanın amacı, stanbul Menkul Kıymetler Borsası (MKB) Ulusal Pazarı’nda islem gören firmaların, yeni finansal raporlama standartlarından (UFRS) elde edilen yıllık kazançları ve hisse senetlerinin getirisi arasında bir iliski olup olmadıgını arastırmaktır. Firmaların yıllık kazançları ile hisse senetlerinin getirisi arasındaki iliskiyi arastırmak için Easton ve Harris (1991) tarafından gelistirilen Getiri Degerleme Modeli (Modelleri) kullanılmıstır. Model, firma kazancı ve kazanç degisimlerinin hisse senetleri getirileriyle baglantısını kurmaktadır. Modelin ampirik sonuçları, MKB Ulusal Pazar için yıllık kazanç ile hisse senetlerinin getirisi arasında pozitif yönde ve anlamlı bir iliski oldugunu göstermektedir.

Keywords

Hisse Senedi Getirisi Kazançlar Getiri Değerleme Modeli Easton and Harris

References

  • AKTAS, M., (2008), “İstanbul Menkul Kıymetler Borsasında Hisse Senedi
  • Getirileri ile İlişkili Olan Finansal Oranların Araştırılması”, İstanbul Üniversitesi İşletme Fakültesi Dergisi, 37(2),137-150.
  • ALFARAH M. ve, F. ALANEZ, (2011), “The Usefulness Of Earnings And
  • Book Value For Equity Valuation To Kuwait Stock Exchange Participants”,
  • International Business & Economics Research Journal (IBER), 10 (1), 73-89.
  • AYDOGAN, K., ve GÜNEY, A. (1997), “Hisse Senedi Fiyatlarının Tahmininde F/Koranı ve Temettü Verimi”, MKB Dergisi, 1 (1).
  • BALL, R. ve P. BROWN (1968), “An Empirical Evaluation of Accounting
  • Income Numbers”, Journal of Accounting Research, 6(2), 159-178.
  • BALL, R., S. P. KOTHAR ve R. L. WATTS (1993), “Economic
  • Determinants of the Relation between Earnings Changes and Stock Returns”, The Accounting Review, 68(3), 622-638.
  • BEAVER, W. H. (1968), “The Information Content of Annual Earnings
  • Announcements”, Journal of Accounting Research,6(3), 67-92.
  • BEAVER, W., R. LAMBERT ve D. MORSE (1980), “The Information
  • Content of Security Prices”, Journal of Accounting and Economics, l2(1), 3-28.
  • BOOTH, G., G., J. BROUSSARD ve O. LOSTL (1997), “Earnings and
  • Stock Returns:Evidence from Germany”, The European Accounting Review, 6(4), 589-603.
  • CHEN, C. J. P., S. CHEN ve X. SU (2001), “Is Accounting Information
  • Value-Relevant in the Emerging Chinese Stock Market?”, Journal of International Accounting Auditing & Taxation, 10 (1), 1-22.
  • COLLNS, D. ve S. KOTHAR (1989), “An Analysis of Intertemporal and
  • Cross-Sectional Determinants of Earnings Response Coefficients”, Journal of Accounting and Economics, 11 (2/3), 143-181.
  • CITAK, L., (2004) “F/K Oranları ile MKB 100 Endeksi Arasındaki liskiler
  • Üzerine Bir Arastırma”, Dokuz Eylül Üniversitesi sletme Fakültesi Dergisi, V (1) 73–87.
  • EASTON, P. D. ve T. S. HARRS (1991), “Earnings as an Explanatory
  • Variable for Returns”, Journal of Accounting Research, 29(1), 19-36.
  • GJERDE, O., KNIVSFLÂ, K. H.,ve F. SASTTEM, (2011), “The Value
  • Relevance of Financial Reporting in Norway 1965–2004”, Scandinavian Journal of Management, 27(1), 113-128.
  • HARRIS, T. S., M. LANG, ve H. P MOLLER, (1994), “The value relevance
  • of German accounting measures”, Journal of Accounting Research, 32(2), 181-209.
  • HORASAN, M., (2009), “Fiyat/Kazanç Oranının Hisse Senedi Getirilerine
  • Etkisi: MKB 30 Endeksi Üzerine Bir Uygulama” A.Ü. ..B.F Dergisi, 23(1), 180-192.
  • JERMAKOWCZ, E. K. ve S. GORNK-TOMASZEWSK (1998),
  • “Information Content of Earnings in the Emerging Capital Market: Evidence from
  • Warsaw Stock Exchange”, Multinational Finance Journal, 2(4), 245-267.
  • JNDRCHOVSKA, I. (2001), “The Relationship Between Accounting
  • Numbers and Returns: Some Empirical Evidence from the Emerging Market of Czech Republic”, The European Accounting Review, 10(1),107-131.
  • KALAYCI, S.,ve A. KARATAS, (2005), “Hisse Senedi Getirileri ve Finansal
  • Oranlar İliskisi : stanbul Menkul Kıymetler Borsasında Bir Temel Analiz Arastırması”, Muhasebe ve Finansman Dergisi, 27(9), 146-157.
  • KOTHAR, S. P. ve J. L. ZMMERMAN (1995), “Price and Return Models”,
  • Journal of Accounting and Economics, 20(2), 155-192.
  • KOTHARI, S. P.,ve R. G SLOAN,.(1992), “Information in Prices About
  • Future Earnings”, Journal of Accounting and Economics, 15 (3), 143-171.
  • MADITINOS D.I, ZEVIC, Z, CHATZOGLOU3, P ve THERIOU G,N.
  • (2007), “Earnings As An Explanatory Tool in Explaining Stock Market Returns and The Use Of Easton And Harris (1991) Model: The Case Of Greece”, International Scientific Conference, Contemporary Challenges of Theory and Practice in Economics University of Belgrade, September 2007, 195.130.92.177/./Maditinos
  • %20et%20al%20-%20Belgrade%202007.(Erisim tarihi 04.02.2011)
  • OHLSON, J. A. (1995), “Earnings, Book Values, And Dividends in Equity
  • Valuation”, Contemporary Accounting Research, 11(2), 661-687.
  • OHLSON, J. A. ve P.K. SHROFF, (1992), “Changes Versus Levels in
  • Earnings as Explanatory Variables For Returns: Some Theoretical Considerations”, Journal of Accounting Research, 30(2), 210-226.
  • PRITCHARD J., N. (2002), The Relationship between Accounting Numbers
  • and Returns in the Baltic Stock Markets, CERT Discussion paper, No 2002/06, May 2002, Edinburgh, Heriot-Watt University.
  • www.sml.hw.ac.uk/downloads/cert/wpa/2002/dp0206.pdf.(Erisim Tarihi: 4.02.2011)
  • RAGAB, A., ve OMRAN, M. (2006), “Accounting Information, Value
  • Relevance, And Investors’ Behavior In The Egyptian Equity Market”, Review of Accounting and Finance, 5(3), 279-297.
  • SHROFF, P. (1995), “Determinants of the Returns-Earnings Correlation”,
  • Contemporary Accounting Research, 12(1), 41-55.
  • STRONG N, (1993,) “The Relation between Returns and Earnings: Evidence for the UK, Accouniing and Business Research, 24 (93), 69-77
  • SAMLOGLU, F. (2005), “Hisse Getirileri ve Fiyatlarıyla, Kazançlar ve Nakit
  • Akımları Arasındaki İlişki: Deri ve Gıda Şirketlerinde Ampirik Bir İnceleme", MUFAD Dergisi, Sayı:26, 120-126.
  • ÜNLÜ U., A., BAYRAKDAROGLU, ve ., EGE, “Hisse Senedi Endeks Getirileri ve Temettü Verimi: mkb 100 Ve S&P 500 Endeksleri Üzerine Bir Uygulama”, Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 11 / 1 (2009). 143-158
  • VAFEAS, N., L. TRGEORGS, ve X. GEORGOU (1998), “The Usefulness
  • of Earnings in Explaining Stock Returns in an Emerging Market: The Case of Cyprus”, European Accounting Review, 7(1), 105-126.
There are 61 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Gülhan Suadiye This is me

Publication Date April 20, 2015
Published in Issue Year 2013 Issue: 10

Cite

APA Suadiye, G. (2015). İSTANBUL MENKUL KIYMETLER BORSASI’NDA KAZANÇ VE HİSSE SENEDİ GETİRİSİ ARASINDAKİ İLİŞKİNİN TEST EDİLMESİ. Uluslararası İktisadi Ve İdari İncelemeler Dergisi(10). https://doi.org/10.18092/ijeas.72295


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