BibTex RIS Cite

ŞİRKETLERE ÖZGÜ HABERLERİN HİSSE PERFORMANSINA ETKİSİ: BİST-30 ŞİRKETLERİ ÖRNEĞİ

Year 2016, Issue: 16, 113 - 138, 16.12.2015
https://doi.org/10.18092/ijeas.96170

Abstract

Bu çalışmanın amacı Ocak 2003-Aralık 2012 dönemi için BİST-30’da işlem gören şirketlerce duyurulan haberlerin hisse performansına etkisini araştırmaktır. Bu doğrultuda şirketlerce duyurulan haberler, kurumsal yönetime ilişkin duyurular, finansal duyurular, hukuki duyurular, operasyonel duyurular ve yeniden yapılanmaya ilişkin duyurular olmak üzere 5 ana başlık altında sınıflandırılmıştır. Çalışmanın veri seti ise BİST-30’da işlem gören şirketler tarafından duyurulan 2143 haberi kapsamaktadır. Verilerin analizinde ise olay çalışması (event study) yönteminden yararlanılmıştır. Yapılan hesaplamalar, ortalama aşırı getiriler (ARR) açısından olay günü yatırımcıların en çok operasyonel, finansal ve yeniden yapılanmaya ilişkin haberlere karşı duyarlı olduğunu ortaya koymuştur. Ayrıca olay öncesi ve sonrası ortaya çıkan istatistiksel açıdan anlamlı ortalama kümülatif aşırı getiriler (ACAR) Borsa İstanbul’un yarı kuvvetli formda etkin olmadığını göstermiştir.

Anahtar Kelimeler: Aşırı Getiri, Borsa İstanbul, Olay Çalışması

JEL Sınıflandırması: G14, G34

 

THE EFFECT OF FIRM-SPECIFIC NEWS TO STOCK PERFORMANCE: CASE OF BIST-30 COMPANIES

ABSTRACT

The purpose of this study is to analyze whether the news provides an opportunity to obtain abnormal returns, which news are announced by companies traded in BIST-30 during January 2003 to December 2012. The firm-specific news are classified on 5 main topics which are corporate governance related announcements, financial announcements, legal announcements, operational announcements and restructuring related announcements. The data covers 2143 news announced by BIST-30 companies. For data analysis event study is used. As a result, it is determined investors mostly react to announcements about operational, financial and restructuring news in terms of the average abnormal returns (ARR) at the day of event respectively. Result shows that Borsa Istanbul is not effective at semi-strongly form within the scope of efficient market hypothesis.

Keywords: Abnormal Return, Borsa Istanbul, Event Study

JEL Classification: G14, G34

References

  • Affleck G., Carolyn M. Callahan ve Chipalkatti, N. (2002). Earnings Predictability, Information Asymmetry and Market Liquidity. Journal Of Accounting Research, 40, 561-583.
  • Akdiş, M. (1989). Türkiye’de Sermaye Piyasası, Maliye Dergisi, Sayı: 94, Ma-yıs/Haziran, 49-57. Http://Makdis.Pamukkale.Edu.Tr/Mak19.Htm
  • Anbar, A. (2009). Osmanlı İmparatorluğu’nun Avrupa İle Finansal Entegrasyonu. Maliye Finans, Yıl: 23, Sayı: 84, 17-37.
  • Andrade G., Mark M.l, ve Stafford, E. (2001). New Evidence and Perspectives on Mergers. Journal of Economic Perspectives, Vol. 15, No:2.
  • Antweiler, W. ve Murray Z. F., (2006). Do U.S. Stock Markets Typically Overreact to Corporate News Stories?. Working Paper, University of British Columbia.
  • Asquith, P.ve Mullins Jr. D. W. (1983). The Impact of Initiating Dividend Payments on Shareholders' Wealth. Journal Of Business, 56, 77-96.
  • Asquith, P. ve Mullins Jr. D. W. (1986). Signaling With Dividends, Stock Repur-chases, And Equity Issues. Financial Management, 15, 27-44.
  • Austin, D.H. (1993). An Event-Study Approach to Measuring Innovative Output: The Case Of Biotechnology. American Economic Review, 83, 253-258.
  • Aydın, N. ve diğerleri (2012). Borsaların Yapısı ve İşleyişi., Ed. Murat Ertuğrul,978-975-06-1210-7,Http://-Eogrenme.Anadolu.-Edu.Tr/-Ekitap/-Msp203u.Pdf, 22.03.2013.
  • Bajaj, M. Ve Vijh, A. M. (1995). Trading Behavior and The Unbiasedness of The Market Reaction To Dividend Announcements. Journal of Finance, 50, 255-279.
  • Bamber, L., Smith,B. O. E., Stober T. L. (1997). Trading Volume a Different Aspects Of Disagreement Coincident With Earnings Announcements. Accounting Review, 72, 575-597.
  • Barber, B.M. Ve Darrough, M.N. (1996). Product Reliability and Firm Value: The Experience of American and Japanese Automakers, 1973-1992. Journal of Politi-cal Economy, 104, 1084-1099.
  • Borsa İstanbul, Sermaye Piyasaları ve Borsaların Tarihi, İşlevleri Http://-Borsaistanbul.Com/Publications/Trainingsets2.Aspx, 11.03.2013.
  • Brooks, R. M. ve Diğerleri (2003). How the Equity Market Responds to Unantici-pated Events. Journal of Business, 76, 109-133.
  • Campa J. M., Ignacio, H. (2006). M&As Performance in the European Financial Industry. Journal of Banking and Finance, Vol. 30, 2006.
  • Chae, J.(2005). Trading Volume, Information Asymmetry, And Timing In-formation. Journal of Finance, 60, 413-442.
  • Chaney, P.K. Devinney, T. M ve Winer, R.S. (1991). The Impact of New Product Introductions on the Market Value of Firms. Journal of Business, 64, 573-610.
  • Chen, Y. Ve Nguyen, N. (2013). Stock Price And Analyst Forecast Around Product Recall Announcements, International Journal of Economics and Finance, Vol: 5, No: 6, 1-10.
  • Corwin, S. A. (2003). The Determinants of Underpricing for Seasoned Equity Offers. Journal of Finance, 58, 2249-2279.
  • Cybo-Ottone A., Maurizio M. (2000). Mergers and Shareholder Wealth İn European Banking. Journal of Banking & Finance, 24.
  • Çakir, H. M. ve Gülcan, Z. (2012). Şirket Birleşme ve Devralma Kararlarının Hisse Senedi Getirileri Üzerindeki Etkisi. Mali Çözüm Dergisi, 79-108.
  • Çıtak, L. ve Yıldız, F.K(2006). Devralmanın Devralan İşletmelerin Hisse Senedi Getirileri Üzerindeki Etkisi: Sermaye Piyasası Kurulu İzni İle Gerçekleşen Devral-maların Devralan İşletmelerin Hisse Senedi Getiri Oranları Üzerindeki Etkisinin İncelenmesi. 10. Ulusal Finans Sempozyumu, Dokuz Eylül Üniversitesi, İzmir.
  • Çukur, S. ve Eryiğit, R.(2006). Banka Birleşme ve Devralma Olaylarının Borsa’daki Etkisi. İktisat-İşletme ve Finans Dergisi, Sayı 243, 96–107.
  • Davidson I., Wallace N. ve Worrell, D. L. (1992). The Effect of Product Recall An-nouncements on Shareholder Wealth. Strategic Management Journal, 13, 467-473.
  • Dravid, A. R. (1987). A Note on The Behavior of Stock Returns Around Ex-Dates Of Stock Distributions. Journal Of Finance, 42, 163-168.
  • Dubofsky, David A. (1991). Volatility Increases Subsequent to Nyse and Amex Stock Splits. Journal of Finance, 46, 421-432.
  • Eizentas V., Krusinskas, R., Stankeviciene, J. (2012). Impact of Public Information Signals On Share Prices: Evidence From Lithuania. Economics and Management, 17, 3, 879-888.
  • Erdoğan O.ve Yezegel, A. (2009). The News of No News in Stock Markets. Quantitative Finance, 9: 8, 897-909.
  • Eroğlu, C. A. (2003). Kurumsal Yönetim İlkeleri Çerçevesinde Kamunun Aydınla-tılması. Sermaye Piyasası Kurulu Yeterlilik Etüdü.
  • Eyceyurt, T. ve Serçemeli, M. (2013). Şirket Birleşme Ve Satın Almalarının Hisse Senedi Fiyatına Etkisi. Atatürk Üniversitesi İktisadi Ve İdari Bilimler Dergisi, Cilt: 27, Sayı: 1, 159-175.
  • Garfinkel, J. ve Sokobin, J. (2006). Volume, Opinion Divergence And Returns: A Study Of Post-Earnings Announcement Drift. Journal of Accounting Research, 44, 85-112.
  • Graham, J.R. Jennifer L. Koski, Loewenstein, U. (2006). Information Own and Liquidity Around Anticipated and Unanticipated Dividend Announcements. Journal Of Business, 79, 2301-2336.
  • Greene, J. T. ve Watts, S.G. (1996). Price Discovery on the Nyse and the Nasdaq: The Case Of Overnight And Daytime News Releases. Financial Management, 25, 19-42.
  • Grofi-Klufiman, A. ve Nikolaus, H.(2011). When Machines Read The News: Using Automated Text Analysis to Quantify High Frequency News-Implied Market Reac-tions. Journal of Empirical Finance, 18 (2), 321-340.
  • Grullon, G. ve Michaely, R. (2004). The Information Content of Share Repurchase Programs. Journal of Finance, 59, 651-680.
  • Hekimoğlu, M.H. ve Tanyeri, B. (2011). Stock Market Reactions To Mergers Of Non-Financial Turkish Firms. Http://Ssrn.Com/Abstract=1768015
  • Ikenberry, D.L. Rankıne, G. Stice, E.K. (1996). What do Stock Splits Really Signal?. Journal of Financial And Quantitative Analysis, 31, 357-375.
  • İş Yatirim, Http://Www.İsyatirim.Com.Tr/Home.Aspx, 05.03.2014.
  • Jarrell, G.ve Peltzman, S.(1985). The Impact of Product Recalls on the Wealth of Sellers. Journal Of Political Economy, 93, 512-536.
  • Kaderli, Y. (2007). Yapılan İhracat Bağlantılarının İlgili Firmaların Hisse Senedi Getirileri Üzerindeki Etkisinin Olay Etüdü İle İncelenmesi: İstanbul Menkul Kıy-metler Borsası’ndaki Bazı Firmalar Üzerine Bir Uygulama. MUFAD Muhasebe Ve Finansman Dergisi, Sayı 36, Ekim,144–154.
  • Kaderli, Y. ve Demir, S. (2009). Yatırım Kararı Duyurularının Hisse Senedi Getirileri Üzerindeki Etkisinin Ölçülmesi: Olay Etüdü Yöntemi. ISMMMO Mali Çözüm Dergisi, Sayı 91, 45–65.
  • Karslı, M. (2004). Sermaye Piyasası Borsa Menkul Kıymetler. Alfa Basım Yayım, 5. Baskı.
  • Keown, A. J. ve Pinkerton, J. M. (1981). Merger Announcements and Insider Trading Activity: An Empirical Investigation. Journal of Finance, 36 (4), 855-869.
  • Koski, J. L. (1998). Measurement Effects and the Variance of Returns After Stock Splits and Stock Dividends. Review of Financial Studies, 11, 143-162.
  • Kothari, S.P. ve Warner, J.B. (2007). Econometrics Of Event Studies. Handbook Of Corporate Finance: Empirical Corporate Finance, 1(1), Elsevier/North-Holland, Handbooks in Finance Series.
  • Laidroo, L. (2008). Public Announcement Induced Market Reactions On Baltic Stock Exchanges, Baltic Journal Of Management, Vol. 3 Iss: 2, 174 – 192.
  • Lakonishok, J., ve Vermaelen, T. (1990). Anomalous Price Behavior Around Repur-chase Tender Offers, Journal of Finance, 45, 455-477.
  • Hai, L., Wang, K. Q ve Wang, X., (2010). Price Shocks, News Disclosures, and Asymmetric Drifts, Http://-Papers.Ssrn.Com/Sol3/-Papers.Cfm?Abstract_Id=1445095.
  • Mackinlay, A. C. (1997). Event Studies in Economics And Finance. Journal Of Economic Literature, 35, 13-39.
  • Mandacı, P.E. (2004). Şirketlerin Birleşme Ve Satın Alma Duyurularının Hisse Se-nedi Fiyatları Üzerine Etkileri. İktisat İşletme Ve Finans, 19 (225), 118–124.
  • Mcwilliams, A. ve Siegel, D. (1997). Event Studies İn Management Research: Theoretical And Empirical Issues. Academy of Management Journal, 40 (3), 626-657.
  • Moeller, S.B. Frederik, P. Schlingemann, R. Stulz, M. (2005). Wealth Destruction on A Massive Scale? A Study of Acquiring Firm Returns In The Recent Merger Wave. Journal Of Finance, Vol. Lx, No.2.
  • Robertson, C. Shlomo, G., ve Wolff, R. (2006). Does Company Specific News Af-fect The Us, Uk, And Australian Markets Within 60 Minutes?. In Moshirian, Fariborz, Eds. Proceedings 19thaustralasian Finance And Banking Conference, Shangri-La Hotel, 176 Cumberland Street, The Rocks, Sydney, Australia.
  • Sermaye Piyasası Kurulu (SPK) (2012). 30.Yıl Kitabı. Ankara.
  • Smith, C. (1986). Investment Banking and the Capital Acquisition Process. Journal of Financial Economics, 15, 3-29.
  • Sprenger, Timm O. ve Welpe, Isabell M. (2011). News Or Noise?. The Stock Market Reaction to Different Types of Company-Specific News Events, Http://Ssrn.Com/Abstract=1734632.
  • Taner, B. ve Akkaya, C. (2009). Sermaye Piyasası Faaliyet Alanı Ve Menkul Kıy-metler. Ankara: Detay Yayıncılık.
  • TÜSİAD (2005). Türkiye Sermaye Piyasalarının Gelişimine Yönelik Öneriler, Yayın No. Tüsiad-T/2005-02/391.
  • Storkenmaier, A., Wagener, M., Weinhardt, C.(2011). Public Information in Frag-mented Markets. Working Paper.
  • Kırkulak Uludağ, B. ve Demirkaplan Gülbudak, Ö. (2011). Hisse Sendi Fiyatlarının Şirket Birleşme Duyurularına Tepkisi: İstanbul Menkul Kıymetler Borsası Üzerine Bir Uygulama. İMKB Dergisi, Cilt: 12 Sayı: 47, 19-46.
  • Vernimmen, P.(2009). Corporate Finance Theory and Practice (Second Edition). İn-giltere: John Wiley & Sons Ltd.
  • Woodruff, C.S. ve Senchack, A.J. (1988). Intradaily Price-Volume Adjustments of Nyse Stocks to Unexpected Earnings. The Journal of Finance, Vol. 43, No. 2: 467-491.
  • Woolridge, J. R., ve Snow, C. C. (1990). Stock Market Reaction to Strategic In-vestment Decisions. Strategic Management Journal, 11, 353-363.
  • Yazici, B., ve Muradoğlu, G. (2002). Dissemination of Stock Recommendations and Small Investors: Who Benefits?. Multinational Finance Journal, Vol. 6, 29-42.
  • Yoon, P.S. ve Starks, L.T. (1995). Signaling, Investment Opportunities, and Divi-dend Announcements. Review of Financial Studies, 8, 995-1018.
Year 2016, Issue: 16, 113 - 138, 16.12.2015
https://doi.org/10.18092/ijeas.96170

Abstract

References

  • Affleck G., Carolyn M. Callahan ve Chipalkatti, N. (2002). Earnings Predictability, Information Asymmetry and Market Liquidity. Journal Of Accounting Research, 40, 561-583.
  • Akdiş, M. (1989). Türkiye’de Sermaye Piyasası, Maliye Dergisi, Sayı: 94, Ma-yıs/Haziran, 49-57. Http://Makdis.Pamukkale.Edu.Tr/Mak19.Htm
  • Anbar, A. (2009). Osmanlı İmparatorluğu’nun Avrupa İle Finansal Entegrasyonu. Maliye Finans, Yıl: 23, Sayı: 84, 17-37.
  • Andrade G., Mark M.l, ve Stafford, E. (2001). New Evidence and Perspectives on Mergers. Journal of Economic Perspectives, Vol. 15, No:2.
  • Antweiler, W. ve Murray Z. F., (2006). Do U.S. Stock Markets Typically Overreact to Corporate News Stories?. Working Paper, University of British Columbia.
  • Asquith, P.ve Mullins Jr. D. W. (1983). The Impact of Initiating Dividend Payments on Shareholders' Wealth. Journal Of Business, 56, 77-96.
  • Asquith, P. ve Mullins Jr. D. W. (1986). Signaling With Dividends, Stock Repur-chases, And Equity Issues. Financial Management, 15, 27-44.
  • Austin, D.H. (1993). An Event-Study Approach to Measuring Innovative Output: The Case Of Biotechnology. American Economic Review, 83, 253-258.
  • Aydın, N. ve diğerleri (2012). Borsaların Yapısı ve İşleyişi., Ed. Murat Ertuğrul,978-975-06-1210-7,Http://-Eogrenme.Anadolu.-Edu.Tr/-Ekitap/-Msp203u.Pdf, 22.03.2013.
  • Bajaj, M. Ve Vijh, A. M. (1995). Trading Behavior and The Unbiasedness of The Market Reaction To Dividend Announcements. Journal of Finance, 50, 255-279.
  • Bamber, L., Smith,B. O. E., Stober T. L. (1997). Trading Volume a Different Aspects Of Disagreement Coincident With Earnings Announcements. Accounting Review, 72, 575-597.
  • Barber, B.M. Ve Darrough, M.N. (1996). Product Reliability and Firm Value: The Experience of American and Japanese Automakers, 1973-1992. Journal of Politi-cal Economy, 104, 1084-1099.
  • Borsa İstanbul, Sermaye Piyasaları ve Borsaların Tarihi, İşlevleri Http://-Borsaistanbul.Com/Publications/Trainingsets2.Aspx, 11.03.2013.
  • Brooks, R. M. ve Diğerleri (2003). How the Equity Market Responds to Unantici-pated Events. Journal of Business, 76, 109-133.
  • Campa J. M., Ignacio, H. (2006). M&As Performance in the European Financial Industry. Journal of Banking and Finance, Vol. 30, 2006.
  • Chae, J.(2005). Trading Volume, Information Asymmetry, And Timing In-formation. Journal of Finance, 60, 413-442.
  • Chaney, P.K. Devinney, T. M ve Winer, R.S. (1991). The Impact of New Product Introductions on the Market Value of Firms. Journal of Business, 64, 573-610.
  • Chen, Y. Ve Nguyen, N. (2013). Stock Price And Analyst Forecast Around Product Recall Announcements, International Journal of Economics and Finance, Vol: 5, No: 6, 1-10.
  • Corwin, S. A. (2003). The Determinants of Underpricing for Seasoned Equity Offers. Journal of Finance, 58, 2249-2279.
  • Cybo-Ottone A., Maurizio M. (2000). Mergers and Shareholder Wealth İn European Banking. Journal of Banking & Finance, 24.
  • Çakir, H. M. ve Gülcan, Z. (2012). Şirket Birleşme ve Devralma Kararlarının Hisse Senedi Getirileri Üzerindeki Etkisi. Mali Çözüm Dergisi, 79-108.
  • Çıtak, L. ve Yıldız, F.K(2006). Devralmanın Devralan İşletmelerin Hisse Senedi Getirileri Üzerindeki Etkisi: Sermaye Piyasası Kurulu İzni İle Gerçekleşen Devral-maların Devralan İşletmelerin Hisse Senedi Getiri Oranları Üzerindeki Etkisinin İncelenmesi. 10. Ulusal Finans Sempozyumu, Dokuz Eylül Üniversitesi, İzmir.
  • Çukur, S. ve Eryiğit, R.(2006). Banka Birleşme ve Devralma Olaylarının Borsa’daki Etkisi. İktisat-İşletme ve Finans Dergisi, Sayı 243, 96–107.
  • Davidson I., Wallace N. ve Worrell, D. L. (1992). The Effect of Product Recall An-nouncements on Shareholder Wealth. Strategic Management Journal, 13, 467-473.
  • Dravid, A. R. (1987). A Note on The Behavior of Stock Returns Around Ex-Dates Of Stock Distributions. Journal Of Finance, 42, 163-168.
  • Dubofsky, David A. (1991). Volatility Increases Subsequent to Nyse and Amex Stock Splits. Journal of Finance, 46, 421-432.
  • Eizentas V., Krusinskas, R., Stankeviciene, J. (2012). Impact of Public Information Signals On Share Prices: Evidence From Lithuania. Economics and Management, 17, 3, 879-888.
  • Erdoğan O.ve Yezegel, A. (2009). The News of No News in Stock Markets. Quantitative Finance, 9: 8, 897-909.
  • Eroğlu, C. A. (2003). Kurumsal Yönetim İlkeleri Çerçevesinde Kamunun Aydınla-tılması. Sermaye Piyasası Kurulu Yeterlilik Etüdü.
  • Eyceyurt, T. ve Serçemeli, M. (2013). Şirket Birleşme Ve Satın Almalarının Hisse Senedi Fiyatına Etkisi. Atatürk Üniversitesi İktisadi Ve İdari Bilimler Dergisi, Cilt: 27, Sayı: 1, 159-175.
  • Garfinkel, J. ve Sokobin, J. (2006). Volume, Opinion Divergence And Returns: A Study Of Post-Earnings Announcement Drift. Journal of Accounting Research, 44, 85-112.
  • Graham, J.R. Jennifer L. Koski, Loewenstein, U. (2006). Information Own and Liquidity Around Anticipated and Unanticipated Dividend Announcements. Journal Of Business, 79, 2301-2336.
  • Greene, J. T. ve Watts, S.G. (1996). Price Discovery on the Nyse and the Nasdaq: The Case Of Overnight And Daytime News Releases. Financial Management, 25, 19-42.
  • Grofi-Klufiman, A. ve Nikolaus, H.(2011). When Machines Read The News: Using Automated Text Analysis to Quantify High Frequency News-Implied Market Reac-tions. Journal of Empirical Finance, 18 (2), 321-340.
  • Grullon, G. ve Michaely, R. (2004). The Information Content of Share Repurchase Programs. Journal of Finance, 59, 651-680.
  • Hekimoğlu, M.H. ve Tanyeri, B. (2011). Stock Market Reactions To Mergers Of Non-Financial Turkish Firms. Http://Ssrn.Com/Abstract=1768015
  • Ikenberry, D.L. Rankıne, G. Stice, E.K. (1996). What do Stock Splits Really Signal?. Journal of Financial And Quantitative Analysis, 31, 357-375.
  • İş Yatirim, Http://Www.İsyatirim.Com.Tr/Home.Aspx, 05.03.2014.
  • Jarrell, G.ve Peltzman, S.(1985). The Impact of Product Recalls on the Wealth of Sellers. Journal Of Political Economy, 93, 512-536.
  • Kaderli, Y. (2007). Yapılan İhracat Bağlantılarının İlgili Firmaların Hisse Senedi Getirileri Üzerindeki Etkisinin Olay Etüdü İle İncelenmesi: İstanbul Menkul Kıy-metler Borsası’ndaki Bazı Firmalar Üzerine Bir Uygulama. MUFAD Muhasebe Ve Finansman Dergisi, Sayı 36, Ekim,144–154.
  • Kaderli, Y. ve Demir, S. (2009). Yatırım Kararı Duyurularının Hisse Senedi Getirileri Üzerindeki Etkisinin Ölçülmesi: Olay Etüdü Yöntemi. ISMMMO Mali Çözüm Dergisi, Sayı 91, 45–65.
  • Karslı, M. (2004). Sermaye Piyasası Borsa Menkul Kıymetler. Alfa Basım Yayım, 5. Baskı.
  • Keown, A. J. ve Pinkerton, J. M. (1981). Merger Announcements and Insider Trading Activity: An Empirical Investigation. Journal of Finance, 36 (4), 855-869.
  • Koski, J. L. (1998). Measurement Effects and the Variance of Returns After Stock Splits and Stock Dividends. Review of Financial Studies, 11, 143-162.
  • Kothari, S.P. ve Warner, J.B. (2007). Econometrics Of Event Studies. Handbook Of Corporate Finance: Empirical Corporate Finance, 1(1), Elsevier/North-Holland, Handbooks in Finance Series.
  • Laidroo, L. (2008). Public Announcement Induced Market Reactions On Baltic Stock Exchanges, Baltic Journal Of Management, Vol. 3 Iss: 2, 174 – 192.
  • Lakonishok, J., ve Vermaelen, T. (1990). Anomalous Price Behavior Around Repur-chase Tender Offers, Journal of Finance, 45, 455-477.
  • Hai, L., Wang, K. Q ve Wang, X., (2010). Price Shocks, News Disclosures, and Asymmetric Drifts, Http://-Papers.Ssrn.Com/Sol3/-Papers.Cfm?Abstract_Id=1445095.
  • Mackinlay, A. C. (1997). Event Studies in Economics And Finance. Journal Of Economic Literature, 35, 13-39.
  • Mandacı, P.E. (2004). Şirketlerin Birleşme Ve Satın Alma Duyurularının Hisse Se-nedi Fiyatları Üzerine Etkileri. İktisat İşletme Ve Finans, 19 (225), 118–124.
  • Mcwilliams, A. ve Siegel, D. (1997). Event Studies İn Management Research: Theoretical And Empirical Issues. Academy of Management Journal, 40 (3), 626-657.
  • Moeller, S.B. Frederik, P. Schlingemann, R. Stulz, M. (2005). Wealth Destruction on A Massive Scale? A Study of Acquiring Firm Returns In The Recent Merger Wave. Journal Of Finance, Vol. Lx, No.2.
  • Robertson, C. Shlomo, G., ve Wolff, R. (2006). Does Company Specific News Af-fect The Us, Uk, And Australian Markets Within 60 Minutes?. In Moshirian, Fariborz, Eds. Proceedings 19thaustralasian Finance And Banking Conference, Shangri-La Hotel, 176 Cumberland Street, The Rocks, Sydney, Australia.
  • Sermaye Piyasası Kurulu (SPK) (2012). 30.Yıl Kitabı. Ankara.
  • Smith, C. (1986). Investment Banking and the Capital Acquisition Process. Journal of Financial Economics, 15, 3-29.
  • Sprenger, Timm O. ve Welpe, Isabell M. (2011). News Or Noise?. The Stock Market Reaction to Different Types of Company-Specific News Events, Http://Ssrn.Com/Abstract=1734632.
  • Taner, B. ve Akkaya, C. (2009). Sermaye Piyasası Faaliyet Alanı Ve Menkul Kıy-metler. Ankara: Detay Yayıncılık.
  • TÜSİAD (2005). Türkiye Sermaye Piyasalarının Gelişimine Yönelik Öneriler, Yayın No. Tüsiad-T/2005-02/391.
  • Storkenmaier, A., Wagener, M., Weinhardt, C.(2011). Public Information in Frag-mented Markets. Working Paper.
  • Kırkulak Uludağ, B. ve Demirkaplan Gülbudak, Ö. (2011). Hisse Sendi Fiyatlarının Şirket Birleşme Duyurularına Tepkisi: İstanbul Menkul Kıymetler Borsası Üzerine Bir Uygulama. İMKB Dergisi, Cilt: 12 Sayı: 47, 19-46.
  • Vernimmen, P.(2009). Corporate Finance Theory and Practice (Second Edition). İn-giltere: John Wiley & Sons Ltd.
  • Woodruff, C.S. ve Senchack, A.J. (1988). Intradaily Price-Volume Adjustments of Nyse Stocks to Unexpected Earnings. The Journal of Finance, Vol. 43, No. 2: 467-491.
  • Woolridge, J. R., ve Snow, C. C. (1990). Stock Market Reaction to Strategic In-vestment Decisions. Strategic Management Journal, 11, 353-363.
  • Yazici, B., ve Muradoğlu, G. (2002). Dissemination of Stock Recommendations and Small Investors: Who Benefits?. Multinational Finance Journal, Vol. 6, 29-42.
  • Yoon, P.S. ve Starks, L.T. (1995). Signaling, Investment Opportunities, and Divi-dend Announcements. Review of Financial Studies, 8, 995-1018.
There are 65 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Kemal Eyüboğlu This is me

Halil Bulut This is me

Publication Date December 16, 2015
Published in Issue Year 2016 Issue: 16

Cite

APA Eyüboğlu, K., & Bulut, H. (2015). ŞİRKETLERE ÖZGÜ HABERLERİN HİSSE PERFORMANSINA ETKİSİ: BİST-30 ŞİRKETLERİ ÖRNEĞİ. Uluslararası İktisadi Ve İdari İncelemeler Dergisi(16), 113-138. https://doi.org/10.18092/ijeas.96170

______________________________________________________

Address: Karadeniz Technical University Department of Economics Room Number 213  

61080 Trabzon / Turkey

e-mail : uiiidergisi@gmail.com