THE INSIDERS’ TRADES IN TOURISM COMPANIES: EVIDENCE FROM NEW YORK STOCK EXCHANGE

Yıl 2019, Cilt: 21 Sayı: 3, 943 - 958, 25.09.2019

M. Fevzi Esen Ayşegül Acar Eda Kocabaş

https://doi.org/10.16953/deusosbil.490985

Öz

Insider trading, that harms trust in financial markets and
changes the market mechanisms, is one of the most committed financial crimes by
the white collars in recent years. In this paper, insider trading has been
studied for the first time in tourism literature. Stock purchases and sell
transactions of the directors and managers as well as personnel who works in tourism
companies listed on New York Stock Exchange (NYSE) were descriptively studied. Within
this framework, 32.205 purchases and sales by 1891 insiders who work at 227
tourism companies (containing accommodation, travel, recreation, food and
beverage sectors listed on NYSE, spanning January 2008 – December 2016. As a
result, insiders trade high volume of stocks and total number of transactions was
at the highest level in the period following the year 2014 which has the
highest average annual return in NYSE and the highest number and volume of
shares were traded by the insiders in accommodation companies. The characteristics
of the insiders’ trades also differ among various managerial positions.

Anahtar Kelimeler

Insider Trading, Financial Markets, Tourism Companies, Financial Crimes

TURİZM İŞLETMELERİNDE İÇERİDEN ÖĞRENENLERİN İŞLEMLERİ: NEW YORK BORSASI ÖRNEĞİ

Öz

Finansal piyasalarda yatırımcıların güvenini sarsan ve
piyasa işleyişini değiştiren içeriden öğrenenler ticareti, son yıllarda beyaz
yakalıların karıştığı ve en çok artış gösteren finansal suçların başında
gelmektedir. Bu çalışmada, turizm literatüründe içeriden öğrenenler ticareti
ilk defa ele alınmış olup; turizm alt endüstrilerinde faaliyet gösteren ve
borsaya kote olmuş işletmelerin yönetici ve çalışanlarına ilişkin hisse senedi
alım ve satım işlemleri betimsel olarak incelenmiştir. Bu kapsamda, Ocak 2008
ile Aralık 2016 arasında New York borsasına (NYSE) kote olmuş konaklama,
seyahat, rekreasyon ve yiyecek- içecek alanında faaliyet gösteren toplam 227
işletmede, 1891 içeriden öğrenen tarafından gerçekleştirilen 35.205 adet hisse
senedi alım ve satım işlemi tanımsal olarak değerlendirilmiştir. Çalışma
sonucunda, turizm işletmelerindeki içeriden öğrenenlerin yüksek hacimli
işlemler gerçekleştirdikleri, NYSE yıllık getirisinin en yüksek olduğu yılı
takip eden 2014 yılında içeriden öğrenenlerin toplam işlem sayısının en yüksek
seviyeye ulaştığı; en yüksek miktarda ve hacimde gerçekleştirenlerin konaklama
işletmelerindeki içeriden öğrenenler olduğu tespit edilmiştir. Ayrıca, çeşitli
yönetici sınıflarında içeriden öğrenenlerin işlem özelliklerinin farklılaştığı
sonucuna ulaşılmıştır.

Anahtar Kelimeler

İçeriden Öğrenenler Ticareti, Finansal Piyasalar, Turizm İşletmeleri, Finansal Suçlar

Kaynakça

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