Determinants Of The Price Of Dual Listed Stocks

Öz

ÇİFTE KAYITLI HİSSE SENEDİ FİYATININ BELİRLEYİCİLERİ

Öz

         Uluslararası sermaye piyasalarından sermaye tedarik etmek isteyen şirketler, ulusal borsaların dışında yabancı bir borsaya ikinci kez kayıt yaptırmaları, çifte kayıt olarak ifade edilmektedir. Çalışmada çifte kayıtlı hisse senetlerinin değer farklılıklarının nedenleri araştırılmaktadır. Uygulama piyasa değeri en yüksek borsalardan New York, Londra ve Tokyo Borsalarında yapılmıştır. Çifte kayıtlı hisse senetleriyle ilgili yapılan çalışmalarda, her borsa için ayrı bir modelin geliştirilmesinin daha anlamlı sonuçlar vereceği literatürde ifade edilmiştir. Bu nedenle her borsa için ayrı bir model oluşturulmuştur. Araştırmanın modelinde hisse senedi fiyatı, faiz oranı, enflasyon, döviz kuru, aktif kârlılık oranı, özsermaye kârlılık oranı, cari oran ve altın fiyatı değişkenleri yer almaktadır. 2010-2015 dönemine ait yıllık verilerden oluşan model, panel veri en küçük kareler yöntemi ile analiz edilmiştir. Analiz sonucunda bir borsada işlem gören hisse senedinin fiyatının, aynı anda işlem gördüğü diğer borsalardaki fiyatlardan etkilendiği, özellikle de New York Borsasındaki fiyatların diğer borsalardaki fiyatların oluşumunda belirleyici olduğu tespit edilmiştir.

Anahtar Kelimeler

• Portföy Yönetimi,Çifte Kayıt,Hisse Senedi,Değerleme,Panel Veri Analizi

Kaynakça

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