BANKA HİSSE SENEDİ GETİRİLERİ ÜZERİNDEN PİYASA ETKİNLİĞİNİN ÇÖZÜMLENMESİ: BORSA İSTANBUL’DAKİ SENDİKASYON KREDİSİ DUYURULARINDAN BULGULAR

Öz

Bu çalışma, sendikasyon kredisi duyurularının Borsa İstanbul'da işlem gören bankaların hisse senedi getirileri üzerindeki etkisini 2017-2022 dönemi için olay çalışması metodolojisini kullanarak araştırmaktadır. Halka açık sekiz banka, geniş bir olay penceresi içinde anormal getirileri (AR), ortalama anormal getirileri (AAR) ve kümülatif anormal getirileri (CAR) değerlendirmek için analiz edilmiştir. Bulgular, sendikasyon kredisi duyurularının istatistiksel olarak anlamlı anormal getirilere yol açmadığını ve Borsa İstanbul'da piyasa etkinliğinin yarı güçlü formundan bir sapmaya işaret ettiğini ortaya koymaktadır. Önceki çalışmalardan farklı olarak bu araştırma, özellikle gelişmekte olan bir piyasa bağlamında sendikasyon kredisi olaylarına odaklanarak, daha uzun bir gözlem penceresi ve titiz bir ampirik kurulum uygulayarak özgün bir katkı sağlamaktadır. Sendikasyon kredilerine bankalara özgü hisse senedi tepkilerini izole ederek, çalışma gelişmekte olan sermaye piyasalarında bilgi etkinliğinin anlaşılmasını geliştirmektedir. Ayrıca, Türk finans literatüründe yeterince araştırılmamış bir konuyu ele alarak, piyasa davranışı ve dış finansman duyuruları ile ilgilenen yatırımcılar, politika yapıcılar ve akademisyenler için yeni içgörüler sunmaktadır.

Anahtar Kelimeler

• : Olay Çalışması
• Sendikasyon Kredisi
• Anormal Getiriler
• Genişletilmiş Anormal Getiriler (AAR)
• Kümülatif Anormal Getiriler (CAR)

UNRAVELING MARKET EFFICIENCY THROUGH BANK STOCK RETURNS INSIGHTS FROM SYNDICATED LOAN ANNOUNCEMENTS IN BORSA ISTANBUL

Öz

This study explores the effect of syndicated loan announcements on the stock returns of banks listed on Borsa Istanbul, utilizing the event study methodology over the 2017–2022 period. Eight publicly traded banks were analyzed to assess abnormal returns (AR), average abnormal returns (AAR), and cumulative abnormal returns (CAR) within an extensive event window. The findings reveal that syndicated loan announcements did not result in statistically significant abnormal returns, indicating a deviation from the semi-strong form of market efficiency in Borsa Istanbul. Unlike previous studies, this research makes an original contribution by focusing specifically on syndicated loan events in an emerging market context, applying a longer observation window and a rigorous empirical setup. By isolating bank-specific stock reactions to syndicated loans, the study enhances the understanding of informational efficiency in developing capital markets. Moreover, it addresses an underexplored topic in Turkish financial literature, offering new insights for investors, policymakers, and academics interested in market behavior and external financing announcements.

Anahtar Kelimeler

• Event Study
• Syndication Credit
• Abnormal Returns
• AAR
• CAR

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