İnovasyon ödülü duyurularının banka pay getirileri üzerindeki etkisinin incelenmesi

Yıl 2021, Cilt: 14 Sayı: 4, 1296 - 1306, 13.10.2021

Serkan Kandır Gözde Elbir Mermer

https://doi.org/10.25287/ohuiibf.856105

Öz

Çalışmada, Türkiye’de faaliyet gösteren iki ticari bankanın kazandığı uluslararası inovasyon ödülü duyurularının pay getirileri üzerindeki etkisinin incelenmesi amaçlanmıştır. Olay çalışması yönteminden yararlanılmıştır. Olay çalışması, pay fiyatlarının önemli olaylar karşısında nasıl uyum sağladığını incelemekte ve dolayısıyla kamuya duyurulan önemli bir olayın pay getirileri üzerindeki etkisini ölçmektedir. Olay çalışması yöntemi ile bir olayın firma değeri üzerindeki etkisi finansal piyasalara ait veriler kullanılarak ölçülmektedir. 2012 ile 2018 yılları arasında yapılan 7 adet inovasyon ödülü duyurusu, olay günleri olarak belirlenmiştir. Bu ödüller, Amerika Birleşik Devletleri merkezli bir araştırma kuruluşu olan Bank Administration Institute (BAI) tarafından bankacılıkta inovasyon ödülleri adı altında verilmektedir. Olay penceresi, olay günlerinin beş gün öncesi ve beş gün sonrası dikkate alınarak oluşturulmuştur. Zaman çizelgesinde olay penceresinin uzunluğu (Tolay) 11 gün, tahmin döneminin (Ttahmin) uzunluğu ve olay öncesi penceresinin uzunluğu 244 gün olarak ele alınmıştır. Çalışmada incelenen dönemin toplam uzunluğunun 250 gündür. Analiz sonuçları, inovasyon ödülü açıklamalarının pay getirileri üzerinde önemli bir etki oluşturmadığını göstermiştir. Ulaşılan bu sonuç, pay piyasasının yarı güçlü formda etkin olduğunu ifade etmektedir. Çalışmada ulaşılan, ödül duyurularının pay getirileri üzerinde önemli bir etkiye sahip olmadığını gösteren sonuç, Tuck (2005b), çalışması ile aynı yöndedir.

Anahtar Kelimeler

pay getirileri, inovasyon ödülleri, olay çalışması

Investigating the impact of innovation award announcements on bank stock returns

Öz

Aim of this study is to investigate the impact of international innovation award announcements on stock returns of a commercial bank. Event study method is employed. Event studies examine how fast stock prices adjust to specific significant economic events. The event study approach is used to quantify the impact of an event on a company's value using data from the financial markets. 7 innovation award announcements made between 2012 and 2018 are determined as event days. These awards are presented under the name of innovation in Banking Awards by the Bank Administration Institute (BAI), a United States-based research organization. Event window is composed by determining five days before (-5) and after (+5) the event day. In the timeline, the length of the event window (Tevent) is 11 days. The length of the forecast period (Tforecast) and the pre-event window are 244 days. The total length of the period studied is 250 days. Analysis results recommend that innovation award announcements do not have a substantial impact on stock returns. This result shows that stock market appears to be efficient in semi-strong form. The study's finding, that award announcements had no meaningful impact on stock returns, is similar to Tuck's research (2005b).

Anahtar Kelimeler

stock returns, innovation awards, event study

Kaynakça

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