The Response of Stock Returns to the Brand Value Announcements

Yıl 2019, Cilt: 6 Sayı: 1, 93 - 108, 15.01.2019

Bahadır Ergün

https://doi.org/10.17541/optimum.454371

Öz

The aim of
this study was to investigate how did the stocks of the firms, listed in the
top 10 brand value list of Turkey, priced before and after the brand value
announcements. In this context the adjusted stock prices of the firms entered
the annual list of Turkey’s first 10 most valuable brands announced by Brand
Finance and the daily data of the BIST100 index were utilized for the period of
2012 and 2017. Event study methodology was employed for the analysis. After the
analysis, statistically significant and positive reactions of the investors to
the brand value announcements were observed substantially in the first years.
In other words, in the light of the information that generally the same firms
were listed from the beginning of the announcements, in the following years the
possibility to have abnormal returns by investing in the stocks that possibly
will enter to the list of most valuable brands decreased. It can be asserted that this might proceed from the reflection of
information to the prices by the time of progress.

Anahtar Kelimeler

Brand Value Announcements, Stock Returns, Event Study

Hisse Senedi Getirilerinin Marka Değeri Duyurularına Tepkisi

Öz

Bu çalışmada Türkiye marka değeri
sıralamasında ilk 10’a girebilmiş firmalarının hisse senetlerinin bu duyuru
öncesi ve sonrası ne şekilde fiyatlandığının araştırılması amaçlanmıştır. Bu bağlamda
2012 ve 2017 yılları arasında Brand Finance tarafından ilan edilen Türkiye’nin
En Değerli Markaları Yıllık Raporu’na giren ilk 10 şirketin düzeltilmiş günlük
hisse senedi fiyatları ve BIST100 endeksine ait günlük veriler kullanılmıştır.
Analiz yöntemi olarak olay etüdü yöntemi seçilmiştir. Yapılan analiz sonrasında
yatırımcıların marka değeri duyurularına verdikleri tepkinin daha çok ilk
yıllarda istatistiksel olarak anlamlı ve pozitif olduğu gözlenmiştir. Diğer bir
ifade ile ilk yıllardan itibaren benzer firmaların listeye girdiği bilgisi
ışığında, ilerleyen yıllarda marka değeri sıralamasında ilk 10’a girmesi
muhtemel hisse senetlerine yatırım yaparak normalüstü getiri elde etme
olasılığı azalmıştır. Bu durumun bilginin zaman geçtikçe fiyatlara yansıtılmış
olmasından kaynaklandığı ileri sürülebilir.

Anahtar Kelimeler

Marka Değeri Duyuruları, Hisse Senedi Getirileri, Olay Etüdü

Kaynakça

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