Research Article
BibTex RIS Cite

THE EFFECTS OF FINANCIAL NEWS ON STOCK PERFORMANCE:

Year 2015, Volume: 2 Issue: 1, 75 - 88, 29.03.2015

Abstract

The purpose of this study is to examine the impact of announced financial news via the Public Disclosure Platform on the BIST -30 traded companies’ stock performances. The study will also investigate whether the market is semi- strong form efficient. For the data analysis event study is used. As a result of calculations, it is determined that investors mostly react to the ratings by ratings agencies and debt news at the day of event. It shows that existence of abnormal returns before disclosure, market is not efficient at semi-efficient form in terms of market efficiency. Besides, all average cumulative abnormal returns are positive and statistically significant and this can be taken as a suspicion of insider trading.

FİNANSAL İÇERİKLİ DUYURULARIN HİSSE PERFORMANSINA ETKİSİ: BİST‐30 ŞİRKETLERİ ÖRNEĞİ

Year 2015, Volume: 2 Issue: 1, 75 - 88, 29.03.2015

Abstract

Çalışmanın amacı, BİST‐30’da işlem gören şirketlerce Kamuyu Aydınlatma Platformu aracılığı ile duyurulan finansal içerikli haberlerin hisse performansına etkisini incelemektir. İlave olarak; söz konusu etki üzerinden piyasanın yarı kuvvetli formda etkin olup olmadığını ortaya koymak çalışmanın diğer bir hedefidir. Olay çalışması yöntemi kullanılarak yapılan analiz ile yatırımcıların olay günü finansal içerik taşıyan haberlerden en çok derecelendirme kuruluşlarınca verilen finansal notlara ve borçlanma haberlerine tepki verdiği belirlenmiştir. Haber açıklama öncesi aşırı getirilerin varlığı piyasanın etkinliği açısından piyasanın yarı kuvvetli formda etkin olmadığını göstermektedir. İlave olarak; ortalama kümülatif aşırı getirilerin pozitif ve istatistiki olarak anlamlı olması, haberler öncesinde insider trading şüphesi uyandırmaktadır.

There are 0 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Kemal Eyuboglu

Halil Ibrahim Bulut

Publication Date March 29, 2015
Published in Issue Year 2015 Volume: 2 Issue: 1

Cite

APA Eyuboglu, K., & Bulut, H. I. (2015). FİNANSAL İÇERİKLİ DUYURULARIN HİSSE PERFORMANSINA ETKİSİ: BİST‐30 ŞİRKETLERİ ÖRNEĞİ. Journal of Economics Finance and Accounting, 2(1), 75-88.

Journal of Economics, Finance and Accounting (JEFA) is a scientific, academic, double blind peer-reviewed, quarterly and open-access online journal. The journal publishes four issues a year. The issuing months are March, June, September and December. The publication languages of the Journal are English and Turkish. JEFA aims to provide a research source for all practitioners, policy makers, professionals and researchers working in the area of economics, finance, accounting and auditing. The editor in chief of JEFA invites all manuscripts that cover theoretical and/or applied researches on topics related to the interest areas of the Journal. JEFA publishes academic research studies only. JEFA charges no submission or publication fee.

Ethics Policy - JEFA applies the standards of Committee on Publication Ethics (COPE). JEFA is committed to the academic community ensuring ethics and quality of manuscripts in publications. Plagiarism is strictly forbidden and the manuscripts found to be plagiarized will not be accepted or if published will be removed from the publication. Authors must certify that their manuscripts are their original work. Plagiarism, duplicate, data fabrication and redundant publications are forbidden. The manuscripts are subject to plagiarism check by iThenticate or similar. All manuscript submissions must provide a similarity report (up to 15% excluding quotes, bibliography, abstract and method).

Open Access - All research articles published in PressAcademia Journals are fully open access; immediately freely available to read, download and share. Articles are published under the terms of a Creative Commons license which permits use, distribution and reproduction in any medium, provided the original work is properly cited. Open access is a property of individual works, not necessarily journals or publishers. Community standards, rather than copyright law, will continue to provide the mechanism for enforcement of proper attribution and responsible use of the published work, as they do now.