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Journals / Business and Economics Research Journal / 2019 / Cilt: 10 - Sayı: 4

Impact of Forward Looking Disclosures on Stock Prices: Evidence from Borsa İstanbul

Geleceğe Yönelik Değerlendirmelere İlişkin Özel Durum Açıklamalarının Pay Senedi Fiyatları Üzerindeki Etkisi: Borsa İstanbul Örneği

Saim KILIÇ
Pages
833–844
DOI
—
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

According to the results of the study, firstly, it has been found that forward looking disclosures have statistically significant impact on stock returns and investor’s investment decisions.

📌 3 Key Takeaways

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Objective & Hypothesis:The study examines the impact of disclosures of forward looking statements by companies listed on Borsa İstanbul on stock prices during the period of January 2014 – January 2019.
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Key Findings & Data:For this purpose, a total of 43 disclosures, 23 of which were positive and 20 of which were negative, were included in the study and analyzed by the Event Study method.
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Conclusion & Impact:According to the results of the study, firstly, it has been found that forward looking disclosures have statistically significant impact on stock returns and investor’s investment decisions.
🔬Design:Research Article
📍Scope:2014 Verileri
⚙️Variables:Domain Parameters

Abstract

The study examines the impact of disclosures of forward looking statements by companies listed on Borsa İstanbul on stock prices during the period of January 2014 – January 2019. For this purpose, a total of 43 disclosures, 23 of which were positive and 20 of which were negative, were included in the study and analyzed by the Event Study method. According to the results of the study, firstly, it has been found that forward looking disclosures have statistically significant impact on stock returns and investor’s investment decisions. Secondly, when the impact of the positive disclosures and the impact of the negative disclosures were compared; it has been seen that the first impact of the negative disclosures is stronger than the first impact of the positive disclosures, whereas the effect of the negative disclosures lasts shorter than the effect of the positive disclosures. Especially it has been observed that a great majority of the positive disclosures have been effective on the stock prices up to next five transaction days and a great majority of the negative disclosures on the next three transaction days.

Özet

Çalışmada, Ocak 2014 – Ocak 2019 döneminde payları Borsa İstanbul’da işlem gören şirketler tarafından geleceğe yönelik değerlendirmeler kapsamında yapılan özel durum açıklamalarının (bildirimlerin) pay senetleri fiyatları üzerindeki etkisi incelenmiştir. Bu amaçla, söz konusu dönemde 23’ü olumlu nitelikte ve 20’si olumsuz nitelikte olmak üzere toplam 43 adet bildirim inceleme kapsamına alınmış ve Olay Çalışması yöntemi ile analiz edilmiştir. Araştırma sonuçlarına göre, ilk olarak, geleceğe yönelik değerlendirmelere ilişkin bildirimlerin genel olarak pay senetlerinin getirisi ve yatırımcıların kararları üzerinde etkili olduğuna dair istatistiksel olarak anlamlı bulgular elde edilmiştir. İkinci olarak, olumlu nitelikteki bildirimlerin etkisi ile olumsuz nitelikteki bildirimlerin etkisi karşılaştırılmış olup; olumsuz bildirimlerin ilk etkisinin olumlu bildirimlerin ilk etkisinden daha güçlü olduğu, buna karşılık olumsuz bildirimlerin etkisinin olumlu bildirimlerin etkisinden daha kısa sürdüğü görülmüştür. Özellikle, olumlu bildirimlerin büyük çoğunluğunun açıklamadan itibaren beş işlem gününe kadar, olumsuz bildirimlerin büyük çoğunluğunun ise üç işlem gününe kadar fiyatlar üzerinde etkili olduğu gözlenmiştir.

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Cite This Article

KILIÇ, S. (2019). Impact of Forward Looking Disclosures on Stock Prices: Evidence from Borsa İstanbul. Business and Economics Research Journal, Cilt: 10 - Sayı: 4, 833–844. https://ajindex.com/articles/143796

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