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Journals / BDDK Bankacılık ve Finansal Piyasalar Dergisi / 2013 / Cilt: 7 - Sayı: 2

Belirsiz bilgi hipotezi üzerine ampirik bir inceleme: Borsa İstanbul örneği

An empirical investigation of the uncertain information hypothesis: Evidence from borsa İstanbul

SONER AKKOÇ
NASIF ÖZKAN
Pages
101–119
DOI
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AI Summary & Key Takeaways

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

In comparison with the studies examining previous periods, we found that this impact is diminishing and Borsa Istanbul has become more efficient for the period of 2004 to 2011.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:This paper investigates the reaction of investors to the arrival of major political and economical news in Borsa Istanbul from October 2004 to September 2011.
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Key Findings & Data:While the empirical results of the paper cannot support the prediction of Overreaction Hypothesis, they are consistent with the Uncertain Information Hypothesis which means investors in Turkey set security prices below their fundamental values in response to unexpected information.
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Conclusion & Impact:In comparison with the studies examining previous periods, we found that this impact is diminishing and Borsa Istanbul has become more efficient for the period of 2004 to 2011.
🔬Design:Research Article
📍Scope:2004 Verileri
⚙️Variables:Domain Parameters

Abstract

This paper investigates the reaction of investors to the arrival of major political and economical news in Borsa Istanbul from October 2004 to September 2011. While the empirical results of the paper cannot support the prediction of Overreaction Hypothesis, they are consistent with the Uncertain Information Hypothesis which means investors in Turkey set security prices below their fundamental values in response to unexpected information. In comparison with the studies examining previous periods, we found that this impact is diminishing and Borsa Istanbul has become more efficient for the period of 2004 to 2011.

Özet

Bu çalışma, Ekim 2004 ile Eylül 2011 arasında Borsa İstanbul’a ulaşan, büyük öneme sahip, politik ve ekonomik haberlere yatırımcıların verdiği tepkileri incelemektedir. Çalışmanın ampirik sonuçları Aşırı Tepki Verme Hipotezinin öngörülerini desteklememekle birlikte sonuçlar Belirsiz Bilgi Hipotezi ile tutarlı bulunmuştur. Dolayısıyla Türkiye’deki yatırımcıların beklenmeyen bilgilere karşı menkul kıymet fiyatlarını temel değerlerinin altında belirlediği görülmüştür. Ancak çalışmanın sonuçları önceki dönemleri inceleyen çalışmalarla karşılaştırıldığında, bu etkinin azaldığı ve Borsa İstanbul’un 2004-2011 döneminde daha etkin hale geldiği sonucuna ulaşılmıştır.

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Cite This Article

AKKOÇ, S., ÖZKAN, N. (2013). Belirsiz bilgi hipotezi üzerine ampirik bir inceleme: Borsa İstanbul örneği. BDDK Bankacılık ve Finansal Piyasalar Dergisi, Cilt: 7 - Sayı: 2, 101–119. https://ajindex.com/articles/144687

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