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Journals / Bogazici Journal: Review of Social, Economic and Administrative Studies / 2011 / Cilt: 25 - Sayı: 1

İÇERİDEN ÖĞRENEN İŞLEMLERİNDEN ELDE EDİLEN GETİRİLERİN İNCELENMESİ: İSTANBUL MENKUL KIYMETLER BORSASINDAN BULGULAR

AN INVESTIGATION OF RETURNS TO INSIDER TRANSACTIONS: EVIDENCE FROM THE ISTANBUL STOCK EXCHANGE

Çağdaş TAHAOĞLU
Z. Nuray GÜNER
Pages
57–77
DOI
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AI Summary & Key Takeaways

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

Findings of this study imply that the ISE is neither Semi Strong nor Strong Form Efficient

📌 3 Key Takeaways

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Objective & Hypothesis:In this paper, the return performance of insiders of companies listed on the Istanbul Stock Exchange (ISE) from their open market transactions and that of uninformed investors (outsiders) following insider transactions announced to the public are examined by using a portfolio approach.
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Key Findings & Data:It is found that, depending on the affiliation of the insider with the company, abnormal returns from their sale transactions last over longer periods than their purchase transactions.
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Conclusion & Impact:Findings of this study imply that the ISE is neither Semi Strong nor Strong Form Efficient
🔬Design:Research Article
📍Scope:Comprehensive Sample
⚙️Variables:Domain Parameters

Abstract

In this paper, the return performance of insiders of companies listed on the Istanbul Stock Exchange (ISE) from their open market transactions and that of uninformed investors (outsiders) following insider transactions announced to the public are examined by using a portfolio approach. It is found that, depending on the affiliation of the insider with the company, abnormal returns from their sale transactions last over longer periods than their purchase transactions. Furthermore, outsiders can also earn abnormal returns by mimicking sales of affiliated shareholders of a company. Findings of this study imply that the ISE is neither Semi Strong nor Strong Form Efficient

Özet

Bu makalede, İstanbul Menkul Kıymetler Borsası (İMKB)'nda işlem gören şirketlerdeki içeriden öğrenenlerin serbest piyasa işlemlerinin getiri performansı ve içeriden öğrenenlerin bu işlemlerini takip eden diğer yatırımcıların olası getiri performansı portföy yaklaşımı kullanılarak incelenmiştir. Şirketteki pozisyonlarına bağlı olarak, içeriden öğrenenlerin satım işlemlerinden, alım işlemlerine kıyasla, daha uzun sürelerde olağan dışı pozitif getiriler elde ettikleri bulunmuştur. Ayrıca diğer yatırımcılar, şirket ile ilişkili kişilerin veya firmaların satımlarını taklit ederek olağan dışı getiri elde edebilmektedirler. Bu makalenin bulguları, İMKB'nin güçlü veya yarı güçlü formda etkin olmadığına işaret etmektedir

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Cite This Article

TAHAOĞLU, Ç., GÜNER, Z. N. (2011). İÇERİDEN ÖĞRENEN İŞLEMLERİNDEN ELDE EDİLEN GETİRİLERİN İNCELENMESİ: İSTANBUL MENKUL KIYMETLER BORSASINDAN BULGULAR. Bogazici Journal: Review of Social, Economic and Administrative Studies, Cilt: 25 - Sayı: 1, 57–77. https://ajindex.com/articles/144762

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