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Journals / Bankacılar / 2020 / Cilt: 31 - Sayı: 114

Stock Price Delay Comparison of Banks and Non-Bank Financial Institutions Listed in BIST

BİST’te İşlem Gören Bankalar ve Banka Dışı Finansal Kuruluşların Hisse Senedi Fiyat Gecikmesi Karşılaştırması

Işıl GÜRBÜZER YILDIRIM
CİHAN TANRIÖVEN
FURKAN EMİRMAHMUTOĞLU
Pages
50–68
DOI
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AI Summary & Key Takeaways

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

According to the results, it was observed that the average price delay in banks were mostly higher than the price delay of non-bank financial institutions.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:The speed of stock price adjustment to new market information is one of the most important topics in market efficiency.
📊
Key Findings & Data:In this study, banks and non-bank financial institutions which were traded in BIST between 2007-2019 were analyzed comparatively.
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Conclusion & Impact:According to the results, it was observed that the average price delay in banks were mostly higher than the price delay of non-bank financial institutions.
🔬Design:Research Article
📍Scope:2007-2019 Verileri
⚙️Variables:Domain Parameters

Abstract

The speed of stock price adjustment to new market information is one of the most important topics in market efficiency. In this study, banks and non-bank financial institutions which were traded in BIST between 2007-2019 were analyzed comparatively. According to the results, it was observed that the average price delay in banks were mostly higher than the price delay of non-bank financial institutions. Firm risk, illiquidity, bid-ask spread variables affected the price delay positively, while size (market value), beta, firms’ book value-to-market value variables negatively affected the price delay.

Özet

Piyasadaki yeni bilgilerin hisse senedi fiyatlarına yansıma hızı, piyasa etkinliğinin belirlenmesinde önemli konulardan biridir. Çalışmada 2007 - 2019 döneminde BİST’te işlem gören bankalar ve banka dışı finansal kuruluşların piyasadaki yeni bilgiyi hisse senedi fiyatlarına ne ölçüde yansıttığı, fiyat gecikmesi ölçüsü ile karşılaştırmalı olarak incelenmiştir. Araştırmaya konu yıllar genelinde bankalardaki ortalama fiyat gecikmesinin çoğunlukla banka dışı finansal kuruluşların fiyat gecikmesinden daha yüksek olduğu gözlenmiştir. Firma riski, likidite yetersizliği, hisse senedi alış-satış fiyat farkı değişkenlerinin hisse senedi fiyat gecikmesini pozitif etkilediği görülmüşken; firma büyüklüğü (piyasa değeri), beta katsayısı, firma defter değerinin piyasa değerine oranının fiyat gecikmesini negatif etkilediği sonucuna varılmıştır.

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Cite This Article

YILDIRIM, I. G., TANRIÖVEN, C., EMİRMAHMUTOĞLU, F. (2020). Stock Price Delay Comparison of Banks and Non-Bank Financial Institutions Listed in BIST. Bankacılar, Cilt: 31 - Sayı: 114, 50–68. https://ajindex.com/articles/212577

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