Sermaye Piyasası Kurulu Denetimlerinin Hisse Senedi Getirileri Üzerine Etkileri

Kartal SOMUNCU, İsmail ÇETİNKAYA
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Abstract

Because of the realization of the fact that manipulations were being done on financial reports of the biggest countries both in the US and in the rest of the world such as Long Term Capital Management in 1998, Enron in 2001, and Lehman Brothers in 2008, the importance of independent auditing and corporate governance understanding increased. 99.9% of businesses operating in our country are in small and mid-scale business status. This fact makes the adoption of independent auditing and corporate governance understanding harder. Therefore, the prevention the use of methods that blocks competition in the market, Capital Markets Board was founded. The purpose of this study is to find out the effects of auditings done by CMB from 2000 to 2018 on stock returns. Another result of this research is to find out whether BIST is strong in semi-strong form or not. Data on auditing done by CMB was acquired from CMB’s weekly bulletins. As a result of the analysis made using the event study method, it has been concluded that it affects the stock returns negatively. In addition, it is also possible to obtain higher returns compared to the BIST-100 index returns using this information and therefore, BIST was not effective in semi-strong form.
资本市场委员会审计对股票回报的影响
由于意识到在美国和世界其他地区最大的国家(如1998年的长期资本管理公司,2001年的安然公司和2008年的雷曼兄弟公司)的财务报告中都存在操纵行为,独立审计和公司治理理解的重要性增加了。在我国经营的企业中,99.9%是中小型企业。这一事实使得采用独立审计和理解公司治理变得更加困难。因此,为了防止使用阻碍市场竞争的方法,资本市场板成立了。本研究的目的是找出CMB在2000年至2018年进行的审计对股票收益的影响。本研究的另一个结果是发现BIST在半强形式下是否强。招商银行的审计数据来源于招商银行的周报。运用事件研究法进行分析,得出其对股票收益有负向影响的结论。此外,与BIST-100指数相比,利用这些信息也有可能获得更高的回报,因此,BIST在半强形式下无效。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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