Özet:

The aim of this study is to investigate whether the stock market is in a semi-effective strong structure, by examining whether the stock prices of companies trading in the stock market between 2012 and 2014 are affected by the announcement of free capital increase. In this context, the effectiveness of the Borsa Istanbul Stock Market in the examined period was analyzed using the "event work" method. In the analysis, the event window (-5,+5) was taken on the working day. In addition, companies with unpaid capital increases rates below 100%, 100% or higher in the relevant period have been examined separately and the difference in unpaid capital increases rates, average abnormal returns and the impact on cumulative abnormal returns have been analyzed. According to the results of the research, it is impossible to obtain statistically meaningful positive average abnormal revenue after the announcement of free capital increase. However, the unpaid capital increase rate is 100% or more in companies after the date of the announcement. A significant negative average of an abnormal return is obtained. At the same time, significant accumulative abnormal positive returns can be obtained within the event window in different periods. According to these findings, it can be said that the Borsa Istanbul Stock Exchange in the examined period has been affected by the announcement of free capital increase and there is no half-strong effective structure market.

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