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  Citation Number 2
 Views 61
 Downloands 18
KREDİ NOT DUYURULARININ PAY SENEDİ PİYASALARI ÜZERİNE ETKİSİ: BORSA İSTANBUL ÜZERİNE BİR UYGULAMA
2019
Journal:  
Turkish Studies
Author:  
Abstract:

Kredi Derecelendirme kuruluşlarının son zamanlarda ülke ekonomileri üzerine yapmış olduğu değerlendirmelere ait duyuruların yabancı yatırımcıların yatırım kararları üzerinde etkisi olduğu görülmektedir. Gerek ulusal gerekse uluslararası fonların pay senedi piyasalarına yönlendirilmesi konusunda önem arz eden bu duyuruların etkilerinin ortaya konulması piyasa etkinliği açısından önem arz etmektedir. Bu çalışmada uluslararası kredi derecelendirme kuruluşlarının kredi not duyurularının pay senedi getirileri üzerindeki anormal etkileri incelenmektedir. Çalışmada veri dönemi olarak 2001-2018 tarih aralıkları belirlenmiştir. Çalışma kapsamında kullanılan günlük borsa endeksleri üzerinden getiriler ve kapanış değerleri hesaplanmış, sonuçlara göre dünya açısından önemli en yüksek üç kredi derecelendirme kuruluşu Fitch, Moody’s ve Standard & Poor’s’un kredi notu açıklamalarının pay senedi getirileri üzerindeki etkileri ortaya konulmuştur. Çalışmada, kredi notu duyurularının getiriler üzerindeki etkisinin incelenmesinde Olay Çalışması (Event Study) yöntemi kullanılmıştır. Çalışmanın sonucunda, Kredi derecelendirme kuruluşlarının gerçekleştirmiş olduğu not düşürülmesi ve notun değiştirilmemesine (durağanlık) ilişkin açıklamaların özellikle Mali ve Bankacılık gibi finansal sektörlerde etkisinin kısa vadede hissedildiği ve bu iki sektörde gerçekleşen bu iki açıklama türünün negatif olarak algılandığı ve buna tepki olarak bu iki sektörde olumsuz olarak algılanan açıklamaların gerçekleştiği tarihler civarında negatif anormal getirilerin oluştuğu belirlenmiştir. Diğer iki sektör olan Sanayi ve Ticaret sektörlerinde ise açıklamalarla bağdaştırılabilecek herhangi bir bulguya rastlanılmamıştır. Ayrıca notun yükseldiğini ifade eden pozitif açıklamalar neticesinde de herhangi bir sektörde bu açıklama türü ile ilişkilendirebileceğimiz bir bulguya rastlanılmamıştır.

Keywords:

The impact of credit notes on payments on the markets: an application on the stock exchange in Istanbul
2019
Journal:  
Turkish Studies
Author:  
Abstract:

The announcement of recent assessments by credit rating agencies on the country’s economies appears to have an impact on foreign investors’ investment decisions. The importance of the effects of these announcements that are important in the direction of national and international funds to share markets is important in terms of market effectiveness. This study examines the abnormal effects of international credit rating agencies’ credit rating announcements on share revenues. In the study, the date intervals were determined as the data period from 2001 to 2018. The study calculated returns and closing values through the daily stock index used in the framework of the study, and the results showed the impact of the credit rating statements of the top three credit rating agencies in the world, Fitch, Moody's and Standard & Poor's on the share rate returns. The study used the Event Study (event study) method to study the impact of credit rating announcements on revenues. The result of the study was that the statements on the not reduction and not change of the rating were in the short term, especially in financial sectors such as Finance and Banking, and that the two types of statements occurring in these two sectors were negatively perceived and in response to that statements perceived negatively in these two sectors occurred in the dates of negative abnormal returns. In the other two sectors, the Industry and Trade sectors have not found any findings that can be matched with the statements. Also, as a result of positive statements that indicate the rating is rising, there has been no finding in any sector that we can associate with this type of statements.

Keywords:

The Effect Of Credit Announcements On Share Stock Markets: A Sectoral Analysis On Borsa Istanbul
2019
Journal:  
Turkish Studies
Author:  
Abstract:

It is seen that the announcements made by the credit rating agencies on the recent economies of the country have an impact on the investment decisions of foreign investors. Revealing the effects of these announcements, which are important for directing both national and international funds to stock markets, is important for market efficiency. In this study, the effect of credit rating announcements on stock markets is analyzed by sector. In the study, 2001-2018 date ranges were determined as the data period. The returns and closing values were calculated over daily stock indexes used in the study and the effects of the ratings of Fitch, Moody’s and Standart and Poors on the stock returns were determined according to the results. In the study, Event Study method was used to examine the effect of credit grade announcements on returns. As a result of the study, the effect of the explanations regarding the downgrading and not changing the ratings (stagnation) made by credit rating agencies was felt in the short term especially in financial sectors such as Financial and Banking and these two types of disclosures realized in these two sectors were perceived as negative and it has been determined that negative abnormal returns occur around the dates of the explanations as perceived. In the Industry and Trade sectors, did not find any findings that could be associated with the explanations. In addition, as a result of the positive statements indicating that the grade has increased, there is no finding that can be associated with this type of disclosure in any sector.

Keywords:

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Turkish Studies

Field :   Eğitim Bilimleri; Filoloji; Güzel Sanatlar; Hukuk; İlahiyat; Sosyal, Beşeri ve İdari Bilimler; Spor Bilimleri

Journal Type :   Uluslararası

Metrics
Article : 12.054
Cite : 46.407
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Turkish Studies