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Bu çalışmanın amacı, ilk halka arz sonrasında sermaye artırımı yoluyla satışa hazır bekletilen payların satışının pay getirileri üzerindeki etkilerinin araştırılmasıdır. Çalışmanın kapsamını 2013-2020 yılları arasında satışa hazır bekletilen pay satışı yapan BİST şirketleri oluşturmaktadır. Olay etüdü yönteminin kullanıldığı çalışmada, olay günü olarak satışa hazır bekletilen payların satış tarihi belirlenmiştir. Olay penceresi olarak ise olay gününden 5 gün öncesi ve sonrası (-/+5) incelenmiştir. Payların beklenen getirilerinin hesaplanmasında Sermaye Varlıklarını Fiyatlama Modeli (SVFM) kullanılmıştır. Sonuç olarak sermaye artırımı yoluyla satışa hazır bekletilen payların satışının pay getirilerini olumlu yönde etkilediği fakat bu uygulamayı takip ederek yatırımcıların büyük miktarlarda ve uzun süreli pozitif getiriler elde edemeyeceği, ancak kısa dönemli pozitif anormal getiri elde edebilmenin mümkün olduğu tespit edilmiştir. Ayrıca test edilen dönem ve şirketler açısından BİST pay piyasasının yarı güçlü formda etkin bir piyasa olmadığını yönünde bulgulara ulaşılmıştır.
The purpose of this study is to investigate the effects of the sales of shares ready for sale through capital increase after the first public supply on shares returns. The scope of the study is made by BIST companies that are ready to sell shares in the period 2013-2020. In the study used the method of the event, the date of sale of the shares ready for sale as the event day was determined. The incident window was examined 5 days before and after the incident (/+5). In calculating the expected return of the shares, the Capital Assets Pricing Model (SVFM) was used. As a result, it has been found that the sale of the shares ready for sale through capital increase positively affects the shares return, but by following this practice, investors will not be able to obtain large amounts and long-term positive return, but it is possible to obtain short-term positive abnormal return. In addition, the tested period and companies have found that the BIST stock market is not an effective market in a half-strong form.
The purpose of this study was to investigate the impacts of sales of shares kept ready for sale through capital increase after the initial public offering on equity returns. The scope of the study consists of BIST companies that selling shares kept ready for sale between 2013 and 2020. In the study, in which the event study method was used, the sales date of the shares kept ready for sale was determined as the event day. As the event window, 5 days before and after the event day (-/+5) were examined. The Capital Asset Pricing Model (CAPM) was used to calculate the expected returns of the equities. As a result, it was determined that the sale of shares kept ready for sale through capital increase positively affected the equity returns, but following this application, it would not be possible for investors to o obtain short term positive abnormal returns. In addition, it was found that BIST equity market is not efficient in the semi-strong form in terms of the period and companies tested.btain large amounts of long term positive returns, but it would be possible to obtain short term positive abnormal returns. In addition, it was found that BIST equity market is not efficient in the semi-strong form in terms of the period and companies tested.
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