Abstract:

The effect of accounting information on stock prices traded in financial markets is an important field of study in the finance literature. There are many studies investigating the relationship, especially within the framework of the Ohlson model. On the other hand, with the inclusion of intellectual capital variables in the Ohlson model, the subject has been brought to a different dimension. There are studies providing evidence that investors can follow these variables, most of which are not reported. The aim of this study is to examine the relationship between stock price and intellectual capital variables within the framework of the Ohlson model. In this study, annual data of 124 companies operating in the manufacturing sector in Borsa Istanbul between 31 December 2010 and 31 December 2018 were used. In the analysis phase, unlike the literature, four different models were used by applying the Support Vector Machines Technique (SVM). In the findings of the analysis, it is concluded that the movements in the stock price can be explained mostly by considering the reported and unreported intangible assets. It was observed that the findings obtained with SVM were more successful in the model performances, which were also examined with the square root of the mean squared method (RMSE). In this respect, it is suggested that intellectual capital variables that are excluded from the balance sheet should be necessarily included in financial reporting.

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