Özet:

Share buy-back transaction implies an indirect profit distribution to the investor by reducing the amount of shares by buying a portion of the total amount of shares offered and by increasing the effect of the remaining shares on the future cash flow. Share buy-back, which has been used in Turkey in recent years, has been used for decades in the world. Share buy-back also attracted the attention of researchers and many studies have been carried out on this subject. A number of studies have been carried out on this issue. In this study, share buy-back of the companies operating in the BIST Manufacturing sector were discussed and the share buy-back announcements made between 2011 and 2018 and the effect of these announcements on the share returns were examined. The Event Study method was used in the study. AAR and CAAR values were calculated in different windows in order to measure the share return performance in the short term following the repurchase announcements of the companies. Findings in this context indicate that positive abnormal returns can be achieved around the dates of the repurchase announcement of the companies operating in the manufacturing sector. In addition, the impact of share repurchase announcements on returns was also examined on a firm basis and the results obtained were evaluated

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