Özet:

Financial markets tend to be affected by political developments. As analysts' forecasts, market announcements, political and corporate news shape the expectations of investors, affect the stock markets. Reports prepared by international organizations are reviewed by investors and taken into account in investment decisions. The European Union, evaluates positive and negative developments in social and individual issues by presenting various progress reports on countries where the membership process. In today's communication age, it is expected that the positive and negative developments in the reports will affect the financial markets and investment decisions. Türkiye is in the category of developing countries and makes reforms to continue the process. Throughout the EU negotiation process, the European Commission publishes reports evaluating the performance of the candidate countries in the autumn months within the scope of the Copenhagen criteria. Are European Union progress reports taken into account by capital markets like financial reports? In study, the answer to the question mentioned was sought. The purposes of the study are to investigate whether the European Union progress (country) reports are priced in the Turkish capital markets. By using the daily MSCI-Türkiye stock index data, the reaction of the investors to the reports in the 2005-2022 periods was determined by the event analysis method. According to the findings of the paper, while 8 reports did not have a significant effect on the stock market index, statistically significant abnormal returns were observed in 9 reports. Therefore, the result of the study shows that progress (country) reports are taken into account while making investment decisions and priced in Turkish capital markets.

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