HİSSE SENEDİ PİYASALARININ FİNANSAL TABLO DUYURULARINA TEPKİSİ VE BU TEPKİNİN BÜYÜKLÜĞÜNÜ BELİRLEYEN ETMENLER: LİTERATÜR İNCELEMESİ

Finansal tabloların kaliteli olabilmesi, önemli ölçüde, kullanıcıların (yatırımcı, kredi verenler vb.) ihtiyacına uygun bilgi sunabilmesine bağlıdır. Finansal tabloların ihtiyaca uygun olması, tablolardaki bilginin kullanıcının karar sürecine ne ölçüde katkıda bulunduğuyla ilişkilidir. Bu katkının anlaşılması, finansal tabloların daha kaliteli hale getirilebilmesi açısından büyük önem taşımaktadır. Bu çalışmanın amacı; hisse senedi piyasalarının finansal tablo duyurularına yönelik tepkisini ve söz konusu tepkinin büyüklüğünü belirleyen nedenleri araştıran literatürü özetlemektir. Çalışmada, özellikle; finansal tablo duyurularına verilen piyasa tepkisi büyüklüğünün, işletmeden işletmeye neden farklılık gösterdiğini tesbit etmeye yönelik teorik ve ampirik temelli çalışmalara değinilmektedir. Bu çalışmanın, ilgili konuda, Türkiye örneğinden hareket eden ampirik çalışmaların yapılmasına kapı aralaması arzu edilmektedir.

Anahtar Kelimeler:

Kazanç Duyurularının Bilgi Değeri, Kazançlara Tepki Katsayısı (KTK), Beklenmeyen Kazanç Duyuruları, Anormal Getiriler

The quality of earnings announcements to a great extend depends on the information they provide for the needs of the users (investors, creditors etc.). The usefulness of earnings announcements is related with to what extent the information contributes to the decision-making process of the user. In order to improve the quality of earnings announcements, it is necessary to understand this contribution. The aim of this study is to provide a literature review of the research on the market response to earnings announcements and on the determinants of the magnitude of this response. The study specifically focuses on theoretical and empirical research about the different responses of various firms. The aim of the study is to promote empirical research based on Turkish case about the issue.

Keywords:

Information Content of Earnings Announcements, Earnings Response Coefficient (ERC), Unexpected Earnings Announcements, Abnormal Returns.,

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