Borsa İstanbul’da İçeriden Öğrenenlerin Getirileri

Amaç: Bu çalışmada Borsa İstanbul’da içeriden öğrenenlerin işlem yaptığı hisselerin performansları analiz edilmiştir. Tasarım/Yöntem: Araştırmada 2015 ve 2020 yılları arasında içeriden öğrenenler tarafından KAP’a sunulan 2131 adet bildirim indirilmiştir. t testleri vasıtasıyla bu bildirimlere konu olan hisselerin performansları analiz edilmiştir. Bulgular: İçeriden öğrenenler piyasayı etkin bir şekilde zamanlayabilmektedirler. Genellikle düşük performans göstermiş hisseleri almakta ve yüksek performans göstermiş hisseleri satmaktadırlar. Alım tutarlarının yüksekliği ile elde ettikleri performans arasında anlamlı bir ilişki bulunmamaktadır. Davranışsal olarak yüksek performans gösteren hisseleri satma, düşük performans gösteren hisseleri ise alma yönünde yanlılık göstermektedirler. Sınırlılıklar: Araştırma yalnızca BIST100 hisselerini ve 2015-2020 zaman aralığını kapsamaktadır. Özgünlük/Değer: Çalışmanın dönemi, 15 Temmuz 2016 darbe girişimi, 2018 Ağustosundaki kur şoku ve sermaye piyasalarında 2020 yılı Mart ayında Covid 19 nedeniyle yaşanan sert düşüş gibi önemli olayları kapsamaktadır. Bu sayede içeriden öğrenen işlemlerinin değişik piyasa şartlarında değerlendirilebilmesi mümkün olmaktadır. Ayrıca içeriden öğrenen işlemlerinde, geçmiş hisse performanslarının oluşturduğu yanlılık etkisi de incelenmiştir.

Anahtar Kelimeler:

İçeriden Öğrenenlerin Ticareti, İçsel Bilgi, Etkin Piyasalar, Çıpalama Etkisi, Borsa İstanbul

Returns of Insiders in Borsa İstanbul

Purpose: It is aimed to determine the performance of the insider transactions in Borsa İstanbul Design/Methodology: In the research, between 2015 and 2020, 2131 notifications submitted to PDP by insiders were downloaded. The performances of the equities subject to these notifications were analyzed by t-tests. Findings: Insiders can effectively time the market. They usually buy underperforming stocks and sell overperforming stocks. There is no significant relationship between the purchase amount and the performance they achieve. They are behaviorally biased to sell stocks with high past performances and buy stocks with low past performances. Limitations: The research comprises only the equities in the BIST100 index and the 2015-2020 time period. Originality/Value: The period of the study comprises important events such as the coup attempt of 15 July 2016, the exchange rate shock in August 2018, and the sharp fall in the capital markets in March 2020 due to Covid 19. Thus, it is possible to evaluate insider transactions under different market conditions. In addition, the bias effect of past stock performance in insider transactions was also examined.

Keywords:

Insider Trading, Insider Information, Efficient Markets, Anchoring Affect, Borsa Istanbul,

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