ÇİFTE KAYITLI HİSSE SENEDİ FİYATININ BELİRLEYİCİLERİ

         Uluslararası sermaye piyasalarından sermaye tedarik etmek isteyen şirketler, ulusal borsaların dışında yabancı bir borsaya ikinci kez kayıt yaptırmaları, çifte kayıt olarak ifade edilmektedir. Çalışmada çifte kayıtlı hisse senetlerinin değer farklılıklarının nedenleri araştırılmaktadır. Uygulama piyasa değeri en yüksek borsalardan New York, Londra ve Tokyo Borsalarında yapılmıştır. Çifte kayıtlı hisse senetleriyle ilgili yapılan çalışmalarda, her borsa için ayrı bir modelin geliştirilmesinin daha anlamlı sonuçlar vereceği literatürde ifade edilmiştir. Bu nedenle her borsa için ayrı bir model oluşturulmuştur. Araştırmanın modelinde hisse senedi fiyatı, faiz oranı, enflasyon, döviz kuru, aktif kârlılık oranı, özsermaye kârlılık oranı, cari oran ve altın fiyatı değişkenleri yer almaktadır. 2010-2015 dönemine ait yıllık verilerden oluşan model, panel veri en küçük kareler yöntemi ile analiz edilmiştir. Analiz sonucunda bir borsada işlem gören hisse senedinin fiyatının, aynı anda işlem gördüğü diğer borsalardaki fiyatlardan etkilendiği, özellikle de New York Borsasındaki fiyatların diğer borsalardaki fiyatların oluşumunda belirleyici olduğu tespit edilmiştir.

Determinants Of The Price Of Dual Listed Stocks

___

  • Abdallah, A.A.N. (2005). “Cross listing, investor protection and disclosure: does it make a difference? The case of cross listed versus non cross listed firms”, University of Bath School of Management. Working Paper Series 2005,09.
  • Aksoy, E.E. (2014). “Uluslararası portföy yönetimi”, Ankara: Detay Yayıncılık.
  • Alaganar, Vaira T. ve Bhar, R. (2002). “Information and volatility link age under external shock: Evidence from dually listed Australian stocks”, International Review of Financial Analysis, 11, 59-71.
  • Alexander, G. J., Eun, C.S. and Janakiraman, S. (1987). “Asset pricing and dual listing on foreign capital markets an note”, The Journal of Finance, 42(1), 151-158.
  • Alexander, G. J., Eun, C.S. and Janakiraman, S. (1988). “International listings and stock returns: Some emprical evidence”, Journal of Financial and Quantitative Analysis, 23 (2), 135-151.
  • Alhaj-Yaseen, Yaseen S., Eddery, Lam and Barkoulas, John, T. (2014). “Price discovery for cross listed firms with foreign IPOs”, International Review of Financial Analysis, 31, 80-87.
  • Antonioni, P. and FlynnN S.M. (2011). ”Economics for Dummies”, John Wiley&Sons, Inc., Chishester.
  • Atabay Baytar, R. (2012), "Türkiye ve BRIC Ülkeleri Arasındaki Ticaret Hacminin Belirleyicileri: Panel Çekim Modeli Analizi", İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi 11, 21, 403-424.
  • Baltagi, B.H. (2005). “Econometric analysis of panel data (Third Edition)”, John Wiley&Sons, Ltd., England.
  • Bedi, J., Richards, A. and Tennant, P. (2003). “The characteristics and trading behavior of dual listed companies”, Australia: Reserve Bank of Australia Bulletin Working Papers.
  • Berg, Marco. (2012), “Cross Listing and Valuation Differences Between The Hong Kong and Chinese Stock Markets, Aalto University School of Economics”, Master’s Thesis of Department of Accounting and Finance Aalto.
  • Bianconi, M. and Tan, L. (2010).” Cross listing premium in the US and the UK destination”. International Review Economics and Finance. 19, 244,259.
  • Bianconi, M., Chen, R. and Yoshino, J.A. (2013). “Firm value, the Sarbanes-Oxley act and cross listing in the U.S., Germany and Hong Kong destinations”. North American Journal of Economics and Finance, 24, 25-44.
  • Caban-Garcia,, M.T. (2004). “The impact of securities regulation on earnings properties and valuation: An analysis of European cross listed firms”, Degree for Doctor of Philosophy, The Faculty of Graduate School University of Missouri-Columbia, United States.
  • Cetorelli, N. ve Peristiani, S.(2010), “Firm Value and Cross-Listing: The Impact of Stock Market Prestige”, Federal Reserve Bank of New York, Staff Report no:474, New York. Working Paper Series. Son Erişim: 14.10.2016,http://www1.wiwi.unimuenster.de/cqe/forschung/workshops/forthcomingworkshops/helsinki/Paper-Callen-Helsinki.pdf.
  • Chen, J., Tse, Y. and Williams, M. (2009). “Trading location and equity returns: Evidence from US trading British cross-listed firms”. Journal of International Financial Markets, Institutions & Money, 19,729-741.
  • Dale, A.J. ve Jithendranathan, T.(2001). ”Fluctuating Returns of Dual Listings: Domestic and ADR Markets, Preliminary Draft” ,Son Erişim: 14.10.2016. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=263178
  • Doidge, C., Karolyi G.A. and Stulz, R.M. (2004). “Why are foreign firms listed in the U.S. worth more?”, Journal of Financial Economics, 71, 205-238.
  • Doidge, C. (2004). “U.S. cross listings and the private benefits of control: evidence from dual class firms”. Journal of Financial Economics, 72, 519-553.
  • Eitaman, D.K., Stonehill, A.I. and Moffett, M.H. (2013). “Multinational Business Finance (Thirteenth Edition)”, New Jersey: Pearson Education Inc.
  • Eun, C.S. and Sabherval, S. (2003). “Cross Border Listings and Price Discovery: Evidence From U.S.-Listed Canadian Stocks”. The Journal of Finance. LVIII (2), 549-575.
  • Foerster, S.R. and Karolyi, G.A. (1993). “International listing of stocks: the case of Canada and The U.S.” Journal of International Business Studies, 24(4), 753-784.
  • Gallagher, L. and Kiely, D. (2005). “Volume and garch effects for dual listed equities: evidence from Irish equities”. The Irish Accounting Review, 12(1), 63-82.
  • Ghadhab, I. and Hellara, S. (2016). “Price discovery of cross listed firms”. International Review of Financial Analysis, 44, 177-188.
  • GujuratiI, D.N. (2004), “Basic econometrics (fourth edition)”. Mexico: The McGraw-Hill Companies.
  • Hansda, S. K. and Ray, P. (2003). “Stock market integration and dually listed stocks: Indian ADR and domestic stock prices”. Economic and Political Weekly, 38(8), 741-754.
  • Hauser, S., Tanchuma, Y. and Yaari, U. (1998). “International transfer of pricing information between dually listed stocks”. The Journal of Financial Research, 21(2), 139-157.
  • Kaul, A. ve Mehrotra, V.(2006), “The role of trades in price convergence: A study of dual-listed Canadian Stocks”, Journal of Empirical Finance, Vol.14, pp.196-219.
  • King, M.R. ve Segal, D.(2004), “International Cross Listing and The Bonding Hypothesis”, Bank of Canada Working Paper 2004-17.
  • Ko, K., Lee, I. and Yun, K. (1997). Foreign listings, firm value and volatility: The case of Japanese Firms’ listings on the US Stock Markets. Japan and the World Economy, 9, 57-69.
  • Koedijk, K. G. and Van D. M. A. (2004). The cost of capital of cross listed firms. European Financial Management, 10(3), 465,486.
  • Korczak, P. and Bohl M. T. (2005). “Emprical Evidence on Cross Listed Stocks of Central and Eastern European Companies”. Emerging Market Review, 6, 121-137.
  • Lee, K. Y. K. (2011). “Essays on the Cross Listed Chinese Securities”, Thesis of Doctor of Philosophy, University of California, Los Angeles.
  • Liu, L. and Bogomolov, T. (2012). “The law of one price and arbitrage on China’s dual listings”. International Journal of Banking and Finance, 9(2), 58-76.
  • Mak, B.S.C. and Ngai, A.M.S. (2005). “Market linkage for dual listed Chinese Stocks”. The Chinese Economy Review, 38(2), 88-107.
  • Mederios, O.R. and Lima, M.E. (2016). “Brazillian dual listed stocks, arbitrage and barriers”. 30th Encontro da ANPAD. 23 a 27 de setembro de 2006. Salvador, Brasil. 1-17.
  • Nenova, T. (2002). “The value of corporate voting rights and control: A cross-country analysis”. Journal of Financial Economics, 68, 325-351.
  • Özer, A. (2012). “İstanbul Menkul Kıymet Borsasında Hisse Senedi Getirilerini Etkileyen Faktörlerin Belirlenmesi: Panel Veri Analizi”, Yayımlanmış Doktora Tezi, Atatürk Üniversitesi Sosyal Bilimler Enstitüsü İşletme Anabilim dalı, Erzurum.
  • Sabherval, S. (2000).” Price discovery for dually traded securities: evidence from U.S. listed Canadian Stocks”, Degree Doctor of Philosophy in Management, Georgia Institute of Technology, United States.
  • Serra, A. P. (1997). “The valuation impact of dual listing on international exchanges: The case of emerging market’s stocks”, Thesis of PhD, London Business School, London, U.K.
  • Spitzer, J. (2011). “The persistence of pricing differentials in dual-listed companies in Hong Kong and China”, SeniorThesis, Claremont McKenna College, Claremont.
  • Tatoğlu Yerdelen, F. (2013), “İleri Panel Veri Analizi”, Beta Basım Yayın Dağıtım A.Ş., İstanbul.
  • Wooldridge, J. M. (2012). “Introductory Econometrics: a modern approach (5th Edition)”. USA: South Western Cengage Learning.
  • Xu, X. E. and Fung, H.G. (2002). “Information flows across markets: evidence from China-Backed Stocks dual listed in Hong Kong and New York”. The Financial Review, 37, 563-588.
  • Yang, X. and Kun, P. (2014).” Cross border listings and price discovery evidence from Chinese companies triple listed in Shanghai, Hong Kong and New York”. Journal of Advanced Studies in Finance, V(9), 66-103.
Hitit Sosyal Bilimler Dergisi-Cover
  • Yayın Aralığı: Yılda 2 Sayı
  • Başlangıç: 2008
  • Yayıncı: Hitit Üniversitesi