Borsa İstanbul'da Değer Priminin Varlığı

Bu çalışmada değer ve büyüme hisse senetlerinin getirileri arasındaki pozitif farkı ifade eden değer priminin, Borsa İstanbul (BİST)'da Temmuz 2006 - Haziran 2015 döneminde varlığı incelenmiştir. Değer ve büyüme hisse senetlerini belirlemek amacıyla Defter Değeri/Piyasa Değeri, Kazanç/Fiyat, Nakit Akımı/Fiyat ve Temettü Verimi oranları ölçüt olarak kullanılmıştır. Analizler sonucunda, ölçüt olarak alınan dört orana göre değer priminin Borsa İstanbul'da süreklilik arz etmediği tespit edilmiştir.

The Existence of Value Premium in The Borsa Istanbul

This study investigates if value premium which is defined by the difference in returns of value and growth stocks, exists in the Istanbul Stock Exchange (ISE) for the period July 2006-June 2015. To determine value and growth stocks in the market, book to market, earnings to price, cash flow to price and dividend yields are used as proxy measures. Results show that there is no value premium in the ISE.

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