Hisse Senedi Getirilerinin Marka Değeri Duyurularına Tepkisi

Bu çalışmada Türkiye marka değeri sıralamasında ilk 10’a girebilmiş firmalarının hisse senetlerinin bu duyuru öncesi ve sonrası ne şekilde fiyatlandığının araştırılması amaçlanmıştır. Bu bağlamda 2012 ve 2017 yılları arasında Brand Finance tarafından ilan edilen Türkiye’nin En Değerli Markaları Yıllık Raporu’na giren ilk 10 şirketin düzeltilmiş günlük hisse senedi fiyatları ve BIST100 endeksine ait günlük veriler kullanılmıştır. Analiz yöntemi olarak olay etüdü yöntemi seçilmiştir. Yapılan analiz sonrasında yatırımcıların marka değeri duyurularına verdikleri tepkinin daha çok ilk yıllarda istatistiksel olarak anlamlı ve pozitif olduğu gözlenmiştir. Diğer bir ifade ile ilk yıllardan itibaren benzer firmaların listeye girdiği bilgisi ışığında, ilerleyen yıllarda marka değeri sıralamasında ilk 10’a girmesi muhtemel hisse senetlerine yatırım yaparak normalüstü getiri elde etme olasılığı azalmıştır. Bu durumun bilginin zaman geçtikçe fiyatlara yansıtılmış olmasından kaynaklandığı ileri sürülebilir.

Anahtar Kelimeler:

Marka Değeri Duyuruları, Hisse Senedi Getirileri, Olay Etüdü

The Response of Stock Returns to the Brand Value Announcements

The aim of this study was to investigate how did the stocks of the firms, listed in the top 10 brand value list of Turkey, priced before and after the brand value announcements. In this context the adjusted stock prices of the firms entered the annual list of Turkey’s first 10 most valuable brands announced by Brand Finance and the daily data of the BIST100 index were utilized for the period of 2012 and 2017. Event study methodology was employed for the analysis. After the analysis, statistically significant and positive reactions of the investors to the brand value announcements were observed substantially in the first years. In other words, in the light of the information that generally the same firms were listed from the beginning of the announcements, in the following years the possibility to have abnormal returns by investing in the stocks that possibly will enter to the list of most valuable brands decreased. It can be asserted that this might proceed from the reflection of information to the prices by the time of progress.

Keywords:

Brand Value Announcements, Stock Returns, Event Study,

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