İstanbul Menkul Kıymetler Borsası’nda kazanç ve hisse senedi getirisi arasındaki ilişkinin test edilmesi

Bu çalısmanın amacı, stanbul Menkul Kıymetler Borsası (MKB) Ulusal Pazarı’nda islem gören firmaların, yeni finansal raporlama standartlarından (UFRS) elde edilen yıllık kazançları ve hisse senetlerinin getirisi arasında bir iliski olup olmadıgını arastırmaktır. Firmaların yıllık kazançları ile hisse senetlerinin getirisi arasındaki iliskiyi arastırmak için Easton ve Harris (1991) tarafından gelistirilen Getiri Degerleme Modeli (Modelleri) kullanılmıstır. Model, firma kazancı ve kazanç degisimlerinin hisse senetleri getirileriyle baglantısını kurmaktadır. Modelin ampirik sonuçları, MKB Ulusal Pazar için yıllık kazanç ile hisse senetlerinin getirisi arasında pozitif yönde ve anlamlı bir iliski oldugunu göstermektedir.

Testing the relation between earnings and returns in Istanbul Stock Exchange

The purpose of this study to investigate whether there is an association between stock returns and the annual earnings, derived from the new financial reporting standards (IFRS) of firms listed on the Istanbul Stock Exchange (ISE) National Market over the period 2005 -2009. To explore the association between stock returns and the annual earnings, the Return Valuation Model(s) devoloped by Easton and Harris (1991) is used. The model is linking both current earnings levels and earnings changes to stock returns. The empirical results of model indicate that there is a positive and significant association between stock returns and annual earnings for ISE national market.

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