Publication: Uluslararası çapraz kotasyonun yatırım ve işlem miktarı üzerine etkisi: Borsa İstanbul şirket örneği
Abstract
Bu çalışma, Borsa İstanbul’da işlem gören Türk şirketlerinin 1993 ve 2016 yılları arasında yurt dışı borsalarda veya tezgahüstü piyasalarda kaynak temin etmek ve yurtdışında yerleşik yabancı yatırımcılar arasında işlem görmek hedefiyle bu şirketlerin paylarını temsilen çıkarttıkları depo sertifikalarının, yatırıma ve işlem miktarına olan etkisini incelemektedir. Çalışmada depo sertifikası ihraç eden Türk şirketlerinin analiz edildiği çapraz kotasyon işlemlerinde 60 ve 250 günlük tahmin modelleri oluşturulmuştur. Piyasa teorisine göre oluşturulan bu tahmin modelleri kullanılarak 10 günlük ve 60 günlük olay pencereleri BIST temel endeksleri baz alınarak analiz edilmiş ve şirket bazında anormal getiriler hesaplanmıştır. Çapraz kotasyonun işlem miktarına olan etkisi ise olay öncesi ve sonrası BIST’de işlem gören payların ortalama işlem miktarları karşılaştırılmak suretiyle değişim oranları hesaplanmıştır. Çapraz kotasyonun Borsa İstanbul’da işlem gören Türk şirketleri açısından yatırım ve işlem miktarı etkisinin 250 günlük tahmin modelinde özellikle yatırımcıdan sermaye elde etme modeliyle depo sertifikalarını kote eden, bankacılık ve reel sektörden aktif büyüklüğü daha yüksek şirketlerde anlamlı derecede olumlu etkisi olduğu tespit edilmiştir.
This study was conducted to determine whether Turkish companies traded in Borsa Istanbul created value in terms of stock returns and trade volumes by providing transactions between foreign investors on developed foreign stock Exchange markets and portals between 1993 and 2016. Study is questiononing whether cross-listing on foreign markets have positive effects on stock returns and volumes based on actual cross-listing dates of Turkish companies listed in Turkish stock exchange. In the analysis study, 60 and 250 days forecasting models were formed in seperate cross listing events within the scope of Turkish listed companies, issuing depository receipts on international markets. By utilizing these forecasting models, 10-day and 60-day event windows were analyzed based on base market indexes of BIST and according to market theory, abnormal returns were calculated on the company basis. The effect of the cross listing on trade volume was examined by comparing the average trade volumes of each stock traded on BIST markets in specific time intervals before and after cross-listing effective dates. The stock return and trade volume effect of the cross-listing by Turkish companies traded in the Borsa İstanbul is positively significant in the 250 day forecasting model, especially for companies operating in banking and manufacturing industry with higher asset size. Related companies mostly opt for capital raising models by quoting their depository certificates globally.
This study was conducted to determine whether Turkish companies traded in Borsa Istanbul created value in terms of stock returns and trade volumes by providing transactions between foreign investors on developed foreign stock Exchange markets and portals between 1993 and 2016. Study is questiononing whether cross-listing on foreign markets have positive effects on stock returns and volumes based on actual cross-listing dates of Turkish companies listed in Turkish stock exchange. In the analysis study, 60 and 250 days forecasting models were formed in seperate cross listing events within the scope of Turkish listed companies, issuing depository receipts on international markets. By utilizing these forecasting models, 10-day and 60-day event windows were analyzed based on base market indexes of BIST and according to market theory, abnormal returns were calculated on the company basis. The effect of the cross listing on trade volume was examined by comparing the average trade volumes of each stock traded on BIST markets in specific time intervals before and after cross-listing effective dates. The stock return and trade volume effect of the cross-listing by Turkish companies traded in the Borsa İstanbul is positively significant in the 250 day forecasting model, especially for companies operating in banking and manufacturing industry with higher asset size. Related companies mostly opt for capital raising models by quoting their depository certificates globally.