YATIRIM TEŞVİK DUYURULARININ İMALAT ŞİRKETLERİNİN PAY GETİRİLERİNE ETKİSİNİN ANALİZİ

YAKAR S., KANDIR S. Y., elbir g.

vergi raporu, no.254, pp.72-83, 2020 (Peer-Reviewed Journal)

  • Publication Type: Article / Article
  • Publication Date: 2020
  • Journal Name: vergi raporu
  • Journal Indexes: TR DİZİN (ULAKBİM)
  • Page Numbers: pp.72-83
  • Çukurova University Affiliated: Yes

Abstract

In this study, the impact of investment incentive announcements of manufacturing companies on the stock returns is examined. Event study method is employed. A total of 54 investment incentive announcements of 41 Borsa Istanbul manufacturing companies during 2012 and 2020 period are sampled. Investment incentive announcements dates are determined as event days. Event window is chosen by determining five days before and five days after the event day. Empirical results suggest that investment incentive announcements initiate abnormal stock returns. This finding implies that Borsa Istanbul does not appear to be semistrongly efficient. This finding would also indicate existence of investor expectation towards potential future stock returns.