Araştırma Makalesi
BibTex RIS Kaynak Göster

Borsa İstanbul’da İçeriden Öğrenenlerin Getirileri

Yıl 2022, Cilt: 14 Sayı: 26, 158 - 172, 25.05.2022
https://doi.org/10.20990/kilisiibfakademik.972633

Öz

Amaç: Bu çalışmada Borsa İstanbul’da içeriden öğrenenlerin işlem yaptığı hisselerin performansları analiz edilmiştir.
Tasarım/Yöntem: Araştırmada 2015 ve 2020 yılları arasında içeriden öğrenenler tarafından KAP’a sunulan 2131 adet bildirim indirilmiştir. t testleri vasıtasıyla bu bildirimlere konu olan hisselerin performansları analiz edilmiştir.
Bulgular: İçeriden öğrenenler piyasayı etkin bir şekilde zamanlayabilmektedirler. Genellikle düşük performans göstermiş hisseleri almakta ve yüksek performans göstermiş hisseleri satmaktadırlar. Alım tutarlarının yüksekliği ile elde ettikleri performans arasında anlamlı bir ilişki bulunmamaktadır. Davranışsal olarak yüksek performans gösteren hisseleri satma, düşük performans gösteren hisseleri ise alma yönünde yanlılık göstermektedirler.
Sınırlılıklar: Araştırma yalnızca BIST100 hisselerini ve 2015-2020 zaman aralığını kapsamaktadır.
Özgünlük/Değer: Çalışmanın dönemi, 15 Temmuz 2016 darbe girişimi, 2018 Ağustosundaki kur şoku ve sermaye piyasalarında 2020 yılı Mart ayında Covid 19 nedeniyle yaşanan sert düşüş gibi önemli olayları kapsamaktadır. Bu sayede içeriden öğrenen işlemlerinin değişik piyasa şartlarında değerlendirilebilmesi mümkün olmaktadır. Ayrıca içeriden öğrenen işlemlerinde, geçmiş hisse performanslarının oluşturduğu yanlılık etkisi de incelenmiştir.

Kaynakça

  • Agrawal, A., & Cooper, T. (2015). Insider trading before accounting scandals. Journal of Corporate Finance, 34, 169-190. https://doi.org/10.1016/j.jcorpfin.2015.07.005
  • Agarwal, V., Taffler, R. J., Bellotti, X., & Nash, E. A. (2016). Investor relations, information asymmetry and market value. Accounting and Business Research, 46(1), 31-50. https://doi.org/10.1080/00014788.2015.1025254
  • Akın, Ö., & Esen, G. S. (2019). An overview of insider trading in Borsa İstanbul. Journal of Research in Economics, 3(2), 76-90. https://doi.org/10.35333/JORE.2019.49
  • Alldredge, D. M., & Blank, B. (2019). Do insiders cluster trades with colleagues? Evidence from daily insider trading. Journal of Financial Research, 42(2), 331-360. https://doi.org/10.1111/jfir.12172
  • Chiang, C. H., Chung, S. G., & Louis, H. (2017). Insider trading, stock return volatility, and the option market's pricing of the information content of insider trading. Journal of Banking & Finance, 76, 65-73. https://doi.org/10.1016/j.jbankfin.2016.11.027
  • Cziraki, P., Lyandres, E., & Michaely, R. (2021). What do insiders know? Evidence from insider trading around share repurchases and SEOs. Journal of Corporate Finance, 101544. https://doi.org/10.1016/j.jcorpfin.2019.101544
  • Dierkens, N. (1991). Information asymmetry and equity issues. Journal of Financial and Quantitative Analysis, 26(2), 181-199. https://www.jstor.org/stable/2331264
  • Dogu, M., Karacaer, S., & Karan, M. B. (2010). Empirical testing of insider trading in the Istanbul stock exchange. International Research Journal of Finance and Economics, 15, 97-107. http://www.internationalresearchjournaloffinanceandeconomics.com/ISSUES/IRJFE%20issue%2051.htm
  • Eckbo, B. E., & Smith, D. C. (1998). The conditional performance of insider trades. The Journal of Finance, 53(2), 467-498. https://doi.org/10.1111/0022-1082.205263
  • Esen, M. F., Singal, M., Kot, H. W., & Chen, M. H. (2019). Can insider trading in US hospitality firms predict future returns?. International Journal of Hospitality Management, 83, 115-127. https://doi.org/10.1016/j.ijhm.2019.04.008
  • Khan, M., & Lu, H. (2013). Do short sellers front-run insider sales?. The Accounting Review, 88(5), 1743-1768. https://doi.org/10.2308/accr-50485
  • Lee, E., & Piqueira, N. (2019). Behavioral biases of informed traders: Evidence from insider trading on the 52-week high. Journal of Empirical Finance, 52, 56-75. https://doi.org/10.1016/j.jempfin.2019.02.007
  • Lee, I., Lemmon, M., Li, Y., & Sequeira, J. M. (2014). Do voluntary corporate restrictions on insider trading eliminate informed insider trading?. Journal of Corporate Finance, 29, 158-178. https://doi.org/10.1016/j.jcorpfin.2014.07.005
  • Marin, J. M., & Olivier, J. P. (2008). The dog that did not bark: Insider trading and crashes. The Journal of Finance, 63(5), 2429-2476. https://doi.org/10.1111/j.1540-6261.2008.01401.x
  • Reeb, D. M., Zhang, Y., & Zhao, W. (2014). Insider trading in supervised industries. The Journal of Law and Economics, 57(3), 529-559. https://www.jstor.org/stable/10.1086/678269
  • Tahaoglu, C., & Guner, N. (2011). An investigation of returns to insider transactions: Evidence from the Istanbul Stock Exchange. Boğaziçi Journal 25(1), 57-77. https://doi.org/10.21773/boun.25.1.3
  • Ünal, S. (2020). Hisse senedi getirileri üzerinde para ve maliye politikası araçlarının etkisi: Borsa İstanbul üzerine bir araştırma. Journal of Yaşar University, 15(60), 772-789. https://doi.org/10.19168/jyasar.725055
  • Ünal, S., & Aydınlı, M. (2021). Evaluation of the performance of equity funds in Turkey. İşletme Araştırmaları Dergisi, 13(2), 1200-1215. https://doi.org/10.20491/isarder.2021.1193
  • Ünal, S., & Derdiyok, T. (2020). Agency costs of publicly traded firms owners in Turkey. Ekonomi Politika ve Finans Araştırmaları Dergisi, 5(2), 336-357. https://doi.org/10.30784/epfad.718990
  • Van Geyt, D., Van Cauwenberge, P., & Vander Bauwhede, H. (2014). Does high-quality corporate communication reduce insider trading profitability?. International Review of Law and Economics, 37, 1-14. https://doi.org/10.1016/j.irle.2013.04.002
  • Varlı, Y. (2018). Who are the market beaters: Lucky investors, insiders or who Else. Business and Economics Research Journal, 9(1), 87-107. https://doi.org/10.20409/berj.2018.95

Returns of Insiders in Borsa İstanbul

Yıl 2022, Cilt: 14 Sayı: 26, 158 - 172, 25.05.2022
https://doi.org/10.20990/kilisiibfakademik.972633

Öz

Purpose: It is aimed to determine the performance of the insider transactions in Borsa İstanbul
Design/Methodology: In the research, between 2015 and 2020, 2131 notifications submitted to PDP by insiders were downloaded. The performances of the equities subject to these notifications were analyzed by t-tests.
Findings: Insiders can effectively time the market. They usually buy underperforming stocks and sell overperforming stocks. There is no significant relationship between the purchase amount and the performance they achieve. They are behaviorally biased to sell stocks with high past performances and buy stocks with low past performances.
Limitations: The research comprises only the equities in the BIST100 index and the 2015-2020 time period.
Originality/Value: The period of the study comprises important events such as the coup attempt of 15 July 2016, the exchange rate shock in August 2018, and the sharp fall in the capital markets in March 2020 due to Covid 19. Thus, it is possible to evaluate insider transactions under different market conditions. In addition, the bias effect of past stock performance in insider transactions was also examined.

Kaynakça

  • Agrawal, A., & Cooper, T. (2015). Insider trading before accounting scandals. Journal of Corporate Finance, 34, 169-190. https://doi.org/10.1016/j.jcorpfin.2015.07.005
  • Agarwal, V., Taffler, R. J., Bellotti, X., & Nash, E. A. (2016). Investor relations, information asymmetry and market value. Accounting and Business Research, 46(1), 31-50. https://doi.org/10.1080/00014788.2015.1025254
  • Akın, Ö., & Esen, G. S. (2019). An overview of insider trading in Borsa İstanbul. Journal of Research in Economics, 3(2), 76-90. https://doi.org/10.35333/JORE.2019.49
  • Alldredge, D. M., & Blank, B. (2019). Do insiders cluster trades with colleagues? Evidence from daily insider trading. Journal of Financial Research, 42(2), 331-360. https://doi.org/10.1111/jfir.12172
  • Chiang, C. H., Chung, S. G., & Louis, H. (2017). Insider trading, stock return volatility, and the option market's pricing of the information content of insider trading. Journal of Banking & Finance, 76, 65-73. https://doi.org/10.1016/j.jbankfin.2016.11.027
  • Cziraki, P., Lyandres, E., & Michaely, R. (2021). What do insiders know? Evidence from insider trading around share repurchases and SEOs. Journal of Corporate Finance, 101544. https://doi.org/10.1016/j.jcorpfin.2019.101544
  • Dierkens, N. (1991). Information asymmetry and equity issues. Journal of Financial and Quantitative Analysis, 26(2), 181-199. https://www.jstor.org/stable/2331264
  • Dogu, M., Karacaer, S., & Karan, M. B. (2010). Empirical testing of insider trading in the Istanbul stock exchange. International Research Journal of Finance and Economics, 15, 97-107. http://www.internationalresearchjournaloffinanceandeconomics.com/ISSUES/IRJFE%20issue%2051.htm
  • Eckbo, B. E., & Smith, D. C. (1998). The conditional performance of insider trades. The Journal of Finance, 53(2), 467-498. https://doi.org/10.1111/0022-1082.205263
  • Esen, M. F., Singal, M., Kot, H. W., & Chen, M. H. (2019). Can insider trading in US hospitality firms predict future returns?. International Journal of Hospitality Management, 83, 115-127. https://doi.org/10.1016/j.ijhm.2019.04.008
  • Khan, M., & Lu, H. (2013). Do short sellers front-run insider sales?. The Accounting Review, 88(5), 1743-1768. https://doi.org/10.2308/accr-50485
  • Lee, E., & Piqueira, N. (2019). Behavioral biases of informed traders: Evidence from insider trading on the 52-week high. Journal of Empirical Finance, 52, 56-75. https://doi.org/10.1016/j.jempfin.2019.02.007
  • Lee, I., Lemmon, M., Li, Y., & Sequeira, J. M. (2014). Do voluntary corporate restrictions on insider trading eliminate informed insider trading?. Journal of Corporate Finance, 29, 158-178. https://doi.org/10.1016/j.jcorpfin.2014.07.005
  • Marin, J. M., & Olivier, J. P. (2008). The dog that did not bark: Insider trading and crashes. The Journal of Finance, 63(5), 2429-2476. https://doi.org/10.1111/j.1540-6261.2008.01401.x
  • Reeb, D. M., Zhang, Y., & Zhao, W. (2014). Insider trading in supervised industries. The Journal of Law and Economics, 57(3), 529-559. https://www.jstor.org/stable/10.1086/678269
  • Tahaoglu, C., & Guner, N. (2011). An investigation of returns to insider transactions: Evidence from the Istanbul Stock Exchange. Boğaziçi Journal 25(1), 57-77. https://doi.org/10.21773/boun.25.1.3
  • Ünal, S. (2020). Hisse senedi getirileri üzerinde para ve maliye politikası araçlarının etkisi: Borsa İstanbul üzerine bir araştırma. Journal of Yaşar University, 15(60), 772-789. https://doi.org/10.19168/jyasar.725055
  • Ünal, S., & Aydınlı, M. (2021). Evaluation of the performance of equity funds in Turkey. İşletme Araştırmaları Dergisi, 13(2), 1200-1215. https://doi.org/10.20491/isarder.2021.1193
  • Ünal, S., & Derdiyok, T. (2020). Agency costs of publicly traded firms owners in Turkey. Ekonomi Politika ve Finans Araştırmaları Dergisi, 5(2), 336-357. https://doi.org/10.30784/epfad.718990
  • Van Geyt, D., Van Cauwenberge, P., & Vander Bauwhede, H. (2014). Does high-quality corporate communication reduce insider trading profitability?. International Review of Law and Economics, 37, 1-14. https://doi.org/10.1016/j.irle.2013.04.002
  • Varlı, Y. (2018). Who are the market beaters: Lucky investors, insiders or who Else. Business and Economics Research Journal, 9(1), 87-107. https://doi.org/10.20409/berj.2018.95
Toplam 21 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Finans
Bölüm ARAŞTIRMA MAKALELERİ
Yazarlar

Serkan Unal 0000-0002-7060-979X

Yayımlanma Tarihi 25 Mayıs 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 14 Sayı: 26

Kaynak Göster

APA Unal, S. (2022). Borsa İstanbul’da İçeriden Öğrenenlerin Getirileri. Akademik Araştırmalar Ve Çalışmalar Dergisi (AKAD), 14(26), 158-172. https://doi.org/10.20990/kilisiibfakademik.972633
AMA Unal S. Borsa İstanbul’da İçeriden Öğrenenlerin Getirileri. Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD). Mayıs 2022;14(26):158-172. doi:10.20990/kilisiibfakademik.972633
Chicago Unal, Serkan. “Borsa İstanbul’da İçeriden Öğrenenlerin Getirileri”. Akademik Araştırmalar Ve Çalışmalar Dergisi (AKAD) 14, sy. 26 (Mayıs 2022): 158-72. https://doi.org/10.20990/kilisiibfakademik.972633.
EndNote Unal S (01 Mayıs 2022) Borsa İstanbul’da İçeriden Öğrenenlerin Getirileri. Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD) 14 26 158–172.
IEEE S. Unal, “Borsa İstanbul’da İçeriden Öğrenenlerin Getirileri”, Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD), c. 14, sy. 26, ss. 158–172, 2022, doi: 10.20990/kilisiibfakademik.972633.
ISNAD Unal, Serkan. “Borsa İstanbul’da İçeriden Öğrenenlerin Getirileri”. Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD) 14/26 (Mayıs 2022), 158-172. https://doi.org/10.20990/kilisiibfakademik.972633.
JAMA Unal S. Borsa İstanbul’da İçeriden Öğrenenlerin Getirileri. Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD). 2022;14:158–172.
MLA Unal, Serkan. “Borsa İstanbul’da İçeriden Öğrenenlerin Getirileri”. Akademik Araştırmalar Ve Çalışmalar Dergisi (AKAD), c. 14, sy. 26, 2022, ss. 158-72, doi:10.20990/kilisiibfakademik.972633.
Vancouver Unal S. Borsa İstanbul’da İçeriden Öğrenenlerin Getirileri. Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD). 2022;14(26):158-72.