The Impact of Financial Stataments’ Publications on Stock Returns: An Empirical Application on ISE

İbrahim Bozkurt, Sezer Öksüz and Rıfat Karakuş
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İbrahim Bozkurt: Çankırı Karatekin University
Sezer Öksüz: Çankırı Karatekin University
Rıfat Karakuş: Çankırı Karatekin University

Journal of Finance Letters (Maliye ve Finans Yazıları), 2015, vol. 30, issue 103, 112-141

Abstract: The aim of this study is to analysis the impact of financial statements’ publications on stock returns. In this study; annual ac¬counts in 2009, 2010 and 2011, date of publications of annual accounts in 2011and daily prices in 2012 of 167 firms traded on ISE and daily prices of BİST-100 index in 2012 were used as datum. Event study method was used to analyses the data. The results of this analysis have demonstrated that (i) investors gained abnormal returns before and after date of publications of annual accounts, (ii) abnormal returns became different in comparison with ROI values of the firms, (iii) Turkish capital market have not been a semi strong market yet and (iv) this anomaly which is de¬monstrated by conflicting results with efficient-market hypothesis must have occurred due to under or overreaction effect and noise trade effect in this market.

Keywords: Financial Statement’s Publications; Stock Returns; Behavioral Finance; Event Study. (search for similar items in EconPapers)
JEL-codes: G02 G14 M40 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:acc:malfin:v:30:y:2015:i:103:p:112-141

DOI: 10.33203/mfy.307954

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