Şirket birleşmeleri ve şirket satın alımları öncesi içeriden öğrenenlerin ticareti
Küçük Resim Yok
Tarih
2014
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
İstanbul Beykent Üniversitesi
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
Bu çalışma, ülkemizde gerçekleşen şirket birleşmeleri ve şirket satın alımları öncesi içeriden öğrenenlerin ticaretinin etkilerini anlayabilmek adına yapılmıştır. Bu amaçla ülkemizde; finans, enerji, gıda, hizmet ve medya-eğlence sektörlerinde işlem yapan 35 adet firmanın, 2005-2013 yılları arasında tamamlanmış 50 adet birleşme ve satın alma işlemi incelenmiştir. Takip edilen firmaların 16 adedi %100 birleşme işlemi gerçekleştirmiş olup, 34 adedi de birbirleriyle ortaklık kurmuştur. Çalışmamızda, Borsa İstanbul'da işlem gören şirketlerin, birleşme ve satın alma faaliyetlerinin KAP' da açıklaması öncesindeki 1 yıl, 6 ay, 3 ay, 1 ay ve KAP günündeki hisse senedi fiyatları dikkate alınarak borsa verileri karşılaştırılmış ve her firma için belirlenen zaman aralıkları için Z değerleri hesaplanmıştır. Hesaplanan Z değerleri; %90, %95 ve %99 güven aralıklarında, anlamlılık düzeylerine göre analiz edilmiştir. Oluşan sonuçlara göre özellikle KAP açıklaması öncesinde, ülkemizde gerçekleşen birleşme ve satın alma işlemlerinin neredeyse tamamında içeriden öğrenenlerin ticaretine yönelik anlamlı sonuçlar tespit edilmiştir. Bunun temel sebebi olarak, birleşme ve satın alma işlemlerinin KAP açıklaması öncesinde, firma içerisinde görüşülüp, tartışılıyor olmasıdır. Buradaki KAP günü, resmi bir açıklamadır. Dolayısı ile KAP gününe kadar ki süreçte, bilginin yetkili kişilerce kullanılabilir olması veya dışarı sızabilir olması, içeriden öğrenenlerin ticaretine yönelik anlamlı sonuçlar elde etmemize olanak sağlamıştır. Çalışmamız, literatürde ilk olma özelliğini taşımasının yanında, bilimsel bir çalışma olmasından dolayı, hiçbir kişi ya da kuruluşu yargılamamaktadır. Anahtar Kelimeler : Şirket Birleşmesi, Satın Alma, Devralma, Hisse Senedi Performansı, İçeriden Öğrenme
This study was performed to understand the effects of insider trading prior to company mergers and acquisitions that take place in our country. For this purpose; 50 merger and acquisition transactions of 35 companies operating in finance, energy, food, service and media-entertainment sectors in our country between 2005-2013 were studied. 16 of those companies studied had performed 100% merger transactions and 34 of them entered into partnership with each other. In our study, share prices of the companies traded in Istanbul Stock Exchange for 1 year, 6 months, 3 months and 1 month before disclosure of merger and acquisition transactions to the Public Disclosure Platform (KAP) and also on the date of disclosure to KAP were considered and stock exchange data were compared and -Z- values were calculated for the time interval determined for each company. –Z- values calculated were analyzed according to the significance level in the confidence interval of 90%, 95% and 99%. In accordance with the results obtained, meaningful findings were determined for insider trading in almost all merger and acquisition transactions in our country particularly prior to the disclosure to KAP. This is mainly because merger and acquisition transactions are negotiated and discussed within company before disclosure to KAP. Here, the date of disclosure to KAP refers to official disclosure. Therefore availability of information for use by authorized officers or possibility of leakage during the period until the date of disclosure to KAP has enabled us to obtain meaningful results about insider trading. As our study is a first in the literature and is a scientific study, it does not judge any person or organization. Key Words : Merger, Acquisition, Take Over, Stock Certificat Performance, Insider Information
This study was performed to understand the effects of insider trading prior to company mergers and acquisitions that take place in our country. For this purpose; 50 merger and acquisition transactions of 35 companies operating in finance, energy, food, service and media-entertainment sectors in our country between 2005-2013 were studied. 16 of those companies studied had performed 100% merger transactions and 34 of them entered into partnership with each other. In our study, share prices of the companies traded in Istanbul Stock Exchange for 1 year, 6 months, 3 months and 1 month before disclosure of merger and acquisition transactions to the Public Disclosure Platform (KAP) and also on the date of disclosure to KAP were considered and stock exchange data were compared and -Z- values were calculated for the time interval determined for each company. –Z- values calculated were analyzed according to the significance level in the confidence interval of 90%, 95% and 99%. In accordance with the results obtained, meaningful findings were determined for insider trading in almost all merger and acquisition transactions in our country particularly prior to the disclosure to KAP. This is mainly because merger and acquisition transactions are negotiated and discussed within company before disclosure to KAP. Here, the date of disclosure to KAP refers to official disclosure. Therefore availability of information for use by authorized officers or possibility of leakage during the period until the date of disclosure to KAP has enabled us to obtain meaningful results about insider trading. As our study is a first in the literature and is a scientific study, it does not judge any person or organization. Key Words : Merger, Acquisition, Take Over, Stock Certificat Performance, Insider Information
Açıklama
Anahtar Kelimeler
İşletme, Business Administration
