Bankacılık ve Finans Bölümü Yayın Koleksiyonu
Permanent URI for this collectionhttps://hdl.handle.net/20.500.12416/400
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Article Do Derivative Instruments Play a Role in Performance Theory? The Turkish Closed-End Funds Case(2016) Pirgaip, BurakMarket prices of closed-end funds (CEF) deviate from their net asset values (NAV) which is known as “CEF puzzle”. I attempt to show from the Turkish experience that CEF discounts/premia predict the corresponding CEF‟s future returns, in the light of managerial performance theory. But derivatives facet of the subject matter has not been uncovered so far. Therefore I hypothesize that performance of derivative user CEF are better estimators for discounts/premia than non-users. I show a significant positive relation between CEF discounts/premia and future NAV performance. However, this relation seems not to be more explicit for derivative user CEF than non-usersArticle Citation - WoS: 2Citation - Scopus: 2Market Reaction To Grouping Equities in Stock Markets: an Empirical Analysis on Borsa Istanbul(Elsevier, 2017) Karan, Mehmet Baha; Pirgaip, Burak; Yildiz, YilmazThe main aim of this study is to investigate the market reaction to stock grouping announcements in Borsa Istanbul which requires stocks to be classified into groups "A ", "B" and "C" according to their market capitalization and floating rates. By utilizing event study analysis, our results suggest that grouping announcements have significant effect on stock prices and trading volume. The event day positive (negative) relationship between abnormal return and volume for the upgraded (downgraded) stocks supports the downward sloping demand curve hypothesis. Moreover, findings also suggest that stocks which are upgraded to Group A are exposed to more attention which is in line with the attention hypothesis. The reverse is valid for the downgraded firms. We find no evidence of price reversals and long-term symmetrical liquidity effect which lead us to reject price pressure and liquidity hypotheses. Finally, we reach controversial evidence for the information hypothesis. Copyright (c) 2017, Borsa Istanbul Anonim Sirketi. Production and hosting by Elsevier B.V. This is an open access article under the CC BY-NCND license