The effects of new equity issue announcements on stock returns: An Examination in BIST

The aim of this thesis was to define the effect of right issue and bonus issue announcements on stock prices and returns. The study examined 35 companies that announced the right issue or bonus issue in BIST-30 and BIST-50 indices between 2010- 2022. 84 different equity issue announcements of these 35 companies were examined. The event study method was employed and two different event windows were created as (-10, +10) and (-5, +5). At the end of the analysis, the equity issue announcements of the companies included in the BIST-30 and BIST-50 indices between 2010- 2022 affected the stock prices. This may reveal, the BIST is not semi-strong efficient. This result is similar to other studies in the literature.