Bedelli sermaye artırımının hisse senedi getirilerine etkisi: İstanbul Menkul Kıymetler Borsası (İMKB)

A rights issue is a way of raising capital in which a company offers newshares to existing shareholders in proportion to their current holdings.Although rights issues have lost their popularity in the UK and the US in thebeginning of 1980s, they are still the dominant form in the rest of Europe andemerging markets, as well as in Turkey. Previous studies have reported anegative market reaction following to the announcement of rights issues whilefinding a positive market performance before the issue. The theory ofovervaluation signal on a firm?s returns is the most credible explanation of thenegative market reaction.The aim of this dissertation is to provide an empirical explanation on thestock price reactions to rights issues, evidence from the Istanbul StockExchange (ISE). The empirical results suggest that issuers have sufferednegative market performance relative to their counterparts of non-issuers.However, it will be not true to associate the negative market performance ofissuers with the overvaluation signal due to non-issuers also have lower priceperformance in the same period. In the unstable economic and politicalenvironment, the ISE typically consist of short-term investors. Thus, there areeconomically meaningful reasons for investors to respond to the instant marketconditions rather than the decision of rights issues. Investors have also becomefamiliar with rights offerings due to the frequent issuers.