Sermaye arttırımlarının hisse senedi fiyatları üzerindeki etkileri

Abstract The theories regarding the effects of equity rights issues on stock prices are grouped into three categories as "no price effect", "positive price effect" and "negative price effect". Studies on efficient capital markets, like the USA indicate that the equity rights issues have a negative price effect on stock prices. This empirical study, based on 55 equity rights issues of 36 distinct companies traded in the Istanbul Stock Exchange (ISE) between 1989 and 1994, investigates the effect of equity rights issues on stock prices in Turkey. The study shows that no generalized significant conclusion can be made about the effect of equity rights issues. The effect is further analyzed by classifying the subject issues according to their sizes, and classifying the companies as "more reputable" and "less reputable" according to the common belief in the market. This analysis shows that the market reacts significantly positive to the issues of "more reputable" companies, and significantly negative to the issues of the "less reputable" companies, whereas the issue size has no significant effect. m