Şirket satın alma ve birleşmelerinin hedef şirketlerin hisse fiyatlarına etkisi:Türkiye örneği

The objective of this thesis is to analyze the impact of the merger and acquisition announcements of the Turkish companies from August 1999 to June 2012 emphasizing Turkish shareholders' wealth while focusing on the Istanbul Stock Exchange (ISE), and to show whether the Turkish target firms generated unexpected, i.e. abnormal, returns, during this period. The expected stock return values are estimated by using the Capital Asset Pricing Model (CAPM) while the performances of target firms are compared with ISE-All and ISE Sectoral Indexes. According to the performance of ISE-All, target firms stocks responded negatively after the announcement. Negative performances reached their peak at a week, while the highest losses occurred at a month. It is not possible; however, to make a general comment about the performance of the stocks compared to their sectoral indices. The impact of foreign acquisitions is sharper compared to the impact of domestic acquisitions, but the underperformance of target firms? stocks is higher when acquired by local firms. The most significant response in transactions occurred when a small percentage of shares were acquired. Although abnormal returns are not statistically significantly different from zero, at weekly and monthly event periods these stocks underperform their previous period performances. The target firms with small trading volume carry negative returns over a longer period, and their underperformance is higher. These findings show the existence of insider trading in the ISE index, leading to information being leaked on the market before any official announcement.Keywords: Mergers and Acquisitions, Shareholder Wealth Effects, Domestic and Foreign acquisitions, Istanbul Stock Exchange, Sectoral Indices, Event Study, Informed Trading