Hisse senedi piyasalarında spekülasyon ve manipülasyon; spekülatif şişkinlikler konusunda İMKB üzerine bir deneme
Speculation and manipulation in the stock markets; a case study of İstanbul Stock Exchange
- Tez No: 41438
- Danışmanlar: PROF.DR. YÜKSEL YALKIN(KOÇ)
- Tez Türü: Yüksek Lisans
- Konular: İşletme, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1995
- Dil: Türkçe
- Üniversite: Ankara Üniversitesi
- Enstitü: Sosyal Bilimler Enstitüsü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 88
Özet
Özet yok.
Özet (Çeviri)
SUMMARY Of all the financial markets where supply and demand of funds meet» the strongest fund flow is seen in stock markets. In stock exchange markets, the reference price of a stock is determined in the second-hand markets; that is the stock exchanges. Nevertheless, the price is often determined different from the realistic value of the stock. In the stock exchanges, price may be effected and dragged to different values from the realistic value with manipulative and speculative intentions. In this study, manipulation and speculation techniques that oppose a true and fair market and price formation are worked on, paying special attention to types and aims of the techniques, and raising suggestions to the subject by taking other countries' experiences into consideration. In the first part, stock exchange markets and stock valuation models are explained and in the following part, manipulation and speculation in the stock markets is studied. Also in this part, in which the current Turkish Legislation on manipulation and speculation is told and new suggestions to the subject are argued. An empirical test study of speculative bubbles in the Istanbul Stock Exchange (ISE) is presented in the third part. In this test, 35 of the stocks, quoted on the ISE are studied and data of the 35 stocks, for the years 1992, 1993, 1994 and 30.6.1995 are used. The tests applied in the study are, correlation of stock exchange index and price of each stock, correlation of transaction volume and price, variation of prices. According to the results obtained at the end of the tests, ISE gives the image of a speculative stock exchange. Speculative operations are present in our stock exchange (ISE) like other exchanges. Taking this fact for granted, what the markets need is not forbidding legislation but disclosure standards that would discipline these operations overall. Nevertheless, discouraging legal sanctions should be imposed upon manipulative operations that would handicap true and fair price formation and stock valuation. 64
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