Accounting based risk premium appreciation of ISE market: A comparative study of local and foreign capital companies in Turkey
İMKB'nın muhasebe tabanlı risk ölçütlerinin risk primi takdiri: Yerli ve yabancı şirketlerin karşılaştırılması
- Tez No: 82384
- Danışmanlar: DOÇ. DR. JALE SÖZER
- Tez Türü: Yüksek Lisans
- Konular: Ekonomi, Economics
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1999
- Dil: İngilizce
- Üniversite: Marmara Üniversitesi
- Enstitü: Sosyal Bilimler Enstitüsü
- Ana Bilim Dalı: İşletme (İngilizce) Ana Bilim Dalı
- Bilim Dalı: İşletme Bilim Dalı
- Sayfa Sayısı: 51
Özet
Özet yok.
Özet (Çeviri)
ABSTRACT ACCOUNTING BASED RISK PREMIUM APPRECIATION OF ISE MARKET: A COMPARATIVE STUDY OF LOCAL AND FOREIGN CAPITAL COMPANIES IN TURKEY This study covers the accounting based risk premium appreciation of companies quoted to ISE. The sample of the study consisted of a total of 48 companies, being 36 local and 12 foreign capital enterprises, and their quarterly data of Prices and accounting based risk indicators. The purpose of this study is to investigate if ISE appreciates accounting based risk indicators, and furthermore existence of a distinction for local and foreign capital companies in terms of risk indicators and/or risk-return structures. The sample has been filtered through major industry firms operating in Turkey, with both foreign and local capital participation. Accounting based risk indicators for the selected sample are computed using their quarterly financial statements reported to the ISE. Any relationship between risk indicators and price, consequently risk premiums of companies, are investigated by using linear regression models. The analyses are also carried out to identify and distinction on either the risk structure or risk-return patterns of local capital companies compared to foreign capital companies. The results of the study demonstrated that some of the defined accounting based risk indicators, namely degrees of financial leverage and debt ratio, are appreciated in terms of return to investors by the ISE. Furthermore, foreign and local capital companies have different risk perceptions and structures, that is foreign capital companies have higher degrees of financial leverage values, against lower degrees of times interest earned and debt ratio risk indicators. Also, both debt ratio and degrees of financial leverage have effect on the price of local and foreign capital companies. Surprisingly, statistical model run with foreign company data is very well significant and represantative of the overall sample. It is concluded that accounting based risk indicators are valued in the ISE market and local and foreign capital companies differ in risk management terms depending on these risk measures.
Benzer Tezler
- Döviz kurunu belirleyen faktörler ve kur riski
Determination of foreign exchange rates and foreign exchange risk
MEHMET COŞKUN ÖZAVNİK
- Uluslararası fon piyasaları ve döviz kredileri mekanizması (analitik bir yaklaşım)
A Short history of the foreign exchange markets
ADNAN YİĞİT
Yüksek Lisans
Türkçe
1994
BankacılıkMarmara ÜniversitesiUluslararası Bankacılık ve Finans Ana Bilim Dalı
PROF. DR. İLHAN ULUDAĞ
- Sigortada dağıtım ve tutundurma metodları
Başlık çevirisi yok
BANU GÖNENÇ
Yüksek Lisans
Türkçe
1994
SigortacılıkMarmara ÜniversitesiSigortacılık Ana Bilim Dalı
DOÇ. DR. OSMAN GÜRBÜZ
- Forecasting the equity risk premium with macroeconomic and technical indicators: International evidence
Makroekonomik ve teknik göstergeler ile hisse senedi risk primi öngörümlemesi: Uluslararası kanıt
EFE ÇAĞLAR ÇAĞLI
Doktora
İngilizce
2014
İşletmeDokuz Eylül Üniversitesiİşletme Ana Bilim Dalı
PROF. DR. PINAR EVRİM MANDACI
- İşletmelerde risk derecelendirmesi ve Türkiye'de uygulanması
Başlık çevirisi yok
GÜLEN ALEV SALTIK (NALÇACI)