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Market reaction to grouping equities in stock markets: An empirical analysis on Borsa Istanbul

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dc.contributor.author Pirgaip, Burak
dc.contributor.author Yıldız, Yılmaz
dc.contributor.author Karan, Mehmet Baha
dc.date.accessioned 2019-12-05T13:44:31Z
dc.date.available 2019-12-05T13:44:31Z
dc.date.issued 2017-12
dc.identifier.citation Yıldız, Yılmaz; Karan, Mehmet Baran; Pirgaip, Burak (2017). Market reaction to grouping equities in stock markets: An empirical analysis on Borsa Istanbul. Borsa İstanbul Review, 17(4), 216-227. tr_TR
dc.identifier.issn 2214-8450
dc.identifier.uri http://hdl.handle.net/20.500.12416/2134
dc.description.abstract The main aim of this study is to investigate the market reaction to stock grouping announcements in Borsa Istanbul which requires stocks to be classified into groups "A ", "B" and "C" according to their market capitalization and floating rates. By utilizing event study analysis, our results suggest that grouping announcements have significant effect on stock prices and trading volume. The event day positive (negative) relationship between abnormal return and volume for the upgraded (downgraded) stocks supports the downward sloping demand curve hypothesis. Moreover, findings also suggest that stocks which are upgraded to Group A are exposed to more attention which is in line with the attention hypothesis. The reverse is valid for the downgraded firms. We find no evidence of price reversals and long-term symmetrical liquidity effect which lead us to reject price pressure and liquidity hypotheses. Finally, we reach controversial evidence for the information hypothesis tr_TR
dc.language.iso eng tr_TR
dc.publisher Elsevier tr_TR
dc.relation.isversionof 10.1016/j.bir.2017.08.001 tr_TR
dc.rights info:eu-repo/semantics/openAccess tr_TR
dc.subject Equity Grouping tr_TR
dc.subject Regulation tr_TR
dc.subject Price and Volume Effects tr_TR
dc.subject Demand Curves tr_TR
dc.subject Price tr_TR
dc.subject Deletions tr_TR
dc.subject Explanation tr_TR
dc.subject Information tr_TR
dc.subject Slope tr_TR
dc.subject S-and-P-500 Index Additions tr_TR
dc.subject Standard-and-Poor-500 List tr_TR
dc.title Market reaction to grouping equities in stock markets: An empirical analysis on Borsa Istanbul tr_TR
dc.type article tr_TR
dc.relation.journal Borsa İstanbul Review tr_TR
dc.contributor.authorID 252136 tr_TR
dc.identifier.volume 17 tr_TR
dc.identifier.issue 4 tr_TR
dc.identifier.startpage 216 tr_TR
dc.identifier.endpage 227 tr_TR
dc.contributor.department Çankaya Üniversitesi, İktisadi ve idari bilimler Fakültesi, Bankacılık ve Finans Bölümü tr_TR


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