Determinants Of The Price Of Dual Listed Stocks

Yıl 2019, Cilt: 12 Sayı: 2, 271 - 289, 29.12.2019

Ahmet Aksoy Faruk Dayı

https://doi.org/10.17218/hititsosbil.598953

Cited By: 2

Öz

ÇİFTE KAYITLI HİSSE SENEDİ FİYATININ BELİRLEYİCİLERİ

Öz

         Uluslararası
sermaye piyasalarından sermaye tedarik etmek isteyen şirketler, ulusal
borsaların dışında yabancı bir borsaya ikinci kez kayıt yaptırmaları, çifte
kayıt olarak ifade edilmektedir. Çalışmada çifte kayıtlı hisse senetlerinin
değer farklılıklarının nedenleri araştırılmaktadır. Uygulama piyasa değeri en yüksek
borsalardan New York, Londra ve Tokyo Borsalarında yapılmıştır. Çifte kayıtlı
hisse senetleriyle ilgili yapılan çalışmalarda, her borsa için ayrı bir modelin
geliştirilmesinin daha anlamlı sonuçlar vereceği literatürde ifade edilmiştir.
Bu nedenle her borsa için ayrı bir model oluşturulmuştur. Araştırmanın
modelinde hisse senedi fiyatı, faiz oranı, enflasyon, döviz kuru, aktif
kârlılık oranı, özsermaye kârlılık oranı, cari oran ve altın fiyatı
değişkenleri yer almaktadır. 2010-2015 dönemine ait yıllık verilerden oluşan
model, panel veri en küçük kareler yöntemi ile analiz edilmiştir. Analiz
sonucunda bir borsada işlem gören hisse senedinin fiyatının, aynı anda işlem
gördüğü diğer borsalardaki fiyatlardan etkilendiği, özellikle de New York
Borsasındaki fiyatların diğer borsalardaki fiyatların oluşumunda belirleyici
olduğu tespit edilmiştir.

Anahtar Kelimeler

Portföy Yönetimi, Çifte Kayıt, Hisse Senedi, Değerleme, Panel Veri Analizi

Kaynakça

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