SERBEST YATIRIM FONLARININ AKTİVİST İŞLEMLERİN HİSSE FİYAT PERFORMANSLARININ ANALİZİ

Yıl 2020, Cilt: 12 Sayı: 23, 672 - 692, 31.07.2020

Serkan Ünal

https://doi.org/10.14784/marufacd.785894

Öz

Bu çalışmada aktivist serbest yatırım fonlarının işlemleri ve bu işlemlerden elde edilen getiriler incelenmiştir. Çalışma kapsamında tespit edilen serbest yatırım fonlarına ait 1994 ve 2014 yılları arasında yayınlanmış olan 1634 adet 13D formu ABD Menkul Kıymetler Borsa Komisyonu (SEC) web sitesinden indirilmiş ve gerekli kriterleri sağlayan 574 adet işlem çalışmaya dahil edilmiştir. Her bir aktivist hisse alım işleminden sonra hissenin fiyatının nasıl hareket ettiğine bakılarak farklı zaman aralıklarında aktivist işlem uygulanan şirketlerin performansları incelenmiştir. Çalışmaya dahil edilen 574 farklı işleme ait hem kısa hem uzun vadeli performans verisi, son 20 yılda aktivist işleme uğrayan şirketlerin kısa ve uzun vadede endeksin üstünde performans sergilediğini göstermiştir.
Çalışmada aktivist serbest yatırım fonlarının, son dönemde endekse kıyasla daha kötü hisse fiyat performansı sergilemiş olan şirketlerde işlem yaptıkları görülmüştür. Aktivist işleme dair form yayınlanmadan dokuz gün öncesine kadar ilgili şirketlerde ortalamada negatif performans tespit edilirken, bu tarihten sonra pozitif getiriler saptanmıştır.
Bu çalışma sonuçlarına göre literatürdeki diğer çalışmaların elde ettikleri sonuçlar 2008 finansal krizinden sonra da geçerliliğini korumaktadır ve hem kısa hem de uzun vadede aktivist serbest yatırım fonlarının işlem yaptıkları şirketlerin fiyat performansına etkileri pozitiftir.

Anahtar Kelimeler

kurumsal yönetim, vekalet savaşları, serbest yatırım fonları, 13d formları, aktivist işlemlerin getirileri

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