Market reaction to regulatory policy changes in financial statements filings: Evidence from Turkey

Basit Öğe Kaydı
dc.authorid0000-0001-6036-0559
dc.authorid0000-0002-4773-1770
dc.contributor.authorYılmaz, Mustafa Kemal
dc.contributor.authorAksoy, Mine
dc.contributor.authorÇelik, Tankut T.
dc.contributor.otherYönetim Bilimleri Fakültesi, İşletme Bölümü
dc.contributor.otherYönetim Bilimleri Fakültesi, İşletme Bölümü
dc.date.accessioned2020-01-20T08:47:27Z
dc.date.available2020-01-20T08:47:27Z
dc.date.issued2020
dc.departmentİHÜ, Yönetim Bilimleri Fakültesi, İşletme Bölümü
dc.description.abstractFinancial reporting has a vital impact on investors for acquiring and integrating value-relevant information in making or revising investment decisions. This article investigates how changes in regulatory disclosure policy for financial reporting influence market reaction for the companies listed on Borsa Istanbul over the period2003–2017. We elaborate our findings in the context of investor attention and trading opportunities, resulting in three distinct policies. The results reveal that smallcapirms are more exposed to abnormalities than large-cap firms for positive news before and after the public disclosure platform (PDP). Further, the number of financial statements filings made on the same day affects the abnormal returns before the PDP (from 2003 to June 2009) and, after the PDP (from 2009 to 2013), where the companies are allowed to release them intra-day. Additionally, the response of investors to financial statements filings on Friday is quite different than other days of the week before the PDP and after the PDP (from 2013 to 2017), where the companies are required to make their release only after the market closure. Finally, as a search facilitating technology, the adaptation of XBRL does not translate into an improvement on market reaction. These findings support the validation of limited investor attention and post-announcement drift in the Turkish capital market.
dc.identifier.citationYılmaz, M. K., Aksoy, M. ve Çelik, T. T. (2020). Market reaction to regulatory policy changes in financial statements filings: Evidence from Turkey. Eurasian Economic Review, 10(4), 567-605.
dc.identifier.doi10.1007/s40822-020-00142-5
dc.identifier.endpage605
dc.identifier.issn1309-422X
dc.identifier.issn2147-429X
dc.identifier.issue4
dc.identifier.scopus2-s2.0-85078821998
dc.identifier.scopusqualityQ1
dc.identifier.startpage567
dc.identifier.urihttps://doi.org/10.1007/s40822-020-00142-5
dc.identifier.urihttps://hdl.handle.net/20.500.12154/1035
dc.identifier.volume10
dc.identifier.wosWOS:000510280000002
dc.identifier.wosqualityQ1
dc.indekslendigikaynakScopus
dc.indekslendigikaynakWeb of Science
dc.institutionauthorYılmaz, Mustafa Kemal
dc.institutionauthorid0000-0001-6036-0559
dc.language.isoen
dc.publisherSpringer
dc.relation.ihupublicationcategory114
dc.relation.ispartofEurasian Economic Review
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectDisclosure Policy
dc.subjectFinancial Reporting
dc.subjectInvestor Distraction
dc.subjectPost-earnings Announcement Drift
dc.subjectTurkey
dc.titleMarket reaction to regulatory policy changes in financial statements filings: Evidence from Turkey
dc.typeArticle
dspace.entity.typePublication
relation.isAuthorOfPublication9b408141-b1c4-485b-8f06-14ff4eccc6a7
relation.isAuthorOfPublication.latestForDiscovery9b408141-b1c4-485b-8f06-14ff4eccc6a7
relation.isOrgUnitOfPublicationc9253b76-6094-4836-ac99-2fcd5392d68f
relation.isOrgUnitOfPublication.latestForDiscoveryc9253b76-6094-4836-ac99-2fcd5392d68f

Dosyalar

Orijinal paket
Listeleniyor 1 - 1 / 1
Küçük Resim
İsim:
yilmaz-m.pdf
Boyut:
983.42 KB
Biçim:
Adobe Portable Document Format
Açıklama:
Tam Metin / Full Text
İndir
Lisans paketi
Listeleniyor 1 - 1 / 1
[ N/A ]
İsim:
license.txt
Boyut:
1.52 KB
Biçim:
Item-specific license agreed upon to submission
Açıklama:
İndir

Koleksiyon

İşletme Bölümü Koleksiyonu
Scopus İndeksli Yayınlar Koleksiyonu
WoS İndeksli Yayınlar Koleksiyonu