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Impact of Draft Regulation Related to Fees, Commissions and Expenses Other Than Interest Charged from Financial Consumers on Stock Returns of Banks Traded on Borsa Istanbul (Finansal Tüketicilerden Faiz Dışında Alınacak Ücret, Komisyon ve Masraflara İlişkin Yönetmelik Taslağının Borsa İstanbul'da İşlem Gören Banka Hisse Senedi Getirilerine Etkisi)

Authors:

Abstract

This paper investigates whether market efficiency in semi-strong form exists in Turkish stock market. We examine short-term effects of draft regulation, announced by Banking Regulation and Supervision Agency (BRSA) on the 21st of August in 2014, on stock returns of banks traded on Borsa Istanbul. We use event study methodology and show that the announcement of draft regulation does not produce statistically significant abnormal returns. This finding implies semi-strong form efficiency. Keywords: Banking Regulation and Supervision Agency, Efficient Markets Hypothesis, Event Study. Bu çalışma, Bankacılık Düzenleme ve Denetleme Kurumu (BDDK) tarafından 21 Ağustos 2014 tarihinde detayları kamuoyu ile paylaşılan bankacılık ürün ve hizmet ücretleri konulu yönetmelik taslağı duyurusunun, Borsa İstanbul’a kote olmuş bankaların hisse senedi getirileri üzerindeki kısa vadeli etkilerinin incelenmesi ve Borsa İstanbul (BIST) Pay Piyasası için yarı-güçlü formda piyasa etkinliği hipotezinin geçerli olup olmadığının, belirlenmesi amaçlarıyla yapılmıştır. Olay çalışması (event study) metodolojisinin kullanıldığı bu araştırmada elde edilen bulgular yönetmelik taslağı duyurusunun hisse senedi getirileri üzerinde istatistiksel olarak anlamlı anormal bir tepkiye neden olmadığını ve BIST Pay Piyasası’nın yarı-güçlü formda etkin olduğunu, göstermektedir. Anahtar Kelimeler: Bankacılık Düzenleme ve Denetleme Kurumu, Etkin Piyasalar Hipotezi, Olay Çalışması.
Finans Politik & Ekonomik Yorumlar 2017 Cilt: 54 Sayı: 630
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





Öz
        
   
      
         -
          
-


          

Anahtar Kelimeler:-






Abstract

-
  
             
   
    

Keywords:-

Mustafa Mesut KAYALI1
Ramazan BAŞ2
  
  
   


   
  
   
   



     
  
     
  
   
   
   

   
   

   


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Finansal Tüketicilerden Faiz Dışında Alınacak Ücret, Komisyon ve Masraflara ...
1. Giriş

     
     
  
    
   



    




   
    
     


    
   
     



    

     
      


    
  


      
     


     
    
     
  



    

  




    




   
    

  
     



   


      


      
Tüketiciden; kendisine
sunulan mal veya hizmet kapsamında haklı olarak
yapılmasını beklediği ve sözleşmeyi düzenleyenin
yasal yükümlülükleri arasında yer alan edimler ile
sözleşmeyi düzenleyenin kendi menfaati doğrultu-
sunda yapmış olduğu masraflar için ek bir bedel
talep edilemez. Bankalar, tüketici kredisi veren
finansal kuruluşlar ve kart çıkaran kuruluşlar ta-
rafından tüketiciye sunulan ürün veya hizmetlerde
ise tüketiciden faiz dışında alınacak her türlü üc-
ret, komisyon ve masraf türleri ile bunlara ilişkin
usul ve esaslar Gümrük ve Ticaret Bakanlığı’nın
görüşü alınarak bu Kanunun ruhuna uygun olarak
ve tüketiciyi koruyacak şekilde Bankacılık Düzen-
leme ve Denetleme Kurumu tarafından belirlenir
  

     
 

    
Finans Politik & Ekonomik Yorumlar 2017 Cilt: 54 Sayı: 630
27
  
     



      





      
 
 
    
     



     

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    
  


     

    


     


      
       
     
    
      

     

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   
      
      

  




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   



Finansal Tüketicilerden Faiz Dışında Alınacak Ücret, Komisyon ve Masraflara ...
Finans Politik & Ekonomik Yorumlar 2017 Cilt: 54 Sayı: 630
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    


     
     
     

     
    

 

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
      


      
     
     
      
      

     

  

     




     


 
     


2. Literatür Özeti

     

 
     



     
    
    

 
      
    

     



      


     





 
   

      





  
    


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      
     
   
       

   

     
      

    
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30 
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 

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    
     

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
      
     

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  
 
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
    
     
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     
  
      
     
     
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      
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     


     



      
    
    

     


    
Finansal Tüketicilerden Faiz Dışında Alınacak Ücret, Komisyon ve Masraflara ...
Finans Politik & Ekonomik Yorumlar 2017 Cilt: 54 Sayı: 630
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    





 
  
    
 
      

  
    

 

  
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     

      



 





  
     
  


      
     




      

   





3. Veri ve Yöntem

   

     

  
   

  

  



    
    


   
   




     

    

  
     
   
      
 


    

     
 




    
    
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     
    

32     

      
    
     

 

    
    
   
    
  


     

 
   

    

      




     


 
 

    
      





 
    
    
     
     

    
     
     

   

     
    
     
 

      


   
   

     


 
     
     



  


    

      
     


   

   
   
      






    

  
    
  
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
Finansal Tüketicilerden Faiz Dışında Alınacak Ücret, Komisyon ve Masraflara ...
Finans Politik & Ekonomik Yorumlar 2017 Cilt: 54 Sayı: 630
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  
    

     



34
  
N



     
     
      
   


     
    

      


  






 -
 -
       



     
      -

    



 

      
      
 
    




 
    N  

    

4. Ampirik Bulgular ve Değerlendirme

     
 






     
     

Finansal Tüketicilerden Faiz Dışında Alınacak Ücret, Komisyon ve Masraflara ...
Finans Politik & Ekonomik Yorumlar 2017 Cilt: 54 Sayı: 630
35
Tablo 2.

Olay Penceresi AAR (%) t-İstatistiği CAAR (%) t-İstatistiği
    
    
    
    
    
-10 0,3461 1,7882***  
    
    
    
-6 -0,4573 -1,8422***  
-5 0,8835 2,6517*  
    
    
    
    
   
   
   
   
   
   
   
   
   
   
    
    
    
    
    
    

 

 










36      
    

     

     

 


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
    

 


   
  





   



  


Tablo 3.

Olay Penceresi
Aralığı CAAR (%) t-İstatistiği Olay Penceresi
Aralığı CAAR (%) t-İstatistiği
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
   (-5,0) 1,4948 1,7788***
     
     
     
     
  

Finansal Tüketicilerden Faiz Dışında Alınacak Ücret, Komisyon ve Masraflara ...
Finans Politik & Ekonomik Yorumlar 2017 Cilt: 54 Sayı: 630
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
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


   


      
      
       

     
    

  
     
     
   
     
    
     





      
     
    

5. Sonuç ve Öneriler
     
     
    
    
      




     
    
  
   
  


    

      
  
  

      
    



   
    

 
    
  

Kaynakça
   
-


       -
     
  

-
 




      -
 

      -
      
       

  
-
 

   


-


38       
  



-
 


      
      

        



-

 -


 
   
-

      
-



      
 

-


  -


    


 




   
      -







 
-

      -
     
   

      
      

       -
-
  


-


 
 
-


  -


    -


       

 
   -
   

 


      



        
     

    
 


Finansal Tüketicilerden Faiz Dışında Alınacak Ücret, Komisyon ve Masraflara ...
Finans Politik & Ekonomik Yorumlar 2017 Cilt: 54 Sayı: 630
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
     
     -

     -
 -


         


      
        

      


      
      

 
        -
      
       


-
     
     



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ABSTRACT Purpose: The purpose of this study is to make a literature review of the scientific/academic studies in which the semi-strong form market efficiency hypothesis is tested for Borsa Istanbul (BIST) Share Market by using the event study methodology. Method: The methodological basis of the study is the literature review approach and the sample of the study consists of a total of 63 scientific/academic studies belonging to the period between 2002-2017/9, which is deemed compatible with the purpose of the study. Findings: Findings of the study: The study indicates that, although the subject portfolio is relatively diverse, there is especially a relatively excessive number of studies on the merger and acquisition announcements; the studies have been mostly written in Turkish; the clustering problem is present in some studies; the lengths of the event window and estimation window vary from study to study; the market model has been predominantly used for calculating normal (expected) returns; the most frequently used variable representing the market portfolio is the BIST-100 index; the stock and stock market index price data that has been used are in Turkish Lira and daily frequency, and parametric tests have been predominantly used in determining the statistical significance of abnormal returns and cumulative abnormal returns. Results: Based on the results of the study: the future studies could be written in English; in order to prevent the literature from being superficial, future studies should be carried out on new subjects; instead of BIST-100 index, other indices could be used to represent the market portfolio; stock price and stock market index data in USD could be used in studies, and there is a gap in Turkish literature in terms of theoretical and methodological scientific/academic studies on the event study methodology. Keywords: Borsa Istanbul, Event Study Methodology, Semi-Strong Form Market Efficiency Hypothesis. ÖZ Amaç: Bu çalışmada Borsa İstanbul (BIST) Pay (Hisse Senedi) Piyasası için yarı-güçlü formda piyasa etkinliği hipotezinin, olay çalışması metodolojisi (event study methodology) kullanılmak suretiyle test edildiği bilimsel/akademik araştırmaların, literatür incelemesinin yapılması amaçlanmaktadır. Yöntem: Çalışmanın yöntemsel temeli literatür araştırması yaklaşımına dayanmakta olup, araştırma amacıyla örtüştüğü tespit edilen 2002-2017/9 dönem aralığına ait toplam 63 bilimsel/akademik araştırma çalışmanın örneklemini oluşturmaktadır. Bulgular: Çalışmanın bulguları: konu portföyünün çeşitliliği açısından görece bir zenginlik olmasına karşın özellikle birleşme ve satın alma duyurularını konu edinen araştırma sayısının görece fazla olduğuna; araştırmalardaki ağırlıklı yazım dilinin Türkçe olduğuna; bazı çalışmalar için kümeleme problemi (clustering problem) durumunun söz konusu olduğuna; kullanılan olay penceresi (event window) ve tahmin penceresi (estimation window) uzunluklarının çalışmadan çalışmaya değişkenlik gösterdiğine; normal (beklenen) getirilerin hesaplanmasında ağırlıklı olarak piyasa modelinin (market model) tercih edildiğine; piyasa portföyünü temsilen en çok kullanılan değişkenin BIST-100 endeksi olduğuna; kullanılan hisse senedi ve borsa endeksi fiyat verilerinin Türk Lirası cinsinden ve günlük frekanslı olduğuna; anormal getiriler ile kümülatif anormal getirilerin istatistiksel anlamlılıklarının tespitinde ağırlıklı olarak parametrik testlerin kullanıldığına, işaret etmektedir. Sonuç: Çalışmanın sonuçları ilerleyen dönemlerde yapılacak olası araştırmalarda: yazım dili olarak İngilizcenin tercih edilebileceğine; belirli konulara aşırı yoğunlaşılması nedeniyle literatürün sığ kalması riskinin önlenebilmesi için yeni konular üzerinde araştırmalar yapılması gerektiğine; piyasa portföyünü temsilen BIST-100 endeksi haricinde başka endekslerin kullanılabileceğine; USD cinsinden hisse senedi fiyatı ve borsa endeksi verilerinin kullanılabileceğine; Türkiye literatüründe olay çalışması metodolojisi üzerine kuramsal ve yöntemsel nitelikte bilimsel/akademik araştırmalar anlamında doldurulması gereken bir boşluğun var olduğuna, işaret etmektedir. Anahtar Kelimeler: Borsa İstanbul, Olay Çalışması Metodolojisi, Yarı- Güçlü Formda Piyasa Etkinliği Hipotezi.
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We examined the use of event studies in management research and found that there was inadequate attention paid to theoretical and research design issues. This lack of attention may lead to false inferences regarding the significance of the events and the validity of the theories being tested. To illustrate the extent of this problem, we attempted to replicate three recent studies. To guide authors and reviewers, we outline procedures for appropriate use of the event study method.
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In this paper, we exam how the financial markets reacted to the emergence of the Dodd-Frank Wall Street Reform and Consumer Protection Act as it developed through the legislative process from policy concept to signed law. We find that investors, on the one hand, desired clarity and sustainable oversight of market activities, but simultaneously feared the possibility of over-burdensome regulation. As the legislative process developed, markets cheered any watering down of perceived over-restrictive provisions with a positive response. We also empirically noted the smaller banks stocks were generally unaffected by the entire emergence of Dodd-Frank, with nearly all of the market reaction (positive and negative) occurring with larger banks stocks.
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An event study measures the impact of specific events (exogenous and endogenous) on stock prices. Often used in finance, this methodology is also of interest in marketing. Indeed, it seems that marketing decisions impact significantly on financial markets. In addition, marketing factors that tend to increase or mitigate the impact of an event are largely ignored. With this in mind, the objective of this paper is to argue the usefulness of event studies and provide insights into some necessary adaptations of these studies for marketing research. The main contribution of this paper is to demonstrate that a full spectrum of data, not purely financial, should be used in order to better understand the value creation or value destruction effects of an event.
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Event study methodology has been one of the most frequently used tools in financial research in recent years. This study provides a review of the present state of knowledge and practice with respect to event study methodology. Many variations of this methodology are discussed, as well as special issues and applications. Recommendations for implementing an event study also are provided. [ABSTRACT FROM AUTHOR] Copyright of Quarterly Journal of Business & Economics is the property of College of Business Administration/Nebraska and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
Event studies are based on the theoretical framework of efficient capital markets and the notion that security prices include all information available to the market. As a result, announcements made by firms provide to market participants information that can be impounded into the market price. This paper investigates the use of event studies in accounting information systems research using a three pronged approach. First, this paper provides a comprehensive survey of research that uses event study methodologies, where the events are announcements made by firms about issues related to accounting information systems, e.g., announcements of the adoption of enterprise resource planning systems and of the effect of security breaches in firms’ information systems. Second, this paper summarizes event study methodologies used in prior research, along with some of the key parameters and concerns associated with their implementation. Third, this paper provides remarks on key event study modeling issues, and it offers recommendations to researchers.
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While the event study method has made significant contributions to strategic management research, most event study research published in management journals has analyzed the financial implications of corporate announcements in a single country. This study discusses solutions to methodological challenges that emerge when applying the event study method to multiple countries. Specifically, this study develops the world market model, illustrating how to simultaneously assess the financial impact of strategic actions in multiple countries. These challenges and solutions are illustrated by an example of a multi-country event study analyzing 241 international alliance announcements of 23 firms in 16 countries. The findings show that the use of the single country market model in a multi-country event study is likely to overestimate changes in firm value, demonstrating the need for this world market model. Copyright © 2004 John Wiley & Sons, Ltd.