Sendikasyon Kredisi Kullanımının BİST’te İşlem Gören Bankaların Hisse Senedi Getirilerine Etkisinin Olay Yöntemi (Event Study) İle Analizi

Abstract

This study was carried out in order to determine how the material event disclosures made by banks whose stocks are traded on BIST and signed syndicated loan agreements between 01.01.2009-31.12.2018, affect the stock returns. In the study, the effect of 160 syndicated loan notifications belonging to 13 banks on stock prices was analyzed by case study method. The 10-day period before and after the contract announcement for syndicated loans, the event window and the period covering the 90 trading days before the event window are considered as the forecast window. As a result of the analysis of the contract notifications of syndicated loans, it was concluded that it was not possible to obtain an abnormal return from the bank stocks within the scope of BIST before and after the event.