(online) = ISSN 2285 – 3642 ISSN-L = 2285 – 3642 Journal of Economic Development, Environment and People Volume 5, Issue 1, 2016 URL: http://jedep.spiruharet.ro e-mail: office_jedep@spiruharet.ro
CAAR (t1, t2) = CAR (t1, t2) / N N is the sample size. For testing the significance of AAR and CAR t test is used. Basic evaluation period is the day of announcement (0). Price performance of before and after the announcement (20,-20) and the changes in returns of each share will be analysed. 4.2.
Empirical Evidence
In this study, impacts of right issue announces on the share price of trade banks traded in Istanbul Stock Exchange Market. These trade banks are Akbank Inc., Alternatifbank Inc., Denizbank Inc., Finansbank Inc., Fortisbank Inc, Şekerbank Inc., Tekstil Bankası Inc, Türk Ekonomi Bankası Inc., Türkiye Garanti Bankası Inc., Türkiye Halk Bankası Inc, Türkiye İş Bankası Inc., Türkiye Vakıflar Bankası Inc., Yapı ve Kredi Bankası Inc., Tekstilbank Inc. In the survey, there are five right issue announcements. Two of these right issues were announced by Şekerbank Inc. in the date June 3, 2009 and June 6, 2014. Two of them were announced by Finansbank Inc. in the date October 20, 2010 and October 25, 2011. The last one was announced by Alternatifbank Inc. in the date February 13, 2014. Table 2: Average Abnormal Returns Around the Announcement Date
Gün -20 -19 -18 -17 -16 -15 -14 -13 -12 -11 -10 -9 -8 -7 -6 -5
AAR -0,011203 -0,012299 0,006779 0,004874 -0,004333 0,006538 -0,005819 -0,004391 0,030322 0,031238 0,015088 0,012629 0,036592 0,013369 -0,018160 0,012007
T-İstat. -0,542952 -0,619635 0,309817 0,151985 -0,383284 0,268771 -0,180088 -0,432428 0,511925 0,396393 0,344760 0,130910 0,364785 0,388578 -0,422281 0,241408
P-Değeri 0,307986 0,284416 0,386085 0,443278 0,360602 0,400700 0,432919 0,343862 0,317836 0,356026 0,373819 0,451083 0,366870 0,358692 0,347265 0,410555
Negatif Ars % 60 80 20 80 80 40 60 60 40 40 60 80 60 40 60 60 79