BİRLEŞME VE SATIN ALMA İŞLEMLERİNİN HİSSE SENEDİ FİYATINA ETKİSİ: BORSA İSTANBUL’DA BİR ARAŞTIRMA

In this study, the short term announcement effects of mergers and acquisitions on share price will be analyzed in the sectorial basis in Borsa Istanbul. The aim of the applying analysis into sectoral basis is to emerge in which sectors mergers produce more effective results. In this direction, mergers and acquisitions of companies registered in the first 4 sectors where the highest acquisitions and mergers took place between 2013 and 2016 in BIST were determined and the analysis was applied with t test method. As a result of the analysis, it was found that the acquisition and merger event did not affect the excess return. When the literature on the subject is examined, it is observed that there is no significant change in the stock prices of the companies on the buyer side, on the other hand, there is a relatively significant change in the stock prices of the purchased company.