Araştırma Makalesi
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BANKA HİSSE SENEDİ GETİRİLERİ ÜZERİNDEN PİYASA ETKİNLİĞİNİN ÇÖZÜMLENMESİ: BORSA İSTANBUL’DAKİ SENDİKASYON KREDİSİ DUYURULARINDAN BULGULAR

Yıl 2025, Cilt: 13 Sayı: 1, 379 - 396, 30.06.2025

Orkun Bayram

https://doi.org/10.52122/nisantasisbd.1662749

Öz

Bu çalışma, sendikasyon kredisi duyurularının Borsa İstanbul'da işlem gören bankaların hisse senedi getirileri üzerindeki etkisini 2017-2022 dönemi için olay çalışması metodolojisini kullanarak araştırmaktadır. Halka açık sekiz banka, geniş bir olay penceresi içinde anormal getirileri (AR), ortalama anormal getirileri (AAR) ve kümülatif anormal getirileri (CAR) değerlendirmek için analiz edilmiştir. Bulgular, sendikasyon kredisi duyurularının istatistiksel olarak anlamlı anormal getirilere yol açmadığını ve Borsa İstanbul'da piyasa etkinliğinin yarı güçlü formundan bir sapmaya işaret ettiğini ortaya koymaktadır. Önceki çalışmalardan farklı olarak bu araştırma, özellikle gelişmekte olan bir piyasa bağlamında sendikasyon kredisi olaylarına odaklanarak, daha uzun bir gözlem penceresi ve titiz bir ampirik kurulum uygulayarak özgün bir katkı sağlamaktadır. Sendikasyon kredilerine bankalara özgü hisse senedi tepkilerini izole ederek, çalışma gelişmekte olan sermaye piyasalarında bilgi etkinliğinin anlaşılmasını geliştirmektedir. Ayrıca, Türk finans literatüründe yeterince araştırılmamış bir konuyu ele alarak, piyasa davranışı ve dış finansman duyuruları ile ilgilenen yatırımcılar, politika yapıcılar ve akademisyenler için yeni içgörüler sunmaktadır.

Anahtar Kelimeler

: Olay Çalışması Sendikasyon Kredisi Anormal Getiriler Genişletilmiş Anormal Getiriler (AAR) Kümülatif Anormal Getiriler (CAR)

Kaynakça

  • Aldasoro, I., Doerr, S., & Zhou, H. (2022). Non-bank lenders in the syndicated loan market. BIS Quarterly Review, 2002, 15-29.
  • Apak, S. (1995). “Sermaye piyasaları ve borsa.” Bilim ve Teknik Yayınevi.
  • Ball R., Brown. (1968). “An empirical evaluation of accounting income numbers.” Journal of Accounting Research 6 (2): 159–178.
  • Barber, B. M., & Lyon, J. D. (1996). “Detecting abnormal operating performance: The empirical power and specification of test statistics.” Journal of Financial Economics 41(3), 359-399.
  • BDDK (2024). Banking Sector Reports.
  • Belousov, A. L. (2021). Syndicated Lending: Law Enforcement and Legislative Refinements. Дайджест-финансы, 26(3 (259)), 261-267.
  • Benincasa, E. (2021). Climate policy and cross-border lending: evidence from the syndicated loan market. Economic and Political Studies, 9(4), 463-476.
  • Billett, M. T., Flannery, M. J., & Garfinkel, J. (1995). “The effect of lender identity on a borrowing firm's equity return.” The Journal of Finance, 50, p. 699–718
  • Binder, J. (1998). "The event study methodology since 1969." Review of Quantitative Finance and Accounting, 11(2), 111-137.
  • Brown, S. J., & Warner, J. B. (1985). "Using daily stock returns: The case of event studies." Journal of Financial Economics, 14(1), 3-31.
  • Campbell, M., & Weaver, C. (2013). “Syndicated Lending: Practice and Documentation,” 6th Edition, Euromoney Books.
  • Campbell, J. Y., Lo, A. W., & MacKinlay, A. C. (1998). The Econometrics of Financial Markets. Princeton University Press.
  • Caporale, G. M., Lodh, S., & Nandy, M. (2018). How has the global financial crisis affected syndicated loan terms in emerging markets? Evidence from China. International Journal of Finance & Economics, 23(4), 478-491.
  • Casolaro, L., Focarelli, D., & Pozzolo, A. F. (2004). “The pricing effect of certification on bank loans: Evidence from the syndicated credit market.”
  • Chen, C., & Wu, X. (2021). Winning megadeals: The dual role of acquirer advisors in loan-financed mergers and acquisitions. Journal of Corporate Finance, 69, 102034.
  • Çukur, S., Eryiğit, M., & Duran, S. (2008). “Sendikasyon ve Seküritizasyon Kredileri Anlaşmalarının Borçlanan Bankaların Hisse Fiyatlarına Etkileri.” Iktisat Isletme ve Finans, 23(264), 58-78.
  • Culp, C. L. (2013). Syndicated leveraged loans during and after the crisis and the role of the shadow banking system. Journal of Applied Corporate Finance, 25(2), 63-85.
  • Demirgüç-Kunt, A., & Levine, R. (1996). Stock markets, corporate finance, and economic growth: an overview. The World Bank Economic Review, 10(2), 223-239.
  • Dennis, S. A., & Mullineaux, D. J. (2000). “Syndicated Loans. Journal of Financial Intermediation,” 9(4), 404-426. doi: 10.1006/jfin.2000.0298.
  • Dolley, J. C. (1933). “Characteristics and Procedure of Common Stock Split-ups.” Harvard Business Review, 11, 316–326.
  • Fama, E. F., Fisher, L., Jensen, M. C., & Roll, R. (1969). "The adjustment of stock prices to new information." International Economic Review, 10(1), 1-21.
  • Fields, L. P., Fraser, D. R., Berry, T. L., & Byers, S. (2006). “Do bank loan relationships still matter?” Journal of Money, Credit, and Banking 38 (5): 1195–1209. doi: 10.1353/mcb.2006.0071.
  • Ferguson, A., & Lam, P. (2023). Information asymmetry, financial intermediation, and wealth effects of project finance loans. The Review of Corporate Finance Studies, 12(3), 656-711.
  • Fery, J., Gasbarro, D., Woodliff, D. R., & Zumwalt, J. K. (2003). Market reaction to published and unpublished corporate loan announcements. The Quarterly Review of Economics and Finance 43(1), 1-10.
  • Gasbarro, D., Le, K. S., Schwebach, R. G., & Zumwalt, J. K. (2004). Syndicated loan announcements and borrower values. Journal of Financial Research 27(1), 133-141.
  • Gasbarro, D., Le, K. S., Schwebach, R. G., & Zumwalt, J. K. (2017). “An analysis of syndicated loan announcements during the global financial crisis.” Journal of Financial Research 40(4), 535-565.
  • Huang, K. J., Bui, D. G., Hsu, Y. T., & Lin, C. Y. (2024). The ESG washing in banks: Evidence from the syndicated loan market. Journal of International Money and Finance, 142, 103043.
  • James, C., (1987). “Some Evidence on the Uniqueness of Bank Loans,” Journal of Financial Economics, 19, 217-238.
  • Kaderli, Y., & Başkaya, H. (2014). “Halka Açık Firmalarda Kâr Payı Dağıtım Du¬yurularının Hisse Senedi Fiyatlarına Etkisinin Ölçülmesi: Borsa Istanbul’da Bir Uygulama.” Sosyal Bilimler Enstitüsü Dergisi 1(1): 49-64.
  • KAP (2024). Borsa Istanbul Public Disclosure Platform.
  • MacKinlay, A. C. (1997). "Event studies in economics and finance." Journal of Economic Literature, 35(1), 13-39.
  • Mazgit, I. (2013). “Endeks kapsamında olmanın hisse senedi getirilerine etkisi: BIST temettü 25 endeksi üzerine bir uygulama.” Sosyoekonomi, 20(20).
  • Megginson, W. L., Poulsen, A. B., & Sinkey, J. F. (1995). “Syndicated Loan Announcements and the Market Value of the Banking Firm.” Journal of Money, Credit and Banking, 27(2), 457-475.
  • Preece, D. C., & Mullineaux, D. J. (1994). “Monitoring by Financial Intermediaries: Banks vs. Nonbanks.” Journal of Financial Services Research, 8(3), 193-202.
  • Sarıgül, H. (2015). “Sendikasyon Kredisi Kullanım Duyurularının Bankaların Hisse Senedi Getirilerine Etkisi,” Finansal Araştırmalar ve Çalışmalar Dergisi, 7(12)12, s.113-129.
  • Yılmaz, E. (2003). “Sendikasyon Kredileri.” Öneri Dergisi, 5(19), 145-154.
  • Weston, J. F. & Weaver, S. C. (2004). “Mergers & Acquisitions.” McGraw-Hill Professional.

UNRAVELING MARKET EFFICIENCY THROUGH BANK STOCK RETURNS INSIGHTS FROM SYNDICATED LOAN ANNOUNCEMENTS IN BORSA ISTANBUL

Yıl 2025, Cilt: 13 Sayı: 1, 379 - 396, 30.06.2025

Orkun Bayram

https://doi.org/10.52122/nisantasisbd.1662749

Öz

This study explores the effect of syndicated loan announcements on the stock returns of banks listed on Borsa Istanbul, utilizing the event study methodology over the 2017–2022 period. Eight publicly traded banks were analyzed to assess abnormal returns (AR), average abnormal returns (AAR), and cumulative abnormal returns (CAR) within an extensive event window. The findings reveal that syndicated loan announcements did not result in statistically significant abnormal returns, indicating a deviation from the semi-strong form of market efficiency in Borsa Istanbul. Unlike previous studies, this research makes an original contribution by focusing specifically on syndicated loan events in an emerging market context, applying a longer observation window and a rigorous empirical setup. By isolating bank-specific stock reactions to syndicated loans, the study enhances the understanding of informational efficiency in developing capital markets. Moreover, it addresses an underexplored topic in Turkish financial literature, offering new insights for investors, policymakers, and academics interested in market behavior and external financing announcements.

Anahtar Kelimeler

Event Study Syndication Credit Abnormal Returns AAR CAR

Kaynakça

  • Aldasoro, I., Doerr, S., & Zhou, H. (2022). Non-bank lenders in the syndicated loan market. BIS Quarterly Review, 2002, 15-29.
  • Apak, S. (1995). “Sermaye piyasaları ve borsa.” Bilim ve Teknik Yayınevi.
  • Ball R., Brown. (1968). “An empirical evaluation of accounting income numbers.” Journal of Accounting Research 6 (2): 159–178.
  • Barber, B. M., & Lyon, J. D. (1996). “Detecting abnormal operating performance: The empirical power and specification of test statistics.” Journal of Financial Economics 41(3), 359-399.
  • BDDK (2024). Banking Sector Reports.
  • Belousov, A. L. (2021). Syndicated Lending: Law Enforcement and Legislative Refinements. Дайджест-финансы, 26(3 (259)), 261-267.
  • Benincasa, E. (2021). Climate policy and cross-border lending: evidence from the syndicated loan market. Economic and Political Studies, 9(4), 463-476.
  • Billett, M. T., Flannery, M. J., & Garfinkel, J. (1995). “The effect of lender identity on a borrowing firm's equity return.” The Journal of Finance, 50, p. 699–718
  • Binder, J. (1998). "The event study methodology since 1969." Review of Quantitative Finance and Accounting, 11(2), 111-137.
  • Brown, S. J., & Warner, J. B. (1985). "Using daily stock returns: The case of event studies." Journal of Financial Economics, 14(1), 3-31.
  • Campbell, M., & Weaver, C. (2013). “Syndicated Lending: Practice and Documentation,” 6th Edition, Euromoney Books.
  • Campbell, J. Y., Lo, A. W., & MacKinlay, A. C. (1998). The Econometrics of Financial Markets. Princeton University Press.
  • Caporale, G. M., Lodh, S., & Nandy, M. (2018). How has the global financial crisis affected syndicated loan terms in emerging markets? Evidence from China. International Journal of Finance & Economics, 23(4), 478-491.
  • Casolaro, L., Focarelli, D., & Pozzolo, A. F. (2004). “The pricing effect of certification on bank loans: Evidence from the syndicated credit market.”
  • Chen, C., & Wu, X. (2021). Winning megadeals: The dual role of acquirer advisors in loan-financed mergers and acquisitions. Journal of Corporate Finance, 69, 102034.
  • Çukur, S., Eryiğit, M., & Duran, S. (2008). “Sendikasyon ve Seküritizasyon Kredileri Anlaşmalarının Borçlanan Bankaların Hisse Fiyatlarına Etkileri.” Iktisat Isletme ve Finans, 23(264), 58-78.
  • Culp, C. L. (2013). Syndicated leveraged loans during and after the crisis and the role of the shadow banking system. Journal of Applied Corporate Finance, 25(2), 63-85.
  • Demirgüç-Kunt, A., & Levine, R. (1996). Stock markets, corporate finance, and economic growth: an overview. The World Bank Economic Review, 10(2), 223-239.
  • Dennis, S. A., & Mullineaux, D. J. (2000). “Syndicated Loans. Journal of Financial Intermediation,” 9(4), 404-426. doi: 10.1006/jfin.2000.0298.
  • Dolley, J. C. (1933). “Characteristics and Procedure of Common Stock Split-ups.” Harvard Business Review, 11, 316–326.
  • Fama, E. F., Fisher, L., Jensen, M. C., & Roll, R. (1969). "The adjustment of stock prices to new information." International Economic Review, 10(1), 1-21.
  • Fields, L. P., Fraser, D. R., Berry, T. L., & Byers, S. (2006). “Do bank loan relationships still matter?” Journal of Money, Credit, and Banking 38 (5): 1195–1209. doi: 10.1353/mcb.2006.0071.
  • Ferguson, A., & Lam, P. (2023). Information asymmetry, financial intermediation, and wealth effects of project finance loans. The Review of Corporate Finance Studies, 12(3), 656-711.
  • Fery, J., Gasbarro, D., Woodliff, D. R., & Zumwalt, J. K. (2003). Market reaction to published and unpublished corporate loan announcements. The Quarterly Review of Economics and Finance 43(1), 1-10.
  • Gasbarro, D., Le, K. S., Schwebach, R. G., & Zumwalt, J. K. (2004). Syndicated loan announcements and borrower values. Journal of Financial Research 27(1), 133-141.
  • Gasbarro, D., Le, K. S., Schwebach, R. G., & Zumwalt, J. K. (2017). “An analysis of syndicated loan announcements during the global financial crisis.” Journal of Financial Research 40(4), 535-565.
  • Huang, K. J., Bui, D. G., Hsu, Y. T., & Lin, C. Y. (2024). The ESG washing in banks: Evidence from the syndicated loan market. Journal of International Money and Finance, 142, 103043.
  • James, C., (1987). “Some Evidence on the Uniqueness of Bank Loans,” Journal of Financial Economics, 19, 217-238.
  • Kaderli, Y., & Başkaya, H. (2014). “Halka Açık Firmalarda Kâr Payı Dağıtım Du¬yurularının Hisse Senedi Fiyatlarına Etkisinin Ölçülmesi: Borsa Istanbul’da Bir Uygulama.” Sosyal Bilimler Enstitüsü Dergisi 1(1): 49-64.
  • KAP (2024). Borsa Istanbul Public Disclosure Platform.
  • MacKinlay, A. C. (1997). "Event studies in economics and finance." Journal of Economic Literature, 35(1), 13-39.
  • Mazgit, I. (2013). “Endeks kapsamında olmanın hisse senedi getirilerine etkisi: BIST temettü 25 endeksi üzerine bir uygulama.” Sosyoekonomi, 20(20).
  • Megginson, W. L., Poulsen, A. B., & Sinkey, J. F. (1995). “Syndicated Loan Announcements and the Market Value of the Banking Firm.” Journal of Money, Credit and Banking, 27(2), 457-475.
  • Preece, D. C., & Mullineaux, D. J. (1994). “Monitoring by Financial Intermediaries: Banks vs. Nonbanks.” Journal of Financial Services Research, 8(3), 193-202.
  • Sarıgül, H. (2015). “Sendikasyon Kredisi Kullanım Duyurularının Bankaların Hisse Senedi Getirilerine Etkisi,” Finansal Araştırmalar ve Çalışmalar Dergisi, 7(12)12, s.113-129.
  • Yılmaz, E. (2003). “Sendikasyon Kredileri.” Öneri Dergisi, 5(19), 145-154.
  • Weston, J. F. & Weaver, S. C. (2004). “Mergers & Acquisitions.” McGraw-Hill Professional.
Toplam 37 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Uluslararası Finans
Bölüm Makaleler
Yazarlar

Orkun Bayram 0000-0001-9958-7822

Yayımlanma Tarihi 30 Haziran 2025
Gönderilme Tarihi 21 Mart 2025
Kabul Tarihi 13 Haziran 2025
Yayımlandığı Sayı Yıl 2025 Cilt: 13 Sayı: 1

Kaynak Göster

APA Bayram, O. (2025). UNRAVELING MARKET EFFICIENCY THROUGH BANK STOCK RETURNS INSIGHTS FROM SYNDICATED LOAN ANNOUNCEMENTS IN BORSA ISTANBUL. Nişantaşı Üniversitesi Sosyal Bilimler Dergisi, 13(1), 379-396. https://doi.org/10.52122/nisantasisbd.1662749

Nişantaşı Üniversitesi kurumsal yayınıdır.