Banka Birleşme ve Satın Alma Duyurularının Hedef Banka Hisse Senedi Fiyatları Üzerine Etkileri

Abstract

Türk bankacılık sektörünün son on yılı, mali yapısı bozulan bankalara yönelik olarak kamu otoritelerince gerçekleştirilen yasal birleşme ve satın almaların azal- dığı, etkinlik, verimlilik artışı gibi diğer nedenlerle stratejik birleşme ve satın alma- ların yaşandığı, sektöre yabancı ilgisinin arttığı bir dönem olmuştur. Bu çalışma- da Türk bankacılık sektöründe 2002-2012 yılları arasında gerçekleşen banka bir- leşme ve satın alma olaylarının kısa süreli performans etkisi hedef bankalar açı- sından incelenmiştir. Uygulamalı çalışmanın örneklemini oluşturan 13 banka bir- leşme ve satın almasının hisse senedi fiyatları olay çalışması yöntemi ile analiz edilmiştir. Analiz bulguları, duyuru tarihinden önce hisse senedi fiyatlarının arttı- ğını, duyuru tarihinden sonra ise getirilerin negatife dönüştüğünü göstermekte- dir. Bulgular ayrıca, birleşme ve satın alma beklentilerinin, hedef bankanın satın alan taraf ile görüşmelere başlama tarihinde fiyatlanma eğiliminde olduğunu or- taya koymaktadır.

The last ten years of Turkish banking sector are characterized by the decrease in legal merger and acquisition of banks in financial distress and the increase of strategic partnership of banks because of reasons like acquiring greater effici- ency and effectiveness. Besides, foreign investors were heavily interested during this period. In this study, short term effects on performance, of mergers and ac- quisitions on target banks in Turkish Banking Sector from 2002 to 2012 are exa- mined. The prices of the stocks of a sample consisting of 13 mergers and acqu- isitions in the banking sector are analysed using event study method. Findings suggest that stock prices prior to announcement are likely to increase. However this positive effects are followed by negative ones following the announcements. Furthermore findings reveal that expectations about mergers and acquisitions tend to be priced on the initial discussion date for the target and bidder bank.

The last ten years of Turkish banking sector are characterized by the decrease in legal merger and acquisition of banks in financial distress and the increase of strategic partnership of banks because of reasons like acquiring greater effici- ency and effectiveness. Besides, foreign investors were heavily interested during this period. In this study, short term effects on performance, of mergers and ac- quisitions on target banks in Turkish Banking Sector from 2002 to 2012 are exa- mined. The prices of the stocks of a sample consisting of 13 mergers and acqu- isitions in the banking sector are analysed using event study method. Findings suggest that stock prices prior to announcement are likely to increase. However this positive effects are followed by negative ones following the announcements. Furthermore findings reveal that expectations about mergers and acquisitions tend to be priced on the initial discussion date for the target and bidder bank.