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HİSSE SENETLERİ FİYATLARI OYNAKLIĞI VE ÇEŞİTLENDİRMESİ ARASINDAKİ İLİŞKİ: BORSA İSTANBUL’DAN BULGULAR

THE RELATIONSHIP BETWEEN DIVERSIFICATION AND VOLATILITY IN THE SHARE PRICES: EVIDENCE FROM BIST

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Abstract (2. Language): 
This paper, following the review of the relevant literature and setting out a theoretical background surrounding diversification, its reasons and the expected effects, intends to provide an empirical analysis regarding the relationship between volatility of the share prices and the diversification of activity fields of firms traded on Borsa Istanbul (BIST) and listed in the BIST Holding and Investment Companies index. Annual consolidated financial statements for 29 different companies are used between 2009-2016. According to the results, there is a negative relationship between the number of fields of activity and the annual average volatility of the share values. Given the relatively high market risks in emerging markets, such as Turkey, it could be asserted that diversification will continue to be a useful tool in decreasing volatility.
Abstract (Original Language): 
Bu makale, ilgili literatürün gözden geçirilmesini takiben ve çeşitlendirme, nedenleri ve beklenen etkileri içeren teorik bir arka plan ortaya koyarak, hisse senedi fiyatlarındaki oynaklık ile Borsa İstanbul'da (BIST) ve BIST Holding ve Yatırım Şirketleri endeksinde işlem gören firmaların faaliyet alanlarının çeşitlendirilmesi arasındaki ilişkiyi ortaya koymayı amaçlamaktadır. 2009-2016 yılları arasında 29 farklı şirket için yıllık konsolide finansal tablolar kullanılmaktadır. Sonuçlara göre, faaliyet alanlarının sayısı ile hisse senedi değerlerinin yıllık ortalama oynaklığı arasında negatif bir ilişki gözlemlenmiştir. Türkiye gibi gelişmekte olan piyasalarda görece yüksek piyasa riskleri göz önüne alındığında, çeşitliliğin oynaklığın azaltılmasında yararlı bir araç olmaya devam edeceği söylenebilir.
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