Effect of brand value announcements on stock returns: empirical evidence from Turkey
| Autor: | Pinar Basgoze, Yilmaz Yildiz, Selin Metin Camgoz |
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| Jazyk: | angličtina |
| Rok vydání: | 2016 |
| Předmět: | |
| Zdroj: | Journal of Business Economics and Management, Vol 17, Iss 6 (2016) |
| Druh dokumentu: | article |
| ISSN: | 16111699 1611-1699 2029-4433 |
| DOI: | 10.3846/10.3846/16111699.2016.1153517 |
| Popis: | This study examines the effects of brand value announcements on stock returns of Turkish firms by using the event study methodology and long-term risk adjusted port-folio returns. We examined the stock-price impacts of 299 brand value announcements on the stock market performance of the firms within the years of 2010–2014 by using BrandFinance Turkey’s 100 ranking list as a data source. The findings indicate that the companies listed in the Turkey Top 100 Brands list earn positive abnormal returns 7 months after the announcement. Similarly, the companies which had greater brand values relative to the previous year, experienced significant positive abnormal returns in the 7-months period. Additional findings suggest that investors are able to beat the market in the long run regarding risk-adjusted returns by consistently investing in the Top Brands. Overall, the study demonstrates new evidence to the marketing-finance interface by focusing on the Turkish case as an important emerging market. |
| Databáze: | Directory of Open Access Journals |
| Externí odkaz: |
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