PİYASA ÇARPANLARINA GÖRE OLUŞTURULMUŞ PORTFÖYLERİN GETİRİ ORANLARININ DEĞERLENDİRİLMESİ: BİST 100 ENDEKSİ FİRMALARI ÜZERİNE BİR UYGULAMA
EVALUATION OF RETURN RATIOS OF PORTFOLIOS BASED ON MARKET MULTIPLIERS: AN APPLICATION ON BIST 100 INDEX COMPANIES

Summary/Abstract: When making an investment by creating a portfolio in the stock market, it is of great importance to determine the stocks to be included in the portfolio. One of the criteria that should be taken into account while choosing the stocks to be included in the portfolio is the cheapness and expensiveness of those stocks. The most commonly used market multipliers to determine whether a stock is cheap or expensive are the price-toearnings ratio (P/E) and the market-to-book value ratio(MV/BV). The aim of this study is to create various portfolios by considering the market multipliers of the stocks of the companies traded in Borsa Istanbul and included in the BIST 100 index, and to reveal the effect of these multipliers on the portfolio returns by calculating the periodic return rates of the portfolios created. The results obtained in the study showed that very high returns can be obtained, especially in the long run, if a portfolio is created from stocks that are determined to be cheap by using the P/E and MV/BV ratios.

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