İMKB’DE İŞLEM GÖREN İŞLETMELERİN HİSSE SENEDİ GETİRİLERİ İLE ÇEŞİTLİ FİNANSAL GÖSTERGELERİ ARASINDAKİ İLİŞKİ
ESTIMATING THE STOCKS RETURN WITH FINANCIAL RATIOS; APPLICATION IN ISE-100 INDEX

Summary/Abstract: Using various financial indicators to predict the future returns of stocks is very important for the actors of market. While some of the studies which were carried out focus on back returns of stocks, others focus on various financial indicators of companies in the finance literature The relationship between the stocks returns with various financial ratios of the companies which were continuously processed in ISE-100 between the -years 1997-2008 was investigated in this study. The main financial ratios, which were used in this study, are asset turnover, equity- total assets ratio, return on equity, sales size, asset growth and market value- book value ratio. The financial ratios which were obtained from financial statement in the period of the companies were assorted depend on their size. Then the different portfolios of companies were arranged in order of size. In the second stage, the returns of portfolios which were assorted by ratios, were calculated for t+1 period. I have investigated whether the returns of portfolios, that average yearly returns were calculated, were affected by financial ratios which were used by forming the portfolios.

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