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KAR VE NAKİT AKIMLARININ BİLGİSEL İÇERİĞİ VE BİLGİSEL İÇERİĞE ETKİ EDEN FAKTÖRLER: TÜRK SERMAYE PİYASASI ÜZERİNE BİR İNCELEME

Year 2009, Volume: 27 Issue: 2, 105 - 126, 31.12.2009

Süleymen İç Mehmet Aygün

Abstract

Bu çalışmanın temel amacı, karın ve
nakit akımının bilgisel içeriğini ve bilgisel içeriğe etki eden firmaya özgü
faktörlerin rolünü ortaya koymaktır. 1997–2007 yıllarını kapsayan çalışmada
toplam 1382 gözlemden yararlanılmıştır. Ampirik analizlerde regresyon ve
korelasyon analizleri kullanılmıştır. Ampirik analiz sonucunda, hisse senedi getirisi
ile kar ve nakit akımı arasında pozitif bir ilişki bulunmuştur. Bu pozitif
ilişki özellikle kardaki değişim ve nakit akımdaki değişimde istatistiksel
olarak anlamlıdır. Çalışmada literatürden farklı olarak elde edilen önemli bir
bulgu da, kardaki değişimin yüksek olduğu durumda bile, yatırımcıların firma
değerlemede göz önünde bulundurdukları en önemli kriterin kar olduğunu
sonucudur.



 




Keywords

Bilgisel içerik kar nakit akımı hisse senedi getirisi

References

  • Ali, A. and F.P. Peter (1995) “The Incremental Informatıon Content of Earnings, Funds Flow and Cash Flow: The UK Evidence”, Journal of Business Finance & Accounting, 22(1),19- 34
  • Ali, A. (1994) “The Incremental Information Content of Earnings, Working Capital from Operations, and Cash Flows”, Journal of Accounting Research, 32(1), 61-74.
  • Arthur, N., R. Czernkowski and M. Chen (2007) “The Persistence of Cash flow Components into Future Earnings”, Working Paper http://www.accg.mq.edu.au/Accg_docs/pdf/seminar_papers/2007/pacific_accounting_finance_paper.pdf
  • Ball, Ray and P. Brown. (1968) “An Empirical Investigation of Accounting Income Numbers”, Journal of Accounting Research, Autumn, 159-178.
  • Barth, M.E., W.H. Beaver, J.R.M. Hand and W.R. Landsman (1999) “Accruals, Cash Flows, and Equity Values”, Review of Accounting Studies, 4(3-4), 205-229.
  • Barth, M.E., W.H. Beaver, J.R.M. Hand and W.R. Landsman (1999) “Accruals, Cash Flows, and Equity Values”, Review of Accounting Studies, 4 (3-4), 205-229.
  • Barton, J.,P. and J. Simko (2002) “The Balance Sheet as an Earnings Management Constraint”, The Accounting Review, 77(Suppl.), 1-27.
  • Bartov, E., S.R. Goldberg and M.S. Kim (2001) “The Valuation-relevance of Earning and Cash Flows: an International Perspective”, Journal International Finance Management and Accounting, 12(2), 103-132.
  • Beaver, W. H. (1968) “The Information Content of Annual Earnings Announcements”, Journal of Accounting Research, 6(3), 67-92.
  • Becker, C.L., M.L. Defond, J. Jiambalvo and K.R. Subramanyam (1998) “The Effect of Audit Quality on Earnings Management”, Contemporary Accounting Research, 15(1), 1-24.
  • Bernard, V.L. and T.L. Stober (1989) “The Nature and Amount of Information in Cash Flows and Accruals”, The Accounting Review, 64(4), 624–652
  • Board, J.L.G. and J.F.S. Day. (1989) “The Information Content of Cash Flow Figures”, Accounting & Business Research, 20(77), 3-11.
  • Bowen, R.M., D. Burgstahler, and L.A. Daley, (1987), “The Incremental Information Content of Accruals Versus Cash Flows”, The Accounting Review, 62(4), 723-747. Brown, P. (1970), “The Impact of the Annual Net Profit Report on the Stock Market”, The Australian Accountant, 40(6), 277-283.
  • Burgstahler, D. and I. Dichev (1997) “Earnings Management to Avoid Earnings Decreases and Losses”, Journal of Accounting and Economics, 24(1), 99- 126.
  • Charitou, A. (1997) “The Role of Cash Flows and Accruals in Explaining Security Returns: Evidence for the UK”, The European Accounting Review, 6(4), 629-652. Charitou, A. and J. E. Ketz (1990) “Valuation of Earnings, Cash Flows and Their Components: An Empirical Investigation”, Journal of Accounting, Auditing & Finance, 5(4), 475-497.
  • Charitou, A., C. Clubb and A. Andreou (2001) “The Effect of Earnings Permanence, Growth and Firm Size on the Usefulness of Cash Flows in Explaining Security Return: An Empirical Evidence fort he UK”, Journal of Business Finance & Accounting, 28(5-6), 563-594.
  • Cheng, C.S.A. and S.M. Yang. (2003) “The Incremental Information Content of Earnings and Cash Flows from Operations Affected by Their Extremity”, Journal of Business Finance & Accounting, 30(1), 73-116.
  • Cheng, C.S.A, C-S. Liu and T.F. Schaefer., (1996) “Earnings Permanence and the Incremental Information Content of Cash Flows from Operations”, Journal of Accounting Research, 34(1), 173-181. Clubb, C.D.B. (1995) “An Empirical Study of The Information Content of Accounting Earnings, Funds Flows and Cash Flows in the UK”, Journal of Business Finance & Accounting, 22(1), 35-52.
  • Dechow, P.M. (1994) “Accounting Earnings and Cash Flows as Measures of Firm Perfomance The Role of Accounting Accruals”, Journal of Accounting and Economics, 18, 3–42.
  • Defond, L. and J. Jiambalvo (1994) “Debt Covenant Effect and Manipultion of Accruals”, Journal of Accounting and Economics, 17(1-2), 145-176. Dichev, I.D. and D.J. Skinner (2002) “Large-Sample Evidence on the Debt Covenant Hypothesis”, Journal of Accounting Research, 40(4), 1091-1123.
  • Financial Accounting Standards Board. (1978) “Statement of Financial Accounting Concepts”, No.1: Objectives of Financial Reporting of Business Enterprises (Stamford, CT:FASB).
  • Frankel, R. and L. Litov (2009) “Earnings Persistence”, Journal of Accounting and Economics, 47, 182–190.
  • Garrod, N., B. Giner and M. Larrán (2003) “The Value Relevance of Earnings, Operating Cash Flow and Accruals: A Study on UK data”, SA Journal of Accounting Research, 17(1), 1-22.
  • Habib, A. (2008) “The Role of Accruals and Cash Flows in Explaining Security Returns: Evidence from New Zealand” Journal of International Accounting, Auditing and Taxation, 17, 51–66.
  • Haw, In-Mu, Daqing Qi and Woody Wu (2001) “The nature of Information in Accruals and Cash Flows in an Emerging Capital Market: The Case of China” The International Journal of Accounting, 36, 391–406.
  • Hodgson, A. and P. Stevenson-Clarke (2000) “Earnings, Cashflows and Returns:Functional Relations and the Impact of Firm Size”, Accounting and Finance, 40(1), 51–73.
  • İç, S. (2009) “Muhasebe Verilerinin Bilgisel İçeriği ve İstanbul Menkul Kıymetler Borsasında Test Edilesi”, Hacettepe Üniversitesi Sosyal Bilimler Enstitüsü İşletme Anabilim Dalı, Yayınlanmamış Doktora Tezi.
  • Jindrichovska, I. (2001) “The Relationship Between Accounting Numbers And Returns: Some Empirical Evidence From The Emerging Market of the Czech Republic”, The European Accounting Review, 10(1), 107–131.
  • Karan, M.B. and S. Karacaer (1999) “Gelir Tablosu Kalemleri ile Hisse Senetlerinin Piyasa Değeri/Defter Değeri İlişkisi: İMKB Üzerine Ampirik Bir Çalışma”, H.Ü. İktisadi ve İdari Bilimler Fakültesi Dergisi, 17(2), 107-121.
  • Kong, S. and M. Taghavi (2006) “The Effect of Annual Earnings Announcements on the Chinese Stock Markets”, International Advances in Economic Research, 12, 318-326.
  • Lee, T.A. (1974) “Enterprise Income: Survival Or Decline And Fall?”, Accounting and Business Research, 40(sum.), 178-192.
  • Leuz, C., D. Nanda and P. Wysocki, (2003) “Investor Protection and Earnings Management: An International Comparison”, Journal of Financial Economics, 69, 505-527.
  • Lev, B. (1989) “On the Usefulness of Earnings and Earnings Research: Lessons and Directions from Two Decades of of Empirical Research”, Journal of Accounting Research, Supplement, 153 – 192.
  • Martikainen, M. (1997) “Accounting Losses And Earnings Response Coefficients: The Impact of Leverage and Growth Opportunities”, Journal of Business Finance & Accounting, 24(2), 277-292.
  • Neill, J.D., T.F. Schaefer, P.R. Bahnson and M.E. Bradbury (1991) “The Usefullness of Cash Flow Data: A Review and Synthesis”, Journal of Accounting Literature, 10, 117-150.
  • Ohlson, J.A. (1995) “Eamings, Book Values, and Dividends in Equity Valuation”, Contemporary Accounting Research, 11(2), 661-687.
  • Özer, G. (1996), Muhasebe Karları ile Hisse Senedi Verimleri Arasındaki İlişkiler: İMKB’de Deneysel Bir Analiz, SPK yayını, No:31.
  • Rayburn, J. (1986) “The Association of Operating Cash Flow and Accruals with Security Returns”, Journal of Accounting Research, 24(3) Supp., 112-133.
  • Richardson, S.A., R.G. Sloan, M.T. Solimanc and İ. Tuna (2005) “Accrual Reliability, Earnings Persistence and Stock Prices”, Journal of Accounting and Economics, 39, 437–485.
  • Sloan, R.G. (1996) “Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings?”, The Accounting Review, 71(3), 289-315.
  • Subramanyam, K.R. (1996) “The Pricing of Discretionary Accruals”, Journal of Accounting and Economics, 22(1-3), 249-281. Wilson, G.P. (1986), “The Relative Information Content of Accruals and Cash Flows: Combined Evidence at the Earnings Announcement and Annual Report Release Date”, Journal of Accounting Research, 24 Supp., 165-200. Wilson, G.P., (1987) “The Incremental Information Content of Accruals and Fund Component of Earnings After Controlling of Earnings”, The Accounting Review, 62(2), 293-322. Yoon, S. S. and G. Miller (2003) “The Functional Relationships Among Earnings, Cash Flows and Stock Returns in Korea”, Review of Accounting & Finance, 2(1), 40-58.

The Information Content of Earnings and Cash Flows and Contextual Factors Affecting This Content: An Empirical Investigation on the Turkish Capital Market

Year 2009, Volume: 27 Issue: 2, 105 - 126, 31.12.2009

Süleymen İç Mehmet Aygün

Abstract


 

The purpose
of this study is to empirically examine the relative and incremental
information content of earnings and cash flows and the role of firm-specific
contextual factors in moderating information content. The study covering 1997-
2007 periods used 1382 observations. Regression and correlation analysis were
used in the empirical analysis. The result of the empirical analysis demonstrates
that there is a positive relation between stock returns and earnings, cash flows.
This positive relation is especially statistically significant in changes in
the earnings and changes in the cash flows. Another important finding from the
study is also that, apart from the literature, it demonstrates that investors
consider earnings per se as the decisive criterion to evaluate firms even in
the case of high changes occurring in the earnings.

 


Keywords

Infomation content earnings cash flows stock returns

References

  • Ali, A. and F.P. Peter (1995) “The Incremental Informatıon Content of Earnings, Funds Flow and Cash Flow: The UK Evidence”, Journal of Business Finance & Accounting, 22(1),19- 34
  • Ali, A. (1994) “The Incremental Information Content of Earnings, Working Capital from Operations, and Cash Flows”, Journal of Accounting Research, 32(1), 61-74.
  • Arthur, N., R. Czernkowski and M. Chen (2007) “The Persistence of Cash flow Components into Future Earnings”, Working Paper http://www.accg.mq.edu.au/Accg_docs/pdf/seminar_papers/2007/pacific_accounting_finance_paper.pdf
  • Ball, Ray and P. Brown. (1968) “An Empirical Investigation of Accounting Income Numbers”, Journal of Accounting Research, Autumn, 159-178.
  • Barth, M.E., W.H. Beaver, J.R.M. Hand and W.R. Landsman (1999) “Accruals, Cash Flows, and Equity Values”, Review of Accounting Studies, 4(3-4), 205-229.
  • Barth, M.E., W.H. Beaver, J.R.M. Hand and W.R. Landsman (1999) “Accruals, Cash Flows, and Equity Values”, Review of Accounting Studies, 4 (3-4), 205-229.
  • Barton, J.,P. and J. Simko (2002) “The Balance Sheet as an Earnings Management Constraint”, The Accounting Review, 77(Suppl.), 1-27.
  • Bartov, E., S.R. Goldberg and M.S. Kim (2001) “The Valuation-relevance of Earning and Cash Flows: an International Perspective”, Journal International Finance Management and Accounting, 12(2), 103-132.
  • Beaver, W. H. (1968) “The Information Content of Annual Earnings Announcements”, Journal of Accounting Research, 6(3), 67-92.
  • Becker, C.L., M.L. Defond, J. Jiambalvo and K.R. Subramanyam (1998) “The Effect of Audit Quality on Earnings Management”, Contemporary Accounting Research, 15(1), 1-24.
  • Bernard, V.L. and T.L. Stober (1989) “The Nature and Amount of Information in Cash Flows and Accruals”, The Accounting Review, 64(4), 624–652
  • Board, J.L.G. and J.F.S. Day. (1989) “The Information Content of Cash Flow Figures”, Accounting & Business Research, 20(77), 3-11.
  • Bowen, R.M., D. Burgstahler, and L.A. Daley, (1987), “The Incremental Information Content of Accruals Versus Cash Flows”, The Accounting Review, 62(4), 723-747. Brown, P. (1970), “The Impact of the Annual Net Profit Report on the Stock Market”, The Australian Accountant, 40(6), 277-283.
  • Burgstahler, D. and I. Dichev (1997) “Earnings Management to Avoid Earnings Decreases and Losses”, Journal of Accounting and Economics, 24(1), 99- 126.
  • Charitou, A. (1997) “The Role of Cash Flows and Accruals in Explaining Security Returns: Evidence for the UK”, The European Accounting Review, 6(4), 629-652. Charitou, A. and J. E. Ketz (1990) “Valuation of Earnings, Cash Flows and Their Components: An Empirical Investigation”, Journal of Accounting, Auditing & Finance, 5(4), 475-497.
  • Charitou, A., C. Clubb and A. Andreou (2001) “The Effect of Earnings Permanence, Growth and Firm Size on the Usefulness of Cash Flows in Explaining Security Return: An Empirical Evidence fort he UK”, Journal of Business Finance & Accounting, 28(5-6), 563-594.
  • Cheng, C.S.A. and S.M. Yang. (2003) “The Incremental Information Content of Earnings and Cash Flows from Operations Affected by Their Extremity”, Journal of Business Finance & Accounting, 30(1), 73-116.
  • Cheng, C.S.A, C-S. Liu and T.F. Schaefer., (1996) “Earnings Permanence and the Incremental Information Content of Cash Flows from Operations”, Journal of Accounting Research, 34(1), 173-181. Clubb, C.D.B. (1995) “An Empirical Study of The Information Content of Accounting Earnings, Funds Flows and Cash Flows in the UK”, Journal of Business Finance & Accounting, 22(1), 35-52.
  • Dechow, P.M. (1994) “Accounting Earnings and Cash Flows as Measures of Firm Perfomance The Role of Accounting Accruals”, Journal of Accounting and Economics, 18, 3–42.
  • Defond, L. and J. Jiambalvo (1994) “Debt Covenant Effect and Manipultion of Accruals”, Journal of Accounting and Economics, 17(1-2), 145-176. Dichev, I.D. and D.J. Skinner (2002) “Large-Sample Evidence on the Debt Covenant Hypothesis”, Journal of Accounting Research, 40(4), 1091-1123.
  • Financial Accounting Standards Board. (1978) “Statement of Financial Accounting Concepts”, No.1: Objectives of Financial Reporting of Business Enterprises (Stamford, CT:FASB).
  • Frankel, R. and L. Litov (2009) “Earnings Persistence”, Journal of Accounting and Economics, 47, 182–190.
  • Garrod, N., B. Giner and M. Larrán (2003) “The Value Relevance of Earnings, Operating Cash Flow and Accruals: A Study on UK data”, SA Journal of Accounting Research, 17(1), 1-22.
  • Habib, A. (2008) “The Role of Accruals and Cash Flows in Explaining Security Returns: Evidence from New Zealand” Journal of International Accounting, Auditing and Taxation, 17, 51–66.
  • Haw, In-Mu, Daqing Qi and Woody Wu (2001) “The nature of Information in Accruals and Cash Flows in an Emerging Capital Market: The Case of China” The International Journal of Accounting, 36, 391–406.
  • Hodgson, A. and P. Stevenson-Clarke (2000) “Earnings, Cashflows and Returns:Functional Relations and the Impact of Firm Size”, Accounting and Finance, 40(1), 51–73.
  • İç, S. (2009) “Muhasebe Verilerinin Bilgisel İçeriği ve İstanbul Menkul Kıymetler Borsasında Test Edilesi”, Hacettepe Üniversitesi Sosyal Bilimler Enstitüsü İşletme Anabilim Dalı, Yayınlanmamış Doktora Tezi.
  • Jindrichovska, I. (2001) “The Relationship Between Accounting Numbers And Returns: Some Empirical Evidence From The Emerging Market of the Czech Republic”, The European Accounting Review, 10(1), 107–131.
  • Karan, M.B. and S. Karacaer (1999) “Gelir Tablosu Kalemleri ile Hisse Senetlerinin Piyasa Değeri/Defter Değeri İlişkisi: İMKB Üzerine Ampirik Bir Çalışma”, H.Ü. İktisadi ve İdari Bilimler Fakültesi Dergisi, 17(2), 107-121.
  • Kong, S. and M. Taghavi (2006) “The Effect of Annual Earnings Announcements on the Chinese Stock Markets”, International Advances in Economic Research, 12, 318-326.
  • Lee, T.A. (1974) “Enterprise Income: Survival Or Decline And Fall?”, Accounting and Business Research, 40(sum.), 178-192.
  • Leuz, C., D. Nanda and P. Wysocki, (2003) “Investor Protection and Earnings Management: An International Comparison”, Journal of Financial Economics, 69, 505-527.
  • Lev, B. (1989) “On the Usefulness of Earnings and Earnings Research: Lessons and Directions from Two Decades of of Empirical Research”, Journal of Accounting Research, Supplement, 153 – 192.
  • Martikainen, M. (1997) “Accounting Losses And Earnings Response Coefficients: The Impact of Leverage and Growth Opportunities”, Journal of Business Finance & Accounting, 24(2), 277-292.
  • Neill, J.D., T.F. Schaefer, P.R. Bahnson and M.E. Bradbury (1991) “The Usefullness of Cash Flow Data: A Review and Synthesis”, Journal of Accounting Literature, 10, 117-150.
  • Ohlson, J.A. (1995) “Eamings, Book Values, and Dividends in Equity Valuation”, Contemporary Accounting Research, 11(2), 661-687.
  • Özer, G. (1996), Muhasebe Karları ile Hisse Senedi Verimleri Arasındaki İlişkiler: İMKB’de Deneysel Bir Analiz, SPK yayını, No:31.
  • Rayburn, J. (1986) “The Association of Operating Cash Flow and Accruals with Security Returns”, Journal of Accounting Research, 24(3) Supp., 112-133.
  • Richardson, S.A., R.G. Sloan, M.T. Solimanc and İ. Tuna (2005) “Accrual Reliability, Earnings Persistence and Stock Prices”, Journal of Accounting and Economics, 39, 437–485.
  • Sloan, R.G. (1996) “Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings?”, The Accounting Review, 71(3), 289-315.
  • Subramanyam, K.R. (1996) “The Pricing of Discretionary Accruals”, Journal of Accounting and Economics, 22(1-3), 249-281. Wilson, G.P. (1986), “The Relative Information Content of Accruals and Cash Flows: Combined Evidence at the Earnings Announcement and Annual Report Release Date”, Journal of Accounting Research, 24 Supp., 165-200. Wilson, G.P., (1987) “The Incremental Information Content of Accruals and Fund Component of Earnings After Controlling of Earnings”, The Accounting Review, 62(2), 293-322. Yoon, S. S. and G. Miller (2003) “The Functional Relationships Among Earnings, Cash Flows and Stock Returns in Korea”, Review of Accounting & Finance, 2(1), 40-58.
There are 41 citations in total.

Details

Journal Section Articles
Authors

Süleymen İç This is me

Mehmet Aygün

Publication Date December 31, 2009
Submission Date May 16, 2017
Published in Issue Year 2009 Volume: 27 Issue: 2

Cite

APA İç, S., & Aygün, M. (2009). KAR VE NAKİT AKIMLARININ BİLGİSEL İÇERİĞİ VE BİLGİSEL İÇERİĞE ETKİ EDEN FAKTÖRLER: TÜRK SERMAYE PİYASASI ÜZERİNE BİR İNCELEME. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 27(2), 105-126.
AMA İç S, Aygün M. KAR VE NAKİT AKIMLARININ BİLGİSEL İÇERİĞİ VE BİLGİSEL İÇERİĞE ETKİ EDEN FAKTÖRLER: TÜRK SERMAYE PİYASASI ÜZERİNE BİR İNCELEME. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. December 2009;27(2):105-126.
Chicago İç, Süleymen, and Mehmet Aygün. “KAR VE NAKİT AKIMLARININ BİLGİSEL İÇERİĞİ VE BİLGİSEL İÇERİĞE ETKİ EDEN FAKTÖRLER: TÜRK SERMAYE PİYASASI ÜZERİNE BİR İNCELEME”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 27, no. 2 (December 2009): 105-26.
EndNote İç S, Aygün M (December 1, 2009) KAR VE NAKİT AKIMLARININ BİLGİSEL İÇERİĞİ VE BİLGİSEL İÇERİĞE ETKİ EDEN FAKTÖRLER: TÜRK SERMAYE PİYASASI ÜZERİNE BİR İNCELEME. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 27 2 105–126.
IEEE S. İç and M. Aygün, “KAR VE NAKİT AKIMLARININ BİLGİSEL İÇERİĞİ VE BİLGİSEL İÇERİĞE ETKİ EDEN FAKTÖRLER: TÜRK SERMAYE PİYASASI ÜZERİNE BİR İNCELEME”, Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, vol. 27, no. 2, pp. 105–126, 2009.
ISNAD İç, Süleymen - Aygün, Mehmet. “KAR VE NAKİT AKIMLARININ BİLGİSEL İÇERİĞİ VE BİLGİSEL İÇERİĞE ETKİ EDEN FAKTÖRLER: TÜRK SERMAYE PİYASASI ÜZERİNE BİR İNCELEME”. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 27/2 (December 2009), 105-126.
JAMA İç S, Aygün M. KAR VE NAKİT AKIMLARININ BİLGİSEL İÇERİĞİ VE BİLGİSEL İÇERİĞE ETKİ EDEN FAKTÖRLER: TÜRK SERMAYE PİYASASI ÜZERİNE BİR İNCELEME. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2009;27:105–126.
MLA İç, Süleymen and Mehmet Aygün. “KAR VE NAKİT AKIMLARININ BİLGİSEL İÇERİĞİ VE BİLGİSEL İÇERİĞE ETKİ EDEN FAKTÖRLER: TÜRK SERMAYE PİYASASI ÜZERİNE BİR İNCELEME”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, vol. 27, no. 2, 2009, pp. 105-26.
Vancouver İç S, Aygün M. KAR VE NAKİT AKIMLARININ BİLGİSEL İÇERİĞİ VE BİLGİSEL İÇERİĞE ETKİ EDEN FAKTÖRLER: TÜRK SERMAYE PİYASASI ÜZERİNE BİR İNCELEME. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2009;27(2):105-26.

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