The Impact of Capital Tax on Borsa Istanbul: Event Study Analysis

Mehmet Sinan Çelik

Makale detayları

The Impact of Capital Tax on Borsa Istanbul: Event Study Analysis

Yazarlar:

Mehmet Sinan Çelik

Yayıncı:

Ankara Hacı Bayram Veli University

Ana Başlıklar:

Finans

Dergi:

Ankara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.27 Issue 1, pp.145-160

Belge Tipi:

Makale

Yayın Tarihi:

4/2025

Belge Dili:

İngilizce

Document ID (Org No.):

2001344776

pISSN:

2667-405X

Anahtar kelimeler:

Özet:

 Abstract Rumors about changes in tax policies have the potential to have sudden and significant effects on financial markets. This study aims to analyze the effects of tax rumors on Borsa Istanbul BIST. The study selects certain tax rumors as event days, and their impact on BIST is analyzed. The dates in question are June 4, 2024, which is the beginning of the rumors that the earnings from the transactions on BIST will be taxed, and June 13, 2024, when the postponement was announced. In addition to these days, November 30, 2023 is included in the analysis as a different tax rumor for control purposes. The event window is defined as a period covering the day of the event and -5,5 days before and after the event. As a result of the analysis, it is found that the tax rumors on June 4, 2024 have a significant effect on BIST. However, the announcement of the postponement of the tax on June 13, 2024 does not have a significant effect on BIST. On November 30, 2023, the tax rumor also significantly affected the stock market. Both tax rumors affected the stock market, indicating that BIST is inefficient in the semi-strong form. This shows that negative news affects the markets more rapidly. On the other hand, the rumor that the tax was postponed did not have a significant positive effect. As a result, it is concluded that negative news affects the markets more than positive news. These findings reveal the critical role of expectations and rumors about tax policies on market dynamics. Taxation of capital should be considered from economic policy and social justice perspectives. Tax policies can channel capital flows, stimulate or inhibit economic growth, and affect income distribution. The taxation of capital should be considered from both an economic policy and social justice perspective. Tax policies can channel capital flows, stimulate or inhibit economic growth and affect income distribution. Therefore, decisions on capital taxation require careful analysis and a broad economic perspective.

 Abstract Rumors about changes in tax policies have the potential to have sudden and significant effects on financial markets. This study aims to analyze the effects of tax rumors on Borsa Istanbul BIST. The study selects certain tax rumors as event days, and their impact on BIST is analyzed. The dates in question are June 4, 2024, which is the beginning of the rumors that the earnings from the transactions on BIST will be taxed, and June 13, 2024, when the postponement was announced. In addition to these days, November 30, 2023 is included in the analysis as a different tax rumor for control purposes. The event window is defined as a period covering the day of the event and -5,5 days before and after the event. As a result of the analysis, it is found that the tax rumors on June 4, 2024 have a significant effect on BIST. However, the announcement of the postponement of the tax on June 13, 2024 does not have a significant effect on BIST. On November 30, 2023, the tax rumor also significantly affected the stock market. Both tax rumors affected the stock market, indicating that BIST is inefficient in the semi-strong form. This shows that negative news affects the markets more rapidly. On the other hand, the rumor that the tax was postponed did not have a significant positive effect. As a result, it is concluded that negative news affects the markets more than positive news. These findings reveal the critical role of expectations and rumors about tax policies on market dynamics. Taxation of capital should be considered from economic policy and social justice perspectives. Tax policies can channel capital flows, stimulate or inhibit economic growth, and affect income distribution. The taxation of capital should be considered from both an economic policy and social justice perspective. Tax policies can channel capital flows, stimulate or inhibit economic growth and affect income distribution. Therefore, decisions on capital taxation require careful analysis and a broad economic perspective.

 Abstract Rumors about changes in tax policies have the potential to have sudden and significant effects on financial markets. This study aims to analyze the effects of tax rumors on Borsa Istanbul BIST. The study selects certain tax rumors as event days, and their impact on BIST is analyzed. The dates in question are June 4, 2024, which is the beginning of the rumors that the earnings from the transactions on BIST will be taxed, and June 13, 2024, when the postponement was announced. In addition to these days, November 30, 2023 is included in the analysis as a different tax rumor for control purposes. The event window is defined as a period covering the day of the event and -5,5 days before and after the event. As a result of the analysis, it is found that the tax rumors on June 4, 2024 have a significant effect on BIST. However, the announcement of the postponement of the tax on June 13, 2024 does not have a significant effect on BIST. On November 30, 2023, the tax rumor also significantly affected the stock market. Both tax rumors affected the stock market, indicating that BIST is inefficient in the semi-strong form. This shows that negative news affects the markets more rapidly. On the other hand, the rumor that the tax was postponed did not have a significant positive effect. As a result, it is concluded that negative news affects the markets more than positive news. These findings reveal the critical role of expectations and rumors about tax policies on market dynamics. Taxation of capital should be considered from economic policy and social justice perspectives. Tax policies can channel capital flows, stimulate or inhibit economic growth, and affect income distribution. The taxation of capital should be considered from both an economic policy and social justice perspective. Tax policies can channel capital flows, stimulate or inhibit economic growth and affect income distribution. Therefore, decisions on capital taxation require careful analysis and a broad economic perspective.

 Öz Vergi politikalarındaki değişikliklere ilişkin söylentiler, finansal piyasalar üzerinde ani ve önemli etkiler yaratma potansiyeline sahiptir. Bu çalışmanın amacı vergi söylentilerinin Borsa İstanbul BIST üzerindeki etkilerini analiz etmektir. Çalışmada belirli vergi söylentileri olay günü olarak seçilmiş ve BIST üzerindeki etkileri analiz edilmiştir. Söz konusu tarihler, BISTte gerçekleşen işlemlerden elde edilen kazançların vergilendirileceği söylentilerinin başlangıcı olan 4 Haziran 2024 ve ertelemenin açıklandığı 13 Haziran 2024tür. Bu günlere ek olarak 30 Kasım 2023 tarihi de kontrol amaçlı farklı bir vergi söylentisi olarak analize dahil edilmiştir. Olay penceresi, olayın gerçekleştiği gün ile olaydan önceki ve sonraki -5,5 günleri kapsayan bir dönem olarak tanımlanmıştır. Analiz sonucunda 4 Haziran 2024 tarihindeki vergi söylentilerinin BIST üzerinde anlamlı bir etkiye sahip olduğu tespit edilmiştir. Ancak 13 Haziran 2024 tarihinde verginin ertelendiği açıklanmasının BIST üzerinde anlamlı bir etkisi bulunmamaktadır. 30 Kasım 2023 tarihinde vergi söylentisi de borsayı önemli ölçüde etkilemiştir. Her iki vergi söylentisinin de borsayı etkilemesi, BISTin yarı güçlü formda etkin olmadığını göstermektedir. Bu durum olumsuz haberlerin piyasaları daha hızlı etkilediğini göstermektedir. Öte yandan, verginin ertelendiği söylentisinin pozitif anlamlı bir etkisi olmamıştır. Sonuç olarak, olumsuz haberlerin piyasaları olumlu haberlerden daha fazla etkilediği sonucuna varılmaktadır. Bu bulgular, vergi politikalarına ilişkin beklenti ve söylentilerin piyasa dinamikleri üzerindeki kritik rolünü ortaya koymaktadır. Sermayenin vergilendirilmesi, hem ekonomi politikası hem de sosyal adalet açısından dikkate alınmalıdır. Vergi politikaları, sermaye akışlarını yönlendirebilir, ekonomik büyümeyi teşvik edebilir veya engelleyebilir ve gelir dağılımını etkileyebilir. Bu nedenle, sermaye vergilendirmesi konusunda alınacak kararlar, dikkatli analizler ve geniş bir ekonomik perspektif gerektirir.

Makale detayları

The Impact of Capital Tax on Borsa Istanbul: Event Study Analysis

Yazarlar:

Mehmet Sinan Çelik

Yayıncı:

Ankara Hacı Bayram Veli University

Ana Başlıklar:

Finans

Dergi:

Ankara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.27 Issue 1, pp.145-160

Belge Tipi:

Makale

Yayın Tarihi:

4/2025

Belge Dili:

İngilizce

Document ID (Org No.):

2001344776

pISSN:

2667-405X

Event Analysis

Efficient Markets Hypothesis (EMH)

Borsa IstanbulOlay Analizi

Etkin Piyasalar Hipotezi (EPH)

Borsa İstanbul

Sayı

Makale detayları

The Impact of Capital Tax on Borsa Istanbul: Event Study Analysis

Yazarlar: Mehmet Sinan Çelik

Yayıncı: Ankara Hacı Bayram Veli University

Ana Başlıklar: Finans

Dergi: Ankara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.27 Issue 1, pp.145-160

Belge Tipi: Makale

Yayın Tarihi: 4/2025

Belge Dili: İngilizce

Document ID (Org No.): 2001344776

pISSN: 2667-405X

Event Analysis

Efficient Markets Hypothesis (EMH)

Borsa IstanbulOlay Analizi

Etkin Piyasalar Hipotezi (EPH)

Borsa İstanbul

Sayı

Yazarlar:

Mehmet Sinan Çelik

Yayıncı:

Ankara Hacı Bayram Veli University

Ana Başlıklar:

Finans

Dergi:

Ankara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.27 Issue 1, pp.145-160

Belge Tipi:

Makale

Yayın Tarihi:

4/2025

Belge Dili:

İngilizce

Document ID (Org No.):

2001344776

pISSN:

2667-405X