Bağımsız Denetçi Görüşlerinin Yatırım Kararları Açısından Önemi: Yeni Bir Kesitsel Anomali mi?

Independent audit is an indispensable element in increasing market efficiency, especially in terms of the transparency of financial statements and a comparable understanding of the financial situation of the companies. It is considered that the correct analysis of the independent auditor's opinions by the relevant parties is an important factor in making the right investment decisions. In this context, the study in question; After the independent audit reports including the opinions of the independent auditors are disclosed to the public, it aims to investigate whether there are abnormal price movements in the stock prices of the companies and whether a new one can be added to the anomalies specific to the mentioned companies. In accordance with this purpose; By calculating the stock returns of companies with positive, negative and undisclosed audit reports within quarterly periods of 2019 and 2020, it was compared with the return of the BIST 100 index, based on the feature of reflecting the entire stock exchange, and it was tried to determine whether an abnormal return (above the index) was obtained. . According to the preliminary findings; It has been determined that Borsa Istanbul (BIST) is not active in semi-strong form for the said periods and investors have the opportunity to earn an income above the index by taking investment positions according to the type of independent auditor opinions included in the independent audit reports disclosed to the public.