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Türkiye’deki Mevduat Bankalarının Fiyat-Kazanç Oranını Etkileyen Değişkenlerin Mars Yöntemi İle Belirlenmesi

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  • Serhat YÜKSEL, İsmail CANÖZ, Zafer ADALI

Abstract

In this study, it is aimed to identify the factors influencing the price-earnings ratio of deposit banks in Turkey. In this context, quarterly cumulative data of 10 deposit banks traded in Istanbul Stock Exchange for the periods between 2002:4 and 2017:1 is analyzed by using MARS method. According to the analysis results, it is concluded that if the ROE of the banks is higher than 5.92%, it affects price-earning ratio positively. However, this effect will be negative when ROE exceeds 21.12%. This indicates that investors are willing to pay more for the stocks of the banks when their profitability is increasing. Besides, it is also identified that there is an adverse relationship between the market interest rate and NPL of the banks with the price-earnings ratio. In case of any raise in the interest rate and NPL of the banks, investors' expectation of the future profitability of the banks will be negative. As a result, it is understood that the investors are reluctant to pay more amounts to their bank shares.

Suggested Citation

  • Serhat YÜKSEL, İsmail CANÖZ, Zafer ADALI, 2017. "Türkiye’deki Mevduat Bankalarının Fiyat-Kazanç Oranını Etkileyen Değişkenlerin Mars Yöntemi İle Belirlenmesi," Fiscaoeconomia, Tubitak Ulakbim JournalPark (Dergipark), issue 3.
    • Handle: RePEc:fis:journl:170303
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    File URL: http://dergipark.gov.tr/download/article-file/349410
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    Keywords

    Banking; Price-Earning Ratio; MARS;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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