Effect of brand value announcements on stock returns: empirical evidence from Turkey

Pinar Basgoze, Yilmaz Yildiz, Selin Metin Camgoz

Research output: Contribution to journalArticlepeer-review

13 Citations (Scopus)


This study examines the effects of brand value announcements on stock returns of Turkish firms by using the event study methodology and long-term risk adjusted port-folio returns. We examined the stock-price impacts of 299 brand value announcements on the stock market performance of the firms within the years of 2010–2014 by using BrandFinance Turkey’s 100 ranking list as a data source. The findings indicate that the companies listed in the Turkey Top 100 Brands list earn positive abnormal returns 7 months after the announcement. Similarly, the companies which had greater brand values relative to the previous year, experienced significant positive abnormal returns in the 7-months period. Additional findings suggest that investors are able to beat the market in the long run regarding risk-adjusted returns by consistently investing in the Top Brands. Overall, the study demonstrates new evidence to the marketing-finance interface by focusing on the Turkish case as an important emerging market.

Original languageEnglish
Pages (from-to)1252-1269
Number of pages18
JournalJournal of Business Economics and Management
Issue number6
Publication statusPublished - 21 Dec 2016
Externally publishedYes


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