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We investigate the relationship between innovation indicators (R&D and patenting) and stock market performance for a panel of manufacturing firms traded on Borsa İstanbul (BIST), formerly known as the İstanbul Stock Exchange. Similar to previous results obtained using U.S. and European data, we find that larger R&D stocks are associated with higher market value, higher market-to-book ratio, and higher price-earnings ratio for firms traded on Borsa İstanbul, while larger patent stocks are associated with higher market value. We demonstrate that it is possible to use the information on R&D and patent stocks to construct a portfolio that greatly overperforms the market index (BIST100).

Key words: Innovation, R&D, patents, market value, Borsa Istanbul, BIST, portfolio selection. JEL Classification: O31, O33, O34, G11.

Ar-Ge, Yenilik ve Hisse Senedi Piyasası Performansı: Borsa İstanbul'da İşlem Gören Üretim Firmaları Üzerine Bir Çalışma

Bu çalışmada Borsa İstanbul’da işlem gören imalat sektörü firmaları için yenilik belirtileri (Ar-Ge harcamaları ve patentler) ve firma performansı arasındaki ilişki incelenmektedir. A.B.D. ve Avrupa verisi kullanarak yapılmış çok sayıda çalışmaya benzer şekilde, Borsa İstanbul’da işlem gören firmalar için de Ar-Ge stokları ile firmanın pazar değeri, pazar-defter değeri oranı ve fiyat-kazanç oranı arasında güçlü ve pozitif bir ilişki bulunduğu gözlenmiştir. Patent stokları ile firmanın pazar değeri arasında da pozitif bir ilişki bulunmaktadır. Bu sonuçlardan yola çıkarak, işlem gören firmalara dair Ar-Ge ve patent verisi yardımı ile pazar endeksinin üzerinde performans gösteren bir portföy oluşturulabileceği de gösterilmektedir.

Anahtar Kelimeler: Yenilik, inovasyon, AR-GE, patentler, Pazar değeri, Borsa İstanbul, BIST, portföy seçimi. JEL Sınıflaması: O31, O33, O34, G11.

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