Author(s): İ. Emre GÖKTÜRK* H. Serdar YALÇINKAYA

Purpose of this study is to investigate and to discuss the methods to distinguish the intellectual capital, one of the important structures of market value of enterprises, from its market value which will occur in a speculative way. When we mention about the firm value, we face with very different value concepts. For example: book value, market price, and specified value (theoretical value) etc. These value concepts contain very different meanings. For an investor operating in the capital markets, these concepts have rather a complex structure. What underlies these concepts? Also where does intellectual capital start and end? Are the prices forming in the stock markets true? How are they speculative? In order to answer to these questions, these concepts will be explored; also intellectual capital and its speculative value will be determined based on data of elected enterprises operating at Istanbul Stock Exchange (BIST). General behaviors of investors gr (reel FCFE growth rate) and gi (theoretical FCFE constant growth rate) became different according to data of Arçelik I.C. Investors generally perceive the future as either very optimistic or very pessimistic. Investor and theoretical values became close to each other only in 2012 year. In particular, the investors showed a quite pessimistic approach in and after 2008 and until 2012. It is believed that mortgage crisis that occurred in 2008 causes that. Even if the firm has a good FCFE performance in this period, the investors have estimated a lower growth rate even a negative growth rate.


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