• About
  • Policies
  • What is openaccess
  • Library
  • Contact
Advanced search
      View Item 
      •   BUIR Home
      • University Library
      • Bilkent Theses
      • Theses - Department of Management
      • Dept. of Management - Master's degree
      • View Item
      •   BUIR Home
      • University Library
      • Bilkent Theses
      • Theses - Department of Management
      • Dept. of Management - Master's degree
      • View Item
      JavaScript is disabled for your browser. Some features of this site may not work without it.

      Impact of liquidity on stock returns listed in Borsa Istanbul

      Thumbnail
      View/Open
      Full printable version (949.2Kb)
      Author
      Emrah, Nermin
      Advisor
      Altay-Salih, Aslıhan
      Date
      2015
      Publisher
      Bilkent University
      Language
      English
      Type
      Thesis
      Metadata
      Show full item record
      Please cite this item using this persistent URL
      http://hdl.handle.net/11693/18372
      Abstract
      This study investigates the impact of liquidity on returns of stocks traded at Borsa İstanbul for the 2002-2014 period. Turnover rate, which is defined as average volume of a firm divided by the number of shares outstanding of that firm, is used as a liquidity measure. Liquidity effect is examined following panel data analysis and robust estimators controlling the effect of well-known firm-specific characteristics. The results show that turnover rate has a significant and negative effect on stock returns. This result indicates that investors request compensation for holding illiquid assets. In other words, they request compensation for the assets with low turnover. The impact of turnover rate on stock returns is significant for the whole year; therefore, results are not driven by the January effect.
      Embargo Lift Date
      2017-09-14
      Collections
      • Dept. of Management - Master's degree 290

      Browse

      All of BUIRCommunities & CollectionsTitlesAuthorsAdvisorsBy Issue DateKeywordsTypeDepartmentsThis CollectionTitlesAuthorsAdvisorsBy Issue DateKeywordsTypeDepartments

      My Account

      Login

      Statistics

      View Usage Statistics

      Bilkent University

      If you have trouble accessing this page and need to request an alternate format, contact the webmaster. Phone: (312) 290 1771
      Copyright © Bilkent University | Library IT

      Contact Us | Send Feedback | Off-Campus Access | Admin