Interdependency between Istanbul Stock Exchange and New York Stock Exchange
Author
Bökesoy, Aslı
Advisor
Muradoğlu, Gülnur
Date
1994Publisher
Bilkent University
Language
English
Type
ThesisItem Usage Stats
91
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Abstract
Globalization of world stock markets and international diversification of securities
portfolios are topics that are widely discussed in the recent years. Many markets were
analyzed for interdependencies in the literature. This study tests the interdependence
between Istanbul Stock Exchange and New York Stock Exchange for the period between
April 1992 and December 1993 using daily return indexes. Results of the tests showed
that stock price indexes in both markets were nonstationary and that they are
interdependent. Therefore, they point out the possibility that the price movements in
Istanbul Stock Exchange are affected from the price movements in NewYork Stock
Exchange.