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      Operational risk and stock market returns: evidence from Turkey

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      Author
      Solakoglu, M. N.
      Kose, K. A.
      Date
      2011
      Source Title
      Operational Risk toward Basel III: Best Practices and Issues in Modeling, Management, and Regulation
      Publisher
      John Wiley and Sons
      Pages
      115 - 128
      Language
      English
      Type
      Book Chapter
      Item Usage Stats
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      Abstract
      Following several high-severity, low-frequency events in the financial sector, operational risk has gained importance both for regulators and managers of financial sector firms during the last decade. The banking sector in Turkey also experienced a severe crisis, due not only to economic conditions but also to events directly related to operational risk. However, it was only by mid-2007 that banks in Turkey were required to have necessary capital for operational risk. This study investigates the banking sector in Turkey in relation to operational risk. In addition, the study analyzes the reaction of stock market return to operational risk events between 1998 and 2007 using event study analysis. We find that returns show a negative reaction starting right before the event date. Moreover, this negative reaction appears to be significant for pre-2002 events but not for events after 2002. © 2009 by John Wiley & Sons, Inc. All rights reserved.
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      http://hdl.handle.net/11693/38216
      Published Version (Please cite this version)
      http://dx.doi.org/10.1002/9781118267066.ch6
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