Browsing by Subject "Stock certificates--Turkey."

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Open Access
An investigation of anomalies at Istanbul Stock Exchange: size and January effects
(1995) Bora, Zeynep Gül
This study investigates January effect at Istanbul Stock Exchange in combination with size of firms which are traded for the period of 1988 - 1994, using monthly data. The study is based on the groupings of stocks in ten size groups; which permits us to examine January effect via these groups. It starts with questioning of which size groups are associated with the turn of the year effect and further examines the existence of excess returns of the smallest size group over the largest one for both January and April. This study, however, presents the evidence that the so-called January effect via size does not exist at Istanbul Stock Exchange.
Open Access
Market efficiency and information content of financial statement earning announcements in ISE
(1997) Keler, S. Alp
This study investigates the impact of earning values of quarterly and annual financial statement announcements on stock prices and trade volumes for the stocks listed in Istanbul Stock Exchange National Market during the time period 1992-1995 The relationship between accounting information and price/trade volume is examined from two aspects. The first aspect is ''information-content test" and it measures the extent to which announcements convey information to the stock market. The results indicate that the price/trading volume changes on the day of the announcement is no different than any of the other date and no significance relationship is found between price/trading volume changes and earnings announcements. The second aspect is "market-efficiency test" and it investigates whether accounting earnings reflect factors that affect stock prices and how soon that inlormation is assimilated into stock prices. The results indicate that the accounting earnings does not reflect factors that affect stock prices and despite how strong the early information one has obtained, he can easily loose money
Open Access
The relationship between stock returns and inflation in Turkey 1987-1993
(1994) Tüzün, Osman N.
■L'ljis study investigates the existence of a negative relationship between real stock returns and inflation, which is observed in other industrialized countries, and a possible explanation for this relationship, in Turkey. This relationship between stock returns and inflation is tested in the light of Kama's "Proxy Effect Hypothesis". This hypothesis suggest that the negative relation between stock returns and inflation is in fact proxying for a more fundamental relationship between real stock returns and real activity. The empirical investigation of the data revealed that the there is a significant negative relationship between forecasts of real activity and inflation. Also the results suggest that there is a positive, although insignificant, relationship between real stock returns and real activity. These two results can be combined to state that the "Proxy Effect Hypothesis" also holds for Turkey.