Browsing by Subject "Stock exchange."

Now showing 1 - 3 of 3

Open Access
Dividend announcement effect on the value of the firm
(1997) Karaağaç, Bülent
The dividend policy of the firms is very important for the investors. Because dividends contain management’s superior information of the firm’s recent performance and their assessment of future performance. Therefore, it’s expected to observe an increase in share prices associated with public announcement of a dividend increase. Throughout the thesis; I tried to find whether dividend announcements have an effect on stock prices in Istanbul Stock Exchange or not. The results I found are not consistent with the view that dividends have valuable information for the investors. Finally the reasons for these results are presented.
Open Access
Evaluation of linkages between equity indices : evidence from İstanbul Stock Exchange and Dow Jones
(2009) Ertan, Aytekin
This study investigates the linkage between the major stock market indices of Turkey (ISE National 100) and USA (Dow Jones Industrial Average). Main purpose of this research is to measure the interdependence and cointegration between these indices and figure out the significance and the direction of short run relationship, if there exists any. Cointegration analyses based on Johansen Method demonstrated that there is not any cointegrating vector between these indices, refuting an integrated long term relationship. On the other hand -in this case of no cointegration- Granger Causality studies on the first differenced VAR model pointed out a significant unidirectional effect of Dow Jones to Istanbul Stock Exchange in the short run; which would enable feasible forecasts of ISE via index data from the US. These findings could be valuable to investors holding long and short term investment portfolios in ISE and/or in Dow Jones.
Open Access
How to prevent trade based stock price manipulation
(2001) İlalan, Deniz
Allen and Gale (1992) construct a model to show that stock price manipulation is possible. The time structure of their model allows manipulators to pretend “informed” traders, so that the local investors cannot distinguish what type of entrant they are facing. When the type of the entrant becomes known to the local investors it is already too late to make any use of that information. In this study we show that an institution can be designed in a very natural fashion which induces different behaviours on the part of manipulators and “informed” traders at the beginning of the process. The institution designed roughly consists of entitling the entrants to resell stocks at a later date as well if they wish to do so. As this reasoning is also accessible to manipulators, the designed institution deters them from entering the market. Regarding the informed traders, their expected gain from entering the stock market may or may not be positive contingent on the basic parameters of the model. There are cases, however, when there is an improvement in the expected total gain of the local investors.