Browsing by Subject "integration"

Now showing 1 - 3 of 3

Open Access
Efficient ownership patterns: three examples
(1994) Sever, Murat
This stud\^ provides three exanpdes in whicli llie ownership structure of productive assets affects efhciency oF the economic outcome. We show how the incompleteness of contracts and the s])ecificit y of investments cause inefficient l^ehaviours and reductions in the efficient level of relation-specific investment because of the individuals' o])])ortunisti(' behaviour. We show the importance of ownershi]) on l^ehaviours of agents and their investment decisions l)y affecting the distribution of residual rights over assets and so the distribution of tlie sur])lus from investments. VVV' observe the effects of monitoring on the l)ehaviour of individuals in dilfeient types of ownership patterns.
Open Access
Long-run and short-run links among the Turkish stock market and developed markets
(2002) Demirtaş, İsmail
One of the striking facts about the international economy is the high degree of integration, or linkage, among financial, or capital markets. Careful examination of international stock market movements in recent years suggests that there exists a substantial degree of interdependence among national stock markets. This thesis tests the interdependence among the Turkish stock market and four major stock markets (US, UK, Germany, France) using daily closing index data for the period between January 1997 and June 2002. Results of the tests showed that the French and German stock markets have significant impacts on the Turkish stock market. The European and US stock markets influence each other in the long-run and short-run. US is the most influential market among the four developed markets. Developed markets almost move together. Therefore, International portfolio diversification among these national markets will not greatly reduce the portfolio risk.
Open Access
Three essays on the behavior of French stocks cross-listed on the German stock markets
(2002) Bayar, Aslı
The behavior of French stocks that are cross-listed on the German stock markets is analyzed in this study. Using a sample of stocks that are listed both on the Paris Bourse and the Xetra, it is found that there is no change in the systematic risk for the domestic market (the Paris Bourse) and the foreign market (the Xetra) suggesting the integration of these markets for the overall sample. However, the findings with respect to the world market make the integration of the French stock markets with the world market questionable. Furthermore, the analysis of abnormal returns suggests that for some portfolios, such as the small- and medium-sized portfolios, the high book-to-market value ratio portfolio and the manufacturing, retailing and finance sectors, the markets may not be integrated. The second chapter analyzes the changes in the liquidity and price volatility of the French stocks that are cross-listed on the Xetra. It is found that liquidity declines and the volatility of the stock prices increases after cross-listing for many stocks in the sample. These findings are against the expectations, since an increase in liquidity and a decline in volatility are expected, if the markets are integrated. Finally, in the third chapter, price adjustment process between the two stock markets is examined by cointegration analysis. It is observed that between the French and the German stock markets there is a relationship and most of the time the stock prices on the German stock markets follow the stock prices on the French stock markets.