An investigation of the leverage anomaly at Istanbul Securities Exchange

buir.advisorAydoğan, Kürşat
dc.contributor.authorAkkaya, Celal
dc.date.accessioned2016-01-08T20:12:50Z
dc.date.available2016-01-08T20:12:50Z
dc.date.issued1995
dc.departmentDepartment of Managementen_US
dc.descriptionAnkara : Faculty of Management and the Graduate School of Business Administration of Bilkent University, 1995.en_US
dc.descriptionThesis (Master's) -- Bilkent University, 1995.en_US
dc.descriptionIncludes bibliographical references leaves 33-36en_US
dc.description.abstractThis study investigates the presence of ‘leverage effect’ at Istanbul Securities Exchange for the period January 1990 - December 1993. Two leverage variables are used, the ratio of book equity to book assets, BE/A and the ratio of market equity to book assets, ME/A. We interpret BE/A as a measure of book leverage, while ME/A as a measure of market leverage. In portfolio comparison methodology, each year, portfolios are formed according to the previous year’s ratio of book equity to book assets and ratio of market equity to book assets and then the average monthly returns of the current year are compared. In addition, the cross-sectional regression approach of Fama-MacBeth (1973) is applied to determine which of the variables significantly explain the average return of stocks. The results show that a significant ‘leverage effect’ is not encountered at Istanbul Securities Exchange for the period of January 1990 - December 1993 in terms of book leverage and market leverage variables.en_US
dc.description.degreeM.B.Aen_US
dc.description.statementofresponsibilityAkkaya, Celalen_US
dc.format.extentiv, 55 leaves ; 30 cmen_US
dc.identifier.urihttp://hdl.handle.net/11693/17720
dc.language.isoEnglishen_US
dc.publisherBilkent Universityen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectAnomalyen_US
dc.subjectmarket efficiencyen_US
dc.subjectleverage effecten_US
dc.subject.lccHG5706.5.I88 A35 1995en_US
dc.subject.lcshStock exchanges--Turkey.en_US
dc.titleAn investigation of the leverage anomaly at Istanbul Securities Exchangeen_US
dc.title.alternativeİstanbul Menkul Kıymetler Borsasında bir anomali araştırmasıen_US
dc.typeThesisen_US
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