Tüzün, Osman N.2016-01-082016-01-081994http://hdl.handle.net/11693/17557Ankara : The Department of Management and The Graduate School of Business Administration of Bilkent Univ., 1994.Thesis (Master's) -- Bilkent University, 1994.Includes bibliographical references.■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.iv, 31 leavesEnglishinfo:eu-repo/semantics/openAccessExpected InflationUnexpected InflationStock ReturnsReal and Nominal ReturnReal Activity Growth RateBase Money Growth RateHG5706.5.A3 T89 1994Stock certificates--Turkey.Bonds--Turkey.Inflation (Finance)--Turkey.ThesisBILKUTUPB041197