Economics at your fingertips  

An Empirical Investigation of the Uncertain Information Hypothesis: Evidence From Borsa Istanbul

Soner Akkoc and Nasif Ozkan

Journal of BRSA Banking and Financial Markets, 2013, vol. 7, issue 2, 101-119

Abstract: This paper investigates the reaction of investors to the arrival of major political and economical news in Borsa Istanbul from October 2004 to September 2011. While the empirical results of the paper cannot support the prediction of Overreaction Hypothesis, they are consistent with the Uncertain Information Hypothesis which means investors in Turkey set security prices below their fundamental values in response to unexpected information. In comparison with the studies examining previous periods, we f ound t hat t his i mpact i s diminishing and Borsa Istanbul has become more efficient for the period of 2004 to 2011.

Keywords: Uncertain Information Hypothesis; Overreaction Hypothesis; Efficient Market Hypothesis; Borsa Istanbul (search for similar items in EconPapers)
JEL-codes: G14 G15 (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (1) Track citations by RSS feed

Downloads: (external link) (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Access Statistics for this article

More articles in Journal of BRSA Banking and Financial Markets from Banking Regulation and Supervision Agency Contact information at EDIRC.
Series data maintained by Zafer Kovancý ().

Page updated 2018-02-04
Handle: RePEc:bdd:journl:v:7:y:2013:i:2:p:101-119