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Do Foreigners Act as Positive Feedback Traders in Turkey?

Cuneyt Akar

Istanbul Stock Exchange Review, 2008, vol. 10, issue 39, 59-66

Abstract: In this study, trading behavior of foreigners is investigated by using monthly data of the Istanbul Stock Exchange (ISE). The causality relationship between net foreign trading volume and stock returns is analyzed by Granger Causality Test. The positive feedback hypothesis is tested by using impulse response analysis. Results show that there is unidirectional causality from stock returns to net foreign trading volume and foreigners act as negative feedback traders in the ISE.

Keywords: Foreign Trading; Granger Causality Test; Impulse-Response Analysis; Positive Feedback Hypothesis (search for similar items in EconPapers)
JEL-codes: C50 G10 (search for similar items in EconPapers)
Date: 2008
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