Efficiency and Limited Arbitrage in the Stock Markets:Evidences from ISE
Istanbul Stock Exchange Review, 2012, vol. 13, issue 49, 39-58
In this study, we examine whether the arbitrage is limited for the trading stocks at Istanbul Stock Exchange (ISE), which is the stock market in Turkey. For doing so, stocks held by the companies traded at different groups such as A, B and C on ISE have been considered. By virtue of the study conducted, it has been determined that there is a long-termed correlation by and between the stocks held by the 3 different companies and traded under different groups and that deviations emerging in the short term have been corrected in a short time. Accordingly, it can be concluded that the arbitrage is not limited but operating on a rational basis for the stocks held by the companies trading at different groups such as A, B and C on ISE.
Keywords: Market efficiency; arbitrage; stock market (search for similar items in EconPapers)
JEL-codes: D53 G11 G12 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:bor:iserev:v:13:y:2012:i:49:p:39-58
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