Integration Versus Segmentation: The Istanbul Stock Exchange

Suleyman Gokçen and Ahu Ozturkmen

Istanbul Stock Exchange Review, 1997, vol. 1, issue 1, 97-106

Abstract: The purpose of this paper is to analyse the integration versus segmentation issue for the Istanbul Stock Exchange vis-a-vis global developed markets. Two different classes of information variables are used. These are global and local variables. Global variables are the return of the world market portfolio, dividend yield of S&P 500 stock index, U.S. term structure premia and U.S. default risk yield spread. Local variables are the returns, price earning ratios and dividend yields of the Istanbul Stock Exchange portfolio. The sample for all the information variables includes the period from January 1989 to December 1993. Our results suggest that it is possible to estimate future behaviour of Istanbul Stock Exchange returns by using local information variables. We also found out that the Istanbul Stock Exchange is completely segmented with developed countries’ stock markets during the time period mentioned above.

Date: 1997
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.borsaistanbul.com/datum/imkbdergi/EN/ISE_Review_01.pdf (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: https://EconPapers.repec.org/RePEc:bor:iserev:v:1:y:1997:i:1:p:97-106

Access Statistics for this article

More articles in Istanbul Stock Exchange Review from Research and Business Development Department, Borsa Istanbul Contact information at EDIRC.
Bibliographic data for series maintained by Ahmet Palu ().