Effects of Turkish Liberalization Measures on Stock Prices

Ayse Yuce

Istanbul Stock Exchange Review, 1997, vol. 1, issue 4, 1-14

Abstract: This paper examines the effect of Decree No. 32 of August 11, 1989 on the stock price distributions of an emerging stock market: Istanbul Stock Exchange. After this date the stock market removed the restrictions on foreign investors. It is shown that the mean of stock price changes has stayed the same, but the variances changed significantly with this government decision. The variances of the majority of the stock prices (36 out of 56) increased after August 11, 1989. In both periods the price change distributions are nonnormal and highly leptokurtic.

Date: 1997
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