EconPapers    
Economics at your fingertips  
 

Dynamics of the Turkish paintings market: A comprehensive empirical study

Ender Demir (), Giray Gözgör () and Emre Sari

Emerging Markets Review, 2018, vol. 36, issue C, 180-194

Abstract: This paper constructs the most comprehensive paintings price index in Turkey by using 32,391 manually collected sales transactions, including artworks of 413 artists over the period 1990–2016. The results indicate that the Turkish paintings market underperforms the domestic stock market, but leading to the higher returns compared to the global paintings and the global stock markets. The results from the causality analysis also demonstrate that there is the feedback effect between the domestic paintings and the domestic stock market. Furthermore, the findings cannot reject the null hypothesis that there is no bubble in the Turkish Paintings price index. Finally, the geopolitical and the political risks in Turkey are among the main reasons for the diminishing returns of the Turkish paintings market after 2010.

Keywords: Turkish paintings market; Hedonic regression; Asset returns; Asset price bubble; Political risks; Causality test (search for similar items in EconPapers)
JEL-codes: Z11 G12 C32 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1566014117303916
Full text for ScienceDirect subscribers only

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:eee:ememar:v:36:y:2018:i:c:p:180-194

Access Statistics for this article

Emerging Markets Review is currently edited by Jonathan A. Batten

More articles in Emerging Markets Review from Elsevier
Bibliographic data for series maintained by Dana Niculescu ().

 
Page updated 2019-04-18
Handle: RePEc:eee:ememar:v:36:y:2018:i:c:p:180-194