Stock Market Reaction to Developments in Turkish-European Union Relations

Mehmet Eryigit ()

Ekonomik Yaklasim, 2007, vol. 18, issue 63, 55-68

Abstract: We report the results of an investigation of the stock-market reaction to European Union Membership related events in Istanbul Stock Exchange Markets (ISEM) in the period 2000-2005. We have analyzed abnormal and cumulative abnormal returns of 17 sector indexes for six important dates by using event-study methodology and found that for most of the cases there is no statistically significant abnormality in sector indices. The most positively received event is found to be the European Council's December 2004 decision to start the membership negotiations on October 3rd of 2005.

Keywords: Event Study; ISEM; Abnormal Returns; Turkish-European Union Relations (search for similar items in EconPapers)
Date: 2007
Note: [English Title] STOCK MARKET REACTION TO DEVELOPMENTS IN TURKISH-EUROPEAN UNION RELATIONS [English Abstract] We report the results of an investigation of the stock-market reaction to European Union Membership related events in Istanbul Stock Exchange Markets (ISEM) in the period 2000-2005. We have analyzed abnormal and cumulative abnormal returns of 17 sector indexes for six important dates by using event-study methodology and found that for most of the cases there is no statistically significant abnormality in sector indices. The most positively received event is found to be the European Council's December 2004 decision to start the membership negotiations on October 3rd of 2005. [English Keywords] Event Study, ISEM, Abnormal Returns, Turkish-European Union Relations
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Persistent link: https://EconPapers.repec.org/RePEc:eyd:eyjrnl:v:18:y:2007:i:63:p:55-68

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