The effect of technological developments on the stock market: evidence from emerging market

Mehmet Sinan Celik, Mutlu Basaran Ozturk and Ozkan Haykir

Applied Economics Letters, 2024, vol. 31, issue 2, 118-121

Abstract: This study investigates the effect of High-Frequency Trading on stock liquidity and volatility in Borsa Istanbul, Turkey which is one of the largest emerging markets where high-frequency trading is newly developed. We employ a fixed effect panel estimation model with Driscoll and Kraay correction between January 2016 and December 2020. The finding shows that an increase in high-frequency trading increases the liquidity and volatility. Moreover, the results are similar before the pandemic period and rising market period, whereas the impact of high-frequency trading on liquidity disappears during the pandemic period.

Date: 2024
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DOI: 10.1080/13504851.2022.2128172

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