EconPapers    
Economics at your fingertips  
 

Ottoman stock returns during the Turco-Italian and Balkan Wars of 1910 -1914

Avni Hanedar and Elmas Yaldız Hanedar
Additional contact information
Elmas Yaldız Hanedar: Yeditepe University, Faculty of Economics and Administrative Sciences, İstanbul-Turkey

No 2017/2, Working Papers from Turkish Economic Association

Abstract: In this paper, we use new historical data on the most popular stocks traded at the İstanbul bourse between 1910 and 1914, to examine the effect of wars on stock market prices. During this period, the Ottoman Empire was involved in the Turco-Italian and the Balkan wars, leading to massive land losses before the First World War. The data are manually collected from the available volumes of two daily Ottoman newspapers, Tercüman-ı Hakikat and Tanin. Our findings are quite surprising, as we observe only a temporary and small drop of prices, indicating little perceived risk by stock investors of the İstanbul bourse.

Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://tek.org.tr/dosyalar/subwp2017.pdf (application/pdf)

Related works:
Working Paper: Ottoman stock returns during the Turco-Italian and Balkan Wars of 1910-1914 (2017) Downloads
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:tek:wpaper:2017/2

Access Statistics for this paper

More papers in Working Papers from Turkish Economic Association Contact information at EDIRC.
Bibliographic data for series maintained by Ercan Uygur ().

 
Page updated 2019-09-08
Handle: RePEc:tek:wpaper:2017/2