Ottoman stock returns during the Turco-Italian and Balkan Wars of 1910-1914
Avni Hanedar and
Elmas Yaldız Hanedar
No 17-02, eabh Papers from The European Association for Banking and Financial History (EABH)
In this paper, we use new historical data on the most popular stocks traded at the Istanbul 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 Istanbul bourse.
Keywords: the Istanbul stock exchange; stocks; the Turco-Italian war; the Balkan wars; structural breaks (search for similar items in EconPapers)
JEL-codes: G1 N25 N45 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ara, nep-cwa, nep-fmk and nep-his
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:zbw:eabhps:1702
Access Statistics for this paper
More papers in eabh Papers from The European Association for Banking and Financial History (EABH) Contact information at EDIRC.
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().