Year 2019, Volume , Issue 59, Pages 34 - 47 2019-01-31

OIL PRICES AND BANKING STOCKS NEXUS: EVIDENCE FROM AN OIL-DEPENDENT COUNTRY
PETROL FİYATLARI VE BANKACILIK HİSSE SENETLERİ BAĞINTISI: PETROL BAĞIMLI BİR ÜLKEDEN KANIT

Beyza Mina ORDU AKKAYA [1] , Ramazan SARI [2]

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We investigate the impact of oil prices on Borsa Istanbul banking index during 2004-2017 and for the periods before and after the 2008 crisis. We especially examine banking stock performances since any significant factor affecting financial institutions, would probably have an impact on the whole economy due to the contagion. Secondly, banking index is the leader index in Borsa Istanbul with 36% of market capitalization of Borsa Istanbul. Moreover, financial institutions in Turkey experienced a significant M&A flow in the last decade, which fosters the interrelationship between foreign and domestic markets. Our sample period is between 2004 and 2016 and we employ Granger-causality and generalized impulse responses. Results reveal that financial and commodity markets are highly integrated and oil is a significant commodity for Turkish market. Furthermore, banking equities seem to benefit from oil price increases and hence one should include banking stocks into their portfolios, when commodity prices are surging.

Çalışmamız petrol fiyatlarının Borsa İstanbul banka endeksi üzerindeki etkisini 2004-2017 dönemi için incelerken, kriz öncesi ve sonrası farklılıkları da sınamaktadır. Banka endeksine özellikle bakmamızın nedenlerinden biri finansal kurumları etkileyen önemli faktörlerin bulaşıcılık nedeniyle kuvvetle muhtemel ekonomiyi de etkileyecekleridir. İkinci olarak, banka endeksi Borsa İstanbul’un %36’sını oluşturan ana endekstir. Son olarak Türkiye’deki bankacılık sektörü son senelerde ciddi bir birleşme ve satın alma dalgasına konu olmuştur. Bu nedenle de yurtdışı ve yerel piyasalar arasındaki bağıntı da geçen seneler içerisinde daha da çok artmıştır. Örneklem kapsamımız 2004 ve 2016 seneleri arasında iken, yöntemimiz de Granger-nedensellik ve genelleştirilmiş dürtü yanıtını içermektedir. Sonuçlarımız finansal ve emtia piyasalarının entegre olduğunu ve petrolün Türkiye ekonomisi için önemli bir emtia olduğunu göstermektedir. Öte yandan, banka hisse senetleri özellikle 2008-2013 döneminde petrol fiyatlarındaki artıştan pozitif anlamda etkilenmişlerdir. Bu nedenle petrol fiyatları yükselirken, yatrımcılar portföyüne banka hisse senetlerini eklemeyi düşünebilir.
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Primary Language en
Subjects Social
Journal Section Articles
Authors

Orcid: 0000-0003-4353-3977
Author: Beyza Mina ORDU AKKAYA (Primary Author)
Country: Turkey


Author: Ramazan SARI

Dates

Publication Date: January 31, 2019

Bibtex @research article { dpusbe422860, journal = {Dumlupınar Üniversitesi Sosyal Bilimler Dergisi}, issn = {1302-1842}, eissn = {2587-005X}, address = {Dumlupinar University}, year = {2019}, volume = {}, pages = {34 - 47}, doi = {}, title = {OIL PRICES AND BANKING STOCKS NEXUS: EVIDENCE FROM AN OIL-DEPENDENT COUNTRY}, key = {cite}, author = {ORDU AKKAYA, Beyza Mina and SARI, Ramazan} }
APA ORDU AKKAYA, B , SARI, R . (2019). OIL PRICES AND BANKING STOCKS NEXUS: EVIDENCE FROM AN OIL-DEPENDENT COUNTRY. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, (59), 34-47. Retrieved from http://dergipark.org.tr/dpusbe/issue/43067/422860
MLA ORDU AKKAYA, B , SARI, R . "OIL PRICES AND BANKING STOCKS NEXUS: EVIDENCE FROM AN OIL-DEPENDENT COUNTRY". Dumlupınar Üniversitesi Sosyal Bilimler Dergisi (2019): 34-47 <http://dergipark.org.tr/dpusbe/issue/43067/422860>
Chicago ORDU AKKAYA, B , SARI, R . "OIL PRICES AND BANKING STOCKS NEXUS: EVIDENCE FROM AN OIL-DEPENDENT COUNTRY". Dumlupınar Üniversitesi Sosyal Bilimler Dergisi (2019): 34-47
RIS TY - JOUR T1 - OIL PRICES AND BANKING STOCKS NEXUS: EVIDENCE FROM AN OIL-DEPENDENT COUNTRY AU - Beyza Mina ORDU AKKAYA , Ramazan SARI Y1 - 2019 PY - 2019 N1 - DO - T2 - Dumlupınar Üniversitesi Sosyal Bilimler Dergisi JF - Journal JO - JOR SP - 34 EP - 47 VL - IS - 59 SN - 1302-1842-2587-005X M3 - UR - Y2 - 2019 ER -
EndNote %0 Dumlupınar Üniversitesi Sosyal Bilimler Dergisi OIL PRICES AND BANKING STOCKS NEXUS: EVIDENCE FROM AN OIL-DEPENDENT COUNTRY %A Beyza Mina ORDU AKKAYA , Ramazan SARI %T OIL PRICES AND BANKING STOCKS NEXUS: EVIDENCE FROM AN OIL-DEPENDENT COUNTRY %D 2019 %J Dumlupınar Üniversitesi Sosyal Bilimler Dergisi %P 1302-1842-2587-005X %V %N 59 %R %U
ISNAD ORDU AKKAYA, Beyza Mina , SARI, Ramazan . "OIL PRICES AND BANKING STOCKS NEXUS: EVIDENCE FROM AN OIL-DEPENDENT COUNTRY". Dumlupınar Üniversitesi Sosyal Bilimler Dergisi / 59 (January 2019): 34-47.
AMA ORDU AKKAYA B , SARI R . OIL PRICES AND BANKING STOCKS NEXUS: EVIDENCE FROM AN OIL-DEPENDENT COUNTRY. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. 2019; (59): 34-47.
Vancouver ORDU AKKAYA B , SARI R . OIL PRICES AND BANKING STOCKS NEXUS: EVIDENCE FROM AN OIL-DEPENDENT COUNTRY. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi. 2019; (59): 47-34.