Yatırım araçlarının BIST-100 endeksi üzerindeki etkisinin değerlendirilmesi

Selami Güney; Kübra Saka Ilgın

doi:10.18070/erciyesiibd.449164

Research Article

Yatırım araçlarının BIST-100 endeksi üzerindeki etkisinin değerlendirilmesi

Year 2019, Issue: 53, 226 - 245, 30.06.2019

Selami Güney , Kübra Saka Ilgın

https://doi.org/10.18070/erciyesiibd.449164

Cited By: 8

Abstract

Bu çalışmada borsa endeksine alternatif olabilecek yatırım araçlarından altın fiyatları, döviz kuru ve faiz oranlarının BIST100’de işlem görmekte olan hisse senedi fiyatlarına etkisinin incelenmesi amaçlanmıştır. Johansen eşbütünleşme testi ile değişkenler arasında uzun dönemli ilişki tespit edildiğinden dolayı hata terimlerine dayalı VAR modeli oluşturulmuş ve değişkenler arasındaki nedenselliğin belirlenebilmesi için Granger Nedensellik Analizi uygulanmıştır. Analizler neticesinde; Altın-BIST100, Faiz-BIST100 arasında çift yönlü; Döviz-BIST100 ve Altın-Faiz arasında tek yönlü nedensellik tespit edilmiştir. Etki tepki analizi ve varyans ayrıştırması sonucunda BIST100 endeksine alternatif yatırım tercihi sıralamasının faiz oranı, döviz kuru ve altın fiyatları şeklinde olduğu belirlenmiştir.

Keywords

BIST100 Endeksi, Yatırım Araçları, Altın Fiyatları, Döviz Kuru, Faiz Oranı

References

AKBAŞ, Yusuf E.; (2013), ‘’Borsa Getiri Oranı ve Faiz Oranı Arasındaki İlişkinin Doğrusal Olmayan Yöntemlerle Analizi: Türkiye Örneği’’, Business and Economics Research Journal, 4(3), ss.21-40.
AKSOY, Mine ve Nuraydın TOPÇU; (2013), ‘’Altın ile Hisse Senedi ve Enflasyon Arasındaki İlişki’’, Atatürk Üniversitesi İİBF Dergisi, 27(1), ss.59-78.
ASLANOĞLU, Suphi; (2008), ‘’İMKB-100 Endeksi ile Emisyon Hacmi, Döviz Kuru ve Faiz Oranları Arasındaki İlişki: Ampirik Bir Analiz’’, Muhasebe ve Finansman Dergisi, 37, ss.192-205.
ASSEFA, Tibebe A.; Omar A. ESQUEDA and Andre V. MOLLICK; (2017), ‘’Stock Returns and Interest Rates Around the World: A Panel Data Approach’’, Journal of Economics and Business, 89, pp.20-35.
AYAYADIN, Hasan ve Hüseyin DAĞLI; (2012), ‘’Gelişen Piyasalarda Hisse Senedi Getirisini Etkileyen Makroekonomik Değişkenler Üzerine Bir İnceleme: Panel Veri Analizi’’, Atatürk Üniversitesi İktisadi İdari Bilimler Dergisi, 26(3-4), ss.45-65.
AYVAZ, Özlem; (2006), ‘’Döviz Kuru ve Hisse Senetleri Fiyatları Arasındaki Nedensellik İlişkisi’’, Gazi Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, 8(2), ss.1-14.
BALI, Selçuk ve Mehmet CİNEL; (2011), ‘’Altın Fiyatlarının İMKB 100 Endeksi’ne Etkisi ve Bu Etkinin Ölçümlenmesi’’, Atatürk Üniversitesi İİBF Dergisi, 25(3-4), ss.45-63.
BANERJEE, Prashanta K. and Bishnu K. ADHIKARY; (2009), ‘’Dynamic Effect of Interest Rate and Exchange Rate Changes on Stock Market Returns in Bangladesh’’, Ritsumeikan Journal of Asia Pacific Studies, pp.119-133, Internet Address: https://core.ac.uk/download/pdf/60527274.pdf , Date of Access: 10.07.2018.
BASIT, Abdul; (2013), ‘’Impact of KSE-100 index on oil prices and gold prices in Pakistan’’, IOSR Journal of Business and Management, 9(5), pp.66-69.
BELEN, Muhammet ve Hüseyin KARAMELİKLİ; (2016), ’Türkiye’de Hisse Senedi Getirileri ile Döviz Kuru Arasındaki İlişkinin İncelenmesi: ARDL Yaklaşımı’’, İstanbul Üniversitesi İşletme Fakültesi Dergisi, 45(1), ss.34-42.
BHUNIA, Amalendu and Somnath MUKHUTI; (2013), ‘’The Impact of Domestic Gold Price on Stock Price Indices- An Empirical Study of Indian Stock Exchanges’’, Universal Journal of Marketing and Business Research, 2(2), pp.35-43.
BHUNIA, Amalendu and Amit DAS; (2012), ‘’Association Between Gold Prices and Stock Market Returns: Empirical Evidence from NSE’’, Journal of Exclusive Management Science,1(2), pp.1-7.
CEYLAN, Servet ve Burcu YILMAZ ŞAHİN; (2015), ‘’Hisse Senedi Fiyatları ve Döviz Kuru İlişkisi’’, International Jounal of Social Science, 37, ss.399-408.
CINER, Cetin; Constantin GURDGIEV and Brian LUCEY; (2013), ‘’Hedges and Safe Havens: An Examination of Stocks, Bonds, Gold, Oil and Exchange Rates’’, International Review of Financial Analysis, 29( C), pp.202-211.
COŞKUN, Yener ve A. Öznur ÜMİT; (2016), ‘’Türkiye’de Hisse Senedi ile Döviz, Mevduat, Altın, Konut Piyasaları Arasındaki Eşbütünleşme İlişkilerinin Analizi’’, Business and Economics Research Journal, 7(1), ss.47-69.
DELGADO, Nancy A. B.; Estefania B. DELGADO and Eduardo SAUCEDO; (2018), ‘’The Relationship Between Oil Prices, the Stock Market and the Exchange Rate: Evidence from Mexico’’, North American Journal of Economics and Finance, 45, pp.266-275.
ELMAS, Bekir ve Ömer ESEN; (2011), ‘’Hisse Senedi Fiyatları ile Döviz Kuru Arasındaki Dinamik İlişkinin Belirlenmesi; Farklı Ülke Piyasaları için Bir Araştırma’’, Muhasabe ve Finansman Dergisi, Ekim, ss.153-170.
ENDERS, Walter; (1995), Applied Econometric Time Series, Iowa State University, John Wiley and Sons Inc.
Eviews 7 User’s Guide I, (2010), Internet Address: http://schwert.ssb.rochester.edu/a425/EV71.pdf Date of Access: 22.06.2018.
EWING, Bradley T.; Kent RIGGS and Keith L. EWING; (2007), ‘’Time Series Analysis of a Predator-Prey System: Application of VAR and Generalized Impulse Response Function’’, Ecological Economics, 60(3), pp.605-612.
FAFF, Robert W. and Timothy J. BRAILSFORD; (1999), “Oil Price Risk and The Australian Stock Market”, Journal of Energy Finance and Development, 4(1), pp.69-87.
GAUR, Arti and Monica BANSAL; (2010), ‘’A Comparative Study of Gold Price Movements in Indian and Global Markets’’, Indian Journal of Finance, 4(2), pp.32-37.
GRANGER, Clive W.J.; Bwo-Nung HUANG and Chin-Wei YANG; (2000), ‘’A Bivariate Causality Between Stock Prices and Exchange Rates: Evidence from Recent Asian Flu’’, The Quarterly Review of Economics and Finance, 40, pp.337-354.
GUJARATI, Damodar N.; (2009), Temel Ekonometri, İstanbul Literatür Yayıncılık.
GÜL, Ekrem ve Aykut EKİNCİ; (2006), ‘’Türkiye’de Enflasyon ve Döviz Kuru Arasındaki Nedensellik İlişkisi: 1984-2003’’, Sosyal Bilimler Dergisi, 1, ss.91-105.
ELMASTAŞ G., Özge ve Elvan AKTÜRK H.; (2016), ‘’Altın Fiyatını Etkileyen Faktörlerin Var Modeli ile Analizi: 2005-2015’’, Ege Akademik Bakış Dergisi, 16(4), ss.611-625.
JAIN, Anshul and P. C. BISWAL; (2016), ‘’Dynamic Linkages Among Oil Price, Gold Price, Exchange Rate and Stock Market in India’’, Resources Policy, 49, pp.179-185.
JAMMAZI, Rania; Roman FERRER; Francisco JARENO; Shawkat M. HAMMOUDEH; (2017), ‘’Main Driving Factors of Interest Rate-Stock Market Granger Causality’’, International Review of Financial Analysis, 52, pp.260-280.
KALIYAMOORTHY, S., PARITHI, S.; (2012), ‘’Relationship of gold market and stock market: An analysis’’, International Journal of Business and Management Tomorrow, 2(6), pp.1-6.
KWON, Chung S. and Tai S. SHIN; (1999), ‘’Cointegration and Causality Between Macroeconomic Variables and Stock Market Returns’’, Global Finance Journal, 10(1), pp.71-81.
LEVIN, Eric J. And Robert E. WRIGHT; (2006), Short-Run and Long-Run Determinants of the Price of Gold, World Gold Council Research, 32, London.
MENASE, Melih; (2009), ‘’Altın Piyasası ve Türkiye’de Altın Fiyatlarını Etkileyen Faktörlerin Analizi’’ Yayınlanmamış Yüksek Lisans Tezi, İstanbul: Marmara Üniversitesi Bankacılık ve Sigortacılık Enstitüsü Sermaye Piyasası ve Borsa Anabilim Dalı.
MISHRA, P. K.; J. R. DAS and Santosh K. MISHRA; (2010), ‘’Gold Price Volatility and Stock Market Returns in India’’, American Journal of Scientific Research, 9, pp.47-55.
MUHAMMAD, Naeem and Abdul RASHEED; (2002), ‘’Stock Prices and Exchange Rates: Are They Related? Evidence from South Asian Countries’’, Pakistan Development Review, 41(4), pp.535-550.
MULYADI, Martin S. and Yunita ANWAR; (2012), ‘’Gold Versus Stock Investment: An Econometric Analysis’’, International Journal of Developement and Sustainability, 1(1), pp.1-7.
NIEH, Chin-Chung and Cheng-Few LEE; (2001), ‘’Dynamic Relationship Between Stock Prices and Exchange Rates for G-7 Countries’’, The Quarterly Review of Economics and Finance, 41(4), pp.477-490.
NISHA, Nabila; (2015), ‘’Impact of Macroeconomic Variables on Stock Returns: Evidence from Bombay Stock Exchange (BSE)’’, Journal of Investment and Management, 4(5), pp.162-170.
ÖZER, Ali; Abdulkadir KAYA ve Nevin ÖZER; (2011), ‘’Hisse Senedi Fiyatları ile Makroekonomik Değişkenlerin Etkileşimi’’, Dokuz Eylül Üniversitesi İİBF Dergisi, 26(1), ss.163-182.
ÖZMERDİVANLI, Arzu; (2014), ‘’Petrol Fiyatları ile BIST 100 Endeksi Kapanış Fiyatları Arasındaki İlişki’’, Akademik Bakış Uluslararası Hakemli Sosyal Bilimler Dergisi, 43, ss.1-12.
PAN, Ming-Shiun; Robert C. FOK and Y. Angela LIU; (2007), ‘’Dynamic Linkages Between Exchange Rates and Stock Prices: Evidence from East Asian Markets’’, International Review of Economics and Finance, 16(4), pp.503-520.
RAY, Sarbapriya; (2013), “Causal Nexus Between Gold Price Movement and Stock Market: Evidence from Indian Stock Market”, Sciknow Publications Ltd. Econometrics, 1(1), pp. 12-19.
SHAHZADI, Hina and Muhammad N. CHOHAN; (2012), ‘’Impact of gold prices on stock exchange: A case study of Pakistan’’, Unpublished manuscript, University of Central Punjab, Lahore, Pakistan, pp.1-12, Internet Address: http://saicon2011.ciitlahore.edu.pk/Economics/1038.pdf Date of Access: 06.07.2018.
SRINIVASAN, P. and Karthigai PRAKASAM; (2014), ‘’Gold Price, Stock Price and Exchange Rate Nexus: The Case of India’’, The IUP Journal of Financial Risk Management, 11(3), pp.52-63.
ŞAHBAZ, Ümit; (2007), ‘’Zaman Serilerinde Nedensellik Analizi (Türkiye’de Ekonomik Büyüme ve Turizm Gelirleri Arasındaki İlişkinin Nedensellik Analizi’’, Yayınlanmamış Yüksek Lisans Tezi, Eskişehir, Anadolu Üniversitesi Sosyal Bilimler Enstitüsü İşletme Anabilim Dalı.
ŞENTÜRK, Mehmet ve Engin DÜCAN; (2014), ‘’Türkiye’de Döviz Kuru-Faiz Oranı ve Borsa Getirisi İlişkisi’’, Business and Economics Research Journal, 5(3), ss.67-80.
TOPALOĞLU, Emre E. ve Özlem KARAKOZAK; (2018), ‘’Makroekonomik Faktörler ve Pay Senedi Getirisi: BIST Banka Endeksi Firmaları Üzerine Panel Veri Analizi’’, Muhasebe ve Finansman Dergisi, Nisan 2018, ss.199-215.
TURSOY, Turgut and Faisal FAISAL; (2017), ‘’The Impact of Gold and Crude Oil Prices on Stock Market in Turkey: Empirical Evidences from ARDL Bounds Test and Combined Cointegration’’, Resources Policy, 55, pp.49-54.
Türkiye Cumhuriyeti Merkez Bankası Elektronik Veri Dağıtım Sistemi, (2018), İnternet Adresi: https://evds2.tcmb.gov.tr/index.php?/evds/serieMarket Erişim Tarihi: 05.07.2018.
YILDIZ, Ayşe; (2014), ‘’BIST 100 Endeksi ile Alternatif Yatırım Araçlarının İlişkisi’’, Süleyman Demirel Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, 19(2), ss.39-56.
ZHANG, Hui J.; Jean-Marie DUFOUR and John W. GALBRAITH; (2016), ‘’Exchange Rates and Commodity Prices: Measuring Causality at Multiple Horizons’’, Journal of Empirical Finance, 36, pp.100-120.
ZÜGÜL, Muhittin ve Cumhur ŞAHİN; (2009), ‘’İMKB 100 Endeksi ile Bazı Makroekonomik Değişkenler Arasındaki İlişkiyi İncelemeye Yönelik Bir Uygulama’’, Akademik Bakış Dergisi, 16, ss.1-16.

Evaluation the effect of investment instruments on ISE-100 index

Year 2019, Issue: 53, 226 - 245, 30.06.2019

Selami Güney , Kübra Saka Ilgın

https://doi.org/10.18070/erciyesiibd.449164

Cited By: 8

Abstract

This study aims to examine the effects of alternative investment instruments to equity index as gold prices, exchange rates and interest rates on stock prices traded on ISE100. VAR model based on error terms was created since the long-term relationship between the variables was determined by Johansen cointegration test and Granger Causality Analysis was applied to determine the causality between the variables. As a result of the analysis; bi-directional causality between Gold-ISE100, Interest Rate-ISE100; one-way causality between Exchange Rate-ISE100 and Gold-Interest Rate has been detected. As a result of the impact response analysis and variance decomposition, it was determined that the order of alternative investment preferences to ISE100 index as interest rate, exchange rate and gold prices.

Keywords

ISE100 Index, Investment Instruments, Gold Prices, Exchange Rate, Interest Rate

References

AKBAŞ, Yusuf E.; (2013), ‘’Borsa Getiri Oranı ve Faiz Oranı Arasındaki İlişkinin Doğrusal Olmayan Yöntemlerle Analizi: Türkiye Örneği’’, Business and Economics Research Journal, 4(3), ss.21-40.
AKSOY, Mine ve Nuraydın TOPÇU; (2013), ‘’Altın ile Hisse Senedi ve Enflasyon Arasındaki İlişki’’, Atatürk Üniversitesi İİBF Dergisi, 27(1), ss.59-78.
ASLANOĞLU, Suphi; (2008), ‘’İMKB-100 Endeksi ile Emisyon Hacmi, Döviz Kuru ve Faiz Oranları Arasındaki İlişki: Ampirik Bir Analiz’’, Muhasebe ve Finansman Dergisi, 37, ss.192-205.
ASSEFA, Tibebe A.; Omar A. ESQUEDA and Andre V. MOLLICK; (2017), ‘’Stock Returns and Interest Rates Around the World: A Panel Data Approach’’, Journal of Economics and Business, 89, pp.20-35.
AYAYADIN, Hasan ve Hüseyin DAĞLI; (2012), ‘’Gelişen Piyasalarda Hisse Senedi Getirisini Etkileyen Makroekonomik Değişkenler Üzerine Bir İnceleme: Panel Veri Analizi’’, Atatürk Üniversitesi İktisadi İdari Bilimler Dergisi, 26(3-4), ss.45-65.
AYVAZ, Özlem; (2006), ‘’Döviz Kuru ve Hisse Senetleri Fiyatları Arasındaki Nedensellik İlişkisi’’, Gazi Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, 8(2), ss.1-14.
BALI, Selçuk ve Mehmet CİNEL; (2011), ‘’Altın Fiyatlarının İMKB 100 Endeksi’ne Etkisi ve Bu Etkinin Ölçümlenmesi’’, Atatürk Üniversitesi İİBF Dergisi, 25(3-4), ss.45-63.
BANERJEE, Prashanta K. and Bishnu K. ADHIKARY; (2009), ‘’Dynamic Effect of Interest Rate and Exchange Rate Changes on Stock Market Returns in Bangladesh’’, Ritsumeikan Journal of Asia Pacific Studies, pp.119-133, Internet Address: https://core.ac.uk/download/pdf/60527274.pdf , Date of Access: 10.07.2018.
BASIT, Abdul; (2013), ‘’Impact of KSE-100 index on oil prices and gold prices in Pakistan’’, IOSR Journal of Business and Management, 9(5), pp.66-69.
BELEN, Muhammet ve Hüseyin KARAMELİKLİ; (2016), ’Türkiye’de Hisse Senedi Getirileri ile Döviz Kuru Arasındaki İlişkinin İncelenmesi: ARDL Yaklaşımı’’, İstanbul Üniversitesi İşletme Fakültesi Dergisi, 45(1), ss.34-42.
BHUNIA, Amalendu and Somnath MUKHUTI; (2013), ‘’The Impact of Domestic Gold Price on Stock Price Indices- An Empirical Study of Indian Stock Exchanges’’, Universal Journal of Marketing and Business Research, 2(2), pp.35-43.
BHUNIA, Amalendu and Amit DAS; (2012), ‘’Association Between Gold Prices and Stock Market Returns: Empirical Evidence from NSE’’, Journal of Exclusive Management Science,1(2), pp.1-7.
CEYLAN, Servet ve Burcu YILMAZ ŞAHİN; (2015), ‘’Hisse Senedi Fiyatları ve Döviz Kuru İlişkisi’’, International Jounal of Social Science, 37, ss.399-408.
CINER, Cetin; Constantin GURDGIEV and Brian LUCEY; (2013), ‘’Hedges and Safe Havens: An Examination of Stocks, Bonds, Gold, Oil and Exchange Rates’’, International Review of Financial Analysis, 29( C), pp.202-211.
COŞKUN, Yener ve A. Öznur ÜMİT; (2016), ‘’Türkiye’de Hisse Senedi ile Döviz, Mevduat, Altın, Konut Piyasaları Arasındaki Eşbütünleşme İlişkilerinin Analizi’’, Business and Economics Research Journal, 7(1), ss.47-69.
DELGADO, Nancy A. B.; Estefania B. DELGADO and Eduardo SAUCEDO; (2018), ‘’The Relationship Between Oil Prices, the Stock Market and the Exchange Rate: Evidence from Mexico’’, North American Journal of Economics and Finance, 45, pp.266-275.
ELMAS, Bekir ve Ömer ESEN; (2011), ‘’Hisse Senedi Fiyatları ile Döviz Kuru Arasındaki Dinamik İlişkinin Belirlenmesi; Farklı Ülke Piyasaları için Bir Araştırma’’, Muhasabe ve Finansman Dergisi, Ekim, ss.153-170.
ENDERS, Walter; (1995), Applied Econometric Time Series, Iowa State University, John Wiley and Sons Inc.
Eviews 7 User’s Guide I, (2010), Internet Address: http://schwert.ssb.rochester.edu/a425/EV71.pdf Date of Access: 22.06.2018.
EWING, Bradley T.; Kent RIGGS and Keith L. EWING; (2007), ‘’Time Series Analysis of a Predator-Prey System: Application of VAR and Generalized Impulse Response Function’’, Ecological Economics, 60(3), pp.605-612.
FAFF, Robert W. and Timothy J. BRAILSFORD; (1999), “Oil Price Risk and The Australian Stock Market”, Journal of Energy Finance and Development, 4(1), pp.69-87.
GAUR, Arti and Monica BANSAL; (2010), ‘’A Comparative Study of Gold Price Movements in Indian and Global Markets’’, Indian Journal of Finance, 4(2), pp.32-37.
GRANGER, Clive W.J.; Bwo-Nung HUANG and Chin-Wei YANG; (2000), ‘’A Bivariate Causality Between Stock Prices and Exchange Rates: Evidence from Recent Asian Flu’’, The Quarterly Review of Economics and Finance, 40, pp.337-354.
GUJARATI, Damodar N.; (2009), Temel Ekonometri, İstanbul Literatür Yayıncılık.
GÜL, Ekrem ve Aykut EKİNCİ; (2006), ‘’Türkiye’de Enflasyon ve Döviz Kuru Arasındaki Nedensellik İlişkisi: 1984-2003’’, Sosyal Bilimler Dergisi, 1, ss.91-105.
ELMASTAŞ G., Özge ve Elvan AKTÜRK H.; (2016), ‘’Altın Fiyatını Etkileyen Faktörlerin Var Modeli ile Analizi: 2005-2015’’, Ege Akademik Bakış Dergisi, 16(4), ss.611-625.
JAIN, Anshul and P. C. BISWAL; (2016), ‘’Dynamic Linkages Among Oil Price, Gold Price, Exchange Rate and Stock Market in India’’, Resources Policy, 49, pp.179-185.
JAMMAZI, Rania; Roman FERRER; Francisco JARENO; Shawkat M. HAMMOUDEH; (2017), ‘’Main Driving Factors of Interest Rate-Stock Market Granger Causality’’, International Review of Financial Analysis, 52, pp.260-280.
KALIYAMOORTHY, S., PARITHI, S.; (2012), ‘’Relationship of gold market and stock market: An analysis’’, International Journal of Business and Management Tomorrow, 2(6), pp.1-6.
KWON, Chung S. and Tai S. SHIN; (1999), ‘’Cointegration and Causality Between Macroeconomic Variables and Stock Market Returns’’, Global Finance Journal, 10(1), pp.71-81.
LEVIN, Eric J. And Robert E. WRIGHT; (2006), Short-Run and Long-Run Determinants of the Price of Gold, World Gold Council Research, 32, London.
MENASE, Melih; (2009), ‘’Altın Piyasası ve Türkiye’de Altın Fiyatlarını Etkileyen Faktörlerin Analizi’’ Yayınlanmamış Yüksek Lisans Tezi, İstanbul: Marmara Üniversitesi Bankacılık ve Sigortacılık Enstitüsü Sermaye Piyasası ve Borsa Anabilim Dalı.
MISHRA, P. K.; J. R. DAS and Santosh K. MISHRA; (2010), ‘’Gold Price Volatility and Stock Market Returns in India’’, American Journal of Scientific Research, 9, pp.47-55.
MUHAMMAD, Naeem and Abdul RASHEED; (2002), ‘’Stock Prices and Exchange Rates: Are They Related? Evidence from South Asian Countries’’, Pakistan Development Review, 41(4), pp.535-550.
MULYADI, Martin S. and Yunita ANWAR; (2012), ‘’Gold Versus Stock Investment: An Econometric Analysis’’, International Journal of Developement and Sustainability, 1(1), pp.1-7.
NIEH, Chin-Chung and Cheng-Few LEE; (2001), ‘’Dynamic Relationship Between Stock Prices and Exchange Rates for G-7 Countries’’, The Quarterly Review of Economics and Finance, 41(4), pp.477-490.
NISHA, Nabila; (2015), ‘’Impact of Macroeconomic Variables on Stock Returns: Evidence from Bombay Stock Exchange (BSE)’’, Journal of Investment and Management, 4(5), pp.162-170.
ÖZER, Ali; Abdulkadir KAYA ve Nevin ÖZER; (2011), ‘’Hisse Senedi Fiyatları ile Makroekonomik Değişkenlerin Etkileşimi’’, Dokuz Eylül Üniversitesi İİBF Dergisi, 26(1), ss.163-182.
ÖZMERDİVANLI, Arzu; (2014), ‘’Petrol Fiyatları ile BIST 100 Endeksi Kapanış Fiyatları Arasındaki İlişki’’, Akademik Bakış Uluslararası Hakemli Sosyal Bilimler Dergisi, 43, ss.1-12.
PAN, Ming-Shiun; Robert C. FOK and Y. Angela LIU; (2007), ‘’Dynamic Linkages Between Exchange Rates and Stock Prices: Evidence from East Asian Markets’’, International Review of Economics and Finance, 16(4), pp.503-520.
RAY, Sarbapriya; (2013), “Causal Nexus Between Gold Price Movement and Stock Market: Evidence from Indian Stock Market”, Sciknow Publications Ltd. Econometrics, 1(1), pp. 12-19.
SHAHZADI, Hina and Muhammad N. CHOHAN; (2012), ‘’Impact of gold prices on stock exchange: A case study of Pakistan’’, Unpublished manuscript, University of Central Punjab, Lahore, Pakistan, pp.1-12, Internet Address: http://saicon2011.ciitlahore.edu.pk/Economics/1038.pdf Date of Access: 06.07.2018.
SRINIVASAN, P. and Karthigai PRAKASAM; (2014), ‘’Gold Price, Stock Price and Exchange Rate Nexus: The Case of India’’, The IUP Journal of Financial Risk Management, 11(3), pp.52-63.
ŞAHBAZ, Ümit; (2007), ‘’Zaman Serilerinde Nedensellik Analizi (Türkiye’de Ekonomik Büyüme ve Turizm Gelirleri Arasındaki İlişkinin Nedensellik Analizi’’, Yayınlanmamış Yüksek Lisans Tezi, Eskişehir, Anadolu Üniversitesi Sosyal Bilimler Enstitüsü İşletme Anabilim Dalı.
ŞENTÜRK, Mehmet ve Engin DÜCAN; (2014), ‘’Türkiye’de Döviz Kuru-Faiz Oranı ve Borsa Getirisi İlişkisi’’, Business and Economics Research Journal, 5(3), ss.67-80.
TOPALOĞLU, Emre E. ve Özlem KARAKOZAK; (2018), ‘’Makroekonomik Faktörler ve Pay Senedi Getirisi: BIST Banka Endeksi Firmaları Üzerine Panel Veri Analizi’’, Muhasebe ve Finansman Dergisi, Nisan 2018, ss.199-215.
TURSOY, Turgut and Faisal FAISAL; (2017), ‘’The Impact of Gold and Crude Oil Prices on Stock Market in Turkey: Empirical Evidences from ARDL Bounds Test and Combined Cointegration’’, Resources Policy, 55, pp.49-54.
Türkiye Cumhuriyeti Merkez Bankası Elektronik Veri Dağıtım Sistemi, (2018), İnternet Adresi: https://evds2.tcmb.gov.tr/index.php?/evds/serieMarket Erişim Tarihi: 05.07.2018.
YILDIZ, Ayşe; (2014), ‘’BIST 100 Endeksi ile Alternatif Yatırım Araçlarının İlişkisi’’, Süleyman Demirel Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, 19(2), ss.39-56.
ZHANG, Hui J.; Jean-Marie DUFOUR and John W. GALBRAITH; (2016), ‘’Exchange Rates and Commodity Prices: Measuring Causality at Multiple Horizons’’, Journal of Empirical Finance, 36, pp.100-120.
ZÜGÜL, Muhittin ve Cumhur ŞAHİN; (2009), ‘’İMKB 100 Endeksi ile Bazı Makroekonomik Değişkenler Arasındaki İlişkiyi İncelemeye Yönelik Bir Uygulama’’, Akademik Bakış Dergisi, 16, ss.1-16.

There are 51 citations in total.

Details

Primary Language	Turkish
Journal Section	Makaleler
Authors	Selami Güney 0000-0001-6361-1907 Kübra Saka Ilgın 0000-0001-5797-9617
Publication Date	June 30, 2019
Acceptance Date	February 14, 2019
Published in Issue	Year 2019 Issue: 53

Cite

APA	Güney, S., & Saka Ilgın, K. (2019). Yatırım araçlarının BIST-100 endeksi üzerindeki etkisinin değerlendirilmesi. Erciyes Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi(53), 226-245. https://doi.org/10.18070/erciyesiibd.449164

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