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THE INTEGRATION OF THE ISTANBUL STOCK EXCHANGE (ISE) TO THE EUROPEAN UNION COUNTRIES STOCK MARKETS

Yıl 2006, Cilt: 7 Sayı: 2, - , 01.06.2006

Pınar Evrim Mandacı Dezhid Vanchikova

Öz

The aim of this study is to investigate whether the Turkish stock market is integrated or not with the European Union (EU) countries stock markets as a potential candidate for entering the EU. We use Engle-Granger co-integration test to investigate long-run co-integration relations between the Turkish stock market and the EU stock markets. We found long-run co-movements for all the markets indicating limited benefits for portfolio diversification for the EU investors in the Turkish stock market. Also, using a dummy variable, we examine whether integration between the markets increased or decreased during the post-Customs Union (CU) period. The results show increasing co-integration only with the Austrian market among the developed markets of the EU countries and with the Eastern European (EE) markets except Hungary, integration with all the other markets decreased after the passage to the CU.

Anahtar Kelimeler

Co-integration International Diversification Stock Markets

THE INTEGRATION OF THE ISTANBUL STOCK EXCHANGE (ISE) TO THE EUROPEAN UNION COUNTRIES STOCK MARKETS

Yıl 2006, Cilt: 7 Sayı: 2, - , 01.06.2006

Pınar Evrim Mandacı Dezhid Vanchikova

Öz

The aim of this study is to investigate whether the Turkish stock market is integrated or not with the European Union (EU) countries stock markets as a potential candidate for entering the EU. We use Engle-Granger co-integration test to investigate long-run co-integration relations between the Turkish stock market and the EU stock markets. We found long-run co-movements for all the markets indicating limited benefits for portfolio diversification for the EU investors in the Turkish stock market. Also, using a dummy variable, we examine whether integration between the markets increased or decreased during the post-Customs Union (CU) period. The results show increasing co-integration only with the Austrian market among the developed markets of the EU countries and with the Eastern European (EE) markets except Hungary, integration with all the other markets decreased after the passage to the CU.

Anahtar Kelimeler

Co-integration International Diversification Stock Markets

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Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Pınar Evrim Mandacı Bu kişi benim

Dezhid Vanchikova Bu kişi benim

Yayımlanma Tarihi 1 Haziran 2006
Yayımlandığı Sayı Yıl 2006 Cilt: 7 Sayı: 2

Kaynak Göster

APA Mandacı, P. E., & Vanchikova, D. (2006). THE INTEGRATION OF THE ISTANBUL STOCK EXCHANGE (ISE) TO THE EUROPEAN UNION COUNTRIES STOCK MARKETS. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi, 7(2).
AMA Mandacı PE, Vanchikova D. THE INTEGRATION OF THE ISTANBUL STOCK EXCHANGE (ISE) TO THE EUROPEAN UNION COUNTRIES STOCK MARKETS. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi. Haziran 2006;7(2).
Chicago Mandacı, Pınar Evrim, ve Dezhid Vanchikova. “THE INTEGRATION OF THE ISTANBUL STOCK EXCHANGE (ISE) TO THE EUROPEAN UNION COUNTRIES STOCK MARKETS”. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi 7, sy. 2 (Haziran 2006).
EndNote Mandacı PE, Vanchikova D (01 Haziran 2006) THE INTEGRATION OF THE ISTANBUL STOCK EXCHANGE (ISE) TO THE EUROPEAN UNION COUNTRIES STOCK MARKETS. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi 7 2
IEEE P. E. Mandacı ve D. Vanchikova, “THE INTEGRATION OF THE ISTANBUL STOCK EXCHANGE (ISE) TO THE EUROPEAN UNION COUNTRIES STOCK MARKETS”, Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi, c. 7, sy. 2, 2006.
ISNAD Mandacı, Pınar Evrim - Vanchikova, Dezhid. “THE INTEGRATION OF THE ISTANBUL STOCK EXCHANGE (ISE) TO THE EUROPEAN UNION COUNTRIES STOCK MARKETS”. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi 7/2 (Haziran 2006).
JAMA Mandacı PE, Vanchikova D. THE INTEGRATION OF THE ISTANBUL STOCK EXCHANGE (ISE) TO THE EUROPEAN UNION COUNTRIES STOCK MARKETS. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi. 2006;7.
MLA Mandacı, Pınar Evrim ve Dezhid Vanchikova. “THE INTEGRATION OF THE ISTANBUL STOCK EXCHANGE (ISE) TO THE EUROPEAN UNION COUNTRIES STOCK MARKETS”. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi, c. 7, sy. 2, 2006.
Vancouver Mandacı PE, Vanchikova D. THE INTEGRATION OF THE ISTANBUL STOCK EXCHANGE (ISE) TO THE EUROPEAN UNION COUNTRIES STOCK MARKETS. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi. 2006;7(2).
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