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

Year 2006, Volume: 7 Issue: 2, - , 01.06.2006

Pınar Evrim Mandacı Dezhid Vanchikova

Abstract

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.

Keywords

Co-integration International Diversification Stock Markets

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

Year 2006, Volume: 7 Issue: 2, - , 01.06.2006

Pınar Evrim Mandacı Dezhid Vanchikova

Abstract

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.

Keywords

Co-integration International Diversification Stock Markets

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Details

Primary Language Turkish
Journal Section Articles
Authors

Pınar Evrim Mandacı This is me

Dezhid Vanchikova This is me

Publication Date June 1, 2006
Published in Issue Year 2006 Volume: 7 Issue: 2

Cite

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. June 2006;7(2).
Chicago Mandacı, Pınar Evrim, and Dezhid Vanchikova. “THE INTEGRATION OF THE ISTANBUL STOCK EXCHANGE (ISE) TO THE EUROPEAN UNION COUNTRIES STOCK MARKETS”. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi 7, no. 2 (June 2006).
EndNote Mandacı PE, Vanchikova D (June 1, 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 and D. Vanchikova, “THE INTEGRATION OF THE ISTANBUL STOCK EXCHANGE (ISE) TO THE EUROPEAN UNION COUNTRIES STOCK MARKETS”, Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi, vol. 7, no. 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 (June 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 and Dezhid Vanchikova. “THE INTEGRATION OF THE ISTANBUL STOCK EXCHANGE (ISE) TO THE EUROPEAN UNION COUNTRIES STOCK MARKETS”. Dokuz Eylül Üniversitesi İşletme Fakültesi Dergisi, vol. 7, no. 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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