Araştırma Makalesi
BibTex RIS Kaynak Göster

Analyzing the Efficient Market Hypothesis with the Structural Break and Nonlinear Unit Root Tests: An Application on Borsa Istanbul

Yıl 2022, Sayı: 37, 257 - 282, 29.12.2022
https://doi.org/10.26650/ekoist.2022.37.1135040

Öz

The literature on finance defines the concept of an efficient market as a market where information about securities is instantly reflected in prices. Investors who trade on efficient markets cannot obtain abnormal returns. All market participants are assumed to have instant access to the information coming to the market, with everyone knowing the same information. The aim of this study is to test within the framework of information efficiency the weak-form efficiency market hypothesis using statistical tests with daily, weekly, and monthly frequencies for the BIST100 index over the period of October 2011-October 2021. The study uses the runs test, variance ratio test, unit root tests, structural break unit root tests, and nonlinear unit root tests to test weak form efficiency for this period. According to the findings, the BIST100 market index has been concluded to show a random walk at all frequencies in the relevant period (i.e., it has weak form efficiency).

Kaynakça

  • Abraham, A., Seyyed, F. J., & Alsakran, S. A. (2002). Testing the random walk behavior and efficiency of the Gulf stock markets. Financial Review, 37(3), 469-480.
  • Aga, M., & Kocaman, B. (2008). Efficient market hypothesis and emerging capital markets: empirical evidence from Istanbul stock exchange. Inüternational Research Journal of Finance and Economics, 13(1), 131-144.
  • Aliyev, F. (2019). Testing market efficiency with nonlinear methods: Evidence from Borsa Istanbul. International Journal of Financial Studies, 7(2), 27.
  • Al-Loughani, N., & Chappell, D. (1997). On the validity of the weak-form efficient markets hypothesis applied to the London stock exchange. Applied Financial Economics, 7(2), 173-176.
  • Appiah‐Kusi, J., & Menyah, K. (2003). Return predictability in African stock markets. Review of financial economics, 12(3), 247-270.
  • Bachelier, L. (1900). Théorie de la spéculation. In Annales scientifiques de l’École normale supérieure (Vol. 17, pp. 21-86).
  • Buguk, C., & Brorsen, B. W. (2003). Testing weak-form market efficiency: Evidence from the Istanbul Stock Exchange. International review of financial analysis, 12(5), 579-590.
  • Caner, M., & Hansen, B. E. (2001). Threshold autoregression with a unit root. Econometrica, 69(6), 1555-1596.
  • Chan, K. C., Gup, B. E., & Pan, M. S. (1997). International stock market efficiency and integration: A study of eighteen nations. Journal of business finance & accounting, 24(6), 803-813.
  • Chang, K. P., & Ting, K. S. (2000). A variance ratio test of the random walk hypothesis for Taiwan’s stock market. Applied Financial Economics, 10(5), 525-532.
  • Choudhry, T. (1994). Stochastic trends and stock prices: an international inquiry. Applied Financial Economics, 4(6), 383-390.
  • Christiano, L. J. (1992). Searching for a Break in GNP. Journal of Business & Economic Statistics, 10(3), 237-250.
  • Cooray, A., & Wickremasinghe, G. (2007). The efficiency of emerging stock markets: Empirical evidence from the South Asian region. The Journal of Developing Areas, 171-183.
  • Dickey, D. A., & Fuller, W. A. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American statistical association, 74(366a), 427-431.
  • Dickey, D. A., & Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica: journal of the Econometric Society, 1057-1072.
  • Fama, E. F., & French, K. R. (1988). Permanent and temporary components of stock prices. Journal of political Economy, 96(2), 246-273.
  • Fama, E.F., (1970), “Efficient Capital Markets: A Review of Theory and Empirical Word”, Journal of Finance, Vol.35, 383-417.
  • Fama, E.F., French, K.R., (1993), “Common Risk Factors in the Returns on Stocks and Bonds”, Journal of Financial Economics, Vol. 33, No. 1, 3-56.
  • Fawson, C., Glover, T. F., Fang, W., & Chang, T. (1996). The weak-form efficiency of the Taiwan share market. Applied Economics Letters, 3(10), 663-667.
  • Gan, C., Lee, M., Yong, H. H. A., & Zhang, J. (2005). Revisiting share market efficiency: evidence from the New Zealand, Australia, US and Japan stock indices. American Journal of Applied Sciences, 2(5), 996-1002.
  • Gilmore, C. G., & McManus, G. M. (2003). Random-walk and efficiency tests of Central European equity markets. Managerial Finance, 29(4), 42-61.
  • Gozbasi, O., Kucukkaplan, I., & Nazlioglu, S. (2014). Re-examining the Turkish stock market efficiency: Evidence from nonlinear unit root tests. Economic Modelling, 38, 381-384.
  • Groenewold, N. (1997). Share market efficiency: tests using daily data for Australia and New Zealand. Applied Financial Economics, 7(6), 645-657.
  • Grossman, S. J., & Stiglitz, J. E. (1980). On the impossibility of informationally efficient markets. The American economic review, 70(3), 393-408.
  • Hamid, K., Suleman, M. T., Ali Shah, S. Z., Akash, I., & Shahid, R. (2010). Testing the weak form of efficient market hypothesis: Empirical evidence from Asia-Pacific markets. International Research Journal of Finance and Economics, Issue 58, 121-133.
  • Hasanov, M. (2009). Is South Korea’s stock market efficient? Evidence from a nonlinear unit root test. Applied Economics Letters, 16(2), 163-167.
  • Hasanov, M., & Omay, T. (2007). Are the transition stock markets efficient? Evidence from non- linear unit root tests. Central Bank Review, 7(2), 1-7.
  • Hassan, K. M., Al-Sultan, W. S., & Al-Saleem, J. A. (2003). Stock market efficiency in the gulf cooperation council countries (GCC): The case of Kuwait stock exchange. Development, 1(1), 1-21.
  • Hepsag, A., & Akcali B. Y. (2015). Zayıf formda piyasa etkinliğinin asimetrik doğrusal olmayan birim kök testi ile analizi: G-7 ve E-7 ülkeleri örneği. BDDK Bankacılık ve Finansal Piyasalar Dergisi, 9(2), 73-90.
  • Kapetanios, G., Shin, Y., & Snell, A. (2003). Testing for a unit root in the nonlinear STAR framework. Journal of econometrics, 112(2), 359-379.
  • Karemera, D., Ojah, K., & Cole, J. A. (1999). Random walks and market efficiency tests: Evidence from emerging equity markets. Review of Quantitative finance and Accounting, 13(2), 171-188.
  • Kendall, M. G., & Hill, A. B. (1953). The analysis of economic time-series-part i: Prices. Journal of the Royal Statistical Society. Series A (General), 116(1), 11-34.
  • Kilic, Y. (2020). Adaptive Market Hypothesis: Evidence from the Turkey Stock Market. Journal of Applied Economics & Business Research, 10(1).
  • Kilic, Y., & Fatih, M. B. (2016). The efficient market hypothesis: Evidence from Turkey. International Journal of Academic Research in Business and Social Sciences, 6(10), 262-272.
  • Kwiatkowski, D., Phillips, P. C., Schmidt, P., & Shin, Y. (1992). Testing the null hypothesis of stationarity against the alternative of a unit root: How sure are we that economic time series have a unit root?. Journal of econometrics, 54(1-3), 159-178.
  • Laurence, M. M. (1986). Weak-form efficiency in the Kuala Lumpur and Singapore stock markets. Journal of Banking & Finance, 10(3), 431-445.
  • Lee, J., & Strazicich, M. C. (2003). Minimum Lagrange multiplier unit root test with two structural breaks. Review of economics and statistics, 85(4), 1082-1089.
  • Lee, J., & Strazicich, M. C. (2004). Minimum LM Unit Root Test with One Structural Break (No.04-17).
  • Lee, U. (1992). Do stock prices follow random walk?: Some international evidence. International Review of Economics & Finance, 1(4), 315-327.
  • LeRoy, S. F. (1973). Risk aversion and the martingale property of stock prices. International Economic Review, 436-446.
  • Lim, K. P., Brooks, R. D., & Kim, J. H. (2008). Financial crisis and stock market efficiency: Empirical evidence from Asian countries. International Review of Financial Analysis, 17(3), 571-591.
  • Lintner, J. (1965). Security prices, risk, and maximal gains from diversification. The journal of finance, 20(4), 587-615.
  • Lintner, J. (1975). The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. In Stochastic optimization models in finance (pp. 131-155). Academic Press.
  • Lo, A. W., & MacKinlay, A. C. (1988). Stock market prices do not follow random walks: Evidence from a simple specification test. The review of financial studies, 1(1), 41-66.
  • Mandelbrot, B. (1966). Forecasts of future prices, unbiased markets, and” martingale” models. The Journal of Business, 39(1), 242-255.
  • Mobarek, A., & Fiorante, A. (2014). The prospects of BRIC countries: Testing weak-form market efficiency. Research in international Business and Finance, 30, 217-232.
  • Moustafa, M. A. (2004). Testing the weak-form efficiency of the United Arab Emirates stock market. International journal of business, 9(3).
  • Narayan, Kumar, P. (2005). Are the Australian and New Zealand stock prices nonlinear with a unit root?. Applied Economics, 37(18), 2161-2166.
  • Narayan, P. K., & Smyth, R. (2004). Is South Korea’s stock market efficient?. Applied Economics Letters, 11(11), 707-710.
  • Nisar, S., & Hanif, M. (2012). Testing weak form of efficient market hypothesis: empirical evidence from South Asia. World Applied Sciences Journal, 17(4), 414-427.
  • Oktay, T. A. S., & Atac, C. G. (2005). Testing random walk hypothesis for Istanbul stock exchange. PressAcademia Procedia, 9(1), 48-53.
  • Osborne, M. F. (1959). Brownian motion in the stock market. Operations research, 7(2), 145-173.
  • Osborne, M. F. (1962). Periodic structure in the Brownian motion of stock prices. Operations Research, 10(3), 345-379.
  • Ozdemir, Z. A. (2008). Efficient market hypothesis: evidence from a small open-economy. Applied Economics, 40(5), 633-641.
  • Özdemir, M. (2018). Kantil birim kök testleri: kırılgan beşli ülkelerinde enflasyonun kalıcılığının analizi. Yayımlanmamış Yükseklisans Tezi, İstanbul.
  • Perron, P. (1989). The great crash, the oil price shock, and the unit root hypothesis. Econometrica: journal of the Econometric Society, 1361-1401.
  • Phillips, P. C., & Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335-346.
  • Samuelson, P.A., (1965), “Proof That Properly Anticipated Prices Fluctuate Randomly, Industrial Management Review, Vol. 6, No. 2, 41-49.
  • Schmidt, P., & Phillips, P. C. (1992). LM tests for a unit root in the presence of deterministic trends. Oxford bulletin of economics and statistics, 54(3), 257-287.
  • Sewell, M. (2012). The efficient market hypothesis: Empirical evidence. International Journal of Statistics and Probability, 1(2), 164.
  • Sharpe, W. F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The journal of finance, 19(3), 425-442.
  • Smith, G., & Ryoo, H. J. (2003). Variance ratio tests of the random walk hypothesis for European emerging stock markets. The European Journal of Finance, 9(3), 290-300.
  • Urrutia, J. L. (1995). Tests of random walk and market efficiency for Latin American emerging equity markets. Journal of financial research, 18(3), 299-309.
  • Worthington, A. C., & Higgs, H. (2004). Random walks and market efficiency in European equity markets. Global Journal of Finance and Economics, 1(1), 59-78.
  • Zivot, E., & Andrews, D. W. (1992). Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis. Journal of Business & Economic Statistics, 10(3).

Etkin Piyasa Hipotezinin Yapısal Kırılmalı ve Doğrusal Olmayan Birim Kök Testleri ile Analizi: Borsa Istanbul Üzerine Bir Uygulama

Yıl 2022, Sayı: 37, 257 - 282, 29.12.2022
https://doi.org/10.26650/ekoist.2022.37.1135040

Öz

Finans literatüründe menkul kıymetlerle ilgili bilgilerin anında fiyatlara yansıdığı piyasa kavramı etkin piyasa olarak tanımlanmaktadır. Etkin bir piyasada işlem yapan yatırımcılar anormal getiri elde edememektedir. Tüm piyasa katılımcılarının piyasaya gelen bilgilere anında ulaştığı ve herkesin aynı bilgiyi bildiği varsayılmaktadır. Bilgi etkinliği çerçevesinde, bu çalışmanın amacı, piyasa türlerinden biri olan zayıf formda etkin piyasa hipotezini BİST100 endeksi için 2011:10-2021:10 döneminde günlük, haftalık ve aylık frekanslarda istatistiki testler ile test etmektir. Çalışmada, söz konusu döneme ait verilerin zayıf formda etkinlik sınaması için runs testi, varyans oran testi, geleneksel birim kök testleri, yapısal kırılmalı birim kök testleri ve doğrusal olmayan birim kök testi kullanılmaktadır. Çıkan bulgulara göre, ilgili dönemde BİST100 piyasa endeksininin tüm frekanslarda rassal yürüyüş gösterdiği yani zayıf formda etkin olduğu sonucuna varılmaktadır.

Kaynakça

  • Abraham, A., Seyyed, F. J., & Alsakran, S. A. (2002). Testing the random walk behavior and efficiency of the Gulf stock markets. Financial Review, 37(3), 469-480.
  • Aga, M., & Kocaman, B. (2008). Efficient market hypothesis and emerging capital markets: empirical evidence from Istanbul stock exchange. Inüternational Research Journal of Finance and Economics, 13(1), 131-144.
  • Aliyev, F. (2019). Testing market efficiency with nonlinear methods: Evidence from Borsa Istanbul. International Journal of Financial Studies, 7(2), 27.
  • Al-Loughani, N., & Chappell, D. (1997). On the validity of the weak-form efficient markets hypothesis applied to the London stock exchange. Applied Financial Economics, 7(2), 173-176.
  • Appiah‐Kusi, J., & Menyah, K. (2003). Return predictability in African stock markets. Review of financial economics, 12(3), 247-270.
  • Bachelier, L. (1900). Théorie de la spéculation. In Annales scientifiques de l’École normale supérieure (Vol. 17, pp. 21-86).
  • Buguk, C., & Brorsen, B. W. (2003). Testing weak-form market efficiency: Evidence from the Istanbul Stock Exchange. International review of financial analysis, 12(5), 579-590.
  • Caner, M., & Hansen, B. E. (2001). Threshold autoregression with a unit root. Econometrica, 69(6), 1555-1596.
  • Chan, K. C., Gup, B. E., & Pan, M. S. (1997). International stock market efficiency and integration: A study of eighteen nations. Journal of business finance & accounting, 24(6), 803-813.
  • Chang, K. P., & Ting, K. S. (2000). A variance ratio test of the random walk hypothesis for Taiwan’s stock market. Applied Financial Economics, 10(5), 525-532.
  • Choudhry, T. (1994). Stochastic trends and stock prices: an international inquiry. Applied Financial Economics, 4(6), 383-390.
  • Christiano, L. J. (1992). Searching for a Break in GNP. Journal of Business & Economic Statistics, 10(3), 237-250.
  • Cooray, A., & Wickremasinghe, G. (2007). The efficiency of emerging stock markets: Empirical evidence from the South Asian region. The Journal of Developing Areas, 171-183.
  • Dickey, D. A., & Fuller, W. A. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American statistical association, 74(366a), 427-431.
  • Dickey, D. A., & Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica: journal of the Econometric Society, 1057-1072.
  • Fama, E. F., & French, K. R. (1988). Permanent and temporary components of stock prices. Journal of political Economy, 96(2), 246-273.
  • Fama, E.F., (1970), “Efficient Capital Markets: A Review of Theory and Empirical Word”, Journal of Finance, Vol.35, 383-417.
  • Fama, E.F., French, K.R., (1993), “Common Risk Factors in the Returns on Stocks and Bonds”, Journal of Financial Economics, Vol. 33, No. 1, 3-56.
  • Fawson, C., Glover, T. F., Fang, W., & Chang, T. (1996). The weak-form efficiency of the Taiwan share market. Applied Economics Letters, 3(10), 663-667.
  • Gan, C., Lee, M., Yong, H. H. A., & Zhang, J. (2005). Revisiting share market efficiency: evidence from the New Zealand, Australia, US and Japan stock indices. American Journal of Applied Sciences, 2(5), 996-1002.
  • Gilmore, C. G., & McManus, G. M. (2003). Random-walk and efficiency tests of Central European equity markets. Managerial Finance, 29(4), 42-61.
  • Gozbasi, O., Kucukkaplan, I., & Nazlioglu, S. (2014). Re-examining the Turkish stock market efficiency: Evidence from nonlinear unit root tests. Economic Modelling, 38, 381-384.
  • Groenewold, N. (1997). Share market efficiency: tests using daily data for Australia and New Zealand. Applied Financial Economics, 7(6), 645-657.
  • Grossman, S. J., & Stiglitz, J. E. (1980). On the impossibility of informationally efficient markets. The American economic review, 70(3), 393-408.
  • Hamid, K., Suleman, M. T., Ali Shah, S. Z., Akash, I., & Shahid, R. (2010). Testing the weak form of efficient market hypothesis: Empirical evidence from Asia-Pacific markets. International Research Journal of Finance and Economics, Issue 58, 121-133.
  • Hasanov, M. (2009). Is South Korea’s stock market efficient? Evidence from a nonlinear unit root test. Applied Economics Letters, 16(2), 163-167.
  • Hasanov, M., & Omay, T. (2007). Are the transition stock markets efficient? Evidence from non- linear unit root tests. Central Bank Review, 7(2), 1-7.
  • Hassan, K. M., Al-Sultan, W. S., & Al-Saleem, J. A. (2003). Stock market efficiency in the gulf cooperation council countries (GCC): The case of Kuwait stock exchange. Development, 1(1), 1-21.
  • Hepsag, A., & Akcali B. Y. (2015). Zayıf formda piyasa etkinliğinin asimetrik doğrusal olmayan birim kök testi ile analizi: G-7 ve E-7 ülkeleri örneği. BDDK Bankacılık ve Finansal Piyasalar Dergisi, 9(2), 73-90.
  • Kapetanios, G., Shin, Y., & Snell, A. (2003). Testing for a unit root in the nonlinear STAR framework. Journal of econometrics, 112(2), 359-379.
  • Karemera, D., Ojah, K., & Cole, J. A. (1999). Random walks and market efficiency tests: Evidence from emerging equity markets. Review of Quantitative finance and Accounting, 13(2), 171-188.
  • Kendall, M. G., & Hill, A. B. (1953). The analysis of economic time-series-part i: Prices. Journal of the Royal Statistical Society. Series A (General), 116(1), 11-34.
  • Kilic, Y. (2020). Adaptive Market Hypothesis: Evidence from the Turkey Stock Market. Journal of Applied Economics & Business Research, 10(1).
  • Kilic, Y., & Fatih, M. B. (2016). The efficient market hypothesis: Evidence from Turkey. International Journal of Academic Research in Business and Social Sciences, 6(10), 262-272.
  • Kwiatkowski, D., Phillips, P. C., Schmidt, P., & Shin, Y. (1992). Testing the null hypothesis of stationarity against the alternative of a unit root: How sure are we that economic time series have a unit root?. Journal of econometrics, 54(1-3), 159-178.
  • Laurence, M. M. (1986). Weak-form efficiency in the Kuala Lumpur and Singapore stock markets. Journal of Banking & Finance, 10(3), 431-445.
  • Lee, J., & Strazicich, M. C. (2003). Minimum Lagrange multiplier unit root test with two structural breaks. Review of economics and statistics, 85(4), 1082-1089.
  • Lee, J., & Strazicich, M. C. (2004). Minimum LM Unit Root Test with One Structural Break (No.04-17).
  • Lee, U. (1992). Do stock prices follow random walk?: Some international evidence. International Review of Economics & Finance, 1(4), 315-327.
  • LeRoy, S. F. (1973). Risk aversion and the martingale property of stock prices. International Economic Review, 436-446.
  • Lim, K. P., Brooks, R. D., & Kim, J. H. (2008). Financial crisis and stock market efficiency: Empirical evidence from Asian countries. International Review of Financial Analysis, 17(3), 571-591.
  • Lintner, J. (1965). Security prices, risk, and maximal gains from diversification. The journal of finance, 20(4), 587-615.
  • Lintner, J. (1975). The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. In Stochastic optimization models in finance (pp. 131-155). Academic Press.
  • Lo, A. W., & MacKinlay, A. C. (1988). Stock market prices do not follow random walks: Evidence from a simple specification test. The review of financial studies, 1(1), 41-66.
  • Mandelbrot, B. (1966). Forecasts of future prices, unbiased markets, and” martingale” models. The Journal of Business, 39(1), 242-255.
  • Mobarek, A., & Fiorante, A. (2014). The prospects of BRIC countries: Testing weak-form market efficiency. Research in international Business and Finance, 30, 217-232.
  • Moustafa, M. A. (2004). Testing the weak-form efficiency of the United Arab Emirates stock market. International journal of business, 9(3).
  • Narayan, Kumar, P. (2005). Are the Australian and New Zealand stock prices nonlinear with a unit root?. Applied Economics, 37(18), 2161-2166.
  • Narayan, P. K., & Smyth, R. (2004). Is South Korea’s stock market efficient?. Applied Economics Letters, 11(11), 707-710.
  • Nisar, S., & Hanif, M. (2012). Testing weak form of efficient market hypothesis: empirical evidence from South Asia. World Applied Sciences Journal, 17(4), 414-427.
  • Oktay, T. A. S., & Atac, C. G. (2005). Testing random walk hypothesis for Istanbul stock exchange. PressAcademia Procedia, 9(1), 48-53.
  • Osborne, M. F. (1959). Brownian motion in the stock market. Operations research, 7(2), 145-173.
  • Osborne, M. F. (1962). Periodic structure in the Brownian motion of stock prices. Operations Research, 10(3), 345-379.
  • Ozdemir, Z. A. (2008). Efficient market hypothesis: evidence from a small open-economy. Applied Economics, 40(5), 633-641.
  • Özdemir, M. (2018). Kantil birim kök testleri: kırılgan beşli ülkelerinde enflasyonun kalıcılığının analizi. Yayımlanmamış Yükseklisans Tezi, İstanbul.
  • Perron, P. (1989). The great crash, the oil price shock, and the unit root hypothesis. Econometrica: journal of the Econometric Society, 1361-1401.
  • Phillips, P. C., & Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335-346.
  • Samuelson, P.A., (1965), “Proof That Properly Anticipated Prices Fluctuate Randomly, Industrial Management Review, Vol. 6, No. 2, 41-49.
  • Schmidt, P., & Phillips, P. C. (1992). LM tests for a unit root in the presence of deterministic trends. Oxford bulletin of economics and statistics, 54(3), 257-287.
  • Sewell, M. (2012). The efficient market hypothesis: Empirical evidence. International Journal of Statistics and Probability, 1(2), 164.
  • Sharpe, W. F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The journal of finance, 19(3), 425-442.
  • Smith, G., & Ryoo, H. J. (2003). Variance ratio tests of the random walk hypothesis for European emerging stock markets. The European Journal of Finance, 9(3), 290-300.
  • Urrutia, J. L. (1995). Tests of random walk and market efficiency for Latin American emerging equity markets. Journal of financial research, 18(3), 299-309.
  • Worthington, A. C., & Higgs, H. (2004). Random walks and market efficiency in European equity markets. Global Journal of Finance and Economics, 1(1), 59-78.
  • Zivot, E., & Andrews, D. W. (1992). Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit-Root Hypothesis. Journal of Business & Economic Statistics, 10(3).
Toplam 65 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Müge Özdemir 0000-0003-0436-1041

Yayımlanma Tarihi 29 Aralık 2022
Gönderilme Tarihi 23 Haziran 2022
Yayımlandığı Sayı Yıl 2022 Sayı: 37

Kaynak Göster

APA Özdemir, M. (2022). Etkin Piyasa Hipotezinin Yapısal Kırılmalı ve Doğrusal Olmayan Birim Kök Testleri ile Analizi: Borsa Istanbul Üzerine Bir Uygulama. EKOIST Journal of Econometrics and Statistics(37), 257-282. https://doi.org/10.26650/ekoist.2022.37.1135040