Piyasa Etkinliği Açısından Adaptif Piyasa Hipotezi’nin Test Edilmesi: Türkiye ve ABD Hisse Senedi Piyasaları Örneği

Öz

Bu çalışmada Türkiye ile Amerika Birleşik Devletleri hisse senedi piyasalarında Adaptif Piyasa Hipotezi test edilmiştir. Türkiye hisse senedi piyasasını temsil eden BİST 100 endeksi ile Amerika Birleşik Devletleri hisse senedi piyasasını temsil eden S&P 500 Composite endeksinin 01.02.198801.02.2018 tarihleri arasındaki aylık getiri oranları kullanılarak analizler gerçekleştirilmiştir.Analizler sonucunda Adaptif Piyasa Hipotezi’nin her iki ülke hisse senedi piyasasının davranışlarını açıklamada Etkin Piyasalar Hipotezi’ne göre daha başarılı performans gösterdiği sonucuna ulaşılmıştır

Anahtar Kelimeler

• Adaptif piyasa hipotezi,hisse senedi piyasaları

Testing theAdaptive Market Hypothesis in Terms of Market Efficiency: The Case of Turkey and the US Stock Markets

Öz

In this study, Adaptive Market Hypothesis was tested in the Turkey and United States stock markets.The analyses were carried out using monthly rate of return between 01.02.1988 - 02.02.2018 of BIST 100 index, representing the stock market of Turkey, and S&P 500 Composite index, representing the stock market of United States. As a result of the analyzes, the Adaptive Market Hypothesis has been achieved more successfully perform than the Effective Market Hypothesis in explaining the behaviors of both countries’ stock markets

Anahtar Kelimeler

• Adaptive market hypothesis,stock markets

Kaynakça

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