According to the Efficient Market Hypothesis, there is
no possibility to predict price movements in the markets which does not allow
investors to obtain return above average (abnormal return). However, deviation
from the mean of stock returns is observed and patterns appeared during certain
periods, so-called anomalies. In this context, the initial aim of this paper is
to figure out the relationship between elections and market’s movements by
determining the influence of 12 elections (general elections, local elections,
by-elections and referendum) that took place in Turkey after 2000 on BIST 100
Index. In the overview, negative and statistically significant abnormal returns
are observed days around (-15,+15) elections
that took place in Turkey after 2000 by employing Event Study metedology which
is widely used in finance literature.
Bölüm | Articles |
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Yazarlar | |
Yayımlanma Tarihi | 30 Mart 2016 |
Yayımlandığı Sayı | Yıl 2016 |
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