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Investigation of Prudent Investment Hypothesis in ISE

Author

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  • Serkan Yilmaz Kandir

Abstract

Aim of this study is to examine whether institutional investors pursue prudent investment policy in ISE. Empirical analysis is performed by examining the difference among various firm characteristics of company portfolios constructed according to institutional ownership for the years, 2005, 2006 and 2007. Firm characteristics are market value, leverage ratio, turnover ratio, standard deviation of stock returns and return-on-assets. Analysis results suggest that institutional investors invest prudently in ISE companies. Institutional investors seem to prefer companies with big scale, high level of return-on-assets, low level of total risk, stock liquidity, and leverage ratio.

Suggested Citation

  • Serkan Yilmaz Kandir, 2009. "Investigation of Prudent Investment Hypothesis in ISE," Journal of BRSA Banking and Financial Markets, Banking Regulation and Supervision Agency, vol. 3(1), pages 81-100.
  • Handle: RePEc:bdd:journl:v:3:y:2009:i:1:p:81-100
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    More about this item

    Keywords

    Institutional Investors; Prudent Investment Hypothesis; ISE;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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