Abnormal Return Fluctuations in the ISE (Istanbul Stock Exchange) Before and After the General Elections in Turkey
The aim of this study is to evaluate the impact of general elections in Turkey on the ISE-100 index return. Since the ISE started its activities, Turkey has undergone four general elections, in sequence, on 20 November 1991, 24 December 1995, 18 April 1999, and lastly 3 November 2002. It is observed that the investors have been in expectation of outstanding price fluctuations on the verge and in the wake of general elections. By moving from this fact, in this study the ISE-100 index returns fifteen days before and after the general elections are to be analyzed. It follows that it is possible to obtain statistically significant abnormal returns within the mentioned periods. For instance, abnormal returns were witnessed three days before and two days after the general elections on 18 April 1999. Besides, in the first, second and fourth day following the general elections on 3 November 2002 a similar trend resurfaced. However, for the majority of the days proceeding or following elections, a statistically meaningful abnormal return was not observed.
Volume (Year): 7 (2003)
Issue (Month): 27 ()
|Contact details of provider:|| Postal: Reşitpaşa mh. Tuncay Artun Cd. Emirgan, 34467 İstanbul|
Phone: (90 212) 298 2100
Fax: (90 212) 298 2189
Web page: http://www.borsaistanbul.com
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Nazrul Islam, 1995. "Growth Empirics: A Panel Data Approach," The Quarterly Journal of Economics, Oxford University Press, vol. 110(4), pages 1127-1170.
- King, Robert G. & Levine, Ross, 1993.
"Finance and growth : Schumpeter might be right,"
Policy Research Working Paper Series
1083, The World Bank.
- Robert J. Barro, 1989.
"Economic Growth in a Cross Section of Countries,"
NBER Working Papers
3120, National Bureau of Economic Research, Inc.
- Greenwood, J. & Jovanovic, B., 1990.
"Financial Development, Growth, And The Distribution Of Income,"
University of Western Ontario, The Centre for the Study of International Economic Relations Working Papers
9002, University of Western Ontario, The Centre for the Study of International Economic Relations.
- Greenwood, Jeremy & Jovanovic, Boyan, 1990. "Financial Development, Growth, and the Distribution of Income," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 1076-1107, October.
- Jeremy Greenwood & Boyan Jovanovic, 1989. "Financial Development, Growth, and the Distribution of Income," NBER Working Papers 3189, National Bureau of Economic Research, Inc.
- Greenwood, J. & Jovanovic, B., 1988. "Financial Development, Growth, And The Distribution Of Income," RCER Working Papers 131, University of Rochester - Center for Economic Research (RCER).
- Greenwood, Jeremy & Jovanovic, Boyan, 1988. "Financial Development, Growth, And The Distribution Of Income," Working Papers 88-12, C.V. Starr Center for Applied Economics, New York University.
- Burkhard Drees & Ceyla Pazarbasioglu, 1998. "The Nordic Banking Crisis; Pitfalls in Financial Liberalization: Pitfalls in Financial Liberalization," IMF Occasional Papers 161, International Monetary Fund.
- Aryeetey, Ernest, et al, 1997. "Financial Market Fragmentation and Reforms in Ghana, Malawi, Nigeria, and Tanzania," World Bank Economic Review, World Bank Group, vol. 11(2), pages 195-218, May.
- Donald J. Mathieson, 1979. "Financial Reform and Capital Flows in a Developing Economy (RÃ©forme financiÃ¨re et flux de capitaux dans une Ã©conomie en dÃ©veloppement) (La reforma financiera y los flujos de capital en una economÃ," IMF Staff Papers, Palgrave Macmillan, vol. 26(3), pages 450-489, September.
- Malcolm Knight & Norman Loayza & Delano Villanueva, 1993.
"Testing the Neoclassical Theory of Economic Growth: A Panel Data Approach,"
IMF Staff Papers,
Palgrave Macmillan, vol. 40(3), pages 512-541, September.
- Malcolm D. Knight & Delano Villanueva & Norman Loayza, 1992. "Testing the Neoclassical Theory of Economic Growth; A Panel Data Approach," IMF Working Papers 92/106, International Monetary Fund.
- Kapur, Basant K, 1976. "Alternative Stabilization Policies for Less-developed Economies," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages 777-795, August.
When requesting a correction, please mention this item's handle: RePEc:bor:iserev:v:7:y:2003:i:27:p:1-14. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ahmet Palu)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.