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Stock Market and Investment in Turkey: Evidence from Cointegration and Causality Tests

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  • Mete Feridun
  • Bansi Sawhney
  • Abdul Jalil

Abstract

The objective of this paper is to investigate the causal effect of business investments on stock returns in Turkey for the period following the liberalization of capital flows (1987:01-2006:03). According to results of the cointegration tests and error correction model (ECM) causality is found to run from stock returns to business investments and not vice versa.

Suggested Citation

  • Mete Feridun & Bansi Sawhney & Abdul Jalil, 2009. "Stock Market and Investment in Turkey: Evidence from Cointegration and Causality Tests," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 22(4), pages 17-29, January.
    • Handle: RePEc:taf:reroxx:v:22:y:2009:i:4:p:17-29
    DOI: 10.1080/1331677X.2009.11517388
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    Cited by:

    1. Yavas, Burhan F. & Malladi, Rama K., 2020. "Foreign direct investment and financial markets influences: Results from the United States," The North American Journal of Economics and Finance, Elsevier, vol. 53(C).

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