Effect of political risk on equity marketintegration a case study for Turkish equity market
Başlık çevirisi mevcut değil.
- Tez No: 707450
- Danışmanlar: Belirtilmemiş.
- Tez Türü: Yüksek Lisans
- Konular: Bankacılık, Kamu Yönetimi, Ekonomi, Banking, Public Administration, Economics
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2015
- Dil: İngilizce
- Üniversite: Tılburg Unıversıty
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: Belirtilmemiş.
Özet
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Özet (Çeviri)
Market liberalization which took place in 1980s and 1990s, led to emerging markets' integration with the rest of the world. Integration is an interesting subject as it allows investors to diversify their portfolios internationally even further while opening up new funding possibilities for countries. Although it is argued that after market liberalization integration follows, it might not be the case for some countries with extreme political risk or bad corporate governance (Bekaert and Harvey, 2014). The aim in this study is to find the level of integration of Turkish equity market with the world and to investigate how political risk or regulatory quality effects the market integration of Turkey with the world and with Europe. In the first part we briefly discuss the current state of literature for Emerging Markets, the Central and Eastern European Countries and Turkey. We also give a brief summary of the recent events and political decisions in Turkey between 2004 and 2013. Since integration is very closely connected to market development, we also present development indicators for Turkey. While the market development is increasing apart from the big crises, the political stability does not always follow a positive trend. In the second part we analyze the market returns and diversification benefits in Turkey. We observe a significant rise in the correlations of Turkey with 3 benchmarks starting from 2004 along with decreasing standard deviation ratios. Finally we calculate a measure for integration of Turkey with the World and with Europe. The measures increase between 2003 and 2007 and decrease afterwards. We relate it to governance indicators from World Bank. We find that regulatory quality and political stability are positively associated with integration while control of corruption seems insignificant.
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