In this paper we provide an empirical analysis of the announcement and implementation of rights issues and stock dividends in the thinly traded Istanbul Stock Exchange. The efficiency of the Turkish market with respect to this information set is tested at different time horizons characterized by...

We investigate the ability of average price-earnings (P/E) ratio and dividend yield as predictors of future returns at the Istanbul Stock Exchange during the 10-year period between 1986-1995. We examine the returns on the ISE Composite Index followed by periods of P/E ratio and dividend yield...

The concern over how trading in futures contracts affects the spot market for underlying assets has been an interesting subject for investors, market makers, academicians and regulators alike. With the introduction of futures contracts in financial markets, the desirability of such derivative...

The determination of international reserve balance for emerging economies is part of the efforts to strengthen the immunity of these economies to crises. However, there is still evidence on crises even for the countries with large foreign reserves. It has usually been experienced that the...

Real estate, especially housing, has an important share in the nationís wealth. For example, real estate constitutes 48.8% of total wealth in the world in 1991. Moreover, housing construction and its financing are two important factors that affect economic development in developed and...

In this paper we model a representative bank’s optimal reserve management pattern by adopting institutional aspects of the Turkish required reserve regime. The cost minimization problem, in general, takes into account the expected opportunity cost of holding reserves and penalty costs for not...