Discount to net asset value (NAV) has been a long-standing problem for the Turkish REITs (TREITs) implying some serious weaknesses for the industry with some potential portfolio management problems. The goal of the paper is to explore main determinants of NAV discount in the context of rational...

The larger underpricing (15 percent) in the early years following the inauguration of Borsa Istanbul indicates the importance of investors, intermediaries, and firm insiders learning about the trading and pricing of firms in organized stock markets. The underpricing in recent years (from 2010 to...

This paper provides a comprehensive analysis on the stock return predictability in Turkey, January 1997 to July 2011, by employing both portfolio method and cross-sectional regressions. In the risk-related predictors, we found predictive power of beta, total volatility, and idiosyncratic...