Original scientific paper
STOCK MARKET AND INVESTMENT IN TURKEY: EVIDENCE FROM COINTEGRATION AND CAUSALITY TESTS
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.
Keywords
Granger-causality; investments; stock market
Hrčak ID:
48173
URI
Publication date:
10.12.2009.
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