1. DÖVİZ KURU VE FAİZ ORANLARININ SEKTÖR BAZINDA HİSSE SENEDİ GETİRİLERİNE ETKİLERİ: BORSA İSTANBUL ÖRNEĞİ.
- Author
-
ÜNAL, Üyesi Serkan
- Subjects
- *
INTEREST rates , *RATE of return on stocks , *FIXED effects model , *PANEL analysis , *STOCK price indexes , *FOREIGN exchange rates - Abstract
In recent years, there has been a high level of volatility in the exchange rates and interest rates in Turkey. This study analyzes the effects of these two variables on the returns of stocks in different sectors in Borsa İstanbul. Regression analysis was performed in accordance with the random effects and fixed effects models, in which 46-quarter panel data set belonging to 348 shares between 2009 and 2020 were used. The market return control variable was used in the study and the effects of industry-related characteristics on stock returns were analyzed. According to the findings, it is seen that the appreciation (depreciation) of the USDTRY exchange rate has a negative (positive) effect on companies in the banking, leasing, communication, and construction sectors. When the relationship between interest rates and returns of stocks in various sectors is analyzed, it is found that there is no significant relationship. [ABSTRACT FROM AUTHOR]
- Published
- 2021
- Full Text
- View/download PDF