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Theoretical and Applied Economics
No. 1 / 2017 (610), Spring

The determinants of stock prices: Evidence from the Turkish banking sector

Istanbul University, Istanbul, Turkey
Mücahit AYDIN
Sakarya University, Sakarya, Turkey
Istanbul Universtiy, Istanbul, Turkey

Abstract. This study examines the causality relationship of the stock prices of 10 deposit banks traded in Borsa Istanbul with industrial production index, exchange rates and money supply using monthly observations and focusing on the period between June 2007 and October 2016. The panel causality test is used to examine the causality relationship between variables. The analyses showed that the industrial production index is not one of the determinants of the stock prices of the banks examined.

Keywords: Panel causality, Turkish banking industry, Stock price, Money supply, Exchange rates.

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The Economicity. The Epistemic Landscape, Marin Dinu, 2016


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