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A Comparative Analysis of Drivers of Secondary Market Liquidity in Financial Markets for Investment Analysis: Evidence From Turkey

A Comparative Analysis of Drivers of Secondary Market Liquidity in Financial Markets for Investment Analysis: Evidence From Turkey

Hakki Karatas, Nildag Basak Ceylan, Ayhan Kapusuzoglu
Copyright: © 2019 |Pages: 27
ISBN13: 9781522592655|ISBN10: 1522592652|ISBN13 Softcover: 9781522592662|EISBN13: 9781522592679
DOI: 10.4018/978-1-5225-9265-5.ch016
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MLA

Karatas, Hakki, et al. "A Comparative Analysis of Drivers of Secondary Market Liquidity in Financial Markets for Investment Analysis: Evidence From Turkey." Handbook of Research on Global Issues in Financial Communication and Investment Decision Making, edited by Hasan Dinçer and Serhat Yüksel, IGI Global, 2019, pp. 340-366. https://doi.org/10.4018/978-1-5225-9265-5.ch016

APA

Karatas, H., Ceylan, N. B., & Kapusuzoglu, A. (2019). A Comparative Analysis of Drivers of Secondary Market Liquidity in Financial Markets for Investment Analysis: Evidence From Turkey. In H. Dinçer & S. Yüksel (Eds.), Handbook of Research on Global Issues in Financial Communication and Investment Decision Making (pp. 340-366). IGI Global. https://doi.org/10.4018/978-1-5225-9265-5.ch016

Chicago

Karatas, Hakki, Nildag Basak Ceylan, and Ayhan Kapusuzoglu. "A Comparative Analysis of Drivers of Secondary Market Liquidity in Financial Markets for Investment Analysis: Evidence From Turkey." In Handbook of Research on Global Issues in Financial Communication and Investment Decision Making, edited by Hasan Dinçer and Serhat Yüksel, 340-366. Hershey, PA: IGI Global, 2019. https://doi.org/10.4018/978-1-5225-9265-5.ch016

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Abstract

The purpose of this chapter is to examine the drivers of secondary bond market and stock market liquidity for investment analysis after global financial crisis in Turkey. The literature in Turkey mainly focuses only on the volatility of return for driving liquidity in both bond and stock markets. However, it is argued that other types of volatilities including domestic and international volatilities have also a deteriorating impact on secondary market liquidity in Turkey. In this context, it is empirically tested whether the volatility and/or uncertainty that stem from the FED and ECB policies within the last 10 years had a negative impact on liquidity both in government bond and stock markets. Moreover, the impact of non-residents in bond and stock markets on secondary market liquidity is examined by including their holdings in stock and bond market.

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