TY  - JOUR
TI  - ANALYSIS OF THE RELATIONSHIP BETWEEN MACROECONOMIC VARIABLES and BIST-30 STOCK RETURNS
AB  - In addition to the fundamental macroeconomic indicators such as inflation andinterest rate which are very important for foreign investors, the Credit Default Swap (CDS),that shows the credit risk level of the country, is an important research topic. Therefore, inthis study, it is aimed to examine the effects of Turkey CDS and selected macroeconomicvariables on the Istanbul Stock Exchange (ISE) 30 index (XU30). For this purpose, GrangerCausality Relations, Impulse-Response Charts and Variance decomposition were madeunder the VAR model for 2010: 06 and 2020: 02 monthly periods. According to the resultsof the study, it was concluded that there was no Granger Causality relationship fromvariables to XU30 and XU30 stock returns toward selected macroeconomic indices either.However, it is found that shocks in CDS for two and a half months were responded negativelyby XU30 returns at the significant beginning. Also, the positive and significant impact ofthe interest rate is worth to consider.
AU  - ESEN, ETHEM
AU  - YILDIRIM, SELIM
AU  - NOORIE, Shafiqa
AU  - MERİÇ, Ekrem
DO  - 10.15295/bmij.v8i3.1526
PY  - 2020
JO  - Business and Management Studies: An International Journal
VL  - 8
IS  - 4
SN  - 2148-2586
SP  - 500
EP  - 522
DB  - TRDizin
UR  - http://search/yayin/detay/427493
ER  -