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ARTÍCULO
TITULO

The Role of Monetary Policy Announcements on Turkish Banks' Stock Returns

Nida Abdioglu    
Sinan Aytekin    

Resumen

This paper investigates the impact of monetary policy committee decisions of the Central Bank of the Republic of Turkey on the stock returns of the deposit banks listed in Borsa Istanbul Banks Index (XBANK). The cumulative abnormal returns of the banks are calculated for 2008 and 2012. We report that the monetary policy announcements affect cumulative abnormal returns of the deposits banks both in 2008 and 2012. Since the announcement of the monetary policy decisions created abnormal returns, we conclude that the market does not have semi-strong form efficiency.

PÁGINAS
pp. 63 - 69
MATERIAS
ECONOMÍA

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