Böyükaslan A. , Demirer R. , Ergüney E.B. , Gursoy S.
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引用次数: 0
Abstract
The goal of this study is to examine the role of geopolitical risks as a driver of stock market returns in the context of the energy-stock market nexus with a particular emphasis on the intermediary role of energy supply for Turkiye. Our findings confirm the role of GPRs as a net transmitter of shocks to the stock market. However, while electricity supply is a net receiver of GPR induced shocks during negative market states, it assumes a leading role as a net transmitter of positive shocks in the network with the shocks largely transmitted towards the stock market returns. Furthermore, we show that the structural reforms implemented by the Energy Market Regulatory Authority (EMRA) towards liberalization of the energy sector have led to a shift in the role of electricity supply as a net transmitter of shocks to financial markets.
期刊介绍：
Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations
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