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The Stock Price Behavior of Participation Index Firms: The Event Study on Borsa Istanbul

Author

Listed:
  • Koc, Yasemin Deniz

    (Dumlupinar University)

  • Celik, Sibel

    (Dumlupinar University)

  • Celikkol, Hakan

    (Dumlupinar University)

Abstract

The index type created from the stocks of companies operating in accordance with Islamic principles is called “participation index”. In this study, whether the inclusion of companies operating in Borsa Istanbul National Market and in accordance with Participation Banking principles in the BIST Participation 30 Index had an effect on the price of stocks, was analyzed with the event study method. As a result of the analysis, it was observed that the cumulative abnormal returns had been on decline before the companies were included in the participation index, and the decline continued on the day of the event and the following days. The findings obtained are meaningful and typical for all relevant economic units, especially for investors and market makers.

Suggested Citation

  • Koc, Yasemin Deniz & Celik, Sibel & Celikkol, Hakan, 2019. "The Stock Price Behavior of Participation Index Firms: The Event Study on Borsa Istanbul," Business and Economics Research Journal, Uludag University, Faculty of Economics and Administrative Sciences, vol. 10(4), pages 845-853, July.
    • Handle: RePEc:ris:buecrj:0427
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    More about this item

    Keywords

    Participation Index; BIST Participation 30 Index; Borsa Istanbul; Event Study Method; Stock Prices; Cumulative Abnormal Return;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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