Özge Bolaman, Pınar Evrim Mandacı
1.373 945


Motivation of this study is to examine the relationship between investor sentiment and stock

market by taking financial crisis period into account. When literature is examined, it is seen that there

is a deficiency in this respect. Although there are studies examining same phenomena, none of them

has considered the impact of financial crisis. To eliminate this deficiency, we have employed tests with

structural breaks rather than conventional ones. At the end of these tests, structural breaks are observed

at crisis period as it is expected. By employing data for the period December 2003- December 2012

existence of co-integration, which is an indicator of a long-term relationship between variables, is proved.

This is a significant insight showing that consumer confidence index is a critical factor which is in an

interaction with stock markets.

Keywords: Stock Markets, Investor Sentiment, Consumer Confidence Index, Financial Crisis,


Anahtar kelimeler

Hisse Senedi Piyasaları, Yatırımcı Duyarlılığı, Tüketici Güven Endeksi, Finansal Kriz, Eşbütünleşme

Tam metin:


DOI: http://dx.doi.org/10.14784/JFRS.2014117327


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