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PİYASA MİKROYAPISI, FİNANSAL VARLIKLARIN LİKİDİTESİ VE FİYATLARIN OLUŞUMU

MARKET MICROSTRUCTURE, LIQUIDITY OF FINANCIAL ASSETS AND PRICE FORMATION

Journal Name:

  • Dumlupınar Üniversitesi Sosyal Bilimler Dergisi

Publication Year:

  • 2005

Key Words:

Keywords (Original Language):

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
This paper describes the relationship between market microstructure and the prices of financial assets. The finance literature shows that the prices of financial assets are affected by the structures of financial markets. This relationship is explained by liquidity, which has traditionally been measured by the bid-ask spread. Market microstructure research considers liquidity a potential determinant of expected returns. This study also describes that link between liquidity and asset pricing, which has some implications for investment decisions of the firms and investors. The empirical evidence on this issue indicates that liquidity improvements lead to more efficient prices. Recent innovations on the Istanbul Stock Exchange are also expected to enhance the liquidity and price formation of financial assets
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Abstract (Original Language): 
Bu makale, piyasa mikroyapısı ile finansal varlıkların fiyatları arasındaki ilişkiyi anlatmaktadır. Finans literatürü, finansal varlıkların fiyatlarının, finansal piyasaların yapılarından etkilendiklerini göstermektedir. Bu ilişki, geleneksel olarak alış-satış fiyat aralığı ile ölçülen, likidite ile açıklanmaktadır. Piyasa mikroyapısı araştırmaları, likiditeyi, beklenen getirilerin potansiyel bir belirleyeni olarak ele almaktadırlar. Bu çalışma, firmaların ve yatırımcıların yatırım kararlarına ilişkin bazı yansımaları bulunan, likidite ve varlık fiyatlama arasındaki bu ilişkiyi de anlatmaktadır. Bu konudaki ampirik kanıtlar göstermektedir ki, likiditedeki gelişmeler, fiyatların daha etkin oluşmasını sağlamaktadır. İstanbul Menkul Kıymetler Borsası’nda (İMKB) yakın zamanda uygulanan yeniliklerin de, finansal varlıkların likiditesini ve fiyat oluşumunu geliştirmesi beklenmektedir.
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  • 12
1-14
  • Turkish

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