Istanbul Business Research

SUBMITINFORMATION
EnglishTürkçe

Research Article


DOI :10.26650/ibr.2019.48.0046   IUP :10.26650/ibr.2019.48.0046    Full Text (PDF)

Efficiency Analysis of Housing Market in Turkey

Esra Alp, Ünal Seven

Do house price movements in Turkish housing market, which has been one of the prominent sectors of Turkish economy in recent years, indicate an efficient market? In this study, we aim to answer this question by testing Efficient Market Hypothesis for Turkish housing market with both traditional unit root tests and unit root tests with structural breaks. House price index, hedonic house price index, new housing price index and existing housing price index series have been analyzed using traditional unit root test of Augmented Dickey-Fuller (ADF) and Kwiatkowski, Phillips, Schmidt and Shin (KPSS) and unit root tests with two structural breaks of Lee- Strazicich (LS) and Clemente, Montañés and Reyes (CMR) for the period of 2010M01-2018M07. Unit root tests applied to the natural logarithm of the series indicate the presence of unit root in all series. This evidence suggests that Turkish housing market is efficient in its weak form.

Keywords: Efficient market hypothesis, Housing markets, Efficiency in weak form
JEL Classification : G14 , R20 , R31
DOI :10.26650/ibr.2019.48.0046   IUP :10.26650/ibr.2019.48.0046    Full Text (PDF)

Türkiye Konut Piyasasında Etkinlik Analizi

Esra Alp, Ünal Seven

Son yıllarda Türkiye ekonomisinde öne çıkan sektörlerin başında gelen konut sektöründeki fiyat oluşumları etkin bir piyasaya işaret ediyor mu? Bu soruya yanıt aradığımız çalışmamızda, Etkin Piyasa Hipotezi (EPH) Türkiye konut piyasası için geleneksel ve yapısal kırılmaları dikkate alan birim kök testleri kullanılarak test edilmektedir. Konut fiyat endeksi, hedonik konut fiyat endeksi, yeni konut fiyat endeksi ve yeni olmayan konut fiyat endeksi serilerinin 2010-2018 dönemini kapsayan aylık frekanstaki değerleri, öncelikle geleneksel birim kök testleri olan Genişletilmiş Dickey-Fuller (GDF) ve Kwiatkowski, Phillips, Schmidt ve Shin (KPSS) testleri ile ardından ise, serilerde yapısal kırılma olması durumunda birim kökün varlığını test etmek amacıyla, iki yapısal kırılmalı Lee- Strazicich (LS) ve Clemente, Montañés ve Reyes (CMR) birim kök testleri ile analiz edilmiştir. Doğal logaritması alınan serilere uygulanan testler tüm serilerde birim kökün varlığını göstermektedir. Bu bulgu, Türkiye konut piyasasının zayıf formda etkin olduğunu göstermektedir.

Keywords: Etkin piyasa hipotezi, Konut piyasası, Zayıf formda etkinlik
JEL Classification : G14 , R20 , R31

EXTENDED ABSTRACT


A market in which prices always “fully reflect” the available information is called “efficient”. According to Fama (1970), there are three types of efficiency. First, weak form tests, in which the information set is just historical prices. Second, semi-strong form tests, in which the concern is whether prices efficiently adjust to other information that is obviously publicly available (i.e., announcements of annual earnings, stock splits, etc.). Third, strong form tests, concerned with whether the given investors or groups have monopolistic access to any information relevant to pricing formation. In the relevant literature, there are several studies which have addressed Efficient Market Hypothesis by testing different markets. Some of these studies focused on stock markets, foreign exchange markets, several commodity markets, and crypto currency markets. Additionally, a number of researchers have examined the housing markets as well. Housing wealth accounts for the highest proportion of non-financial wealth owned by households. Therefore, the house is an investment good as well as a consumer good. Houses may provide wealth stock, an increase in loan facilities and rent gains. Hence, house prices may affect the wealth of homeowners and so it becomes significant to analyze whether historical prices fully reflect all available information and whether making profit above the average price is possible or not. The statistics on the Turkish housing market provided by the Turkish Statistical Institute (i.e., home ownership ratio, change in the number of households, number of first-time buyers) indicate that households’ demand may reflect an investment motive other than buying just for consumption. To the best of our knowledge, no previous study has investigated the efficiency of the Turkish housing market and in this context, our study fills the gap in the literature. The key research question of this study is whether or not the Turkish housing market, which has been one of the prominent sectors of the Turkish economy in recent years, is an efficient market. We aim to answer this question by testing the Efficient Market Hypothesis in weak form for the Turkish housing market. With this purpose, we utilized both traditional unit root tests and unit root tests with structural breaks. Our dataset consists of the House price index, hedonic house price index, new housing price index and existing housing price index series, provided by the Central Bank of the Republic of Turkey (CBRT). Our sample covers the 2010M01-2018M07 period.  We employed the traditional unit root test of Augmented Dickey-Fuller (ADF) and Kwiatkowski, Phillips, Schmidt and Shin (KPSS) and unit root tests with two structural breaks of Lee- Strazicich (LS) and Clemente, Montañés and Reyes (CMR). The CMR unit-root test classifies structural breaks into two types. In a model with additive outliers (AO model), changes are assumed to take place rapidly, allowing for a break in the slope. In a model with innovative outliers (IO model), changes are assumed to take place gradually and allow for a break both in intercept and slope. In both LS and CMR unit root tests structural breaks are determined as endogenous. Unit root tests were applied to the natural logarithm of the series. The results of both the traditional unit root tests and unit root tests with structural breaks, indicate the presence of unit root in all series, that is, all unit root tests’ results are consistent with each other. Structural break dates were different in the LS and CMR tests and also the dates in the AO model varied from the IO model. A possible explanation for this difference may be related to different assumptions of the models. There are various factors that cause structural breaks in the series which affect housing supply and demand. For instance, financial wealth, construction costs, access to housing (mortgage) credits, volatility of interest rates and households’ expectations on future prices and interest rates may affect housing supply and demand which thus dominates price variations in the housing market. Consequently, the overall results imply that prices in the Turkish housing market follow a random walk This evidence suggests that the Turkish housing market is efficient in its weak form. This is an important issue for future research. A further study with more focus on testing the semistrong form and strong form of efficiency is therefore suggested.


PDF View

References

  • Akal M., Birgili E. ve Durmuşkaya S. (2012) İMKB30, IMKB100 , Dolar ve Avro futures piyasaların etkinliğinin testi. Business and Economics Research Journal, 3(4), pp. 1–20. google scholar
  • Altunöz, U. (2016). Boras İstanbul’da zayıf formda etkin piyasa hipotezinin testi: Bankacılık sektörü örneği. Journal Of International Social Research, 9(43). google scholar
  • Atan, S. D., & Özdemir, Z. A. (2009). Hisse senedi piyasasında zayıf formda etkinlik: İMKB üzerine ampirik bir çalışma. Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 24(2), 33–48. google scholar
  • Bachelier, L. (1900). Theory of speculation. Dimson, E. and M. Mussavian (1998), A brief history of market efficiency. European Financial Management, 4(1), 91–193. google scholar
  • Barkoulas, J., Chakraborty, A., Ouandlous, A. (2012). A metric and topological analysis of determinism in the crude oil spot market. Energy Econ, 34, 584–591. google scholar
  • Berke, B., Özcan, B., & Dizdarlar, H. I. (2014). Döviz piyasasının etkinliği: Türkiye için bir analiz. Ege Academic Review, 14(4), 621–636. google scholar
  • Birau, F. R. (2013). Emerging capital market efficiency: a comparative analysis of weak-form efficiency in Romania and Hungary in the context of the global financial crisis, Al & Soc, Springer. google scholar
  • Bouri, E., Chang, T., & Gupta, R. (2017). Testing the efficiency of the wine market using unit root tests with sharp and smooth breaks. Wine Economics and Policy, 6(2), 80–87. google scholar
  • Brock, W. A., Dechert, W. D., & Scheinkman, J. A. (1987). A test for independence based on the correlation dimension.” Social Systems Research Institute, University of Wisconsin-Madison. Working Paper 8702. google scholar
  • Brown, R. (1828). XXVII. A brief account of microscopical observations made in the months of June, July and August 1827, on the particles contained in the pollen of plants; and on the general existence of active molecules in organic and inorganic bodies. The Philosophical Magazine, 4(21), 161–173. google scholar
  • Büberkökü, Önder, (2015). Türk hisse senedi piyasalarının etkinliğinin incelenmesi: Çoklu yapısal kırılmalara dayalı bir analizi. Bankacılar Dergisi, 93, 46–59. google scholar
  • Campbell, J., & Perron, P. (1991). Pitfalls and Opportunities: What Macroeconomists Should Know About Unit Roots”, NBER Macroeconomics Annual 1991, Ed. O.J.Blanchard, S. Fischer, MIT Press, Cambridge, MA içinde, 141–201. google scholar
  • Carrıon-ı-Sılvestre, Lluís, J. Kım D. and Perron P. (2009). GLS-based unit root tests with multiple structural breaks under both the null and the alternative hypotheses. Econometric Theory, 25, 1754–1792. google scholar
  • Case, K. E., & Shiller, R. J. (1989). The behavior of home buyers in boom and post-boom markets. NBER Working Paper No. 2748. google scholar
  • Case, K. E., & Shiller, R. J. (1990). Forecasting prices and excess returns in the housing market. Real Estate Economics, 18(3), 253–273. google scholar
  • Cevik, E.I. (2012). İstanbul Menkul Kıymetler Borsası’nda etkin piyasa hipotezinin uzun hafıza modelleri ile analizi: sektörel bazda bir inceleme. Journal of Yasar University, 7(26), 4437–4454. google scholar
  • Charles, A., Darné, O., & Kim, J. H. (2015). Will precious metals shine? A market efficiency perspective. International Review of Financial Analysis, 41, 284–291. google scholar
  • Clemente, J., Montañés, A., & Reyes, M. (1998). Testing for a unit root in variables with a double change in the mean. Economics Letters, 59(2), 175–182. google scholar
  • Corradi, V., Swanson, N. R., & White, H. (2000). Testing for stationarity-ergodicity and for comovements between nonlinear discrete time markow processes. Journal of Econometrics, 96, 39–73. google scholar
  • Coşkun, Y. (2016a). Türkiye konut piyasasında talep eğilimleri ve bilgi bakışımsızlığına yönelik politika önerileri. Bankacılar Dergisi, 96, 122–143. google scholar
  • Coşkun, Y. (2016b). Konut fiyatları ve yatırımı: Türkiye için bir analiz. Niğde Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 9(2), 201–217. google scholar
  • Coşkun, Y. ve Seven, U. (2016). Etkin Piyasalar Hipotezi ve BİST’in Zayıf Form Etkinlik Analizi. (Finansal Piyasalar ve Kurumlar: Teori ve Türkiye Uygulamasına Güncel Bakış) Bölüm 9, Seçkin Yayınları, Ed: Aysel Gündoğdu, ISBN: 978-975-02-3765-2), 289–319. google scholar
  • Demireli, E., Akkaya, G. C., & İbaş, E. (2010). Finansal piyasa etkinliği: S&P 500 üzerine bir uygulama. CÜ İktisadi ve İdari Bilimler Dergisi, 11(2), 53–67. google scholar
  • Dickey, D.A., & Fuller, W.A. (1979). Distribution of the Estimators for Autoregressive Time Series with a Unit Root. Journal of The American Statistical Society, 75, 427–431. google scholar
  • Einstein, A. (1905). On the motion of small particles suspended in liquids at rest required by the molecular-kinetic theory of heat. Annalen der physik, 17, 549–560. google scholar
  • Elliot, G., Rothenberg, T.J., & Stock, J.H. (1996). Efficient tests for an autoregressive unit root. Econometrica 64(4), 813–836. google scholar
  • Engle, R. F. & C. W. J. Granger (1987). Co-integration and error correction: Representation, estimation and testing. Econometrica, 55, 251–276. Ergül, N. (2009). Ulusal Hisse Senetleri Piyasası’nda etkinlik. Yönetim Bilimleri Dergisi, 7(1), 101–117. google scholar
  • Fama, E. F. (1965a), Random walks in stock market prices. Financial Analysts Journal 21(5), 55–59. Reprinted in 1995 as Random Walks in Stock Market Prices, Financial Analysts Journal 51(1), 75–80. google scholar
  • Fama, E. F. (1965b), The behavior of stock-market prices. Journal of Business, 38(1), 34–105. google scholar
  • Fama, E. F. (1970), Efficient capital markets: A review of theory and empirical work. The Journal of Finance 25(2), 383–417. google scholar
  • Fama, E. F., Fisher, L., Jensen, M. C. & Roll, R. (1969). The adjustment of stock prices to new information. International Economic Review 10(1), 1–21. google scholar
  • Friedman, M. (1953). The Case for Flexible Exchange Rates, in M. Friedman (ed.), Essays in positive economics, University of Chicago Press. Chicago, 157–203. google scholar
  • Gatzlaff, D.H., & D. Tırtıroğlu (1995). Real estate market efficiency: Issues and evidence. Journal of Real Estate Literature 3(2), 157–189. google scholar
  • Gau, G.W. (1984). Weak form test of the efficiency of real estate ınvestment markets. Financial Review, 19(4), 301-320. google scholar
  • Gau, G.W. (1985). Public information and abnormal returns in real estate investement. Journal of the American Real Estate and Urban Economics Association, 13(1), 15–31. google scholar
  • Gibson, G. (1889). The Stock Markets of London, Paris and New York, G.P. Putnam’s Sons, New York. google scholar
  • Gözbaşı, O., I. Küçükkaplan & S. Nazlıoğlu. (2014), Re-examining the Turkish stock market efficiency: Evidence from nonlinear unit root tests. Economic Modelling, 38, 381–384. google scholar
  • Gu, A.Y. (2002). The predictability of house prices. Journal of Real Estate Research, 24(3), 213–233. google scholar
  • Gu, R., & Zhang, B. (2016). Is efficiency of crude oil market affected by multifractality? Evidence from the WTI crude oil market. Energy Economics, 53, 151–158. google scholar
  • Guntermann, K. L., & Norrbin, S. C. (1991). Empirical tests of real estate market efficiency. The Journal of Real Estate Finance and Economics, 4(3), 297–313. google scholar
  • Gürbüz, S., & Şahbaz, A. (2017). Bist 100 endeksi için piyasa anomalilerinin incelenmesi: Ramazan ayı ve dini bayramların etkileri. In ICPESS (International Congress on Politic, Economic and Social Studies). google scholar
  • Hamid, K., Suleman, M. T., Ali Shah, S. Z., Akash, I., & Shahid, R. (2017). Testing the weak form of efficient market hypothesis: Empirical evidence from Asia-Pacific markets. google scholar
  • Harvey, D. I.,Leybourne, S. J., & Xiao, B., (2008). A powerful test for linearity when the order of integration is unknown. Studies in Nonlinear Dynamics &Econometrics, 12. google scholar
  • Hepşen, A. (2012). Finansal krizlerde gayrimenkul fiyat endekslerinin önemi ve endekslerin oluşturulmasında kullanılan yöntemler. Sermaye Piyasası Dergisi, Finansal Mühendislik ve Risk Yönetimi Özel Sayısı, Nisan. google scholar
  • Hepsen, A. and Kalfa, N. (2009). Housing market activity and macroeconomic variables: An analysis of Turkish dwelling market under new mortgage system. Istanbul University Journal of the School of Business Administration, 38(1), 38–46. google scholar
  • Itô, K. (1944). On the ergodicity of a certain stationary process. Proceedings of the Imperial Academy, 20(2), 54–55. google scholar
  • Johansen, S. (1988). Statistical analysis of cointegration vectors. Journal of Economic Dynamics and Control, 12(2-3), 231–254. google scholar
  • Johansen, S. (1995). Likelihood-based Inference in Cointegrated Vector Autoregressive Models, OUP Catalogue. google scholar
  • Kapusuzoglu, A. (2013). Testing weak form market efficiency on the Istanbul stock exchange (ise). Int.J.Buss.Mgt.Eco.Res.,4(2), 700–705. google scholar
  • Karan, M. B., & Kapusuzoğlu, B. (2010). An analysis of the random walk and overreaction hypotheses through optimum portfolios constructed by the nonlinear programming model. Australian Journal of Basic Application Sciences, 4(6), 1215–1220. google scholar
  • Kapetanios, G., Shin, Y., & Snell, A. (2003). Testing for a unit root in the nonlinear STAR framework. Journal of econometrics, 112(2), 359–379. google scholar
  • Kendall, M. G. (1953), The analysis of economic timeseries—Part I: Prices. Journal of the Royal Statistical Society. Series A (General) 116(1), 11–25. google scholar
  • Keynes, J. M. (1936), The General Theory of Employment, Interest and Money, Macmillan, London. google scholar
  • Koçoğlu, Ş., Çevik, Y. E., & Tanrıöven, C. (2016). Bitcoin piyasalarının etkinliği, likiditesi ve oynaklığı. Journal of Business Research-Türk, 77-97. google scholar
  • Kolmogorov, A. N. (1931), Über die analytischen Methoden in der Wahrscheinlichkcitsrechnung, Math. Ann., 104, 415–458 . [English translation, 62–108, Kluwer Acad., Dordrecht, Netherlands, 1992]. google scholar
  • Kuo, C. L. (1996). Serial correlation and seasonality in the real estate market. Journal of Real Estate Finance and Economics 12(2), 139–162. google scholar
  • Kwiatkowski, D., Peter, C.B. Phillips, P. Schmidt, P. ve Y. Shin (1992). Testing the null hypothesis of stationarity against the alternative of a unit root: How sure are we that economic time series have a unit root? Journal of Econometrics, 54, 159–178. google scholar
  • Lanne, M., Lütkepohl, H. & Saikkonen, P. (2002). Comparison of unit root tests for time series with level shifts. Journal of Time Series Analysis, 23(6), 667–685. google scholar
  • Lee, J. ve Strazicich, M. C. (2003). Minimum LM unit root test with two structural breaks. Review of Economics and Statistics, 85(4), 1082–1089. google scholar
  • Lee, J., & Strazicich, M. C. (2004). Minimum LM unit root test with one structural break. Manuscript, Department of Economics, Appalachian State University, 1–16. google scholar
  • Linneman, P. (1986). An empirical test of the efficiency of the housing market. Journal of Urban Economics, 20(2), 140–154. google scholar
  • Lumsdaine, R. L & Papell, D. H. (1997). Multiple trend breaks and the unit root hypothesis. Review of Economics and Statistics, 79(2), 212–218. google scholar
  • Maki, D. (2012). Tests for cointegration allowing for an unknown number of breaks. Economic Modelling, 29(5), 2011–2015. google scholar
  • Malcioglu, G., & Aydin, M. (2016). Borsa İstanbul’da piyasa etkinliginin analizi: Harvey Doğrusallık testi/analysis of market efficiency at borsa ıstanbul: harvey linearity test. Journal of Accounting, Finance and Auditing Studies, 2(1), 112. google scholar
  • Martina, E., Rodriguez, E., Escarela-Perez, R., & Alvarez-Ramirez, J. (2011). Multiscale entropy analysis of crude oil price dynamics. Energy Econ, 33, 936–947. google scholar
  • Narayan, P. K. & Popp, S., (2010). A new unit root test with two structural breaks in level and slope at unknown time. Journal of Applied Statistics, 37(9), 1425–1438. google scholar
  • Ng,S., & Perron, P. (2001). Lag length selection and the construction of unit root tests with good size and power. Econometrica, 69, 1519–1554. google scholar
  • Ntim, C. G., English, J., Nwachukwu, J., & Wang, Y. (2015). On the efficiency of the global gold markets. International Review of Financial Analysis,41, 218–236. google scholar
  • Ortiz-Cruz, A., Rodriguez, E., Ibarra-Valdez, Alvarez-Ramirez, J. (2012). Efficiency of crude oil markets: evidences from informational entropy analysis. Energy Policy, 41, 365–373. google scholar
  • Özcan, B. & Yılancı, V. (2009). Türk hisse senedi piyasasının zayıf formda etkinliğinin testi. Iktisat Isletme ve Finans, 24(274), 100–115. google scholar
  • Özdemir, Z. A. (2008). Efficient market hypothesis: Evidence from a small openeconomy. Applied Economics, 40, 633–641. google scholar
  • Özer, G. & Ertokatlı, C. (2010). Chaotic processes of common stock index returns: An empirical examination on Istanbul Stock Exchange (ISE) market. African Journal of Business Management, 4(6), 1140-1148. google scholar
  • Özkan, T., & Güngör, B. (2017). Geometrik Brownıan Hareketi Modeli ile endeks dalgalanmalarını değerlendirme: Bıst-30, Bıst-100 ve S&P 500 endeksleri üzerine bir uygulama. Ataturk University Journal of Economics & Administrative Sciences, 31(2). google scholar
  • Perron, P. (1989). The great crash, the oil price shock, and the unit root hypothesis. Econometrica: Journal of the Econometric Society, 1361-1401. google scholar
  • Perron, P., Vogelsang, T. (1992). Nonstationarity and level shifts with an application to purchasing power parity. Journal of Business and Economic Statistics, 10, 301–320. google scholar
  • Phillips P., & Perron P. (1988). Testing for a unit root in time series regression. Biometrikua, 75, 335–346. google scholar
  • Pollakowski, H. O., & Ray, T. S. (1997). Housing price diffusion patterns at different aggregation levels: an examination of housing market efficiency. Journal of Housing Research, 107–124. google scholar
  • Rayburn, W., Devaney, M., & Evans, R. (1987). A test of weak‐form efficiency in residential real estate returns. Real Estate Economics, 15(3), 220–233. google scholar
  • Rayleigh, L. (1880). On the resultant of a large number of vibrations of the same pitch and of arbitrary phase. Philosophical Magazine, 10, 73–78. google scholar
  • Regnault, J. (1863). Calcul des Chances et Philosophie de la Bourse. Mallet-Bachelier et Castel, Paris. google scholar
  • Saikkonen, P., & Lütkepohl, H. (2002). Testing for a unit root in a Time Series with a level shift at unknown time. Econometric Theory, 18(2), 313–348. google scholar
  • Sewell, M. (2011). History of the efficient market hypothesis. RN, 11(04). google scholar
  • Shimotsu, K. & Phillips, P.C.B. (2005). Exact local whittle estimation of fractional ıntegration. Annals of Statistics, 33, 1890–1933. google scholar
  • Shin, Y. (1994). A residual-based test of the null of cointegration against the alternative of no cointegration. Econometric Theory, 10, 91–115. google scholar
  • Tanrıöver B. ve Çöllü D. A. (2015). Türkiye’de yatırımcıların öngörü performanslarının rassal yürüyüş modeli çerçevesinde analizi. Business and Economics Research Journal, 6(2), 127–139. google scholar
  • TCMB, 2018. Konut Fiyat Endeksi Metaveri. http://www.tcmb.gov.tr/wps/wcm/connect/ b4628fa9-11a7-4426-aee6-dae67fc56200/KFEMetaveri.pdf?MOD=AJPERES&CACHEID=R OOTWORKSPACE-b4628fa9-11a7-4426-aee6dae67fc56200-m8KAKBK (Erişim tarihi: 09 Kasım 2018). google scholar
  • Telatar, E., Türkmen, Ş., & Teoman, Ö. (2002). Pamuk borsalarında oluşan fiyatların etkinliği. Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 17(2), 55–74. google scholar
  • Tuna, G., & Öztürk, M. (2016). Piyasa etkinliğinin yapısal kırılmalı birim kök testleri ile incelenmesi: Türkiye pay senedi piyasası uygulaması. Uluslararası Yönetim İktisat ve İşletme Dergisi, 30, 548–559. google scholar
  • Tüik. (2017). Konut Satış İstatistikleri. İlk satış ve ikinci el satış ayrıntısında illere ve yıllara göre konut satış sayıları, 2013-2018. http://www.tuik. gov.tr/PreTablo.do?alt_id=1056 (Erişim Tarihi, 30 Ekim 2018). google scholar
  • Tüik. (2018a). İstatistiklerle Aile. Hanehalkı tiplerine ve büyüklüklerine göre hanehalkı sayısı. http://www.tuik.gov.tr/PreHaberBultenleri. do?id=27597 (Erişim Tarihi, 30 Ekim 2018). google scholar
  • Tüik. (2018b). Gelir ve Yaşam Koşulları Araştırması. Eşdeğer hanehalkı kullanılabilir fert medyan gelir grupları ve konut ve çevre sorunlarına göre kurumsal olmayan nüfusun dağılımı, 2006-2017. http://www.tuik.gov.tr/PreHaberBultenleri. do?id=27597 (Erişim Tarihi, 30 Ekim 2018). google scholar
  • Türkyılmaz S. ve Balibey M. (2014). Türkiye hisse senedi piyasası getiri ve oynaklığındaki uzun dönem bağımlılık için ampirik bir analiz. Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(2), 281–302. google scholar
  • Uhlenbeck, G. E., & Ornstein, L. S. (1930). On the theory of the Brownian motion. Physical review, 36(5), 823–841. google scholar
  • Urquhart, A. (2017). How predictable are precious metal returns? The european journal of finance, 23(14), 1390–1413. google scholar
  • Venn, J. (1888). The Logic of Chance, an Essay on the Foundations and Province of the Theory of Probability with Special References to its Logical Bearings and its Application to Moral and Social Sciences, and to Statistics, third edition, MacMillan, London. google scholar
  • Wiener, N. (1923). Differential‐Space. Journal of Mathematics and Physics, 2(1-4), 131–174. google scholar
  • Yücel, Ö. (2016). Finansal piyasa etkinliği: Borsa İstanbul üzerine bir uygulama. International Review of Economics and Management, 4(3), 107–123. google scholar
  • Zeren, F., Kara, H., & Arı, A. (2013). Piyasa etkinliği hipotezi: İMKB için ampirik bir analiz. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 36, 141–148. google scholar
  • Zivot, E & Andrews, D. (1992). Further evidence of the great crash, the oil-price shock and the unitroot hypothesis. Journal of Business and Economic Statistics, 10, 251–70. google scholar

Citations

Copy and paste a formatted citation or use one of the options to export in your chosen format


EXPORT



APA

Alp, E., & Seven, Ü. (2019). Efficiency Analysis of Housing Market in Turkey. Istanbul Business Research, 48(1), 84-112. https://doi.org/10.26650/ibr.2019.48.0046


AMA

Alp E, Seven Ü. Efficiency Analysis of Housing Market in Turkey. Istanbul Business Research. 2019;48(1):84-112. https://doi.org/10.26650/ibr.2019.48.0046


ABNT

Alp, E.; Seven, Ü. Efficiency Analysis of Housing Market in Turkey. Istanbul Business Research, [Publisher Location], v. 48, n. 1, p. 84-112, 2019.


Chicago: Author-Date Style

Alp, Esra, and Ünal Seven. 2019. “Efficiency Analysis of Housing Market in Turkey.” Istanbul Business Research 48, no. 1: 84-112. https://doi.org/10.26650/ibr.2019.48.0046


Chicago: Humanities Style

Alp, Esra, and Ünal Seven. “Efficiency Analysis of Housing Market in Turkey.” Istanbul Business Research 48, no. 1 (Apr. 2024): 84-112. https://doi.org/10.26650/ibr.2019.48.0046


Harvard: Australian Style

Alp, E & Seven, Ü 2019, 'Efficiency Analysis of Housing Market in Turkey', Istanbul Business Research, vol. 48, no. 1, pp. 84-112, viewed 25 Apr. 2024, https://doi.org/10.26650/ibr.2019.48.0046


Harvard: Author-Date Style

Alp, E. and Seven, Ü. (2019) ‘Efficiency Analysis of Housing Market in Turkey’, Istanbul Business Research, 48(1), pp. 84-112. https://doi.org/10.26650/ibr.2019.48.0046 (25 Apr. 2024).


MLA

Alp, Esra, and Ünal Seven. “Efficiency Analysis of Housing Market in Turkey.” Istanbul Business Research, vol. 48, no. 1, 2019, pp. 84-112. [Database Container], https://doi.org/10.26650/ibr.2019.48.0046


Vancouver

Alp E, Seven Ü. Efficiency Analysis of Housing Market in Turkey. Istanbul Business Research [Internet]. 25 Apr. 2024 [cited 25 Apr. 2024];48(1):84-112. Available from: https://doi.org/10.26650/ibr.2019.48.0046 doi: 10.26650/ibr.2019.48.0046


ISNAD

Alp, Esra - Seven, Ünal. “Efficiency Analysis of Housing Market in Turkey”. Istanbul Business Research 48/1 (Apr. 2024): 84-112. https://doi.org/10.26650/ibr.2019.48.0046



TIMELINE


Submitted09.11.2018
Last Revision30.03.2019
Accepted03.04.2019

LICENCE


Attribution-NonCommercial (CC BY-NC)

This license lets others remix, tweak, and build upon your work non-commercially, and although their new works must also acknowledge you and be non-commercial, they don’t have to license their derivative works on the same terms.


SHARE




Istanbul University Press aims to contribute to the dissemination of ever growing scientific knowledge through publication of high quality scientific journals and books in accordance with the international publishing standards and ethics. Istanbul University Press follows an open access, non-commercial, scholarly publishing.