The determinants of stock prices: Evidence from the Turkish banking sector

Abstract

This study examines the causality relationship of the stock prices of 10 deposit bankstraded in Borsa Istanbul with industrial production index, exchange rates and money supply usingmonthly observations and focusing on the period between June 2007 and October 2016. The panelcausality test is used to examine the causality relationship between variables. The analysesshowed that the industrial production index is not one of the determinants of the stock prices of thebanks examined.