Economics, Econometrics and Finance
4 years ago

Growth Stocks Outperform Value Stocks in Istanbul Stock Exchange, Defying Global Trends.

Journal of International Financial Management and Accounting
Do Value Stocks Earn Higher Returns than Growth Stocks in an Emerging Market? Evidence from the Istanbul Stock Exchange
Halit Gönenç, Mehmet Baha Karan

Paper Summary

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Value stocks do not earn higher returns than growth stocks in the Istanbul Stock Exchange. Growth portfolios outperform value portfolios in this emerging market. Unlike in other markets, large stocks perform better than small stocks in the ISE. The market structure and stock fundamentals in the ISE differ from global markets. Market movements do not significantly impact the returns on value and growth portfolios. Size and B/M risk factors, along with market risk premium, better explain the returns on value and growth portfolios.