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  • 1
    Publication Date: 2018-08-07
    Description: In this paper, we use new historical data on the most popular stocks traded at the çIstanbul bourse between 1910 and 1914, to examine the effect of wars on stock market prices. During this period, the Ottoman Empire was involved in the Turco-Italian and the Balkan wars, leading to massive land losses before the First World War. The data are manually collected from the available volumes of two daily Ottoman newspapers, Tercüman-ı Hakikat and Tanin. Our findings are quite surprising, as we observe only a temporary and small drop of prices, indicating little perceived risk by stock investors of the İstanbul bourse.
    Keywords: G1 ; N25 ; N45 ; ddc:330 ; the İstanbul stock exchange ; stocks ; the Turco-Italian war ; the Balkan wars ; structural breaks
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 2
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    Frankfurt am Main: The European Association for Banking and Financial History (EABH)
    Publication Date: 2017-03-21
    Description: In this paper, we use new historical data on the most popular stocks traded at the Istanbul bourse between 1910 and 1914, to examine the effect of wars on stock market prices. During this period, the Ottoman Empire was involved in the Turco-Italian and the Balkan wars, leading to massive land losses before the First World War. The data are manually collected from the available volumes of two daily Ottoman newspapers, Tercüman-ı Hakikat and Tanin. Our findings are quite surprising, as we observe only a temporary and small drop of prices, indicating little perceived risk by stock investors of the Istanbul bourse.
    Keywords: G1 ; N25 ; N45 ; ddc:330 ; the Istanbul stock exchange ; stocks ; the Turco-Italian war ; the Balkan wars ; structural breaks
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 3
    Publication Date: 2018-08-07
    Description: 1914 ve 1918 yılları arasında, Osmanlı İmparatorluğu iktisadi anlamda yıkım yaratan Birinci Dünya Savaşı’na dahil olmuştu. Savaşın sonunda ülke işgal edilmiş ve işgal kuvvetleri ile çatışmalar ortaya çıkmıştı. Tarihsel çalışmalarda, Osmanlı İmparatorluğu’nun Bulgaristan’ın Eylül 1918 tarihinde yaptığı ateşkes teklifi ve iktisadi yaşamında yarattığı baskı ile savaştan çekilme noktasına geldiği iddia edilmekteydi. Yazı, çatışmaların sonlanmakta olduğu süreçteki barış çabalarının Osmanlı İmparatorluğu’nda ortaya çıkartmış olduğu iktisadi etkileri Tasvir-i Efkar ve Vakit gibi Osmanlı gazetelerindeki yazılar, İstanbul Borsası’na ait döviz kuru ve mal fiyatı verileri ile incelemiştir. Sonuçlar, Osmanlı İmparatorluğu’nun Ekim 1918 tarihi itibariyle savaştan çıkışına kadar olan dönem içerisinde iktisadi olarak iyileşmeler ile karşı karşıya kaldığını ifade etmektedir.
    Description: Between 1914 and 1918, the Ottoman Empire was involved in the World War I, leading to disruptions in economic life. The end of the war created the occupation of the Ottoman Empire by the Allies and struggle against the Allies' occupation. The historical literature argued that when Bulgaria asked for an armistice in September 1918, it was realized that the end of the war was approaching, as the Ottoman economy went into recession. Based on articles in the Ottoman newspapers, i.e., Tasvir-i Efkar and Vakit, in addition to data of foreign exchange rates and prices in the çIstanbul Bourse, this paper examines how the Ottoman economy was affected by the end of the World War I. The findings imply the presence of the higher economic recovery by October 1918 when the Ottoman Empire asked for armistices.
    Keywords: G1 ; N25 ; N45 ; ddc:330 ; The World War I ; the armistice of Salonica ; İstanbul Stock Exchange ; foreign exchange rates ; prices ; economic recovery ; Birinci Dünya Savaşı ; Selanik Mütarekesi ; İstanbul Borsası ; döviz kurları ; mal fiyatları ; ekonomik iyileşme
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Turkish
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  • 4
    Publication Date: 2017-04-15
    Description: Langmuir DOI: 10.1021/acs.langmuir.7b00340
    Print ISSN: 0743-7463
    Electronic ISSN: 1520-5827
    Topics: Chemistry and Pharmacology
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  • 5
    Publication Date: 2020-02-05
    Description: This paper tests how default of a government is reflected in a bond market prior to its declaration to the public. There was an unsettled discussion on that the Ottoman moratorium was not surprise. The price of the General debt bond traded at the çIstanbul bourse of the Ottoman Empire between 1874 and 1883 is manually collected. To identify the default risk of the Ottoman state, the paper analyses volatility jumps in return of the bond, using the ICSS and SWARCH methodology. Our results indicate higher volatility with decreasing price before the official declaration of the moratorium. This corresponds to increasing intensity of the rebellions in the Ottoman Empire, implying higher budget deficits and risks on the redemption of debts. The findings suggest the presence of a leading event for the default, as it can be seen that by the default announcement in October 1875 the bond price displays a significant and continuous decrease. This supports the lack of the dissemination of news on the moratorium prior to the declaration.
    Keywords: ddc:330 ; The moratorium of the Ottoman state ; the İstanbul bourse ; Structural breaks ; the ICSS test ; SWARCH
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 6
    Publication Date: 2020-02-05
    Description: This study asks how the Ottoman bondholders traded at the Paris stock exchange evaluated the outcomes of tax and constitutional reforms, based on the data for the most traded bond's price, i.e., the Turkish unified bond, at the Paris stock exchange from 1903 to 1909. The reforms aimed at higher tax income and decreasing arbitrary implications of the Ottoman state. The data are manually collected from The Times. The findings show that the constitutional reform was negatively related to perceived risk of the investors, since there was again a parliamentary system in the Ottoman Empire to blockage the arbitrary policies.
    Keywords: G1 ; N25 ; N45 ; ddc:330 ; Tax reform ; Constitutional monarchy ; the Ottoman debt management ; Price fluctuations ; the Turkish unified bond
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Turkish
    Type: doc-type:workingPaper
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