The effect of technological developments on the stock market: evidence from emerging market

被引：2
|
作者：
Celik, Mehmet Sinan [1 ]
Ozturk, Mutlu Basaran [2 ]
Haykir, Ozkan [1 ]
机构：
[1] Nigde Omer Halisdemir Univ, Dept Finance & Banking, Nigde, Turkey
[2] Nigde Omer Halisdemir Univ, Dept Business Adm, Nigde, Turkey
来源：
APPLIED ECONOMICS LETTERS | 2024年 / 31卷 / 02期
关键词：
High-frequency trading; liquidity; volatility; Borsa Istanbul;
D O I：
10.1080/13504851.2022.2128172
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This study investigates the effect of High-Frequency Trading on stock liquidity and volatility in Borsa Istanbul, Turkey which is one of the largest emerging markets where high-frequency trading is newly developed. We employ a fixed effect panel estimation model with Driscoll and Kraay correction between January 2016 and December 2020. The finding shows that an increase in high-frequency trading increases the liquidity and volatility. Moreover, the results are similar before the pandemic period and rising market period, whereas the impact of high-frequency trading on liquidity disappears during the pandemic period.
引用
收藏
页码：118 / 121
页数：4
相关论文
共 50 条
  • [31] Disposition effect at the market level: evidence from Indian stock market
    Bharandev, Sravani
    Rao, Sapar Narayan
    [J]. REVIEW OF BEHAVIORAL FINANCE, 2020, 12 (02) : 69 - 82
  • [32] Stock market liberalization, foreign institutional investors, and informational efficiency of stock prices: Evidence from an emerging market
    Li, Yijie
    Liu, Jianghui
    Wang, Haizhi
    Wang, Peng
    [J]. INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, 2021, 26 (04) : 5451 - 5471
  • [33] The Effect of US Stock Market Uncertainty on Emerging Market Returns
    Sarwar, Ghulam
    Khan, Walayet
    [J]. EMERGING MARKETS FINANCE AND TRADE, 2017, 53 (08) : 1796 - 1811
  • [34] TECHNOLOGICAL RACE AND STOCK MARKET VALUE: EVIDENCE FROM THE PHARMACEUTICAL INDUSTRY
    Campart, Sandy
    Pfister, Etienne
    [J]. REVUE ECONOMIQUE, 2008, 59 (02): : 307 - 329
  • [35] Technological races and stock market value: evidence from the pharmaceutical industry
    Campart, Sandy
    Pfister, Etienne
    [J]. ECONOMICS OF INNOVATION AND NEW TECHNOLOGY, 2014, 23 (03) : 215 - 238
  • [36] The performance of retail investors, trading intensity and time in the market: evidence from an emerging stock market*
    Garay, Urbi
    Pulga, Fredy
    [J]. HELIYON, 2021, 7 (12)
  • [37] COVID-19 pandemic sentiment and stock market behavior: evidence from an emerging market
    Debata, Byomakesh
    Ghate, Kshitish
    Renganathan, Jayashree
    [J]. REVIEW OF BEHAVIORAL FINANCE, 2023, 15 (02) : 176 - 204
  • [38] Spillover effect among carbon bond market, carbon stock market and energy stock market: Evidence from China
    Guo, Xiaozhu
    Wang, Yi
    Hao, Yixue
    Zhang, Wenwen
    [J]. FINANCE RESEARCH LETTERS, 2023, 58
  • [39] MOMENTUM EFFECT AND MARKET STATES: EMERGING MARKET EVIDENCE
    Pathirawasam, Chandrapala
    Kral, Milos
    [J]. E & M EKONOMIE A MANAGEMENT, 2012, 15 (02): : 115 - 124
  • [40] Market Shocks and Stock Volatility: Evidence from Emerging and Developed Markets
    Tabash, Mosab I.
    Chalissery, Neenu
    Nishad, T. Mohamed
    Al-Absy, Mujeeb Saif Mohsen
    [J]. INTERNATIONAL JOURNAL OF FINANCIAL STUDIES, 2024, 12 (01):
12345