Insider trading on Ottoman sovereign default: The Ottoman General Debt Bond at European and Istanbul financial markets
| dc.authorid | hanedar, elmas yaldız/0000-0002-2996-3498 | |
| dc.authorid | Hanedar, Avni Onder/0000-0003-4475-8473 | |
| dc.authorscopusid | 57035276100 | |
| dc.authorscopusid | 55911371000 | |
| dc.authorscopusid | 56957164800 | |
| dc.authorwosid | hanedar, elmas yaldız/G-6350-2018 | |
| dc.contributor.author | Hanedar, Avni Onder | |
| dc.contributor.author | Hanedar, Elmas Yaldiz | |
| dc.contributor.author | Goktan, Mehmet Gokhan | |
| dc.date.accessioned | 2024-05-25T11:25:18Z | |
| dc.date.available | 2024-05-25T11:25:18Z | |
| dc.date.issued | 2022 | |
| dc.department | Okan University | en_US |
| dc.department-temp | [Hanedar, Avni Onder] Sakarya Univ, Fac Polit Sci, Sakarya, Turkey; [Hanedar, Avni Onder] Sakarya Univ, MUFAM, Sakarya, Turkey; [Hanedar, Elmas Yaldiz] Sakarya Univ Appl Sci, Sakarya, Turkey; [Goktan, Mehmet Gokhan] Istanbul Okan Univ, Istanbul, Turkey | en_US |
| dc.description | hanedar, elmas yaldız/0000-0002-2996-3498; Hanedar, Avni Onder/0000-0003-4475-8473 | en_US |
| dc.description.abstract | Using efficient market hypothesis and structural break frameworks, this paper examines insider trading during the Ottoman sovereign default, as historical narratives claim information leakage. If the narratives were true, informed traders would sell the Ottoman government's bonds to avoid excessive losses before the default, creating a negative price shock in case of market inefficiency. This paper employs the Ottoman General Debt Bond prices in Istanbul, London, and Paris compiled from Ottoman and European newspapers. The results do not confirm price shocks just before the sovereign default announcement. Thus, investors seem to have anticipated the default before its official declaration. | en_US |
| dc.description.sponsorship | Scientific and Technological Research Council of Turkey (TUBITAK) [118K499] | en_US |
| dc.description.sponsorship | We would like to acknowledge the financial support by the Scientific and Technological Research Council of Turkey (TUB`ITAK), Grant No: 118K499. We would like to thank participants of the Vietnam Symposium in Banking and Finance 2021 and Yildiz International Social Sciences Congress, Yi.git Aydo.gan, Hasan Murat Ertu.grul, Tunc Durmaz, and anonymous reviewers for their feedbacks. We are also grateful to Ali Erdost, Busra Ceyhunlu, Gizem Cansu Gumrukcu, Derya Nur Turkseven, Fazilet `Irem Gur Yi.git, Sezgin Uysal, Mustafa Caliskan, Yunus EmreOzcan, Yunus Yildiz, Yunus Yi.git, Yunus Gur for their efforts during data collection. Last, we thank Zeliha Koksal at the Sakarya University Library for her help. | en_US |
| dc.identifier.citationcount | 0 | |
| dc.identifier.doi | 10.1016/j.frl.2022.102767 | |
| dc.identifier.issn | 1544-6123 | |
| dc.identifier.issn | 1544-6131 | |
| dc.identifier.scopus | 2-s2.0-85125462495 | |
| dc.identifier.scopusquality | Q1 | |
| dc.identifier.uri | https://doi.org/10.1016/j.frl.2022.102767 | |
| dc.identifier.uri | https://hdl.handle.net/20.500.14517/881 | |
| dc.identifier.volume | 47 | en_US |
| dc.identifier.wos | WOS:000834854100029 | |
| dc.identifier.wosquality | Q1 | |
| dc.language.iso | en | |
| dc.publisher | Academic Press inc Elsevier Science | en_US |
| dc.relation.publicationcategory | Makale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı | en_US |
| dc.rights | info:eu-repo/semantics/closedAccess | en_US |
| dc.scopus.citedbyCount | 1 | |
| dc.subject | Ottoman empire | en_US |
| dc.subject | Sovereign default | en_US |
| dc.subject | Structural break | en_US |
| dc.subject | Sovereign bond | en_US |
| dc.subject | Insider trading | en_US |
| dc.subject | Efficient market | en_US |
| dc.title | Insider trading on Ottoman sovereign default: The Ottoman General Debt Bond at European and Istanbul financial markets | en_US |
| dc.type | Article | en_US |
| dc.wos.citedbyCount | 0 |