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Journals / Bogazici Journal: Review of Social, Economic and Administrative Studies / 2013 / Cilt: 27 - Sayı: 1

Turkcell Amerikan Depo Sertifikası (ADR) Opsiyonunun Borsaya Kaydedilmesinin Turkcell ADR Piyasa Hareketleri Üzerine Etkisi

The Impact of Option Listing on the Trading Activity of Turkcell's American Depository Receipt (ADR)

Aslı AŞÇIOĞLU
HASAN MURAT AYDOĞDU
Lynn Philips KUGELE
Pages
1–18
DOI
—
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

We conclude that the introduction of options haspositive impact on the trading of the underlying asset, Turkcell’s ADR, reducing trading costs significantly while increasing liquidity. a

📌 3 Key Takeaways

🎯
Objective & Hypothesis:We investigate the impact of the introduction of options on the market microstructure aspects of the NYSE-traded Turkcell İletişim Hizmetleri A.Ş., (Turkcell) ADR by studying changes in fundamental market liquidity metrics before and after the option (TKC) listing.
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Key Findings & Data:We find that both daily relative quoted spreads and daily effective spreads decrease after the option introduction.
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Conclusion & Impact:We conclude that the introduction of options haspositive impact on the trading of the underlying asset, Turkcell’s ADR, reducing trading costs significantly while increasing liquidity. a
🔬Design:Research Article
📍Scope:Comprehensive Sample
⚙️Variables:Domain Parameters

Abstract

We investigate the impact of the introduction of options on the market microstructure aspects of the NYSE-traded Turkcell İletişim Hizmetleri A.Ş., (Turkcell) ADR by studying changes in fundamental market liquidity metrics before and after the option (TKC) listing. We find that both daily relative quoted spreads and daily effective spreads decrease after the option introduction. Additionally, we show that the number of trades increases statistically significantly, while volatility, trade size and trading volume show no statistically significant change. We conclude that the introduction of options haspositive impact on the trading of the underlying asset, Turkcell’s ADR, reducing trading costs significantly while increasing liquidity. a

Özet

Bu çalışma Turkcell İletişim Hizmetleri A.Ş. (Turkcell) ADR opsiyonunun New York Borsası’na kaydedilmesinin, Turkcell ADR piyasa yapısı üzerindeki etkisini incele- mektedir. Yaptığımız çalışmada günlük piyasa alış-satış fiyatları arasındaki farkın ve günlük efektif alış-satış fiyatlari arasindaki farkın opsiyonun borsaya kaydedilmesi sonrası azaldığını bulmaktayız. Bunlara ek olarak, toplam günlük işlem adedinin istatistiksel açıdan anlamlı olarak arttığını ancak volatilite, işlem büyüklüğü ve işlem

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Cite This Article

AŞÇIOĞLU, A., AYDOĞDU, H. M., KUGELE, L. P. (2013). Turkcell Amerikan Depo Sertifikası (ADR) Opsiyonunun Borsaya Kaydedilmesinin Turkcell ADR Piyasa Hareketleri Üzerine Etkisi. Bogazici Journal: Review of Social, Economic and Administrative Studies, Cilt: 27 - Sayı: 1, 1–18. https://ajindex.com/articles/143781

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