Erdogan, Oral.
Bibliographic record and links to related information available from the Library of Congress catalog
LIST OF NOTATIONS III
LIST OF-FIGURES AND TABLES IV
PREFACE 1
SUMMARY (IN ENGLISH) 2
SUMMARY (IN TURKISH) : 3
CHAPTER 1
INTRODUCTION
CHAPTER 2
CAPITAL MARKET EFFICIENCY and CAPITAL ASSET PRICING
2.1.EFFICIENCY AND PRICING
2.2. CAPITAL MARKETS EFFICIENCY 14
2.2. 1 - THE THEORY AND MODEL OF EFFICIENT MARKETS 1 4
2.2.2-TESTS OF MARKET EFFICIENCY
2.2.3- A CRITIC OF THE THEORY OF EFFICIENT MARKETS 21
2.3. SECURITY PRICING 23
2.3. 1 - RISK AND RETURN 26
2.3.2- BASIC ASSET PRICING MODELS 28
2.3.2. 1 - CAPM 28
2.3.2.2- APM 31
2.3.2.3- Industry Specific Capital Asset Pricing 33
2.3.2.3. 1 - General 33
2.3.2.3.2- Capital Asset Pricing for the Maritime Industry 35
2.3.2.3.2. 1 - Risk for Maritime Firms 35
2.3.2.3.2.2- Financing Methods :42
2.3.2.3.2.3- Evaluation of Shipping Project 46
CHAPTER 3
A COMPARABLE APPROACH FOR THE EFFICIENCY LEVEL
3.1. THE NEED FOR THE COMPARABLE APPROACH 53
3.2. THE BASIC CHARACTERISTICS OF STOCK MARKETS 54
3.3. RELATIVE MARKET EFFICIENCY LEVELS HYPOTHESIS 55
3.3. 1. METHODOLOGY FOR THE HYPOTHESIS 55
3.3.2. TEST OF THE RELATIVE EFFICIENCY LEVELS 60
3.3.3.FINANCIAL DEVELOPMENT OF THE SECTORS AND
THE EFFICIENCY LEVEL 61
CHAPTER 4
EMPIRICAL RESEARCH
4.1. BASIC EXPLANATIONS 63
4.2. DETERMINATION OF RELATIVE MARKET EFFICIENCY LEVEL OF THE
ISTANBUL STOCK EXCHANGE 64
4.3. AN ESTIMATION OF THE CHANGE AT THE EFFICIENCY LEVEL OF ISE
IN THE CASE THAT CERTAIN MARITIME COMPANIES BECOME PUB.
LIC FIRMS THROUGH THE ISE 69
4.3.1. A GENERAL CALCULATION METHOD OF EXPECTED RETURNS FOR
MARITIME FIRMS 69
4.3.2. THE CHANGE AT THE EFFICIENCY LEVEL OF THE ISE WHEN
CERTAIN MARITIME COMPANIES BECOME PUBLIC FIRMS THROUGH
THE ISE 77
CONCLUSION 83
REFERENCES 85
APPENDIX A 99