Aybar, C. Bulent2011-01-282011-01-281998https://hdl.handle.net/10474/1682Version of RecordThe chapter investigates the implications of financial liberalization and financial deepening on the intertemporal behavior of stock returns in the Turkish equity markets. The objective of the study is to test return predictability and the changes in this behavior in two qualitatively different time periods. The empirical findings indicate that return behavior does not change as the financial markets deepen in Turkey. Return characteristics qualitatively remain unchanged and return predictability continues. The adverse implications of this finding are rather severe and they are addressed in the conclusions.765352 bytesen-USReprinted from Economic Transformation in Emerging Countries, edited by Farok J. Contractor, p. 127-139, 1998, with permission from Elsevier.Turkeyequity marketsstock returnsBook chapterapplication/pdf