is the average abnormal return for time t; here t is between 1 and T. The
cumulative returns are similar to the returns reported in Tables 4.3 and 4.4.
4.3Testing for the structural change of the CAPM in the 2001
economic crisis of Turkey
The behavior of the CAPM is examined at the time of the economic crisis in Turkey.
This period was the harshest economic crisis the Turkish economy had faced through-
out its 80-year history. February 21 was the pivotal day of the structural crisis. After
meeting for 13 hours, the Turkish Cabinet announced sweeping changes whereby the
economic program they suggested forced the government to change its exchange ...
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month, and much more.