摘要：The long term relationship between oil prices and stock prices has been a popular subject for both politicians and academicians for a long time since the determinants of the stock prices is an important issue for investors and the bulk of literature find the long run relationship between oil prices and stock prices.Determining real economic activities that determines stock prices is very important for investors to determine their investment instrument.The main variables that have an impact on stock prices;market interest rate,industrial production index money supply,exchange rate,inflation,goldpriceandoilpricedrawattention ( Fama (1981),MookerjeeandYu (1997),KwonandShin (1999),Özer,(2011).Besides these variables,it is possible to state that there are the psychological effects on investigators which effect their investment plans.Oil prices is one of the most important variables that impacts on stock prices.Unexpected changes that may occur in the factors that impact on oil prices may lead to fluctuations in oil prices,therefore also to the risk.Fluctuations in oil prices increase the uncertainty that has a negative impact on wealth and investment.Several other macroeconomic variables with this uncertainty can be affected by changes in oil prices.Rising oil prices are usually indication of pressure related to inflation that central banks bring under control by raising interest rates.High interest rates make the bills more attractive as opposed to stocks.The overall effect of rising oil prices depends on whether companies are consumers or manufacturers of oil and oil products.Since the oil consuming companies in the world are more than oil producing companies,the overall impact of increase in oil prices on stocks is expected to be negative.
其他摘要：Bu çalışmada Borsa İstanbul’un kapanış fiyatları ile petrol fiyatları arasındaki ilişki 2002-2012 dönemi için günlük veri kullanılarak,Granger ve Yoon (2003) ile Hatemi-J ve Irandoust (2012) tarafından literatüre kazandırılan saklı eşbütünleşme testleri ile incelenmiştir.Granger ve Yoon (2003) testi iki serinin hem pozitif hem de negatif bileşenleri arasında uzun dönemli bir ilişki olmadığını gösterirken,Hatemi-J ve Irandoust (2012) testi ise her iki serinin hem iki bileşeni arasında uzun dönemli bir ilişki olduğuna işaret etmektedir.Elde edilen bu sonuçlar,petrol fiyatlarında meydana gelecek artış veya azalışların hisse senetleri fiyatlarının oluşmasında etkili olacağını göstermektedir.
