BASÇI, ERDEM; EKINCI, MEHMET FATIH - In: Emerging Markets Finance and Trade 41 (2005) 2, pp. 25-40
In this paper we examine the difference between T-bill returns and common stock returns in Turkey. We observe that there is a bond premium in Turkey unlike the equity premia in developed countries. As an attempt to explain this surprising observation, we incorporate inflation risk and default...