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The impact of foreign capital on local economies, markets and firms has gained significant attention for over the years. One of the potential effect of foreign capital on financial markets and firms is related to the riskiness of the stock markets and volatility of the firm-level stock returns. The relationship between foreign capital and risk can be investigated under two different aspects. First, international investments enable investors to diversify their investment risks and gain higher returns with less risk due to risk sharing between investors (Bakaert and Harvey, 1997; Gupta and Yuan, 2009; Sorensen et al., 2007). Opponents of this argument argue that international capital flows increase the risk exposure of the domestic markets since foreign capital can easily leave the home country particularly during the financial crisis periods which in turn deepen the negative impacts of the crisis (Bae et al., 2004). Second, not only investors but also home countries and firms are also affected by transactions of the foreign investors. In other words, growing body of research in the prior literature investigate the impact of foreign investments on firm-level volatility. However, there is no consensus on the impact of foreign capital on the riskiness of the firms.

i̇şletme araştırmaları dergisi

Yabancı Sermaye ve Hisse Senedi Getiri Oynaklığı: Borsa Istanbul Üzerine Bir İnceleme - Foreign Capital and Stock Return Volatility: An Investigation on Borsa Istanbul