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Applied Economics Letters Volume 31, 2024 - Issue 2
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Research Article

The effect of technological developments on the stock market: evidence from emerging market

Mehmet Sinan Celika Department of Finance and Banking, Nigde Omer Halisdemir University, Nigde, TurkeyORCID Iconhttps://orcid.org/0000-0002-3102-406XView further author information
ORCID Icon,
Mutlu Basaran Ozturkb Department of Business Administration, Nigde Omer Halisdemir University, Nigde, TurkeyORCID Iconhttps://orcid.org/0000-0003-2462-7994View further author information
ORCID Icon &
Ozkan Haykira Department of Finance and Banking, Nigde Omer Halisdemir University, Nigde, TurkeyCorrespondence[email protected]
ORCID Iconhttps://orcid.org/0000-0003-2800-8699View further author information
ORCID Icon
Pages 118-121 | Published online: 27 Sep 2022
 
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ABSTRACT

This study investigates the effect of High-Frequency Trading on stock liquidity and volatility in Borsa Istanbul, Turkey which is one of the largest emerging markets where high-frequency trading is newly developed. We employ a fixed effect panel estimation model with Driscoll and Kraay correction between January 2016 and December 2020. The finding shows that an increase in high-frequency trading increases the liquidity and volatility. Moreover, the results are similar before the pandemic period and rising market period, whereas the impact of high-frequency trading on liquidity disappears during the pandemic period.

JEL CLASSIFICATION:

Disclosure statement

The authors report no declaration of competing interest.

Additional information

Funding

This research receives Graduate Thesis Project Grant from Nigde Omer Halisdemir University under the Grant number of SBT 2022/3-LUTEP.

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