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Does Parasocial Breakup Affect the Stock Market Returns?: Evidence From an Emerging Market
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Author(s): İbrahim Bozkurt (Çankırı Karatekin University, Turkey)and Mercan Hatipoğlu (Çankırı Karatekin University, Turkey)
Copyright: 2019
Pages: 18
Source title:
Behavioral Finance and Decision-Making Models
Source Author(s)/Editor(s): Tripti Tripathi (Jiwaji University, India), Manoj Kumar Dash (Khallikote University, India)and Gaurav Agrawal (Indian Institute of Information Technology and Management Gwalior, India)
DOI: 10.4018/978-1-5225-7399-9.ch004
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Abstract
This chapter analyzes the impact of parasocial breakup on the stock returns in Borsa Istanbul as an emerging stock market. In this study, 129 Turkish TV series finales, broadcast between 2005 and 2015, are employed as a negative mood proxy. In line with the purpose of this chapter, GARCH-M model is used to obtain a more efficient parameter and alternative mood proxy dummies and other macroeconomic variables are incorporated into the analyses to examine the robustness of the effect of parasocial breakup on stock market returns. The analysis presents robust evidence that the negative mood increases the stock market returns. It also found that the effect of parasocial breakup on returns depends on the types of TV series and the channels they are broadcast on.
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