Türk mali piyasalarında sabit işlem maliyetlerinin kestirimi

Stock market participation is very costly for Turkish investors. This fact is empiricallyaccompanied by low levels of direct market participation. Using Luttmer?s (1999) framework,I estimate the lower bound for fixed cost of information acquisition implied by awelfare analysis. An average Turkish consumer with log utility who does not participatein securities markets should be confronting a fixed cost of at least 5.22 percent of his quarterlyprivate consumption. The fixed cost bound significantly decreases when a borrowingconstraint is imposed.