A Trial on buying and selling the share certificates by Markovian optimal stopping in İstanbul Stock Exchange Market under changing discount rates

In this study, it is aimed to model how to decide to sell or buy underchanging inflation rates the share certificates in İstanbul StockExchange Market by Markovian Optimal Stopping Technique, based onthe ISE-100 séance close index values of dates from January 1997 toJune 2004. Some findings are compared with the results obtained in theforegoing parallel studies. In sellings, the Friday and January effect andin buyings the Monday and January effect have been verified.Moreover, in double cross tables formed for share buying and sellingthe relationships between months-days-séances were examined. It hasbeen statistically demonstrated that there is a dependency relationshipbetween days and séances in view of share buying while there is nodependency relationship between months and days, and months andséances in view of selling share.Finally, from the economical point of view the average profits obtainedfrom share selling have been observed to be hightest on Friday, thelowest on Monday in parellel to studies which are made in ISE and wordstock market.