AN ANALYSIS OF DYNAMIC PANEL DATA ANALYSIS OF THE FACTORS AFFECTING THE PRICES OF STOCKS

Stock markets are closely followed by many people, institutions and structures such as investors, business managers, market makers, economic administrations. The development of stock markets, increasing transaction volumes, increasing market value of companies mean financing for companies, growth for the economy and earnings for the investor. The aim of the study is to determine macroeconomic and intrabusiness factors that affect the prices of stocks. Dynamic panel data analysis was carried out in the Stock Exchange Istanbul (B？ST) during the period of 2010Q1 - 2017Q1 by using data of 23 firms that have continuous activity in the Metal Goods, Machinery and Equipment Maintenance sector and whose data can be accessed. In the study, it was seen that past period share price prices affected current period share price positively. Besides, it was determined that economic growth, return on assets, liquidity ratio and leverage ratio affect stock prices positively while Euro region interest rate has negative effect