Abstract
The main aim of this study is to examine the existence of speculative bubbles in Turkey using the daily data on ISE-100 and different sectors. For this purpose, the approach developed by McQueen and Thorley (1994), which utilizes duration models, is used. The beginning date of the daily indexes are 3/7/1987 for ISE-100 index, 28/12/1990 for financial and industry indexes, and 2/1/1997 for services index and 3/7/2000 for technology index. The end of observation period for all of the indexes is 20/02/2008. Both parametric and nonparametric duration test results do not support the expectations that there are speculative bubbles in all cases, that is, for the full data (ISE-100) and the data by considering sector differences as well.
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