Kandir, Serkan YilmazOzturk, IlhanAcaravci, Ali2024-09-182024-09-1820131120-28901973-820Xhttps://hdl.handle.net/20.500.12483/14046This study investigates the long-run relationship between natural gas prices and stock returns in Turkey by using Johansen and Juselius, and bounds testing approach of cointegration tests using quarterly data from 1995: 1 to 2009 : 3. Empirical findings suggest that there is no a unique long-term equilibrium relationship between natural gas prices, real GDP, real exchange rates and stock returns. On the other hand, Toda - Yamamoto causality approach results indicate that a unidirectional Granger causal relationship from stock prices to real GDP and natural gas prices and a unidirectional Granger causal relationship from real GDP to real exchange rates seem to exist in Turkey.eninfo:eu-repo/semantics/closedAccessEfficient Capital-MarketsTime-Series EvidenceEnergy-ConsumptionEconomic-GrowthError-CorrectionCanadian OilCointegrationCountriesShocksCompaniesArticle302203220WOS:000325781500006Q4