Özet:

One of the reasons for the economic disparities between developed and developing countries is that low-income countries' economies are less effective in allocating their resources to productive uses. At this point, the cause of economic backwardness is attributed to market frictions, also known as market failures or market imperfections, resulting in the markets failing to fulfill their resource allocation role. Market frictions, which can be defined as factors that hinder the efficient and ideal functioning of markets by causing a market participant to be exposed to more or less risk than they would prefer, produce costs that interfere with trading and lead to inefficient allocation of resources. Market frictions can also cause delays in incorporating information into prices by distorting the price efficiency of stocks due to market information imperfections and asymmetric information problems. In this direction, it is aimed to examine the studies on the subject in the literature by examining the market frictions and price delay from the conceptual point of view. When the previous studies on the subject in the literature are examined, it has been determined that prices can react with a delayed reaction to new information due to market frictions and lack of liquidity. Further it was observed that the price delay is mainly examined in terms of lack of liquidity, trading volume, short-selling restrictions, firm size, firm recognition, quality of information and foreign capital restrictions.

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