Özet:

In the study, the performances of the participation index and the indicator conventional index, in which real economic activities are more prominent, are comparatively analyzed in terms of price bubbles in the increasingly financialized markets in the world. Participation index and conventional indices, which are assumed to include real economic activities especially during crisis periods, were examined with the Generalized Sup-Augmented Dickey Fuller (GSADF) test. In the relevant economic model, the number and dates of multiple rational bubbles can be determined, and a more precise measurement can be made than standard unit root tests. The study covers the period of 2019-2021, which is the last economic crisis period of participation indices and indicator conventional indices in Turkey. According to the results of the GSADF test, the number of price bubbles, time intervals and bubble pricing in the participation indices in the relevant period were less than the conventional indices, and it can be said that the companies in the participation index survived more strongly in the relevant process.

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