Muhasebe ve Finans Yönetimi Bölümü Koleksiyonu

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    Article
    Citation Count: 7
    Daily and Intraday Herding Within Different Types of Investors in Borsa Istanbul
    (Routledge Journals, Taylor & Francis Ltd, 2019) Dalgıç, Nihan; Ekinci, Cumhur; Ersan, Oğuz
    This paper aims to explore the daily and intraday herd behavior of various investor groups trading in an emerging equity market, Borsa Istanbul (BIST). We analyze a one-year tick-by-tick order and trade data of BIST 100 Index stocks and document differences in herding behavior of investor groups considering market capitalization, market conditions, and announcements as well as daily and intraday periodicities. We find that nonprofessional investors (brokerage houses and domestic funds) tend to herd on large (small) stocks; their herding behavior mostly exhibits a U shape (an inverse U shape) during the day. All types of investors tend to herd in down markets on a daily basis while this behavior disappears, even inverts intraday.
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    Article
    Citation Count: 44
    Economic Policy Uncertainty and Bank Credit Growth: Evidence From European Banks
    (Elsevier B.V., 2020) Danışman, Gamze Öztürk; Ersan, Oğuz; Demir, Ender
    Using a sample of 2977 private and listed banks in the EU-5 countries (the United Kingdom, Germany, Spain, Italy, France) for the years 2009–2018, this paper explores the impact of Economic Policy Uncertainty (EPU) on credit growth. Using panel data fixed effects methodology and controlling for endogeneity using two-step difference GMM estimators, our findings indicate that uncertainty in economic policies hampers the credit growth of European banks. Our bank type-based analyses indicate that the effect is mainly valid for cooperative banks. Additional analyses imply that the negative impact of EPU on credit growth is more pronounced in civil law countries, increases with debt maturity, and weakens for banks with a larger number of employees and branches. Furthermore, the unfavorable effects are stronger in well-capitalized banks, banks with foreign subsidiaries, and banks with a higher share of wholesale funding. We also provide several policy implications for different economic actors.