Muhasebe ve Finans Yönetimi Bölümü Koleksiyonu
Permanent URI for this collectionhttps://gcris.khas.edu.tr/handle/20.500.12469/70
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Browsing Muhasebe ve Finans Yönetimi Bölümü Koleksiyonu by Author "Demir, Ender"
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Article Citation Count: 44Economic Policy Uncertainty And Bank Credit Growth: Evidence From European Banks(Elsevier B.V., 2020) Ersan, Oğuz; Ersan, Oğuz; Demir, EnderUsing 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.Article Citation Count: 49The effect of European and global uncertainty on stock returns of travel and leisure companies(Sage Publications Ltd, 2019) Ersan, Oğuz; Akron, Sagi; Demir, EnderThis article aims to evaluate the impact of economic policy uncertainty (EPU) on the STOXX Europe 600 Travel & Leisure Price Index by utilizing a monthly data set for 20 years through 1997-2016. It is found that both the European and the global EPU have significant negative effects on the stock returns of travel and leisure companies. We demonstrate the significantly superior forecasting power of EPU measures on tourism and leisure stock returns relative to a rather weak forecasting power of various macroeconomic variables.Article Citation Count: 42Loan loss provisioning of US banks: Economic policy uncertainty and discretionary behavior(Elsevier Inc, 2021) Öztürk Danışman, Gamze; Demir, Ender; Ozili, Peterson K.This paper examines the effect of economic policy uncertainty (EPU) on loan loss provisions (LLP). Using a sample of 6384 US banks and yearly data from 2009 to 2019 and addressing endogeneity (GMM and IV estimations), the findings reveal that in times of higher economic policy uncertainty, banks tend to increase their loan loss provisioning. Considering the four components of EPU, the findings document that the majority of the explanatory power on loan loss provisions originates from news-based and tax expiration indices. Moreover, US banks discretionally use loan loss provisions in normal times, especially for capital management and income smoothing. In uncertain times, they use provisions for income smoothing rather than capital management and after controlling for the discretionary behavior, the positive relationship of EPU and LLPs continue to hold. Additional analysis indicates that private banks conduct more income smoothing through provisions in uncertain times as compared to listed banks. The findings of the study highlight EPU as an additional procyclical factor to influence bank provisioning behavior and offer some relevant policy implications.
