Uluslararası Ticaret ve Finans Bölümü Koleksiyonu

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Browsing Uluslararası Ticaret ve Finans Bölümü Koleksiyonu by Author "Ersan, Oğuz"

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    Article
    Citation Count: 44
    Economic Policy Uncertainty And Bank Credit Growth: Evidence From European Banks
    (Elsevier B.V., 2020) Ersan, Oğuz; 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.
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    Citation Count: 3
    The speed of stock price adjustment to corporate announcements: Insights from Turkey
    (Elsevier, 2020) Ersan, Oğuz; Şimşir, Serif Aziz; Şimsek, Koray D.; Afan, Hasan
    The market reaction speeds to the news flow are currently measured at the millisecond level in developed markets. We investigate, using a unique setting from Turkey, whether the market reaction speeds in less sophisticated markets are on par with those of developed markets. We find that market reaction times to corporate announcements are slower than documented in recent studies, although markets react to positive news more quickly than negative news. When high-frequency traders are more active in the market prior to announcements, the speed of price adjustment is slower. Finally, we find sizable profit opportunities for investors following event-driven strategies.