Öztürkkal, Ayşe Belma

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https://hdl.handle.net/20.500.12469/6099
Name Variants
Ozturkkal, Ayse Belma
Ayşe Belma Oztürkkal
Ö., Ayşe Belma
AYŞE BELMA ÖZTÜRKKAL
Ayşe Belma Öztürkkal
Ozturkkal,Ayse Belma
Oztürkkal, A.
Öztürkkal, AYŞE BELMA
Ӧztürkkal B.
Öztürkkal, Ayşe Belma
O.,Ayse Belma
Öztürkkal, A. B.
Ayşe Belma ÖZTÜRKKAL
Ayse Belma, Ozturkkal
Oztürkkal, Ayşe Belma
ÖZTÜRKKAL, AYŞE BELMA
O., Ayse Belma
Öztürkkal, A.
Öztürkkal,A.B.
A. Öztürkkal
Ozturkkal,A.B.
ÖZTÜRKKAL, Ayşe Belma
A. Oztürkkal
Öztürkkal B.
A. B. Öztürkkal
Ozturkkal, Belma
Öztürkkal, Belma
Job Title
Prof. Dr.
Email Address
[email protected]
Main Affiliation
International Trade and Finance
Status
Current Staff
Website
ORCID ID
0000-0003-1918-7293
Scopus Author ID
55512229700
Turkish CoHE Profile ID
Google Scholar ID
WoS Researcher ID
ABG-3585-2020

Sustainable Development Goals

13

CLIMATE ACTION
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0

Research Products

2

ZERO HUNGER
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0

Research Products

7

AFFORDABLE AND CLEAN ENERGY
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0

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11

SUSTAINABLE CITIES AND COMMUNITIES
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0

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15

LIFE ON LAND
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0

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14

LIFE BELOW WATER
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0

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8

DECENT WORK AND ECONOMIC GROWTH
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3

Research Products

3

GOOD HEALTH AND WELL-BEING
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1

Research Products

5

GENDER EQUALITY
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2

Research Products

9

INDUSTRY, INNOVATION AND INFRASTRUCTURE
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1

Research Products

12

RESPONSIBLE CONSUMPTION AND PRODUCTION
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0

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16

PEACE, JUSTICE AND STRONG INSTITUTIONS
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0

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1

NO POVERTY
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2

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6

CLEAN WATER AND SANITATION
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0

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17

PARTNERSHIPS FOR THE GOALS
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1

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4

QUALITY EDUCATION
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0

Research Products

10

REDUCED INEQUALITIES
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5

Research Products
Documents

18

Citations

197

h-index

9

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0

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0

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Scholarly Output

23

Articles

17

Views / Downloads

2/0

Supervised MSc Theses

2

Supervised PhD Theses

1

WoS Citation Count

156

Scopus Citation Count

198

WoS h-index

8

Scopus h-index

9

Patents

0

Projects

0

WoS Citations per Publication

6.78

Scopus Citations per Publication

8.61

Open Access Source

12

Supervised Theses

3

JournalCount
Emerging Markets Finance and Trade2
Borsa Istanbul Review2
Journal of Behavioral and Experimental Finance2
İktisat İşletme ve Finans1
International Finance1
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Now showing 1 - 10 of 23
  • Thumbnail Image
    Article
    Citation - WoS: 9
    Citation - Scopus: 12
    Art Investment: Hedging or Safe Haven Through Financial Crises
    (Springer, 2020) Öztürkkal, Belma; Toğan-Eğrican, Aslı
    We analyze long-term art auction sales data focusing on and around financial crisis periods with other investment returns to understand whether art can be considered a safe haven during volatile times or a hedging option in general by analyzing art auction data in a volatile emerging market. Our findings suggest Turkish art returns are either negatively correlated or at low correlation with other investments, including the equity market. We have the view that art can be considered a hedging mechanism on average to enhance returns and to decrease the risk of portfolios and improve diversification. However, we do not discard the safe-haven hypothesis, either. Although the auction data on the crisis period is limited, results of and around crisis periods show art returns are positively correlated with various volatility indices. In addition, the number of art transactions also increases after the crisis years, which may be a sign of liquidity requirement of some investors and an opportunity for buyers. The benefit is visible especially during years of contractions, which do not end with a very severe crisis, since the art auction market liquidity dries if the crisis is severe.
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    Article
    Citation - WoS: 24
    Citation - Scopus: 29
    A Behavioral Analysis of Investor Diversification
    (Routledge Journals Taylor & Francis Ltd, 2014) Fuertes, Ana-Maria; Muradoğlu, Gülnur; Öztürkkal, Belma
    This paper studies the link between individual investors' portfolio diversification levels and various personal traits that proxy informational advantages and overconfidence. The analysis is based on objective data from the largest Turkish brokerage house tracking 59951 individual investors' accounts with a total of 3248654 million transactions over the period 2008-2010. Wealthier highly educated older investors working in the finance sector and those trading relatively often show higher diversification levels possibly because they are better equipped to obtain and process information. Finance professionals married investors and those placing high-volume orders through investment centers show poorer diversification possibly as a reflection of overconfidence. Our analysis reveals important nonlinear effects implying that the marginal impact of overconfidence on diversification is not uniform across investors but varies according to the investor's information gathering and processing abilities.
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    Article
    Citation - WoS: 7
    Citation - Scopus: 6
    Turkish Ipos in a Changing Regulatory and Economic Environment
    (Elsevier, 2022) Tanyeri, Basak; Ozturkkal, Belma; Tirtiroglu, Dogan
    The larger underpricing (15 percent) in the early years following the inauguration of Borsa Istanbul indicates the importance of investors, intermediaries, and firm insiders learning about the trading and pricing of firms in organized stock markets. The underpricing in recent years (from 2010 to 2020) averages 5 percent. Micro-level uncertainties about the firm as evidenced by the smaller underpricing in IPOs marketed using fixed offer prices, and the IPOs where underwriters signed on for firm commitment also prove important. Underpricing also proves smaller in larger IPO firms.& nbsp;Copyright (C)& nbsp;2021, Borsa Istanbul Anonim Sirketi. Production and hosting by Elsevier B.V.& nbsp;
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    Book Part
    Social Finance in Developed Markets: Successes and Failures
    (Springer Nature, 2025) Ozturkkal, Belma
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    Article
    Citation - WoS: 8
    Citation - Scopus: 9
    Perceived Financial Needs, Income Sources, and Subjective Financial Well-Being in an Emerging Market
    (Springer Publishing Co, 2019) Kiymaza, Halil; Öztürkkal, Belma
    This study investigates perceived financial needs and subjective financial well-being using data from a national survey of 2,567 households in Turkey. Financial needs are measured by consumer perceived ability to meet current living expenses in the short-term as well as their assessment for the retirement security in the long-term. We also investigate how income sources are related to subjective financial well-being. Findings show that households' daily concerns including the inability to meet short-term expenses including healthcare, daily living expenses (food and utilities), and the inability to maintain the existing living standard are highly significant factors in explaining their subjective financial well-being. We also find that having enough income during retirement and ability to find a job in the future are positively related to subjective financial well-being. Finally, when households ' incomes are from work, rental properties, family, and pension, they feel more financially secure.
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    Article
    Citation - WoS: 2
    Citation - Scopus: 3
    Profit Sharing Between Managers and Investors: an Experimental Investigation
    (Elsevier Science Bv, 2015) Öztürkkal, Belma
    This study analyzes the effect of interest and power structures and conflict of interest among managers and investors and tests the effect of different payout mechanisms on willingness to pay. In this study 74 student subjects are involved in a setting where the manager is determining his own compensation. A series of experiments that vary managers' ability to determine their own compensation and investors' ability to punish inappropriate behavior are reported. The experiments involve pairs of subjects consisting of an investor and a manager with asymmetric decision making powers. When managers compensate themselves inappropriately investors' recourse is to shun the company's shares-a model that arguably corresponds more closely to reality than the accepted efficient market traditional paradigm. The experiment shows that managers share profits even when investors cannot withhold investment and investors fairly compensate managers as well. This pattern explains both the ability of capital markets to function despite the presence of inherent moral hazard and occasional managerial misbehavior. Copyright (C) 2015 Borsa Istanbul Anonim Sirketi. Production and hosting by Elsevier B.V.
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    Article
    Citation - WoS: 2
    Citation - Scopus: 1
    Editorial Boards of Finance Journals: The Gender Gap and Social Networks
    (Springer, 2025) Bedowska-Sojka, Barbara; Tarantola, Claudia; Mare, Codruta; Paccagnini, Alessia; Ozturkkal, Belma; Pisoni, Galena; Skaftadotti, Hanna Kristin
    We investigate gender disparities and network linkages among editors of Finance journals at the end of 2022. The role of journal editors in shaping academic disciplines is crucial, yet gender imbalances and the geographic concentration of editors remain poorly understood. Ethical considerations arise when examining the representation of women on editorial boards, as these imbalances can impact academic equity and the diversity of perspectives. We examine the gender composition of editorial boards and uncover the network structures among editors, seeking to shed light on the concentration of editorial power and its implications for diversity and inclusion. Our findings reveal that women account for an average of 20% of all editors, with notable variations across countries. Additionally, editorial affiliations are heavily concentrated in the United States and the United Kingdom. Through typological metrics, we identify highly connected editors with significant board memberships. While gender ratios remain consistent in substructures involving highly central editors or those serving on multiple boards, men consistently outnumber women.
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    Article
    Citation - WoS: 3
    Citation - Scopus: 3
    Regional Expansion of Emerging Market Banks: Evidence From the Middle East
    (Routledge Journals, Taylor & Francis Ltd, 2022) Yildirim, Canan; Ozturkkal, Belma
    This study investigates challenges and opportunities that regionally expanding emerging market banks face. We focus on four leading Middle Eastern banks' internationalization trajectories and performances by employing a case study approach. We first examine the four banks' choices of target markets, entry sequencing, and entry modes over time and then analyze their entry strategies and post-entry financial performances in one of their key markets, Turkey. We show that the success of regional expansion strategies depends on parent bank characteristics such as scale and capital strength, strategic decisions regarding entry mode and timing, and host market structure and competitiveness.
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    Master Thesis
    Effect of Family Controlled Firms on Cost of Equity Evidence of Turkish Listed Firms During 2008 Financial Crisis
    (Kadir Has Üniversitesi, 2020) Qahtan, Abdulrahman; Öztürkkal, Belma
    Önceki çalışmalar, şirket yönetiminin mali bir krizin, özellikle de bu kritik zamanlarda ortaya birçok ekonomik olgu koyan yakın zamandaki ekonomik krizlerin önlenmesinde ya da etkilerinin azaltılmasında başarısız olduğuna inanmıştır. Bu olaylardan biri de vasıta problemi ve hissedarlar arası el koyma meseleleridir. Bir önceki araştırmalar kriz zamanlarında, hissedarların çoğunluğunun azınlıkta olan hissedarların malına el koyma dürtüsünün genellikle böyle bir dürtünün daha az olduğu aile şirketi olmayan şirketlerin aksine aile ya da bireyler tarafından yönetilen şirketlerde gözlemlendiğini iddia etmektedir. Bu araştırma, aile şirketleri ile 2008 yılındaki ekonomik kriz zamanında sonuçta büyük bir rolü olan öz sermaye maliyetinde belirgin olan vasıta maliyeti arasındaki ilişkiyi incelemektedir. Veriler Türk menkul kıymetler borsasındaki 331 şirketi kapsayarak Bist All Share (XUTUM) halka açık şirketlerinden toplanmıştır. Zaman aralığı, 2008'deki ekonomik krizden iki yıl önce ve iki yıl sonra olmak üzere 2006'dan 2010'a kadarki zaman olarak belirlenip farklı yapısından ötürü mali sektörü dışarıda bırakarak mali verileri ve son mülkiyeti bir araya getirmede ikinci veri metodunu kullanarak belirlenmiştir Sonuçlar, Türkiye'deki aile kontrolündeki ve aile kontrolündeki olmayan firmaların özkaynak maliyetinde önemli bir fark olmadığını göstermektedir.
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    Article
    Citation - WoS: 20
    Citation - Scopus: 21
    Contagion of Fear: Is the Impact of Covid-19 on Sovereign Risk Really Indiscriminate?
    (Wiley, 2021) Cevik, Serhan; Ozturkkal, Belma
    This paper investigates the impact of infectious diseases on the evolution of sovereign credit default swap (CDS) spreads for a panel of 77 countries. Using annual data over 2004-2020, we find that infectious-disease outbreaks have no discernible effect on CDS spreads, after controlling for macroeconomic and institutional factors. However, a granular analysis using high-frequency data indicates that the COVID-19 pandemic has had a significant impact on CDS spreads. This adverse effect appears to be more pronounced in advanced economies, which may reflect the greater severity of the pandemic and depth of the economic crisis in these countries, at least during the initial stage of the outbreak, as well as underreporting in developing countries due to differences in testing availability and institutional capacity. While more stringent containment measures help lower sovereign CDS spreads, the fiscal burden of these efforts could undermine credit worthiness and eventually push the cost of borrowing higher.