Ayşe Belma Öztürkkal

Öztürkkal, Ayşe Belma

Profile URL

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

Sustainable Development Goals

15

LIFE ON LAND

0

Research Products

16

PEACE, JUSTICE AND STRONG INSTITUTIONS

0

Research Products

14

LIFE BELOW WATER

0

Research Products

6

CLEAN WATER AND SANITATION

0

Research Products

3

GOOD HEALTH AND WELL-BEING

1

Research Products

17

PARTNERSHIPS FOR THE GOALS

1

Research Products

4

QUALITY EDUCATION

0

Research Products

2

ZERO HUNGER

0

Research Products

10

REDUCED INEQUALITIES

5

Research Products

7

AFFORDABLE AND CLEAN ENERGY

0

Research Products

13

CLIMATE ACTION

0

Research Products

1

NO POVERTY

2

Research Products

9

INDUSTRY, INNOVATION AND INFRASTRUCTURE

1

Research Products

12

RESPONSIBLE CONSUMPTION AND PRODUCTION

0

Research Products

8

DECENT WORK AND ECONOMIC GROWTH

3

Research Products

11

SUSTAINABLE CITIES AND COMMUNITIES

0

Research Products

5

GENDER EQUALITY

2

Research Products

Documents

17

Citations

190

h-index

9

Go to Scopus profile

Documents

0

Citations

0

Go to WoS profile

Scholarly Output

22

Articles

17

Views / Downloads

204/2073

Supervised MSc Theses

2

Supervised PhD Theses

1

WoS Citation Count

148

Scopus Citation Count

190

WoS h-index

8

Scopus h-index

9

Patents

0

Projects

0

WoS Citations per Publication

6.73

Scopus Citations per Publication

8.64

Open Access Source

12

Supervised Theses

3

Google Analytics Visitor Traffic

Journal	Count
Journal of Behavioral and Experimental Finance	2
Emerging Markets Finance and Trade	2
Borsa Istanbul Review	2
İktisat İşletme ve Finans	1
International Finance	1

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Current Page: 1 / 3

Scopus Quartile Distribution

Competency Cloud

Scholarly Output Search Results

Now showing 1 - 10 of 22

Citation - WoS: 1
Citation - Scopus: 2
Explaining Mortgage Defaults Using Shap and Lasso
(Springer, 2024) Ozturkkal, Belma; Wahlstrom, Ranik Raaen
We utilize machine learning methods to model the credit risk of mortgages in a significant emerging market. For this purpose, we investigate a multitude of variables that explain the characteristics of the loans, the demographics of the borrowers, and macroeconomic factors. We employ SHapley Additive exPlanations (SHAP) values in conjunction with five different tree-based machine learning methods, as well as the least absolute shrinkage and selection operator (LASSO) in conjunction with logistic regressions. Our findings, which are robust across two sampling schemes, reveal that while demographic variables are significant and important, loan-specific and macroeconomic variables are the most crucial in explaining mortgage defaults. As existing literature on mortgage default has primarily focused on advanced markets, we aim to bridge this gap by concentrating on emerging market data. We also share our code, which we hope will encourage others to utilize the methods we have applied.
Citation - WoS: 16
Citation - Scopus: 23
The Role of Environmental, Social, Governance (ESG) Practices and Ownership on Firm Performance in Emerging Markets
(Routledge Journals, Taylor & Francis Ltd, 2023) Bilyay-Erdogan, Seda; Ozturkkal, Belma
This paper investigates: (i) the effect of environmental, social, and governance (ESG) engagement and ownership attributes on firm performance and (ii) whether different ownership attributes (institutional, foreign, and state ownership) moderate the association between ESG engagement and firm performance. Employing an extensive sample from 22 emerging countries worldwide, we provide cross-country evidence that ESG engagement and its three pillars, i.e. environmental, social, and governance pillars, enhance firm performance, proxied with ROA and Tobin's Q. Moreover, institutional and foreign ownership positively impact firm performance. We present novel evidence that the positive impact of superior ESG engagement on firm performance is lower for higher institutional ownership companies than lower institutional ownership companies, but greater for higher foreign ownership companies than lower foreign ownership companies.
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.
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.
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.
Citation - WoS: 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.
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.
Citation - WoS: 23
Citation - Scopus: 28
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.
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;
Citation - WoS: 15
Citation - Scopus: 30
Enhancing portfolio management using artificial intelligence: literature review
(Frontiers Media Sa, 2024) Sutiene, Kristina; Schwendner, Peter; Sipos, Ciprian; Lorenzo, Luis; Mirchev, Miroslav; Lameski, Petre; Cerneviciene, Jurgita
Building an investment portfolio is a problem that numerous researchers have addressed for many years. The key goal has always been to balance risk and reward by optimally allocating assets such as stocks, bonds, and cash. In general, the portfolio management process is based on three steps: planning, execution, and feedback, each of which has its objectives and methods to be employed. Starting from Markowitz's mean-variance portfolio theory, different frameworks have been widely accepted, which considerably renewed how asset allocation is being solved. Recent advances in artificial intelligence provide methodological and technological capabilities to solve highly complex problems, and investment portfolio is no exception. For this reason, the paper reviews the current state-of-the-art approaches by answering the core question of how artificial intelligence is transforming portfolio management steps. Moreover, as the use of artificial intelligence in finance is challenged by transparency, fairness and explainability requirements, the case study of post-hoc explanations for asset allocation is demonstrated. Finally, we discuss recent regulatory developments in the European investment business and highlight specific aspects of this business where explainable artificial intelligence could advance transparency of the investment process.

Öztürkkal, Ayşe Belma

Profile URL

Name Variants

Job Title

Email Address

Main Affiliation

Status

Website

ORCID ID

Scopus Author ID

Turkish CoHE Profile ID

Google Scholar ID

WoS Researcher ID

Sustainable Development Goals

15

LIFE ON LAND

0

Research Products

16

PEACE, JUSTICE AND STRONG INSTITUTIONS

0

Research Products

14

LIFE BELOW WATER

0

Research Products

6

CLEAN WATER AND SANITATION

0

Research Products

3

GOOD HEALTH AND WELL-BEING

1

Research Products

17

PARTNERSHIPS FOR THE GOALS

1

Research Products

4

QUALITY EDUCATION

0

Research Products

2

ZERO HUNGER

0

Research Products

10

REDUCED INEQUALITIES

5

Research Products

7

AFFORDABLE AND CLEAN ENERGY

0

Research Products

13

CLIMATE ACTION

0

Research Products

1

NO POVERTY

2

Research Products

9

INDUSTRY, INNOVATION AND INFRASTRUCTURE

1

Research Products

12

RESPONSIBLE CONSUMPTION AND PRODUCTION

0

Research Products

8

DECENT WORK AND ECONOMIC GROWTH

3

Research Products

11

SUSTAINABLE CITIES AND COMMUNITIES

0

Research Products

5

GENDER EQUALITY