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

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2

ZERO HUNGER
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0

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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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8

DECENT WORK AND ECONOMIC GROWTH
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3

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3

GOOD HEALTH AND WELL-BEING
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1

Research Products

5

GENDER EQUALITY
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2

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9

INDUSTRY, INNOVATION AND INFRASTRUCTURE
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1

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12

RESPONSIBLE CONSUMPTION AND PRODUCTION
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0

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16

PEACE, JUSTICE AND STRONG INSTITUTIONS
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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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17

PARTNERSHIPS FOR THE GOALS
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1

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4

QUALITY EDUCATION
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10

REDUCED INEQUALITIES
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5

Research Products
Documents

18

Citations

197

h-index

9

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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: 8
    Citation - Scopus: 11
    Does mood affect institutional herding?
    (Elsevier, 2020) Gavriilidis, Konstantinos; Kallinterakis, Vasileios; Öztürkkal, Belma
    Drawing on a unique data set of daily portfolio holdings for Turkish mutual funds we investigate the relationship between mood and institutional herding on the premises of various established mood proxies (weekend effect; holiday effect; Ramadan; sunshine). Results indicate that fund managers in Turkey herd significantly, with their herding growing in magnitude as the number of active funds per stock rises and appearing stronger on the buy-than the sell-side. Although the relationship of mood with institutional herding occasionally assumes the correct sign as per theoretical expectations, institutional herding is found to be insignificantly different across various mood states, thus denoting that mood does not impact the propensity of fund managers to herd. (C) 2020 Elsevier B.V. All rights reserved.
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    Article
    Citation - WoS: 1
    A Survey Analysis on the Investment Attitudes of Individual Investors
    (Bilgesel Yayincilik San & Tic Ltd, 2013) Öztürkkal, Belma
    This study aims to analyze determinants of trading behavior of individual investors where a survey of 55 questions on 85 people is used. The survey is composed of four parts: demographic properties perceived emotions investment preferences portfolio diversification. The findings show that investors are subject to home bias and the surveyed investors prefer to invest in local equity market. The findings show that older investors have less investment confidence and more diversification where number of different stocks and HHI (Hezfindahl-Hirshman Index) are used as two diversification measures in the analysis. The OLS regression and logit response results prove that male investors trade more and when the investor's equity portion of the total portfolios increases the number of trades also increases. The self-reported investment confidence level and greed have positive effect on diversification. Hence diversification level increases with the investor's equity portion of their total portfolios. The findings suggest that male investors on the average are more confident than females in their investment decisions and males who are more confident have better portfolio diversification choices.
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    Article
    The Relationship Between Firm Size and Export Sales: Sector or Size What Matters?
    (Physica-Verlag, 2017) Berk, Niyazi; Öztürkkal, Belma
    This paper examines the performance of export focused companies listed on the Borsa Istanbul trading in the emerging market of Turkey. Using the panel data of stock market prices (1995–2011) we study the performance of companies in different sectors and their return performance in the volatile exchange rate environment and devaluation periods of 1996 1997 1998 1999 2001 and 2008. The paper investigates sales market capitalization or asset performances’ statistical significance level with regard to these companies’ export level. We review the performance of these operational measures in an environment of changing foreign exchange rates. Regression analysis is used to measure the effects of currency devaluation on the companies analyzed. Finally the study analyzes the export sales of companies by sector following a period of sharp devaluation. © Springer International Publishing AG 2017.
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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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    Doctoral Thesis
    Türkiye'de Banka Aracılığında Ticaret Finansmanını Belirleyen Faktörler
    (2025) Tavşanlı, Melike Betül; Öztürkkal, Belma
    Ticaret, ekonomik büyümenin temel itici güçleri arasında yer alır. Daha önce kaleme alınan akademik çalışmalar ticaret finansmanının ticarete desteğini ortaya koymuştur. Tezimiz, önemli bir gelişmekte olan pazar olan ve ayrıca dünyanın geri kalanıyla güçlü ve geniş ticari bağlara sahip Türkiye'de banka aracılığında ticaret finansmanını belirleyen faktörlere odaklanmaktadır. Bu çalışmada, banka aracılığında ticaret finansmanını Akreditif (LC) ile endeksliyoruz. LC, uluslararası ticarette riskleri azaltmaya yönelik bir araç olarak düşünülebilir ve gelişmekte olan bir ülke olan Türkiye, banka aracılığının riski ortadan kaldıran niteliği açısından iyi çıkarımlar sağlamaktadır. Bu tez kapsamında, Türk bankalarının bilanço dışı kalemlerinden ve yatırımcı sunumlarından derlenenbir veri setine dayanan ve Türkiye'de banka aracılığında ticaret finansmanının belirleyicilerini saptayan bir model oluşturuyoruz. Türk bankacılık sektörü varlıklarının %95' inden fazlasını temsil eden otuz üç Türk bankasını içeren ve 2002 ile 2022 yılları arasındaki seksen bir mali çeyreği kapsayan bir panel veri kümesi üzerinde olağan en küçük kareler (OLS) regresyonunu kullanıyoruz. Ticaret Finansmanı literatürüne katkılarımız manuel olarak bir araya getirilmiş yeni bir veri kümesini, Türkiye'de LC arzında bilanço, sahiplik, banka türü ve belirsizlik faktörlerinin etkisini mikro düzeyde test eden yeni bir model oluşturulmasını, ayrıca kriz ve kredi derecelendirme notu değişikliği dönemlerine odaklı ek analizleri içermektedir. Test sonuçlarımız, Türkiye'de LC arzının belirlenmesinde sermaye, krediler, mevduat, şube sayısı, mülkiyet, banka türü ve belirsizliğin önemli unsurlar olduğunu göstermektedir. Ayrıca, yaptığımız ek analizler, yabancı sermayedarlara sahip Türk bankalarının kriz dönemlerinde dış ticaret finansmanını azaltma eğiliminde olduklarını ve 2008 Küresel Mali Krizi'nin Türk bankalarının dış ticaret finansmanı aracılığı faaliyetleri üzerinde uzun vadeli dönüştürücü bir etki yarattığını 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.
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    Book Part
    Social Finance in Developed Markets: Successes and Failures
    (Springer Nature, 2025) Ozturkkal, Belma
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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: 2
    Citation - Scopus: 2
    Explaining Mortgage Defaults Using Shap and Lasso
    (Springer, 2024) Ozturkkal, Belma; Wahlstrom, Ranik Raaen; Wahlstrøm, 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.