Uluslararası Ticaret ve Finans Bölümü Koleksiyonu

Permanent URI for this collectionhttps://hdl.handle.net/20.500.12469/67

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Now showing 1 - 20 of 41

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.
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.
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.
Citation - WoS: 19
Citation - Scopus: 17
Efficiency Analysis of Black Sea Container Seaports: Application of an Integrated Mcdm Approach
(Routledge, 2020) Ömer Faruk, Görçün
The current paper carries out an examination about the selection of the proper container seaport, which in the Black sea region. This paper focuses on a research question. Is it possible to apply multi-criteria decision-making methods that can be applied more easily than the DEA technique for decision-makers? In order to determine the best performance analysis technique that can give successful results, two-hybrid multi-criteria decision-making models were selected and operational performances of the container ports in the Black Sea region were analyzed with the help of these integrated approaches. While the first MCDM model consists of the entropy and OCRA technique, the second hybrid model consists of the Entropy and EATWIOS method. The main aim of this paper is to discuss whether these proposed hybrid models can be implemented to make an effective performance analysis for the maritime industry. The second aim of this paper is to evaluate the Black sea container seaports with the help of this suggested model. The study reveals that the proposed MCDM models can be implemented for container port selection successfully and easily and both of them have given very closer results to each other in aspects of the evaluation of the criteria and options.
Citation - WoS: 2
Citation - Scopus: 2
Informed Trading, Order Flow Shocks and the Cross Section of Expected Returns in Borsa Istanbul
(Routledge Journals, 2020) Tiniç, Murat; Salih, Aslihan
This paper examines the relationship between information asymmetry and stock returns in Borsa Istanbul. For all stocks that are traded in Borsa Istanbul between March 2005 and April 2017, we estimate the probability of informed trading (PIN) to proxy for information asymmetry.? Firm-level cross-sectional regressions indicate a statistically insignificant relationship between PIN estimates and future returns. Moreover, univariate and multivariate portfolio analyses assert that investors that hold stocks that have high information asymmetry do not obtain significant future returns. Consequently, our results suggest that information asymmetry proxied by PIN is a firm-specific risk and can be eliminated with portfolio diversification. Findings are robust to different factorizations in estimating PIN and free of any bias due to trade classification algorithms, boundary solutions, floating-point exceptions and symmetric?order flow shocks.
Citation - WoS: 1
Citation - Scopus: 2
The Maximum Surplus in a Finite-Time Interval for a Discrete-Time Risk Model With Exchangeable Dependent Claim Occurrences
(John Wiley and Sons Ltd, 2019) Gebizlioğlu, Ömer Lütfi; Eryilmaz, Serkan
This paper investigates a discrete-time risk model that involves exchangeable dependent loss generating claim occurrences and compound binomially distributed aggregate loss amounts. First a general framework is presented to derive the distribution of a surplus sequence using the model. This framework is then applied to obtain the distribution of any function of a surplus sequence in a finite-time interval. Specifically the distribution of the maximum surplus is obtained under nonruin conditions. Based on this distribution the computation of the minimum surplus distribution is given. Asset and risk management–oriented implications are discussed for the obtained distributions based on numerical evaluations. In addition comparisons are made involving the corresponding results of the classical discrete-time compound binomial risk model for which claim occurrences are independent and identically distributed. © 2018 John Wiley & Sons Ltd.
Citation - Scopus: 1
Recent Advances in Applied and Computational Mathematics: Icacm-Iam
(Elsevier, 2014) Akyildiz, Ersan; Gebizlioğlu, Ömer Lütfi; Karasözen, Bülent; Uğur, Ömür; Weber, Gerhard Wilhelm
[Abstract Not Available]
Citation - WoS: 149
Citation - Scopus: 161
Economic Policy Uncertainty, Stakeholder Engagement, and Environmental, Social, and Governance Practices: the Moderating Effect of Competition
(Wiley, 2020) Vural-Yavaş, Çiğdem
his paper investigates the effect of the economic policy uncertainty (EPU) on corporate environmental, social, and governance practices (ESG), using 6,562 firm-year observations from 15 developed European countries covering the period from 2004 to 2017. The results show that during periods of high uncertainty, firms increase their overall ESG performance, corporate environmental performance, and performance in governance. The relationship is valid for emission, resource use, workforce, management, and corporate social responsibility (CSR) strategy subdimensions of ESG. Furthermore, during periods of high uncertainty, firms operating in concentrated industries increase their overall ESG activities and corporate environmental performance. These results suggest that firms use ESG practices as risk-reducing activities like insurance, during high periods of uncertainty. Overall, consistent with the stakeholder theory, the results indicate that firms increase their ESG practices not only to reduce corporate risk-taking but also to follow value-increasing activities during periods of high uncertainty, implying an improved stakeholder engagement.
Citation - WoS: 18
Citation - Scopus: 22
Who Was Colonized and When? a Cross-Country Analysis of Determinants
(Elsevier Science Bv, 2016) Ertan, Sabri Arhan; Fiszbein, Martin; Futterman, Louis
The process of colonization has shaped the economic and demographic contours of the modern world. In this paper we study the determinants of the occurrence and timing of colonization of non-European countries by Western European powers. Of particular interest is the role of early development measures that are known to be strong correlates of present-day levels of income. We show that non-European societies with longer histories of agriculture and statehood and higher levels of technology adoption in 1500 were less likely to be colonized and tended to be colonized later if at all. We also find that proximity to the colonizing powers disease environment and latitude are significant predictors of the occurrence and timing of colonization although their impacts are less robust to choice of country sample. Our models have high explanatory power and their support for the significance of early development is robust to the use of alternative indicators of early development and disease to the use of instruments to focus on the exogenous component of early development and to the joint estimation of the colonization and timing equations to correct for potential selection bias. (C) 2015 Elsevier B.V. All rights reserved.
Citation - WoS: 9
Citation - Scopus: 10
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: 12
Citation - Scopus: 10
Turkey's Outward Foreign Direct Investment: Trends and Patterns of Mergers and Acquisitions
(Routledge Journals Taylor & Francis Ltd, 2017) Yıldırım, Canan
The aim of this study is to examine the recent evolution of Turkish outward foreign direct investment together with Turkish firms' cross-border acquisitions across time countries and industries. The article suggests that macro-economic restructuring and institutional reforms together with strengthened competition at home and globally not only allowed but also forced Turkish firms to expand internationally. It shows that Turkish acquisitions are mostly directed towards European countries and are concentrated more in manufacturing than in the services industry. In addition most of the acquisitions involve firms operating in low-technology manufacturing and less knowledge-intensive services. These findings imply that Turkish firms might be motivated mainly towards accessing new markets and that the acquisitions do not seem to be utilized for technological upgrading and productivity improvements.
Citation - WoS: 1
Productivity Analysis of Black Sea Container Ports by Using Integrated Entropy and Eatwos Methods
(Eskısehır Osmangazı Univ, 2019) Görçün, Ömer Faruk
The Black Sea region is an extremely important region for global trade. Approaches such as short sea shipping and marine highways, which are on the agenda of European Union lead to increase the importance of Black Sea container ports by day by. Thus, performance of seaports of the region will be important factors, which can affect to their development and improvement that will be happened. Because effectivity of seaports may be effected by many factors, it is needed to use the MCDM methodologies can provide a systematic and structural solution way for evaluation. In this study, a hybrid model, which integrated the entropy and EATWOS methods is proposed to make productivity analysis of Black sea container ports. It is expected that obtained results from this study may have a usable characteristic by investors and public authorities in addition to actors, that placed in the logistics processes
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: 6
Citation - Scopus: 6
On Concomitants of Upper Record Statistics and Survival Analysis for a Pseudo-Gompertz Distribution
(Elsevier Science, 2014) Yorubulut, Serap; Gebizlioğlu, Ömer Lütfi
This paper presents upper record statistics and their concomitants for a bivariate pseudo-Gompertz distribution about paired lifetime variables. Survival and hazard functions are derived for the distribution. The survival and hazard functions are displayed for some selected values of the parameters of concern. Interpretations are given for the potential reliability and actuarial applications of the obtained results. (C) 2013 Elsevier B.V. All rights reserved.
Citation - WoS: 4
The Government-Sponsored Enterprises
(John Wiley & Sons Ltd, 2011) Acharya, Viral V.; Öncü, T. Sabri; Richardson, Matthew; Van Nieuwerburgh, Stijn; White, Lawrence J.
[Abstract Not Available]
Citation - Scopus: 1
International Financial Crises and the Political Economy of Financial Reforms in Turkey: 1994-2009
(2009) Şakar, Birgül
This study1 holds for the formation of international financial crisis and political factors for economic crisis in Turkey are evaluated in chronological order. The international arena and relevant studies conducted in Turkey work in the literature are assessed. The main purpose of the study is to hold the linkage between the crises and political stability in Turkey in details and to examine the position of Turkey in this regard. The introduction part follows the literature survey on the models explaining causes and results of the crises the second part of the study. In the third part the formations of the world financial crises are studied. The fourth part financial crisis in Turkey in 1994 2000 2001 and 2008 are reviewed and their political reasons are analyzed. In the last part of the study the results and recommendations are held. Political administrations have laid the grounds for an economic crisis in Turkey. In this study the emergence of an economic crisis in Turkey and the developments after the crisis are chronologically examined and an explanation is offered as to the cause and effect relationship between the political administration and economic equilibrium in the country. Economic crises can be characterized as follows: high prices of consumables high interest rates current account deficits budget deficits structural defects in government finance rising inflation and fixed currency applications rising government debt declining savings rates and increased dependency on foreign capital stock. Entering into the conditions of crisis during a time when the exchange value of the country's national currency was rising speculative finance movements and shrinking of foreign currency reserves happened due to expectations for devaluation and because of foreign investors' resistance to financing national debt and a financial risk occurs. During the February 2001 crisis and immediately following devaluation and reduction of value occurred in Turkey's stock market. While changing over to the system of floating exchange rates in the midst of this crisis the effects of the crisis on the real economy are discussed in this study. Administered politics include financial reforms such as the rearrangement of banking systems. These reforms followed with the provision of foreign financial support. There have been winners and losers in the imbalance of income distribution which has recently become more evident in Turkey's fragile economy.
Citation - Scopus: 8
An Analysis of the Unemployment Selected Mena Countries and Turkey
(2008) Bilgin, Mehmet Hüseyin; Kilicarslan, Ismihan N, I. N.
One of the most important economic and social problems of the Middle East and North Africa (MENA) is the high rate of unemployment. Unemployment in the selected MENA countries like Egypt Israel Jordan and Turkey are examined as well as the relationship between growth and unemployment. For this reason active labor market policies should be designed to address job creation in addition to structural reform in labor markets.
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: 3
Citation - Scopus: 6
Competition in Turkish Banking: Impacts of Restructuring and the Global Financial Crisis
(Wiley, 2014) Yıldırım, Canan
This paper investigates the evolution of competition in the Turkish banking industry by taking into account the transformation in the sector in the aftermath of the country's financial crisis of 2000 to 2001 and the global financial crisis. The results demonstrate that the level of competition in the system did not increase despite the restructuring that was undertaken and the increased foreign bank participation. In addition the level of competition in the sector deteriorated during the global crisis. There is also some evidence that the market power of banks with different ownership characteristics varied and did not converge over time.
Yeni Keynesci Yaklaşımda Ücret ve İstihdam
(İstanbul Üniversitesi, 2002) Bilgin, Mehmet Hüseyin
The purpose of this paper is to explore the new Keynesian approach on wages and employment relationship. According to new Keynesian school, market clearing mechanism does not exist due to rigidities and stickiness. This situation leads involuntary unemployment. In new Keynesian theory, there are three theories to explain wage rigidities and involuntary unemployment. This paper analyzes these theories in detail and discusses the new Keynesian assumptions from the perspective of Turkish labor market.

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