Uluslararası Ticaret ve Finans Bölümü Koleksiyonu

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

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Citation - WoS: 10
Citation - Scopus: 9
Efficiency in Turkish Banking: Post-Restructuring Evidence
(Routledge Journals Taylor & Francis Ltd, 2017) Davutyan, Nurhan; Yıldırım, Canan
Turkish banking sector went through a significant restructuring process in the aftermath of the country's financial crisis of 2000-2001. In this paper we analyze the evolution of banking performance using a novel approach due to Ray [(2007). Shadow Profit Maximization and a Measure of Overall Inefficiency. Journal of Productivity Analysis 27 231-236]. We derive shadow unrealized profit scores' as well as shadow input-output prices' for each year and bank in the sector from 2002 to 2011. We argue these scores operationalize the Hicksian concept of monopolistic quiet life'. We provide some evidence the sector came closer to the zero profit condition' as well as displaying a closer approximation to the law of one price' over time. We show the variability of these shadow prices' essentially coincides with that of corresponding actual prices. We utilize shadow price information to show that business models and competitive choices of banks differ across ownership types with foreign banks competing on the broadest front compared to state-owned and privately owned Turkish banks.
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 - 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: 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: 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.
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: 150
Citation - Scopus: 163
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.
Is U.s. Labor Market Flexibility a Prescription To Curve Turkey's High Unemployment?
(2011) Bilgin, Mehmet Hüseyin
This paper compares the U.S. and Turkish labor markets in terms of flexibility and draws some results for Turkey. In paper the U.S. is considered a flexible model and Turkey a rigid model. Since 2001 unemployment is one of the most serious problems in Turkey. Despite rapid economic growth in 2000s the job creation capacity of the economy has not improved and high unemployment still remains a worrisome problem. The paper also discusses the reasons for different unemployment rates in Europe and in the U.S. It focuses on the pre-recession period however and does not discuss the results of the global recession.
Citation - WoS: 78
Citation - Scopus: 84
Economic Policy Uncertainty and Bank Credit Growth: Evidence From European Banks
(Elsevier B.V., 2020) Danışman, Gamze Öztürk; 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.
A Tournament Analysis of Mutual Funds in Turkey
(Bilgesel Yayincilik San & Tic Ltd, 2012) Öztürkkal, Belma; Erdem, Orhan
This is an analysis of the mutual funds in Turkey with respect to their risk-altering behavior Using the monthly returns and volatilities of 133 funds from 2002 to 2007 we divide each year in two parts and check whether or not the funds' performance in the first part affects the behavior of mutual fund companies in the second part in terms of risk. We find sufficient evidence that the funds which have lower/higher performance in the first part of the year have higher/lower risk appetite for the second half of the year: The results have stronger significance if the year is divided from June or July. The results from the Turkish mutual funds market are generally in line with previous literature from developed countries.
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 - WoS: 14
Measuring Bank Branch Performance Using Data Envelopment Analysis (dea): the Case of Turkish Bank Branches
(Academic Journals, 2011) Eken, Mehmet Hasan; Kale, Süleyman
The aim of this study is to develop a performance model for measuring the relative efficiency and potential improvement capabilities of bank branches by identifying their strengths and weaknesses. Another purpose is to investigate the production and profitability aspects of branches. Under both production and profitability approaches efficiency characteristics of branches which are grouped according to different sizes and regions have similar tendencies. In both analyses it is apparent that branch size and scale efficiency are related to each other. As branch size increases scale efficiency increases too and after the most productive scale size however as size increases efficiency decreases. Too small and too large branches need special attention. Putting production and profit efficiency scores on two scales reveals the performing characteristics of branches. Each region needs different handling. Branches with low production-low profit efficiency should be evolved towards high production-high profit efficiency region.
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: 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: 20
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.

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