Bankacılık ve Finans Bölümü YayınKoleksiyonu

Permanent URI for this collectionhttps://hdl.handle.net/20.500.12416/400

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Citation Count: Karadagli, E.C.; Donmez, M.G., "A Nonlinear Analysis of Weak Form Efficiency of Stock Index Futures Markets in Cce Emerging Economies", International Research Journal of Finance and Economics, Vol. 95, pp. 61-71, (2012).
A Nonlinear Analysis of Weak Form Efficiency of Stock Index Futures Markets in Cce Emerging Economies
(2012) Karadağlı, Ece Ceylan; 17735
Futures markets, through carrying considerable impact on the spot market, serving such functions as price discovery and risk reduction for all market participants, and providing beneficial effects on the economic growth process especially in emerging countries, appear to be a vital part of a well-functioning economy. Accordingly, this paper examines weak form futures market efficiency of five CEE Emerging Economies. For this purpose, besides the traditional unit root tests, to account for nonlinearities in financial data, we employ nonlinear unit root tests along with their panel extensions. The results suggest that although the examined markets are efficient in linear sense, inefficiencies prevail when we account for nonlinearities. These findings imply that the examined countries, especially Poland and Turkey, need to take precautions to overcome the obstacles in their prevailing market structures, especially inherited in the sources of nonlinearity in the financial data, and to ensure a more efficient futures markets
Citation Count: Akdoğan, E.C.,"Asymmetric Smooth Transition in Cds Spreads: Evidence From Latvia",Academy of Accounting and Financial Studies Journal, Vol. 23, No. 3, pp. 7, (2019).
Asymmetric Smooth Transition in Cds Spreads: Evidence From Latvia
(Allied Business Academies, 2019) Akdoğan, Ece Ceylan; 17735
This paper investigates the predictability of CDS premiums and thus addresses weak form informational efficiency of CDS markets through examining the statistical properties of Latvian CDS spreads in-between 01:2006-08:2017 by concentrating on stationarity issues. The findings for the Augmented Dickey Fuller test fail to reject the presence of unit root indicating that the CDS market is weak form efficient while nonlinear tests of Kapatenios, Snell and Shin, and Sollis claim the opposite, demonstrating a smooth transition in general, and asymmetric smooth transition in particular. Additionally, the results of Perron and Zivot-Andrews tests identify no structural break as well for robustness. These results underline the necessity of accounting for nonlinearities in CDS premiums to grasp the predictability dynamics better.
Citation Count: Gönenç, Halit; Kan, Ozgur Berk; Karadagli, Ece C., "Corporate Diversification and Internal Capital Markets: Evidence from the Turkish Business Groups", 2004.
Corporate Diversification and Internal Capital Markets: Evidence from the Turkish Business Groups
(2004) Gönenç, Halit; Kan, Özgür Berk; Karadağlı, Ece C.; 17735
We compare the performance of firms affiliated with diversified business groups with the performance of unaffiliated firms in an emerging market, Turkey. Our findings indicate that group affiliation improves firm's accounting performance, but not stock market performance. Furthermore, we find that firm's accounting (but not stock market) performance increases with the level of group diversification. Our results also indicate that having a group affiliated bank affects the accounting performance measures of the group firms positively, but the market value of the group affiliated firms negatively, supporting the misallocation of capital hypothesis. In addition, having a group affiliated media institution is found to affect the performance of the group firms positively. More importantly, we examine the frequency of seasoned equity issue offerings with the forms of cash (right and restricted right) issues and bonus issues to address the question of whether group affiliated firms create an internal capital market. We show that unaffiliated firms are more bound to external markets to raise capital while the affiliated firms use internal capital markets. The views expressed in these papers are those of the author(s), they do not reflect the opinions of LECG, LLC and should not be construed as representing the positions of other experts at LECG, LLC.
Citation Count: Akdoğan, Ece Ceylan (2015). "Economic exposure of emerging market firms", Actual Problems of Economics, Vol. 166, No. 4, pp. 67-74.
Economic exposure of emerging market firms
(2015) Akdoğan, Ece Ceylan; 17735
Although foreign exchange risk inherits more severe exposures for emerging market firms, past empirical research addressing foreign exchange exposure is mainly concentrated on firms operating in developed economies. This paper examines the impact of exchange rate fluctuations on firm value at an emerging market through focusing on economic exposure of Turkish listed firms. The findings indicate that depreciation of Turkish lira against the euro, the US dollar and the basket currency significantly deteriorates firm value in a current month while significantly enhances firm value during the next month. When the overall impact of Turkish lira depreciation on the value of Turkish companies is considered, it is observed that the weakening of the home currency has a positive effect on firm’s value.
Citation Count: Karadağlı, Ece Ceylan, "Globalization, firm performance and group affiliation inemerging markets: evidence from turkey" Financial Aspects Of Recent Trends In The Global Economy, Vol I, pp.164-174, (2013).
Globalization, firm performance and group affiliation inemerging markets: evidence from turkey
(Asers Publishing, 2013) Karadağlı, Ece Ceylan; 17735
Although the process of globalization deeply affects businesses in all aspects, unfortunately, the firm level effects of globalization are highly unexplored in the literature. This research aims to explore how the overall globalization level of a country as well as her economic, her political and her social globalization levels affect the performance of both the group affiliated and the unaffiliated firms, operating in this business environment by using pooled panel analysis. To search for the potential differences that may prevail between the firm performance effects of globalization on the group affiliated firms and on the unaffiliated firms, it focuses on Turkish listed companies for the period 2002-2009. The findings of the study indicate that while globalization improves the stock returns of both the group affiliated and the unaffiliated firms, it deteriorates the operational income of both groups of firms. The findings also imply that although the effects of economic and political globalization do not seem to differentiate much between the group affiliated and the unaffiliated firms, social globalization may be argued to affect the operating incomes and the firm growth rates of group affiliated and unaffiliated firms differently. Last but not least, the findings suggest that the most influential dimension of globalization in terms of its effects on firm performance for Turkish companies seems to be the economic globalization.
Citation Count: Akdoğan, Ece Ceylan. (2018). "How globalization affects the operational efficiency of emerging market firms?: A comparative analysis on Turkish SMEs", Economics and Business Letters, Vol.7, No.1, pp.9-17.
How globalization affects the operational efficiency of emerging market firms?: A comparative analysis on Turkish SMEs
(2018) Akdoğan, Ece Ceylan; 17735
This paper examines the impact of globalization on the operational efficiency of emerging market firms by concentrating on the financial outcomes of a firm’s main operations through focusing on operating income and cash conversion cycle as well as on their possible causes in an emerging market, Turkey. The findings indicate that globalization significantly deteriorates the operating income and lengthens the cash conversion cycle of Turkish firms. Besides, globalization is found to increase sales of SMEs and decrease sales of large companies significantly and the impact on operating income of large companies is observed to be stronger. Globalization is also found to lead a softening in Turkish firm’s terms of sales and enable Turkish SMEs to benefit from better terms of purchase.
Citation Count: Akdogan, Ece Ceylan , "How Globalization Affects The Operational Efficiency of Emerging Market Firms?: A Comparative Analysis On Turkish SMEs", Economics and Business Letters, 7, No. 1, pp. 9-17, (2018).
How Globalization Affects The Operational Efficiency of Emerging Market Firms?: A Comparative Analysis On Turkish SMEs
(Univ Oviedo, 2018) Akdoğan, Ece Ceylan; 17735
This paper examines the impact of globalization on the operational efficiency of emerging market firms by concentrating on the financial outcomes of a firm's main operations through focusing on operating income and cash conversion cycle as well as on their possible causes in an emerging market, Turkey. The findings indicate that globalization significantly deteriorates the operating income and lengthens the cash conversion cycle of Turkish firms. Besides, globalization is found to increase sales of SMEs and decrease sales of large companies significantly and the impact on operating income of large companies is observed to be stronger. Globalization is also found to lead a softening in Turkish firm's terms of sales and enable Turkish SMEs to benefit from better terms of purchase.

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