Browsing by Author "Pirgaip, Burak"

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The Causal Relationship Between Stock Markets and Policy Uncertainty in Oecd Countries
(Bc Grup inc, 2017) Pirgaip, Burak; 252136; 03.01. Bankacılık ve Finans; 03. İktisadi ve İdari Birimler Fakültesi; 01. Çankaya Üniversitesi
In this study, we examine the causal relationship between economic policy uncertainty (EPU) and stock market prices in OECD countries. We provide strong evidence that stock markets mostly Granger cause EPU. Such causality may also exist in the opposite direction for a few cases and we find no causality in some countries as well. Our results do not provide any support for bidirectional causality.
Derecelendirme Notu Değişikliklerinin Borsa İstanbul (BIST) Pay Piyasası'na Etkileri
(2017) Pirgaip, Burak; 03.01. Bankacılık ve Finans; 03. İktisadi ve İdari Birimler Fakültesi; 01. Çankaya Üniversitesi
Bu çalışmada, 1993-2016 yılları arasında Moody's Investors Service (Moody's), Standard and Poor's (S&P) ve Fitch Ratings (Fitch) tarafından Türkiye için verilen ülke kredi derecelendirme notlarındaki olumlu ve olumsuz yöndeki değişikliklerin Borsa İstanbul (BIST) Pay Piyasası'ndaki etkileri olay analizi yöntemiyle incelenmektedir. İnceleme sonuçları değişiklik tarihinden önce ve değişiklik tarihinde anormal getirilerin derecelendirme kararına paralel yönde hareket ettiğini, daha sonraki dönemlerde ise getiri etkilerinin tam tersi bir seyir izlediğini göstermektedir. Ayrıca, olumsuz yöndeki derecelendirme değişikliklerinin etkilerinin olumlu yöndeki değişikliklere nazaran daha fazla olduğu anlaşılmaktadır.
Do Derivative Instruments Play a Role in Performance Theory? The Turkish Closed-End Funds Case
(2016) Pirgaip, Burak; 252136; 03.01. Bankacılık ve Finans; 03. İktisadi ve İdari Birimler Fakültesi; 01. Çankaya Üniversitesi
Market prices of closed-end funds (CEF) deviate from their net asset values (NAV) which is known as “CEF puzzle”. I attempt to show from the Turkish experience that CEF discounts/premia predict the corresponding CEF‟s future returns, in the light of managerial performance theory. But derivatives facet of the subject matter has not been uncovered so far. Therefore I hypothesize that performance of derivative user CEF are better estimators for discounts/premia than non-users. I show a significant positive relation between CEF discounts/premia and future NAV performance. However, this relation seems not to be more explicit for derivative user CEF than non-users
The Impact of Macroeconomic Variables on Turkish Real Estate Investment Trusts
(Peter Lang AG, 2023) Pirgaip, Burak; Pirgaip, B.; Özkan, A.; Bankacılık ve Finans; 03.01. Bankacılık ve Finans; 03. İktisadi ve İdari Birimler Fakültesi; 01. Çankaya Üniversitesi
Impacts of Credit Rating Changes on Borsa Istanbul (Bist) Equity Market
(Ege Univ, Fac Economics & Admin Sciences, 2017) Pirgaip, Burak; 252136; 03.01. Bankacılık ve Finans; 03. İktisadi ve İdari Birimler Fakültesi; 01. Çankaya Üniversitesi
This study aims at analyzing the impacts of Turkey's sovereign credit rating upgrades and downgrades made by Moody's Investors Service (Moody's), Standard and Poor's (S&P) and Fitch Ratings (Fitch) in 1993-2016 period on Borsa Istanbul (BIST) Equity Market. Event study analysis results show that abnormal returns concur with the relevant rating decision both before and at the event date. However, the effects are reversed afterwards. Moreover, it is apparent that negative sided rating changes have more significance over abnormal returns when compared with positive sided ones.
Citation - WoS: 2
Citation - Scopus: 3
Loan-To Policy: Evidence From Turkish Dual Banking System
(Emerald Group Publishing Ltd, 2018) Hepsen, Ali; Pirgaip, Burak; 252136; 03.01. Bankacılık ve Finans; 03. İktisadi ve İdari Birimler Fakültesi; 01. Çankaya Üniversitesi
Purpose-This paper aims to answer how effective the loan-to-value (LTV) regulation has been since 2011 for conventional and Islamic (participation) banks in Turkey in terms of curbing mortgage loan growth and delinquency[1]. Design/methodology/approach-The authors first use unit root tests and tests of difference in loan and property price data in pre-LTV and post-LTV period. Second, the authors follow Chow test and ordinary least squares regression analyses to test for a structural break when sensitivity of mortgage loan and delinquency growth changes to property price changes considered. Findings-The authors find that two periods are statistically different, while the significance level is lower for Islamic banks. Moreover, loan growth has become less responsive to property price increases; delinquency sensitivity to property price changes has significantly increased in the post-LTV period for conventional banks, while this is not the case for Islamic (participation) banks. Originality/value-This paper not only increases empirical evidence regarding the effectiveness of LTV ratio policy but also fills the gap in the literature by providing a comparison between conventional banks and Islamic (participation) banks.
Citation - WoS: 2
Citation - Scopus: 2
Market Reaction To Grouping Equities in Stock Markets: an Empirical Analysis on Borsa Istanbul
(Elsevier, 2017) Karan, Mehmet Baha; Pirgaip, Burak; Yildiz, Yilmaz; 252136; 03.01. Bankacılık ve Finans; 03. İktisadi ve İdari Birimler Fakültesi; 01. Çankaya Üniversitesi
The main aim of this study is to investigate the market reaction to stock grouping announcements in Borsa Istanbul which requires stocks to be classified into groups "A ", "B" and "C" according to their market capitalization and floating rates. By utilizing event study analysis, our results suggest that grouping announcements have significant effect on stock prices and trading volume. The event day positive (negative) relationship between abnormal return and volume for the upgraded (downgraded) stocks supports the downward sloping demand curve hypothesis. Moreover, findings also suggest that stocks which are upgraded to Group A are exposed to more attention which is in line with the attention hypothesis. The reverse is valid for the downgraded firms. We find no evidence of price reversals and long-term symmetrical liquidity effect which lead us to reject price pressure and liquidity hypotheses. Finally, we reach controversial evidence for the information hypothesis. Copyright (c) 2017, Borsa Istanbul Anonim Sirketi. Production and hosting by Elsevier B.V. This is an open access article under the CC BY-NCND license
Why Do Firms Repurchase Their Stocks? Evidence From An Emerging Market
(2017) Pirgaip, Burak; Karacaer, Semra; 252136; 03.01. Bankacılık ve Finans; 03. İktisadi ve İdari Birimler Fakültesi; 01. Çankaya Üniversitesi
Though it has recently become a contemporary financial management tool, stock repurchase can be so dangerous that it may raise concerns about insider trading and manipulative transactions. In fact, such concerns underlie the most important critique of stock repurchase and justify its prohibition, at least its restriction, in several jurisdictions to date. Turkey, as one of these jurisdictions, has latterly been updated in order to allow open market stock repurchases with certain restrictive provisions. We intend to explore why Turkish firms decide to repurchase their stocks. Having employed a conditional logistic regression model, the results reveal that signaling hypothesis, i.e. undervaluation and positive information dissemination, and excess capital and free cash flow hypothesis, i.e. excess cash distribution, hold for Turkish companies.