Bankacılık ve Finans Bölümü

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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: Karadağlı, Ece C.; Omay, T. (2006). "An Examination Of The Effects Of The February, 2001 Crisis (Turkey) On The Performances Of The Low-Q And High-Q Firms", International Business & Economics Research Journal, Vol.5, No.7, pp.41-44.
An Examination Of The Effects Of The February, 2001 Crisis (Turkey) On The Performances Of The Low-Q And High-Q Firms
(2006) Karadağlı, Ece C.; Omay, Tolga
This paper examines the effects of the February 2001 Economic Crisis (Turkey) on the low-Q and high-Q firms. In the study, our sample is composed of the firms that are actively being traded on Istanbul Stock Exchange (ISE) during that time, and is divided into two sub-samples based on their Tobins' Q values. As firms with high Tobins' Q values are supposed to have lower debt levels we proposed them to be less affected by the crises: their debt repayment commitments are lower, although they are expected to be under the burden of higher interest rates. On the other hand, low-Q firms have incentives to overinvest due to the high levels of available free cash and they may be under the burden of some perquisites expenses. But because of the asset substitution affect, the investments undertaken by low-Q firms are expected to be safer projects while high-Q firms may have undertaken more risky projects. To test our hypothesis that the crisis would affect the low-and high-Q firms to differing extends, we construct the average mean excess returns of both sub-samples and use the Large Sample Test of Hypothesis About a Population Mean method. Our results mainly confirm our expectations: we found that the average mean excess negative returns of high-Q firms were higher than that of low-Q firms during the February 2001 Crisis, indicating that high-Q firms are more riskier in an economic crisis setting than low-Q firms, which in turn implies that the effects of the conflict between equityholders and debtholders dominate the affects of the conflict between managers and the shareholders.
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: Karadağlı, Ece; Aluftekin, N. (2012). "An examination of the major behavioral aspects of distribution channels in an export channel design", African Journal Of Business Management, Vol.6, No.6, pp.2211-2220.
An examination of the major behavioral aspects of distribution channels in an export channel design
(2012) Karadağlı, Ece; Aluftekin, Nilay
This paper concentrates on the behavioral aspects of distribution channels in an export channel design from the perspective of the exporter. Based on the argument that channel conflict and satisfaction are among the major determinants of channel efficiency and performance, the perceived degrees of channel conflict and satisfaction are examined as well as the three antecedents of channel conflict, namely the channel power, cultural distance and distribution system quality, as they are regarded among major factors affecting the channel conflict. In conducting the analysis, questionnaire survey was undertaken among 30 exporter companies that are members of Ankara Chamber of Commerce and Likert scaling technique is used. The findings from the ordinary least squares (OLS) regression analysis suggest that the Turkish exporter do not regard the level of exercised power in a marketing channel system and the cultural distance between the foreign channel member’ markets as important sources of conflict while the international distribution system quality seems to be perceived as a major source of channel conflict. The findings also suggest that there exists a close relationship between the perceived channel conflict and the channel members’ satisfaction.
Citation Count: Karadağlı, Ece (2012). "The Effects of Globalization on Firm Performance in Emerging Markets: Evidence From Emerging-7 Countries", Asian Economic and Financial Review, Vol.2, No.7, pp.858-865.
The Effects of Globalization on Firm Performance in Emerging Markets: Evidence From Emerging-7 Countries
(2012) Karadağlı, Ece
Although there exists a wide array of literature regarding almost every aspect of globalization at macro level, surprisingly, the micro level of the subject area seems to be a little ignored and consequently, almost nothing is known about the impact of globalization on firm performance/value. In an attempt to contribute to fulfilling this gap, this research focuses on the impact of the overall globalization level of a country and its single dimensions, specifically her economic, her political and her social globalization levels on firm performance which is measured by the stock market index returns for “Emerging-7 (E7)” countries, specifically Brazil, China, India, Indonesia, Mexico, Russia and Turkey, for the period 1998-2009 by using panel data estimation. The findings suggest that the overall level of globalization significantly improves firm performance. Besides, the single dimensions of globalization are also found to have value enhancing effects though the result for economic globalization is insignificant at conventional levels. Additionally, the political globalization seems to be the most promising dimension of globalization with regard to performance enhancing prospects for firms.
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: Karadağlı, Ece (2013). "Profitability effects of cash conversion cycle: Evidence from Turkish companies", Actual Problems of Economics, Vol. 141, no. 3, pp. 300-310.
Profitability effects of cash conversion cycle: Evidence from Turkish companies
(2013) Karadağlı, Ece
This paper examines the impact of cash conversion cycle and its single components, specifically accounts collection period, inventory turnover in days and accounts payable period, on firm profitability as measured by operating income and stock market return by using pooled panel analysis for the period of 2001-2010. Besides, the possible effects of group affiliation on the impact of CCC and its components on firm profitability are also investigated. The findings suggest that shortening of CCC and its single components, including accounts payable period, improve firm profitability in terms of both accounting and market measures of performance. The findings also indicate that both the affiliated and the unaffiliated firms can enhance firm performance in terms of both performance measures through shortening their CCCs, this effect is stronger for unaffiliated firms and hence working capital management seems to be more important for them.
Citation Count: Omay, Tolga; Takay Araz, Bahar; Ilalan, D. (2013). "The effects of terrorist activities on foreign direct investment: nonlinear Evidence", Rewiew of Economics, Vol.64, No.2, pp.139-158.
The effects of terrorist activities on foreign direct investment: nonlinear Evidence
(2013) Omay, Tolga; Takay Araz, Bahar; Ilalan, Deniz; 19320
In this study, we examine the relationship between foreign direct investment and terrorist incidents that took place in Turkey for the period from 1991:12 to 2003:12. This research contributes to the literature by checking for a possible non-linear relationship between terrorism and foreign direct investment. The data used to measure the intensity of terrorism were collected from the newspapers of Turkey, and therefore are limited to the direct signals given to the market. Empirical evidence from both linear and non-linear models confirms that terrorism has a large significant negative impact on foreign direct investment. With respect to the nonlinear model, the impact of terrorism on the foreign direct investment is more severe during periods of high terrorism when the intensity of terrorism passes the threshold level 3.725.
Citation Count: Emirmahmutoğlu, Furkan; Omay Tolga, "Reexamining the PPP hypothesis: A nonlinear asymmetric heterogeneous panel unit root test" Economic Modelling, Vol.40, pp.184-190, (2013).
Reexamining the PPP hypothesis: A nonlinear asymmetric heterogeneous panel unit root test
(Elsevier, 2014) Emirmahmutoğlu, Furkan; Omay, Tolga; 43754
In this study, we re-examine the PPP hypothesis in the light of the new developments in the unit root testing literature. The recent theoretical findings have pointed out that the real exchange rate series exhibit asymmetric nonlinear behavior. A unit root test applied to analyze the PPP hypothesis therefore, should also take into account this asymmetry inherent in the real exchange rate. Different unit root tests that consider the presence of these data features have been developed in the time series literature. However, a true attempt to test the PPP hypothesis should take a panel data approach. To this end, we propose a nonlinear heterogeneous panel unit root test where the alternative hypothesis allows for symmetric or asymmetric exponential smooth transition autoregressive nonlinearity and provide its finite sample properties. We apply our test to the real exchange rates of the 15 European Union countries against the US dollar. While the results of the linear and symmetric nonlinear heterogeneous panel unit root tests are against the PPP hypothesis, the asymmetric nonlinear heterogeneous panel test that we propose gives support for the PPP hypothesis as expected. Therefore, the conclusions drawn from the linear panel unit root tests or the nonlinear panel unit root tests that do not take asymmetry into account might be misleading.
Citation Count: Omay, Tolga; Yuksel, Asli; Yuksel, Aydin, "An Empirical Examination Of The Generalized Fisher Effect Using Cross-Sectional Correlation Robust Tests For Panel Cointegration", Journal of International Financial Markets Institutions & Money, 35, pp. 18-29, (2015).
An Empirical Examination Of The Generalized Fisher Effect Using Cross-Sectional Correlation Robust Tests For Panel Cointegration
(Elsevier Science, 2015) Omay, Tolga; Yüksel, Aslı; Yüksel, Aydın; 19320
This study examines the generalized Fisher hypothesis as applied to common stocks by using the recently proposed second generation panel cointegration tests. Unlike their predecessors, these new tests assume the existence of cross-section dependence in the data. For the sample analyzed, we report that these new tests, but not their predecessors, provide strong support for the existence of cointegration between stock and goods prices. Moreover, further analysis cannot reject the hypothesis that the cointegration relation is linear. Finally, our Fisher coefficient estimates are in the range between 0.68 and 1.27 and give support to the generalized Fisher hypothesis. (C) 2014 Elsevier B.V. All rights reserved.
Citation Count: Omay, Tolga (2015). "Fractional Frequency Flexible Fourier Form to approximate smooth breaks in unit root testing", Economics Letters, Vol. 134, pp. 123-126.
Fractional Frequency Flexible Fourier Form to approximate smooth breaks in unit root testing
(2015) Omay, Tolga; 19320
In this study, a Fractional Frequency Flexible Fourier Form DF-type unit root test is proposed. The small sample properties of the proposed test are found to be better than that of the integer frequency counterpart. •Fractional Frequency Flexible Fourier Form-DF-type of unit root test is proposed.•The small sample properties of FFFFF-DF-type test are better than EL test.•FFFFF-DF-type test improves the empirical testing performance.•FFFFF-DF-type test prevents type two errors and over-filtration problems.
Citation Count: Öztürk, Can. (2015). "Avustralya'daki Kademeli Finansal Raporlamanın Yeni Çerçevesi Ve Türkiye'deki Kademeli Finansal Raporlama İçin Bir Öneri", Muhasebe Bilim Dünyası Dergisi, Vol.17, No.3, pp.467-496.
Avustralya'daki Kademeli Finansal Raporlamanın Yeni Çerçevesi Ve Türkiye'deki Kademeli Finansal Raporlama İçin Bir Öneri
(2015) Öztürk, Can; 41482
Kademeli finansal raporlama kavramı, bu araştırmanın odak noktasıdır. Çalışmada, ilk olarak, Avustralya'daki uygulama geçmişten günümüze incelenmiş, bu ülkedeki kademeli finansal raporlamanın yeni çerçevesini oluşturan iki kademeli yaklaşımın nasıl oluşturulduğu açıklanmıştır. Bu bağlamda, çalışmada, Kademe 2'de benimsenen finansal tablo açıklamaları azaltılmış tam set UFRS'nin nasıl geliştirildiği tartışılmış ve son olarak Avustralya'daki uygulama esas alınarak Türkiye'deki finansal raporlama için üç kademeli yaklaşım önerisinde bulunulmuştur.
Citation Count: Acar, Elif Öznur; Tansel, Aysıt. (2015). "Defining and Measuring Informality: The Case of Turkish Labor Market", Sosyoekonomi, Vol.24, No.28, pp.147-174.
Defining and Measuring Informality: The Case of Turkish Labor Market1
(2015) Acar, Elif Öznur; Tansel, Aysıt; 48566
In this study, we consider how informality can be defined and measured in the Turkish labor market. The empirical analysis consists of developing three alternative definitions of labor informality, and exploring the relevance and implications of each for the Turkish labor market using descriptive statistics and multivariate probit analysis of the likelihood of informality under each definition. We find that social security registration criterion is a better measure of informality in the Turkish labor market given its ability to capture key relationships between several individual and employment characteristics and the likelihood of informality.
Citation Count: Omay, Tolga; Apergis, Nicholas; Özçelebi, Hülya (2015). "ENERGY CONSUMPTION AND GROWTH: NEW EVIDENCE FROM A NON-LINEAR PANEL AND A SAMPLE OF DEVELOPING COUNTRIES", Singapore Economic Review, Vol. 60, No. 2.
ENERGY CONSUMPTION AND GROWTH: NEW EVIDENCE FROM A NON-LINEAR PANEL AND A SAMPLE OF DEVELOPING COUNTRIES
(2015) Omay, Tolga; Apergis, Nicholas; Özçelebi, Hülya
This paper investigates the relationship between economic growth and energy consumption through non-linear causality tests. Eight developing countries from Europe and Central Asia spanning the period 1993 to 2008 are selected for the purpose of panel empirical analysis. Panel unit root and panel cointegration tests with and without considering cross section dependency (CD) problems are implemented. Next, linear panel cointegration tests are employed and, finally, a two-regime Dynamic Panel Smooth Transition Vector Error Correction (PSTRVEC) model is estimated for testing the presence of non-linear short-and long-run causality. To this end, a new estimator, called the Dynamic Non-linear Pooled Common Correlated Effect Estimator (DNPCCEE) is proposed. The empirical findings indicate that short and long-run causalities are regime-dependent.
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: Omay, Tolga, "Fractional frequency flexible fourier form to approximate smoothbreaks in unit root testing" Economic Letters, Vol.134, pp.123-126 (2015).
Fractional frequency flexible fourier form to approximate smoothbreaks in unit root testing
(Elsevier Science SA, 2015) Omay, Tolga; 19320
In this study, a Fractional Frequency Flexible Fourier Form DF-type unit root test is proposed. The small sample properties of the proposed test are found to be better than that of the integer frequency counterpart.
Citation Count: İlalan, Deniz (2015). "Can Stock Price Manipulation be Prevented by Granting More Freedom to Manipulators", International Journal of Economics and Finance, Vol. 7, No. 3, pp. 179-187.
Can Stock Price Manipulation be Prevented by Granting More Freedom to Manipulators
(2015) İlalan, Deniz
Allen and Gale (1992) construct a model to show that stock price manipulation is possible. The time structure of their model allows manipulators to pretend as “informed” traders, so that the local investors cannot distinguish what type of entrant they are facing. When the type of the entrant becomes known to the local investors it is already too late to make any use of that information. This paper shows an institution can be designed in a very natural fashion which induces different behaviors on the part of manipulators and “informed” traders at the beginning of the process. The institution designed roughly consists of entitling the entrants to resell stocks at a later date as well if they wish to do so. As this reasoning is also accessible to manipulators, the designed institution deters them from entering the market. Regarding the informed traders, their expected gain from entering the stock market may or may not be positive contingent on the basic parameters of the model. There are cases, however, when there is an improvement in the expected total gain of the local investors.
Citation Count: İlalan, Deniz (2015). "Modeling Correlation Structure for Collateralized Debt Obligations", International Journal of Financial Research, Vol. 6, No. 2.
Modeling Correlation Structure for Collateralized Debt Obligations
(2015) İlalan, Deniz
Pricing complex financial derivatives such as collateralized debt obligations (CDO) is considered as the main reason triggering the 2008 financial crisis. The correlation structure related to the credit risks involved in a portfolio for pricing issues have been tried to overcome via a Gaussian copula framework first introduced by David Li (2000). This approach regards the correlation among the credit risks as normally distributed (tied with a Gaussian copula framework), enabling us to derive analytical solutions. However, despite its simplicity, this approach is far from reality, which caused mispricing of the tranches of CDOs. This phenomenon is called the correlation smile. This paper takes the correlation smile issue by considering a Levy copula framework. When this is introduced to pricing equations, one can see that the correlation smile is “corrected”. Thus, a more accurate model of pricing the above-mentioned tranches is introduced.
Citation Count: Pirgaip, Burak (2016). "Türkiye'de Altın ve Altına Dayalı Yatırım Araçlarının Karşılaştırmalı Performans Analizi", Finans Politik ve Ekonomik Yorumlar Dergisi, Vol.53, No.619, pp.9-24.
Türkiye'de Altın ve Altına Dayalı Yatırım Araçlarının Karşılaştırmalı Performans Analizi
(2016) Pirgaip, Burak; 252136
Türkiye'de altına doğrudan ve dolaylı olmak üzere temelde iki şekilde yatırım yapılabilmektedir. Buna göre, bir yatırımcı altın piyasasında altına doğrudan yatırım yapabildiği gibi, parasını sermaye piyasasında altın yatırım fonlarına (AYF), altın emeklilik yatırım fonlarına (AEYF) veya altın borsa yatırım fonlarına (ABYF) yatırmak suretiyle dolaylı yoldan altın yatırımcısı olabilmektedir. Bu çalışmada, söz konusu yatırım alternatiflerinin performansları değerlendirilmekte ve bir altın yatırımcısı için hangi alternatifin seçilmesinin uygun olacağı araştırılmaktadır. Sharpe, Treynor ve Jensen alfa ölçütleri kullanılarak yapılan performans sıralamalarında genel olarak doğrudan altın yatırımıyla daha başarılı sonuçlar elde edildiği; dolaylı altın yatırımlarında ise, ABYF'nin diğer ürünlerden daha iyi performans gösterdiği anlaşılmıştır. Ancak, ekonomik durumdaki değişkenlikler dikkate alındığında, düşüş dönemlerinde ABYF performans bakımından daha başarılıyken, yükseliş dönemlerinde altınla birlikte en alt sıralarda yer almaktadır. Bu çerçevede, uzun vadede, sırasıyla altın ve ABYF'nin; ekonomik şartların olumlu seyrettiği dönemlerde ise, AYF ve AEYF'nin bir altın yatırımcısı için daha uygun yatırım alternatiflerini teşkil ettiği sonucuna ulaşılmıştır.
Citation Count: Acar, Elif Oznur; Gunalp, Burak; Cilasun, Seyit Mumin, "An empirical analysis of household education expenditures in Turkey", International Journal of Educational Development, Vol. 51, pp. 23-35, (2016).
An empirical analysis of household education expenditures in Turkey
(Pergamon-Elsevier Science LTD, 2016) Acar, Elif Öznur; Günalp, Burak; Cilasun, Seyit Mümin
Using Turkish Household Budget Surveys from 2003, 2007 and 2012, this paper investigates the determinants of household education expenditures within an Engel curve framework. In particular, we estimate Tobit regressions of real educational expenditures by income groups using a number of household characteristics (i.e. rural residence, employment status, age, educational attainment of the household head, household size, share of female students and primary school students in the household, and total number of students in the household) to examine if and to what extent the determinants of educational expenditures differ by income groups; income elasticities of educational spending evolves over time; and children from middle-class and poor families can benefit enough from educational opportunities. The estimated expenditure elasticities have lower values for the top- and the bottom income quartiles while they have larger values for the middle-income quartiles. The results also show that for all income groups the expenditure elasticity of education increases over time, indicating that Turkish households allocates greater share of their budgets to education expenditures. (C) 2016 Elsevier Ltd. All rights reserved.

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