Uluslararası Ticaret Bölümü

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Business groups and internal capital markets
(Taylor&Francis INC, 2007) Gönenç, Halit; Kan, Özgür B.; Karadağlı, Ece Ceylan
We compare the performance of firms affiliated with diversified business groups with the performance of unaffiliated firms in Turkey, all emerging market. We address the question of whether group-affiliated firms create internal capital markets or control large cash flows. Our findings indicate that group affiliation improves a firm accounting performance, but not stock market performance. Deviation of cash-flow rights front voting rights has a negative but insignificant effect on accounting performance, but a significant effect on market performance. We also find that a firm's accounting, but not stock market, performance increases with the level of group diversification. Our results show that internal capital markets play an important role for the existence of business groups in all emerging market context
Competitiveness of Major Exporting Countries and Turkey in the World Fishery Market: A Constant Market Share Analysis
(2005) Klasra, Mushtaq Ahmad; Fidan, Halil
The purpose of this study is to examine whether and to what extent the shares of selected countries' fishery exports in the world markets reflect their international competitiveness. The Constant Market Share (CMS) model, which decomposes export growth into some broad components (i.e., structural effects, market effects, commodity effects and competitive effects), is applied to examine this issue. The results of decomposition analysis revealed that structural factors have been more significant in explaining the growth of exports. The growth effects, though, appeared positive for each country, the exports of open economies like Canada, the United States, Iceland and Turkey benefited more from the growth of world exports. The analysis of commodity composition and market effects suggests that countries like Canada, the United States, Iceland and Turkey were pursuing the product differentiation policy and were penetrating in those markets, which have been growing relatively faster. These countries remained committed throughout the sample period (i.e., 1980-2000) to export their diversified products in fast-growing markets. The analysis of competitiveness effects, which are derived as a residual, show that Norway, Spain, the United States, Indonesia, Thailand, sChile and China were strong fishery exporters and increased their competitiveness during the sample period.
Copyright Protection By Robust Digital Image Watermarking in Unsecured Communication Channels
(Institute of Advanced Engineering and Science, 2017) Alasafi, Layth; Göksu, Tuna; Albayati, Ammar
The transition from analog technologies to digital technologies has increased the ever-growing concern for protection and authentication of digital content and data. Owners of digital content of any type are seeking and exploring new technologies for the protection of copyrighted multimedia content. Multimedia protection has become an issue in recent years, and to deal with this issue, researchers are continuously searching for and exploring new effective and efficient technologies. This thesis study has been prepared in order to increase the invisibility and durability of invisible watermarking by using the multilayer Discrete Wavelet Transform (DWT) in the frequency plane and embedding two marks into an image for the purpose of authentication and copyright when digital content travels through an unsecured channel. A novel watermarking algorithm has been proposed based on five active positions and on using two marks. In addition to the extraction process, watermarking images will be subjected to a set of attack tests. The evaluation criteria have been the bases of assessing the value of SNR, PNSR, MAE and RMSE for both the watermarking images and the watermarking images after attacks, followed by the invisibility of the watermarking being measured before and after the attacks. Our lab results show high robustness and high quality images obtaining value for both SNR and PNSR.
Dynamics of wheat prices in the wake of market reforms: the case of Pakistan
(Springer, 2006) Klasra, Mushtaq Ahmad; Kıral, Taner
Using Autoregressive Conditional Heteroskedastic (ARCH) method, this paper examines the effects of market reforms on the distribution of real mean prices and their variability before and after reforms. It is found that market-oriented reforms benefited producers and consumers alike. Empirical evidences, generally, support theoretical assertion that mean prices decline in most urban areas and increase in those markets that are located in surplus producing areas. The results also showed that market reforms lead to more price volatility
Import-Content of Exports and J-Curve Effect
(Routledge Taylor&Francis Group, 2010) Yazıcı, Mehmet; Klasra, Mushtaq Ahmad; 144084
This article investigates how the response to devaluation of trade balance is affected, compared to J-curve hypothesis, by the presence of imported inputs in the production of exports. Using first the Almon lag technique and then the cointegration and the generalized impulse response function analysis, the J-curve effect is examined in two sectors of Turkish economy (manufacturing and mining), which use imported inputs at different rates. Based on the data covering the period from the first quarter of 1986 to the third quarter of 1998, our results indicate that in neither sector J-curve exists and that the violation of the J-curve effect is more severe in the sector with higher import content
Monetary policy rules in practice: Re-examining the case of Turkey
(Elsevier Science, 2008) Omay, Tolga; Omay, Tolga
This paper investigates possible asymmetries in the monetary policy reaction function of the Central Bank of Republic of Turkey over the business cycles. It is found that the bank reacted more aggressively towards output stabilisation during recessions than expansions. The empirical evidence suggests that the inflation targeting policy of the Turkish Central Bank was accommodative rather than stabilising. Furthermore, it is found that although the Central Bank of Republic of Turkey responded to foreign reserves, real exchange rates and short-term capital inflows both in expansion and recession periods, the bank targeted money growth, budget deficits, and net foreign assets only in expansion periods
Seasonality in household demand for meat and fish: Evidence from an urban area
(Scientific Technical Research Council Turkey-Tubitak, 2005) Klasra, Mushtaq Ahmad; Klasra, Mushtaq Ahmad; 105848
This paper, using the Almost Ideal Demand System (AIDS), derives estimates of factors influencing household demand for meat and fish during different seasons. Using primary data obtained from the survey, a system of equations pertaining to budget share, demand elasticities of own price, cross price and expenditure for meat and fish was estimated. The main conclusion is that there are seasonal effects on the consumption of meat and fish. In particular, during the Muslim Festival of Sacrifice the budget share of meat increases. Further, people living in urban areas were not sensitive to price increases except for in anchovy. This study is of importance to policy makers, producers and marketing strategists alike, as this conclusion will help them to design their respective policies to use resources more efficiently
The Exchange Rate and the Trade Balances of Turkish Agriculture, Manufacturing and Mining
(Springer, 2008) Yazıcı, Mehmet; 144084
This paper investigates and compares the response to the exchange rate changes of trade balances of three Turkish sectors; agriculture, manufacturing and mining. The impact on trade balance of exchange rate changes is examined using the trade balance model employed in Bahmani-Oskooee [1985, Review of Economics and Statistics 67: 500]. Analysis is conducted based on the quarterly data from 1986: I to 1998: III. It is observed that in response to domestic currency depreciation trade balance of each of all three sectors first improves, then deteriorates and then improves again. Despite exhibiting similar pattern of reaction to the exchange rate change in the short run, long-run or overall response of trade balance differs across the sectors; while trade balances of both manufacturing and mining improve in the long run, agricultural trade balance worsens as a result of domestic-currency depreciation

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