İktisat Bölümü Yayın Koleksiyonu
Permanent URI for this collectionhttps://hdl.handle.net/20.500.12416/402
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Article The intermediary institutions which are preferred for manipulative trading: Evidence from an emerging market(2017) Doğanay, Mete; Aktaş, Ramazan; Somuncu, KartalThis research investigates the type of intermediary institutions chosen by the manipulators for their manipulative trading. Univariate and multivariate analyses are performed and three variables having significant effect on the manipulators’ choice of intermediary institution for their manipulative trading are found. These variables are being publicly traded, size in terms of total assets, and gross profit margin. Being publicly traded and size are positively; gross profit margin is negatively related to the manipulators’ choice of intermediary institution for their manipulative trading. Managers of the intermediary institutions and regulators should be aware of these results and regulators should scrutinize high volume transactions conducted through this type of intermediary institutions more closely.Article Plant Size, Turnover and Productivity in Malaysian Manufacturing(2010) Doğan, Ergun; Wong, Koi NyenMalaysian manufacturing has an asymmetrical structure: small and medium-sized enterprises dominate in numbers, but contribute relatively little to total output, employment, and exports as compared to their larger counterparts. In light of an increasingly competitive environment arising from globalization, a sound knowledge of turnover patterns within the sector by plant size and its potential impact on aggregate productivity growth is imperative. We find that turnover, particularly of large plants, makes a substantial contribution to overall productivity growth in manufacturing. Hence, from a policy perspective, facilitating turnover might be as important as supporting existing plants in promoting aggregate productivity growth.Article Terrorism and the Stock Market: A Case Study for Turkey Using STR Models(2014) Çorakçı, Ayşegül; Omay, TolgaSeveral attempts have been made in the literature to analyze the detrimental effects of terrorist activities on the stock market. However, in neither of these studies the effects of terrorist activities on stock returns are investigated through employing nonlinear models in spite of the fact that most financial data is shown to exhibit nonlinear behaviour. This study, therefore, aims to contribute to this growing area of research by exploring the potential nonlinear effects of terrorist activities on stock returns by employing smooth transition regression (STR) models. Our results show that terrorism has a statistically significant negative effect on the stock index when the intensity of terrorist activities passes a certain threshold level. This negative effect continues for terrorist activities below this threshold level, but becomes statistically insignificant. This study by conducting the analysis within a nonlinear framework offers important insights into the investors who want to make portfolio diversification strategies against terrorism risk.Article Multiple linear regression model under nonnormality(Taylor & Francis Inc, 2004) Islam, M. Qamarul; Tiku, Moti L.We consider multiple linear regression models under nonnormality. We derive modified maximum likelihood estimators (MMLEs) of the parameters and show that they are efficient and robust. We show that the least squares esimators are considerably less efficient. We compare the efficiencies of the MMLEs and the M estimators for symmetric distributions and show that, for plausible alternatives to an assumed distribution, the former are more efficient. We provide real-life examples.Article Nonnormal Regression.I. Skew Distributions(2001) Islam, M. Qamarul; L. Tiku, Moti; Yildirim, F.In a linear regression model of the typey¼ Xþe, it is oftenassumed that the random erroreis normally distributed. Innumerous situations, e.g., whenymeasures life times or reac-tion times,etypically has a skew distribution. We considertwo important families of skew distributions, (a) Weibull withsupport IR:ð0,1Þon the real line, and (b) generalised logisticwit hsupport IR:ð 1,1Þ. Since the maximum likelihoodestimators are intractable in these situations, we derivemodified likelihood estimators which have explicit algebraicforms and are, therefore, easy to compute. We show that theseestimators are remarkably efficient, and robust. We develophypothesis testing procedures and give a real life exampleArticle Is there a Purchasing Power Parity (PPP) Puzzle? New Evidence from a Nonlinear Asymmetric Panel Unit Root Test(2016) Çorakçı, AyşegülThis study re-examines the validity of the purchasing power parity (PPP) hypothesis for 24 OECD countries. The econometric methodology implemented not only allows for asymmetric nonlinear mean reversion within a panel context, but also corrects for the cross-sectional dependence bias frequently encountered in panel data. This feature is important because a test that ignores the presence of asymmetry and cross-sectional dependence when they are in fact present in the data would lead to misleading results. We obtain relatively stronger evidence in favor of the PPP hypothesis when compared to the other alternative panel unit root tests. However, on the whole, this support is still weak even after allowing for asymmetric nonlinear mean reversion in the real exchange rate series. Therefore, to reconcile the data with the theory further methods should be developed.Article Exchange Rate And Bilateral Trade Balance Of Turkey With EU (15) Countries(2014) Yazıcı, Mehmet; Islam, M. QamarulThis paper investigates the short-run and long-run impact of real exchange rate on the bilateral trade balance of Turkey with EU (15) countries. We’ve employed the bounds testing approach to the cointegration and the error correction modeling. Following Yazici and Islam (2011a, 2011b, 2012) and Yazici (2012), we select the optimal model from the set of those models that satisfy both diagnostic tests and cointegration. Thus, unlike the other studies, it is ensured that a statistically reliable and cointegrated model is picked up for estimation. Based on the quarterly data for 1982-I to 2001-IV period, estimation results indicate no evidence of J-curve in the short run in any of Turkey’s bilateral trade with EU(15) countries. In the long run, however, real depreciation of Turkish Lira improves the trade balance of Turkey with Austria, Denmark, France, Ireland, Italy, Sweden and UK.Article Does workplace envy always have detrimental consequences in organizations? A study of public and private sector employees(2020) Şener, İrge; Karabay, Melisa; Elçi, Meral; Erman, HalilPurpose Based on the situational approach for envy, the purpose of this paper is to examine the effect of two-dimensional workplace envy (being envied and envying others) on the task and contextual performance of employees working in either private or public sector organizations. Design/methodology/approach This study was conducted on survey data collected from 988 private sector employees and 530 employees from the public sector employed in Istanbul. Following a quantitative empirical design, structural equation modeling was used to test the hypotheses. Findings The study results revealed that envying-others dimension has a significant negative effect on both task performance and contextual performance. In addition, the findings indicate more envious feelings of private sector employees than public sector employees. For public sector employees, male participants were found to envy others more than females. Research limitations/implications In addition to the contributions, this study has its limitations. First, although the study was carried out with a comprehensive sample, it is limited to the views of 1,518 employees in Istanbul and is a cross-sectional study. Also, employee performance is evaluated through self-reporting, which forms another limitation; it could have been more reliable for the supervisors to assess their subordinates' performance. Practical implications Apart from scholars, our findings have implications for practitioners. Feelings such as envy that comes with a sense of competition can create an environment that stimulates people, motivates them to work, can make them productive and can also cause an ultimately destructive situation. This makes it critical to manage envy in the workplace. Though there may be facilitators behind it, one crucial factor that fuels envy in the workplace is the lack of fair human resources policies and systems. Still, human resources management is undeveloped in most public organizations. With effective human resources management, there may be some roadmaps for managers to dissolve conflicts arising from envy. First, it is imperative to have systems that will separate the employee from the others, which everyone will accept, strengthening the feelings of justice among employees. Envy often occurs following a social comparison. Management can implement an incentive system that supports employee collaboration and avoid nepotism. Especially in private organizations where the competition is more among employees, managers should give more attention to understand their subordinates' feelings. The managers' attention to expressing their feelings toward their subordinates could establish an equal distance within the workplace. In this sense, language selection is critical, and managers should be mindful of linguistic triggers. Managers should not avoid giving both positive and negative feedback to their employees. Unwarranted and unsystematic reward and/or punishment systems, made with the good intentions of increasing competition, can trigger envy. Finally, managers should implement an open-door policy and open communication that will encourage all team members to be transparent to each other. Originality/value The study was based on a rationale that envy has detrimental workplace outcomes that lead to low task and contextual performance. Although there exists a recent interest for examining the relation between workplace envy and employee performance, based on being envied and envying others dimensions, these studies are limited. This study focuses on these dimensions and performance relations, and it also provides a comparative outlook for public and private sector employees in Turkey in terms of workplace envy.Article Does the Incomplete Information Matter with Export Quotas?(2006) Yazıcı, MehmetThis study investigates whether or not incomplete information matters when the government adopts the export quotas in intervening in the oligopolistic export markets. Incomplete information the government has is about the unit-production cost of the domestic firm. It is shown first that quotas optimal under full information (full-information policy) result in Stackelberg outcome, the best outcome in a non-cooperative setting from the domestic firm`s point of view. When the full-information policy is implemented in the presence of incomplete information, it is found that no cost-type has an incentive to misrepresent itself as the other type. This means that full-information outcome will be achieved with incomplete information. Hence, incomplete information does not matter in the case of export quotas. This result, however, does not carry over to the case of more than one domestic firm.Article Determinants Of Turkish Mining Trade Balance With Eu(15): Estimates From Bound Testing Approach(2016) Yazıcı, Mehmet; Islam, QamarulWe estimate the short-run and long-run determinants of the trade balance of Turkish Mining with EU (15) countries as well as impact of Customs Union (CU) agreement using the bounds testing approach to the cointegration and the error correction modeling. In selecting the optimal model, we follow Yazici and Islam (2011a, 2011b, 2012) and Yazici (2012) and adopt their model selection strategy where selection is made from the set of those models that satisfy both diagnostic tests and cointegrtion, thus ensuring the selection of a statistically reliable and cointegrated model. Estimation results based on the data for 1988-I to 2008-IV period indicate that in the determination of mining trade balance in the short-run only real domestic income matters. Long-run results indicate that real exchange rate and real domestic income variables have coefficients with expected signs but they are not statistically significant. Only statistically significant long-run determinant of mining trade balance is real EU(15) income. Dummy variable for the customs union agreement does not have a statistically significant coefficient, meaning that the agreement does not have a significant long-run effect on mining trade balance of Turkey with EU(15).