Bankacılık ve Finans Bölümü YayınKoleksiyonu

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

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An Outline of Skilled Emigration from Turkey to OECD Countries: A Panel Data Analysis
(2017) Acar, Elif Öznur; 48566; Uluslararası Ticaret ve Finansman
Turkey provides rich evidence for the current international migration trends given its economic and demographic dynamics. The number of people moving overseas to settle permanently has been following an increasing trend in the recent decades, particularly remarkable for skilled and female groups. However, given the micro-level data limitations the migration outlook of Turkey is still quite bleak. The aim of this paper is to fill this gap and analyze the relationship between migration and human capital in the context of Turkish immigrants. First, aggregate trends of the Turkish emigrants in the 20 OECD destination countries by gender and educational level over the 1980-2010 period are examined using the IAB Brain Drain dataset. Next, a random effects panel estimation is applied to scrutinize the underlying dynamics of observed migration patterns adopting economic size, unemployment, demographic profile, urbanization and proximity as explanatory variables. The results reveal that gender, time and education are found as significantly related to international mobility trends, and the substantially left-skewedness of the distribution of Turkish emigrants along educational level is gradually fading away over time.
The effects of terrorist activities on foreign direct investment: nonlinear Evidence
(2013) Omay, Tolga; Takay Araz, Bahar; Ilalan, Deniz; 19320; Çankaya Meslek Yüksekokulu
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.
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.
Halka Açık Olmayan İşletmelerce Uygulanan Muhasebe ve Finansal Raporlama Standartları Çerçevesinde KOBİ'ler için UFRS ile Avrupa Birliği Yönergesinin, İngiltere, Kanada ve Türkiye Uygulamalarının Karşılaştırmalı Olarak İncelenmesi
(Gazi Kitabevi, 2016) Öztürk, Can; 41482; Bankacılık ve Finans
Citation - WoS: 2
Citation - Scopus: 3
How globalization affects the operational efficiency of emerging market firms?: A comparative analysis on Turkish SMEs
(Univ Oviedo, 2018) Akdogan, Ece Ceylan; Akdoğan, Ece Ceylan; 17735; Bankacılık ve Finans
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.
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.
Do Derivative Instruments Play a Role in Performance Theory? The Turkish Closed-End Funds Case
(2016) Pirgaip, Burak; 252136; Bankacılık ve Finans
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
Determination of the Best Simple Moving Average By Stochastic Processes
(2017) İlalan, Deniz; Bankacılık ve Finans
In this study, we consider one of the most popular technical indicators and try to determine the best fitting simple moving average to a given data. Here we utilize from a general mean reverting stochastic process where the mean is time dependent. We propose an identification algorithm which mainly concentrates on the normality of the residual terms after the data is demeaned from simple moving average and also provide evidence that our algorithm works quite well for determination of the “best” simple moving average.
Defining and Measuring Informality: The Case of Turkish Labor Market1
(2015) Acar, Elif Öznur; Tansel, Aysıt; 48566; Uluslararası Ticaret ve Finansman
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.
Ums 1 Finansal Tabloların Sunuluşu Standardının Yerini Alması Beklenen Ufrs X Genel Sunum Ve Açıklama Standardı Tas- Lağı (Ed/2019/7) Üzerine Bir Değerlendirme
(Gazi Kitabevi, 2022) Öztürk, Can; Akdoğan, Nalan; Özerhan, Yıldız; Sultanoğu, Banu; Bankacılık ve Finans
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.
An Examination Of The Effects Of The February, 2001 Crisis (Turkey) On The Performances Of The Low-Q And High-Q Firms
(2006) Omay, Tolga; Omay, Tolga; Çankaya Meslek Yüksekokulu
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.
Can US Wage Increases be Regarded as a Leading Indicator for Bond Rates?
(2020) Acar, Elif Öznur; Acar, Elif Oznur; Özşuca, Ekin Ayşe; 237965; 48566; Uluslararası Ticaret ve Finansman
After the subprime meltdown, the Federal Reserve focused its attention on US non-\rfarm payroll data in order to pave the way for its fund rate hikes. As time went by,\rthe Federal Reserve deemed particularly one sub-component of this data, namely the\rincrements on average weekly wage growth as a proxy for in\ration and thus a plausible\rexplanation for raising the interest rates. In that aspect, we decide to elaborate on this\rissue further and examine whether this implemented strategy indeed had a re\rection in\rthe real market. For doing so, we intend to determine whether there is any causality\rrelation in either direction between US average weekly wage increases and 10-year\rTreasury Bond rates. We utilize the Toda-Yamamoto causality approach and come\rup with a statistically signicant result between wages and bond rates. For robustness,\rwe also consider the unemployment rate and consumption expenditures as independent\rvariables.
Citation - WoS: 0
Citation - Scopus: 0
Overview of Financial Reporting in the Airline Industry
(Emerald Group Publishing Ltd, 2022) Ozturk, Can; Öztürk, Can; 41482; Bankacılık ve Finans
This chapter focuses on the diversity of financial reporting frameworks in the airline industry considering past and present. While diversity of financial reporting frameworks existed in the past, currently, the majority of listed and non-listed airlines, whose financial statements are publicly available, are inclined to adopt International Financial Reporting Standards (IFRS), leading toward uniformity in financial reporting frameworks because their country of incorporation or the stock exchange where they are listed either require or permit them to do so. Airlines operating in the United States prepare their financial statements under United States Generally Accepted Accounting Principles and some of Asian-Pacific countries still use their own national accounting standards in financial reporting. In addition, this research points out that the primary determinant of IFRS adoption in the airline industry is the fact that the majority of airlines are listed in national or foreign stock exchanges where IFRS adoption is required, but there are some company-specific determinants for listed and non-listed IFRS adopting airlines. Finally, this chapter also sets forth that there are jurisdictional versions of IFRS in the global context from the perspective of financial statements of airlines leading to some obstacles in understanding the financial reporting framework.
Citation - Scopus: 0
Perspectives on the Preparation and Presentation of a Statement of Cash Flows under IAS 7: An Historical Approach
(Springer Nature, 2023) Öztürk, C.; Öztürk, Can; Baker, C.R.; 41482; Bankacılık ve Finans
This chapter provides perspectives on the preparation and presentation of the statement of cash flows under IAS 7 of the International Financial Reporting Standards by adopting an historical approach. It focuses on the transformation attempts of the statement of cash flows along with the influence of such attempts on the statement of financial position. It analyzes and discusses the proposed changes on this statement offered through (1) the Discussion Paper on preliminary views on Financial Statement Presentation that was published by the International Accounting Standards Board (IASB) in 2008 right after the compliance of IAS 1 (2007) Presentation of Financial Statements to other comprehensive income items, (2) the staff draft of Exposure Draft IFRS X Financial Statement Presentation that was issued by the staff of the IASB in 2010, (3) Exposure Draft ED/2012/1 Annual Improvements to IFRSs 2010–2012 Cycle that was published by the IASB in 2012, (4) staff Discussion Paper of the United Kingdom’s Financial Reporting Council that was published in 2016, and (5) the Exposure Draft ED/2019/7 General Presentation and Disclosure that was issued by the IASB in 2019 toward the objective of improved financial communication. © 2023, The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.
Citation - WoS: 1
Citation - Scopus: 1
Testing for Unit Roots in Nonlinear Dynamic Heterogeneous Panels with Logistic Smooth Breaks
(Mdpi, 2023) Omay, Tolga; Omay, Tolga; Ucar, Nuri; Uçar, Nuri; 189073; Çankaya Meslek Yüksekokulu; Bankacılık ve Finans
In this study, we investigate the validity of the purchasing power parity (PPP) proposition for 34 European and selected global countries. For this purpose, we propose a new unit root test for cross-sectionally dependent heterogeneous panels that allows for gradual structural breaks and symmetric nonlinear adjustment toward the equilibrium level. The alternative hypothesis stationary is obtained by symmetric adjustment due to exponential smooth transition autoregression (ESTAR) around a nonlinear trend. Moreover, we provide small sample properties extensively for the newly proposed test. Hence, this alternative hypothesis has been proven to characterize real exchange rate data (REER) correctly. Thus, the newly proposed tests provide an essential basis for modeling the REER series correctly. Finally, we also derive the approximate asymptotic distribution of the proposed tests using new techniques.
Modeling Correlation Structure for Collateralized Debt Obligations
(2015) İlalan, Deniz; Bankacılık ve Finans
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.
Can Stock Price Manipulation be Prevented by Granting More Freedom to Manipulators
(2015) İlalan, Deniz; Bankacılık ve Finans
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.
An Outline of Skilled Emigration from Turkey to OECD Countries: A Panel Data Analysis
(2017) Acar, Elif Öznur; 48566; Uluslararası Ticaret ve Finansman
Turkey provides rich evidence for the current international migration trends given its economic and demographic dynamics. The number of people moving overseas to settle permanently has been following an increasing trend in the recent decades, particularly remarkable for skilled and female groups. However, given the micro-level data limitations the migration outlook of Turkey is still quite bleak. The aim of this paper is to fill this gap and analyze the relationship between migration and human capital in the context of Turkish immigrants. First, aggregate trends of the Turkish emigrants in the 20 OECD destination countries by gender and educational level over the 1980-2010 period are examined using the IAB Brain Drain dataset. Next, a random effects panel estimation is applied to scrutinize the underlying dynamics of observed migration patterns adopting economic size, unemployment, demographic profile, urbanization and proximity as explanatory variables. The results reveal that gender, time and education are found as significantly related to international mobility trends, and the substantially left-skewedness of the distribution of Turkish emigrants along educational level is gradually fading away over time.
The Impact of Fed Policy Announcements on Emerging Stock Markets: Evidence from Borsa Istanbul
(2017) İlalan, Deniz; İlalan, Deniz; Bankacılık ve Finans
This paper aims to understand the impact of US nonfarm payroll announcements on emerging stock markets through concentrating on the Turkish Stock Exchange: BIST 100. We not only investigate the impact of each of the three components of the nonfarm payroll data for the whole period under consideration, but also look for possible differences among four sub-periods. A comparative analysis leads us to conclude that it is not the nonfarm payroll which significantly affect BIST 100, but the fact that it is regarded as an important indicator to foresee Fed’s policy actions that can alter the capital flows.

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