Bankacılık ve Finans Bölümü Yayın Koleksiyonu
Permanent URI for this collectionhttps://hdl.handle.net/20.500.12416/400
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Article The effects of terrorist activities on foreign direct investment: nonlinear Evidence(2013) Omay, Tolga; Takay Araz, Bahar; Ilalan, DenizIn 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.Article The Effects of Globalization on Firm Performance in Emerging Markets: Evidence From Emerging-7 Countries(2012) Karadağlı, EceAlthough 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.Book Part Corporate Diversification and Internal Capital Markets: Evidence from the Turkish Business Groups(2004) Gönenç, Halit; Kan, Özgür Berk; Karadağlı, Ece C.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.Book Part 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, BanuArticle An examination of the major behavioral aspects of distribution channels in an export channel design(2012) Karadağlı, Ece; Aluftekin, NilayThis 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.Article 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, TolgaThis 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.Article Modeling Correlation Structure for Collateralized Debt Obligations(2015) İlalan, DenizPricing 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.Article Can Stock Price Manipulation be Prevented by Granting More Freedom to Manipulators(2015) İlalan, DenizAllen 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.Article The Impact of Fed Policy Announcements on Emerging Stock Markets: Evidence from Borsa Istanbul(2017) Akdoğan, Ece C.; İlalan, DenizThis 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.