Bankacılık ve Finans Bölümü Yayın Koleksiyonu

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

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Start date: 2004Department: search.filters.department.Çankaya Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, Bankacılık ve Finans Bölümü

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Now showing 1 - 10 of 18
  • Article
    An Outline of Skilled Emigration from Turkey to OECD Countries: A Panel Data Analysis
    (2017) Acar, Elif Öznur
    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.
  • Article
    The effects of terrorist activities on foreign direct investment: nonlinear Evidence
    (2013) Omay, Tolga; Takay Araz, Bahar; Ilalan, Deniz
    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.
  • Article
    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.
  • Book
  • 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.
  • Article
    Do Derivative Instruments Play a Role in Performance Theory? The Turkish Closed-End Funds Case
    (2016) Pirgaip, Burak
    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
  • Article
    Determination of the Best Simple Moving Average By Stochastic Processes
    (2017) İlalan, Deniz
    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.
  • Article
    Defining and Measuring Informality: The Case of Turkish Labor Market1
    (2015) Acar, Elif Öznur; Tansel, Aysıt
    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.
  • Book Part
  • Article
    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.