Browsing by Author "Ozturkkal, Belma"

Now showing 1 - 5 of 5

Citation Count: 13
Contagion of fear: Is the impact of COVID-19 on sovereign risk really indiscriminate?
(Wiley, 2021) Cevik, Serhan; Ozturkkal, Belma
This paper investigates the impact of infectious diseases on the evolution of sovereign credit default swap (CDS) spreads for a panel of 77 countries. Using annual data over 2004-2020, we find that infectious-disease outbreaks have no discernible effect on CDS spreads, after controlling for macroeconomic and institutional factors. However, a granular analysis using high-frequency data indicates that the COVID-19 pandemic has had a significant impact on CDS spreads. This adverse effect appears to be more pronounced in advanced economies, which may reflect the greater severity of the pandemic and depth of the economic crisis in these countries, at least during the initial stage of the outbreak, as well as underreporting in developing countries due to differences in testing availability and institutional capacity. While more stringent containment measures help lower sovereign CDS spreads, the fiscal burden of these efforts could undermine credit worthiness and eventually push the cost of borrowing higher.
Editorial Boards of Finance Journals: the Gender Gap and Social Networks
(Springer, 2024) Bedowska-Sojka, Barbara; Tarantola, Claudia; Mare, Codruta; Paccagnini, Alessia; Ozturkkal, Belma; Pisoni, Galena; Skaftadotti, Hanna Kristin
We investigate gender disparities and network linkages among editors of Finance journals at the end of 2022. The role of journal editors in shaping academic disciplines is crucial, yet gender imbalances and the geographic concentration of editors remain poorly understood. Ethical considerations arise when examining the representation of women on editorial boards, as these imbalances can impact academic equity and the diversity of perspectives. We examine the gender composition of editorial boards and uncover the network structures among editors, seeking to shed light on the concentration of editorial power and its implications for diversity and inclusion. Our findings reveal that women account for an average of 20% of all editors, with notable variations across countries. Additionally, editorial affiliations are heavily concentrated in the United States and the United Kingdom. Through typological metrics, we identify highly connected editors with significant board memberships. While gender ratios remain consistent in substructures involving highly central editors or those serving on multiple boards, men consistently outnumber women.
Citation Count: 3
Regional Expansion of Emerging Market Banks: Evidence from the Middle East
(Routledge Journals, Taylor & Francis Ltd, 2022) Yildirim, Canan; Ozturkkal, Belma
This study investigates challenges and opportunities that regionally expanding emerging market banks face. We focus on four leading Middle Eastern banks' internationalization trajectories and performances by employing a case study approach. We first examine the four banks' choices of target markets, entry sequencing, and entry modes over time and then analyze their entry strategies and post-entry financial performances in one of their key markets, Turkey. We show that the success of regional expansion strategies depends on parent bank characteristics such as scale and capital strength, strategic decisions regarding entry mode and timing, and host market structure and competitiveness.
Citation Count: 1
The Role of Environmental, Social, Governance (ESG) Practices and Ownership on Firm Performance in Emerging Markets
(Routledge Journals, Taylor & Francis Ltd, 2023) Bilyay-Erdogan, Seda; Ozturkkal, Belma
This paper investigates: (i) the effect of environmental, social, and governance (ESG) engagement and ownership attributes on firm performance and (ii) whether different ownership attributes (institutional, foreign, and state ownership) moderate the association between ESG engagement and firm performance. Employing an extensive sample from 22 emerging countries worldwide, we provide cross-country evidence that ESG engagement and its three pillars, i.e. environmental, social, and governance pillars, enhance firm performance, proxied with ROA and Tobin's Q. Moreover, institutional and foreign ownership positively impact firm performance. We present novel evidence that the positive impact of superior ESG engagement on firm performance is lower for higher institutional ownership companies than lower institutional ownership companies, but greater for higher foreign ownership companies than lower foreign ownership companies.
Citation Count: 1
Turkish IPOs in a changing regulatory and economic environment
(Elsevier, 2022) Tırtıroğlu, Doğan; Ozturkkal, Belma; Tirtiroglu, Dogan
The larger underpricing (15 percent) in the early years following the inauguration of Borsa Istanbul indicates the importance of investors, intermediaries, and firm insiders learning about the trading and pricing of firms in organized stock markets. The underpricing in recent years (from 2010 to 2020) averages 5 percent. Micro-level uncertainties about the firm as evidenced by the smaller underpricing in IPOs marketed using fixed offer prices, and the IPOs where underwriters signed on for firm commitment also prove important. Underpricing also proves smaller in larger IPO firms.& nbsp;Copyright (C)& nbsp;2021, Borsa Istanbul Anonim Sirketi. Production and hosting by Elsevier B.V.& nbsp;