Uluslararası Ticaret ve Finans Bölümü Koleksiyonu

Permanent URI for this collectionhttps://gcris.khas.edu.tr/handle/20.500.12469/67

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Citation Count: 0
Yeni Keynesci Yaklaşımda Ücret ve İstihdam
(İstanbul Üniversitesi, 2002) Bilgin, Mehmet Hüseyin
The purpose of this paper is to explore the new Keynesian approach on wages and employment relationship. According to new Keynesian school, market clearing mechanism does not exist due to rigidities and stickiness. This situation leads involuntary unemployment. In new Keynesian theory, there are three theories to explain wage rigidities and involuntary unemployment. This paper analyzes these theories in detail and discusses the new Keynesian assumptions from the perspective of Turkish labor market.
Citation Count: 8
An analysis of the unemployment selected MENA countries and Turkey
(2008) Bilgin, Mehmet Hüseyin; Kilicarslan, Ismihan N, I. N.
One of the most important economic and social problems of the Middle East and North Africa (MENA) is the high rate of unemployment. Unemployment in the selected MENA countries like Egypt Israel Jordan and Turkey are examined as well as the relationship between growth and unemployment. For this reason active labor market policies should be designed to address job creation in addition to structural reform in labor markets.
Citation Count: 1
International financial crises and the political economy of financial reforms in Turkey: 1994-2009
(2009) Şakar, Birgül
This study1 holds for the formation of international financial crisis and political factors for economic crisis in Turkey are evaluated in chronological order. The international arena and relevant studies conducted in Turkey work in the literature are assessed. The main purpose of the study is to hold the linkage between the crises and political stability in Turkey in details and to examine the position of Turkey in this regard. The introduction part follows the literature survey on the models explaining causes and results of the crises the second part of the study. In the third part the formations of the world financial crises are studied. The fourth part financial crisis in Turkey in 1994 2000 2001 and 2008 are reviewed and their political reasons are analyzed. In the last part of the study the results and recommendations are held. Political administrations have laid the grounds for an economic crisis in Turkey. In this study the emergence of an economic crisis in Turkey and the developments after the crisis are chronologically examined and an explanation is offered as to the cause and effect relationship between the political administration and economic equilibrium in the country. Economic crises can be characterized as follows: high prices of consumables high interest rates current account deficits budget deficits structural defects in government finance rising inflation and fixed currency applications rising government debt declining savings rates and increased dependency on foreign capital stock. Entering into the conditions of crisis during a time when the exchange value of the country's national currency was rising speculative finance movements and shrinking of foreign currency reserves happened due to expectations for devaluation and because of foreign investors' resistance to financing national debt and a financial risk occurs. During the February 2001 crisis and immediately following devaluation and reduction of value occurred in Turkey's stock market. While changing over to the system of floating exchange rates in the midst of this crisis the effects of the crisis on the real economy are discussed in this study. Administered politics include financial reforms such as the rearrangement of banking systems. These reforms followed with the provision of foreign financial support. There have been winners and losers in the imbalance of income distribution which has recently become more evident in Turkey's fragile economy.
Citation Count: 14
Measuring bank branch performance using Data Envelopment Analysis (DEA): The case of Turkish bank branches
(Academic Journals, 2011) Eken, Mehmet Hasan; Kale, Süleyman
The aim of this study is to develop a performance model for measuring the relative efficiency and potential improvement capabilities of bank branches by identifying their strengths and weaknesses. Another purpose is to investigate the production and profitability aspects of branches. Under both production and profitability approaches efficiency characteristics of branches which are grouped according to different sizes and regions have similar tendencies. In both analyses it is apparent that branch size and scale efficiency are related to each other. As branch size increases scale efficiency increases too and after the most productive scale size however as size increases efficiency decreases. Too small and too large branches need special attention. Putting production and profit efficiency scores on two scales reveals the performing characteristics of branches. Each region needs different handling. Branches with low production-low profit efficiency should be evolved towards high production-high profit efficiency region.
Citation Count: 9
Modeling of claim exceedances over random thresholds for related insurance portfolios
(Elsevier Science Bv, 2011) Gebizlioğlu, Ömer Lütfi; Gebizlioğlu, Ömer Lütfi; Tank, Fatih
Large claims in an actuarial risk process are of special importance for the actuarial decision making about several issues like pricing of risks determination of retention treaties and capital requirements for solvency. This paper presents a model about claim occurrences in an insurance portfolio that exceed the largest claim of another portfolio providing the same sort of insurance coverages. Two cases are taken into consideration: independent and identically distributed claims and exchangeable dependent claims in each of the portfolios. Copulas are used to model the dependence situations. Several theorems and examples are presented for the distributional properties and expected values of the critical quantities under concern. (C) 2011 Elsevier B.V. All rights reserved.
Citation Count: 8
Regulation of Rating Agencies
(John Wiley & Sons Ltd, 2011) Altman, Edward I.; Öncü, T. Sabri; Richardson, Matthew; Schmeits, Anjolein; White, Lawrence J.
[Abstract Not Available]
Citation Count: 0
Is U.S. labor market flexibility a prescription to curve Turkey's high unemployment?
(2011) Bilgin, Mehmet Hüseyin
This paper compares the U.S. and Turkish labor markets in terms of flexibility and draws some results for Turkey. In paper the U.S. is considered a flexible model and Turkey a rigid model. Since 2001 unemployment is one of the most serious problems in Turkey. Despite rapid economic growth in 2000s the job creation capacity of the economy has not improved and high unemployment still remains a worrisome problem. The paper also discusses the reasons for different unemployment rates in Europe and in the U.S. It focuses on the pre-recession period however and does not discuss the results of the global recession.
Citation Count: 3
The Government-Sponsored Enterprises
(John Wiley & Sons Ltd, 2011) Acharya, Viral V.; Öncü, T. Sabri; Richardson, Matthew; Van Nieuwerburgh, Stijn; White, Lawrence J.
[Abstract Not Available]
Citation Count: 0
A tournament analysis of mutual funds in Turkey
(Bilgesel Yayincilik San & Tic Ltd, 2012) Öztürkkal, Belma; Erdem, Orhan
This is an analysis of the mutual funds in Turkey with respect to their risk-altering behavior Using the monthly returns and volatilities of 133 funds from 2002 to 2007 we divide each year in two parts and check whether or not the funds' performance in the first part affects the behavior of mutual fund companies in the second part in terms of risk. We find sufficient evidence that the funds which have lower/higher performance in the first part of the year have higher/lower risk appetite for the second half of the year: The results have stronger significance if the year is divided from June or July. The results from the Turkish mutual funds market are generally in line with previous literature from developed countries.
Citation Count: 11
Bivariate Pseudo-Gompertz distribution and concomitants of its order statistics
(Elsevier Science Bv, 2013) Gebizlioğlu, Ömer Lütfi; Gebizlioğlu, Ömer Lütfi
This paper presents a new bivariate Pseudo-Gompertz distribution that sprouts from the classical Gompertz distribution and possesses the features of pseudo-distribution functions. In addition to some standard properties of the proposed distribution distributions of order statistics and their concomitants for samples drawn from the new distribution are obtained. The survival and hazard functions of the concomitants are shown and their values are tabled. Interpretations of the results are given in connection with risk events and risk management. (C) 2013 Elsevier B.V. All rights reserved.
Citation Count: 1
A survey analysis on the investment attitudes of individual investors
(Bilgesel Yayincilik San & Tic Ltd, 2013) Öztürkkal, Belma
This study aims to analyze determinants of trading behavior of individual investors where a survey of 55 questions on 85 people is used. The survey is composed of four parts: demographic properties perceived emotions investment preferences portfolio diversification. The findings show that investors are subject to home bias and the surveyed investors prefer to invest in local equity market. The findings show that older investors have less investment confidence and more diversification where number of different stocks and HHI (Hezfindahl-Hirshman Index) are used as two diversification measures in the analysis. The OLS regression and logit response results prove that male investors trade more and when the investor's equity portion of the total portfolios increases the number of trades also increases. The self-reported investment confidence level and greed have positive effect on diversification. Hence diversification level increases with the investor's equity portion of their total portfolios. The findings suggest that male investors on the average are more confident than females in their investment decisions and males who are more confident have better portfolio diversification choices.
Citation Count: 1
Measurement of bivariate risks by the north-south quantile points approach
(Elsevier Science, 2014) Gebizlioğlu, Ömer Lütfi; Gebizlioğlu, Ömer Lütfi
This paper attempts to determine the Value at Risk (VaR) and Conditional Value at Risk (CVaR) measures for the sum of bivariate risks under dependence. The computation of these risk measures is performed by the north-south quantile points of bivariate distributions. The Farlie-Gumbel-Morgenstern (FGM) copula model is chosen to express dependence of bivariate risks. The behaviors of VaR and CVaR are examined by varying dependence parameter values of the copula model and probability levels of the risk measures. The findings are interpreted from the view point of portfolio risk management. (C) 2013 Elsevier B.V. All rights reserved.
Citation Count: 5
On concomitants of upper record statistics and survival analysis for a pseudo-Gompertz distribution
(Elsevier Science, 2014) Gebizlioğlu, Ömer Lütfi; Gebizlioğlu, Ömer Lütfi
This paper presents upper record statistics and their concomitants for a bivariate pseudo-Gompertz distribution about paired lifetime variables. Survival and hazard functions are derived for the distribution. The survival and hazard functions are displayed for some selected values of the parameters of concern. Interpretations are given for the potential reliability and actuarial applications of the obtained results. (C) 2013 Elsevier B.V. All rights reserved.
Citation Count: 3
Competition in Turkish Banking: Impacts of Restructuring and the Global Financial Crisis
(Wiley, 2014) Yıldırım, Canan
This paper investigates the evolution of competition in the Turkish banking industry by taking into account the transformation in the sector in the aftermath of the country's financial crisis of 2000 to 2001 and the global financial crisis. The results demonstrate that the level of competition in the system did not increase despite the restructuring that was undertaken and the increased foreign bank participation. In addition the level of competition in the sector deteriorated during the global crisis. There is also some evidence that the market power of banks with different ownership characteristics varied and did not converge over time.
Citation Count: 1
Recent Advances in Applied and Computational Mathematics: ICACM-IAM-METU
(Elsevier, 2014) Gebizlioğlu, Ömer Lütfi; Gebizlioğlu, Ömer Lütfi; Karasözen, Bülent; Uğur, Ömür; Weber, Gerhard Wilhelm
[Abstract Not Available]
Citation Count: 20
A behavioral analysis of investor diversification
(Routledge Journals Taylor & Francis Ltd, 2014) Fuertes, Ana-Maria; Muradoğlu, Gülnur; Öztürkkal, Belma
This paper studies the link between individual investors' portfolio diversification levels and various personal traits that proxy informational advantages and overconfidence. The analysis is based on objective data from the largest Turkish brokerage house tracking 59951 individual investors' accounts with a total of 3248654 million transactions over the period 2008-2010. Wealthier highly educated older investors working in the finance sector and those trading relatively often show higher diversification levels possibly because they are better equipped to obtain and process information. Finance professionals married investors and those placing high-volume orders through investment centers show poorer diversification possibly as a reflection of overconfidence. Our analysis reveals important nonlinear effects implying that the marginal impact of overconfidence on diversification is not uniform across investors but varies according to the investor's information gathering and processing abilities.
Citation Count: 3
Liberalization Post-Crisis Restructuring and Internationalization in Turkish Banking
(Routledge Journals Taylor & Francis Ltd, 2015) Yıldırım, Canan
This study provides a historical review of the transformation of the Turkish banking sector since the initiation of the financial liberalization program in 1980. It demonstrates the roles of macroeconomic institutional and firm-level factors in the evolution of market and ownership structures as well as the performance of the sector. It focuses on the penetration of foreign banks in the Turkish market and the more recently observed entries of Turkish banks into neighboring countries. It contributes to the literature by illustrating how the domestic macroeconomic and institutional environment together with international banking circumstances affect the processes and outcomes of internationalization in emerging banking markets.
Citation Count: 2
Profit sharing between managers and investors: An experimental investigation
(Elsevier Science Bv, 2015) Öztürkkal, Belma
This study analyzes the effect of interest and power structures and conflict of interest among managers and investors and tests the effect of different payout mechanisms on willingness to pay. In this study 74 student subjects are involved in a setting where the manager is determining his own compensation. A series of experiments that vary managers' ability to determine their own compensation and investors' ability to punish inappropriate behavior are reported. The experiments involve pairs of subjects consisting of an investor and a manager with asymmetric decision making powers. When managers compensate themselves inappropriately investors' recourse is to shun the company's shares-a model that arguably corresponds more closely to reality than the accepted efficient market traditional paradigm. The experiment shows that managers share profits even when investors cannot withhold investment and investors fairly compensate managers as well. This pattern explains both the ability of capital markets to function despite the presence of inherent moral hazard and occasional managerial misbehavior. Copyright (C) 2015 Borsa Istanbul Anonim Sirketi. Production and hosting by Elsevier B.V.
Citation Count: 11
Behavioral Biases Of Finance Professionals: Turkish Evidence
(Elsevier Science Bv, 2016) Kiymaz, Halil; Öztürkkal, Belma; Akkemik, K. Ali
This study extends the existing literature on the determinants of behavioral biases of Turkish finance sector professionals. It examines the impact of various personal and objective attributes of finance sector professionals on their risk choices derived from their portfolio allocation and personal wealth data. Utilizing survey data from 206 professionals we find that these professionals take higher risk in the form of investment in equities when investing in home country firms (geographic bias) and investing in firms headquartered in their home towns (home bias). Those relying on their own predictions when making investment decisions and those with emotional biases invest less in equities. Findings further show that younger professionals professional with less education with lower risk aversion and with single broker accounts are more likely to invest in equities. We also find that those with higher expected returns invest more in equities showing overconfidence. Subsample analysis results for finance professionals suggest that portfolio managers and brokerage company professionals display differing risk taking behavior. (C) 2016 Elsevier B.V. All rights reserved.
Citation Count: 14
Determinants of Saving-Borrowing Decisions and Financial Inclusion in a High Middle Income Country: The Turkish Case
(Routledge Journals Taylor & Francis Ltd, 2016) Davutyan, Nurhan; Öztürkkal, Belma
We use a representative survey of the Turkish household sector and investigate factors impinging on saving-borrowing behavior. We run four probit regressions to elucidate (i) the saving decision (ii) asset choice or portfolio composition for those who save (iii) the bank loan decision and lastly (iv) the formal versus informal borrowing decision. We find income education marital status and region within country strongly correlate with those decisions. We offer some insights regarding the influence of variables like rural to urban migrant status and religious belief on saving and borrowing decisions. We discuss the long-term implications of our findings on the Turkish household savings performance.

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