Lisansüstü Eğitim Enstitüsü

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Bir finansman tekniği olarak factoring Türkiye ve Dünya`da son on yıllık gelişimi
(Kadir Has Üniversitesi, 2003) Cerrahoğlu, Celal; İlkin, Akın
[Abstract Not Available]
Corporate leverage, monopolization, zombification: An analysis of the U.S. nonfinancial corporate sector
(Kadir Has Üniversitesi, 2021) Orhangazi, Özgür; Orhangazi, Özgür
The U.S. non-financial corporations hit record debt levels and leverage ratios even before the COVID-19 pandemic. A recent series of reports, news articles and academic studies show widespread attention to the increasing indebtedness of the non-financial corporate sector and raise concerns about the increases in corporate debt. Using firm-level data from a sample of the U.S. non-financial corporations covering from 1980 to 2019, I find that large firms rapidly increased their leverage ratios without increasing the corresponding level of real investment in last decade. In addition to leverage, most of the outstanding debt is held by very large firms. High profitability and low interest rates allow them higher interest coverage ratios. I also show that leverage is higher in highly concentrated industries and intangible intensive firms, potentially indicating a link between market power and debt levels. Concurrently, although smaller firms face lower leverage ratios, they also have lower interest coverage ratios. A remarkable proportion of firms now become zombie or ponzi units.
Determinants of investment in the manufacturing sector in Turkey
(Kadir Has Üniversitesi, 2017) Orhangazi, Özgür; Orhangazi, Özgür
This dissertation focuses on the determinants of investment in Turkish manufacturing sector. it gives a detailed framework and complementary analysis of the determinants of investment in Turkish manufacturing sector. First i examine the financing constraints hypothesis for the manufacturing sector. The financing constraints have a controversial place in the current literature and for Turkey there has been a limited literature in this field even-though the relation between financing constraints and investment has traditionally had a special place in investment studies. Second i analyze the relation between cash holding or staying liquidity and investment as well as the effect of cash holdings on investment. Third i examine the effect of profitability on investment for Turkish manufacturing sector. Fourth i review the effect of free cash flow on investment. i use free cash flows to examine the relationship between underinvestment and financing constraints. i also investigate the effect of different institutional aspects of investment such as holding structures and TUSiAD membership. This dissertation offers a detailed contribution to the understanding of investment behavior of publicly held firms in the manufacturing sector in Turkey. Moreover this dissertation gives a comprehensive framework for measuring financing constraints for investment decisions. Finally this dissertation makes a significant contribution to linking the conditions of financing constraints and underinvestment.
The effect of monetary policy on foreign trade balance in Turkey in particular through credit channel
(Kadir Has Üniversitesi, 2017) Kıran, Gürbüz; Arhan, Ertan Sabri
The paper is about the possible effect of monetary policy on the post 2001 lending boom and the related current account deficit in Turkey. in the analysis VAR ARDL iRF and Granger causality tests have been used. Moreover the effect of the policy in particular through real interest rates has also been analyzed separately on consumer public and other (business) loans. Even after taking the in uence of global risk appetite as the factor for funds ow into emerging markets including Turkey into the consideration it has been shown that monetary policy seems to affect current account and its main component of foreign trade balance via its in uence on loan growth especially through consumer and other (business) loan channels. --Abracts.
The effect of taxes and transfers on income poverty in Turkey from 2003 to 2019
(Kadir Has Üniversitesi, 2021) Tekgüç, Hasan; Tekgüç, Hasan
Unlike developed countries, indirect taxes are main tax revenue in developing countries. In Turkey, the majority of collected taxes are indirect taxes on consumption and the share of these taxes account for 60 percent of total tax revenue in Turkey. Indirect taxes disproportionally affect lower income groups which can impact poverty status. We estimate the fiscal incidence of social security contributions, income taxes, consumption taxes, and social assistance by using Household Budget Survey data. We estimate poverty rate and poverty gap for different income definitions, market, disposable, and consumable incomes. We also estimate poverty transition between high, middle, vulnerable, and poor income households. We find that marginal impact of indirect taxes is generally more than marginal impact of social assistance and minimum subsistence allowance. We find that poverty rate declined significantly over time, but poverty gap and squared poverty gap did not decline as much as poverty rate. Our empirical model indicates that there is opposite relationship between retirement income and poverty status. On the other hand, we find positive association between youth and poverty. If there is any youth in household, this household is more likely to be poor. Therefore, we simulate poverty effect of modest child support scheme due to this positive relationship. We assign 0.4 percent of total GDP as a child support to households which have any youth in their household, then we find approximately one percent decline in poverty rate for both disposable and consumable income.
Employee stock ownership plan
(Kadir Has Üniversitesi, 2013) Vanlı, Onur; Şener, Orhan
This plan was built up by Louis Kelso in 1956 in order to help employees to own the stocks and shares of the company. More application areas were consisted in parallel to the demand of the companies such as rescuing in bankruptcy situations stopping green mail attempts of the competitor companies consisting profitable and efficient companies and composing additional retirement security plans for the employees. This system is basically built on the philosophy of ‘The more you pay the more you get during retirement’. U.S. government accepted the system and made it stronger with the help of the tax reforms and legislation. in this paper the history of the plan its legislation and application areas were analyzed. Adding to these the performances of the companies in recession the benefits of the system to the economy and the challenges that a mature company could face have analyzed. Finally with the help of the SWOT analysis all strengths and weaknesses were emphasized potential opportunities and threats were researched and possible solutions were suggested. -- Abstract'tan.
Evaluation of reform in Turkish electricity sector :A CGE analysis
(Kadir Has Üniversitesi, 2016) Dautaj Şenerdem, Erısa; Akkemik, K. Ali
Turkey's electricity market has undergone extensive reform since 2001 through market liberalization unbundling privatization and establishment of organized power markets retail market opening and the establishment of an independent energy regulatory authority. i employ a static computable general equilibrium (CGE) model to test the impact of power sector reform on the economy. Major findings suggest reform has been beneficial to the economy. Market liberalization has a positive impact on gross domestic product when implemented on all state-run companies simultaneously. Stronger participation of state-run companies in the day-ahead market generates a positive effect on the economy similar to that of larger private participation in the sector with the GDP turning around 0.2-0.3% above its base levels after each shock. Stronger demand-side participation also affects the economy positively. A simulation of all reform elements combined generates a deviation of GDP by 0.2% above its baseline.
Explaining the labor share of income :a synthetic analysis with capital account openness and financial development OECD and non-OECD countries 1995-2015
(Kadir Has Üniversitesi, 2017) Ertan, Sabri Arhan; Ertan, Sabri Arhan
The negative influences of economic downturn which started with the 2007-2008 crisis still maintain to affect the global economy as of 2017. in this framework current mainstream economic policies are being re-examined and need to be renewed. Especially with the Keynesian paradigm coming to the point of collapse at socio-economic scale since 1970s the exacerbating anti-labor movements have obtained the power to enforce the fundamental policy proposals all over the world. Among many different kinds of approaches neo-liberal policy unity and thereby the neoclassical paradigm were the ones that had taken the power. However this transformation within the system was not being easy due to the changes in the interests of the socio-economic and political base of the interests of policymakers and of agents. in other words on a class-based the neoliberal period in which the labor-capital conflict has reached its most serious level in history required of the organization of many parameters especially by pressure in favor of capital. in its essence neoliberalism can be also regarded as a social economic and political counter-attack against the labor-based gains obtained in the Keynesian period within the labor-capital accord. At the scientific level it is possible to obtain evidences or outcomes in many different spheres (e.g. the rate of unionization the level of unemployment rate flexible labor market policies and cheap labor-based production planning). However the most important example of this case in the macroeconomic framework can be understood in falling labor share ratios. As will be noted in the study this decline is valid both for developed and developing country groups.
Financial Liberalization and direction of interenational capital flows
(Kadir Has Üniversitesi, 2013) Orhangazi, Özgür; Orhangazi, Özgür
This study examines the direction of capital flows between developed and developing countries. Primarily almost all restrictions on capital mobility have reduced following the financial liberalization all over the world after 1980 period. One of the most important aim behind the liberalization policy is the providing of the resource allocation from capital-abundant developed countries to capital-scarce developing countries and thereby the stimulation of economic growth. in other words by doing so developed countries would become net capital exporter. However the analysis depending developing countries case and covering 2000-2011 period put different result. Actually capital is on net outflowing from developing countries to developed countries due to various reasons such as interest payments dividend payments past borrowings and copyright and patent fees. in other words contrary to the theoretical concept of the mainstream finance developing countries is placed as a net capital exporter in this period instead of developed countries. The main indicators which are using so as to reach this result are the current account and its two sub-items which are net income and royalty and licensing fees. Changings in both measures statistically prove that the developing countries are net capital exporter to developed countries. -- Abstract'tan.
The impact of borrowing on household saving behavior the case of Turkey 2003 – 2012
(Kadir Has Üniversitesi, 2018) Orhangazi, Özgür; Orhangazi, Özgür
The aim of this Ph.D. thesis is to contribute to the vast literature on the determinants of household saving and reassess the precautionary saving preferences of Turkish households by introducing liquidity and debt related factors aside from the general saving contributors. The precautionary saving motive against future income uncertainties defined as one of the leading indicators of saving preferences is effected through liquidity effects especially in less financialized economies with uneven income distributions. The sharp decline in Turkish households‘ saving ratio in the global financialization period is a good example of the changing saving dynamics with liquidity and debt concepts. in my thesis i use the Turkish Household Budget Surveys for the period of 2003 to 2012. in addition to the socioeconomic and demographic information in these surveys i also utilize generated liquidity and debt indicators. Descriptive analysis confirms the predictions of the saving literature showing young and impatient households to be less inclined to save. Education level improves while employment focuses on the service sector. Uneven income distribution is one of the major factors to limit saving and also precautionary saving opportunities for a significant portion of observations and elevates the importance of liquidity conditions. Empirical analysis confirms the presence of precautionary saving in Turkish households while its significance is lower after the 2008 crisis once liquidity effects are introduced. Moreover wealthy and entrepreneur households are observed to be natural savers. Presumably liquidity constrained households do not demonstrate a difference in precautionary saving preferences but confirming the predictions of the liquidity constraint households hypothesis they dissave with easier liquidity conditions. The presence of debt is an additional saving motive. it is suggested that an improvement in income distribution and a decline in the liquidity constrained households‘ share would rebalance the low saving level of Turkish households.
Impact of international sanctions on Iranian economy
(Kadir Has Üniversitesi, 2016) Yücel, Mustafa Eray; Yücel, Mustafa Eray
Since the World War ii governments have thought economic sanctions as an option in order to influence the behavior of target countries. The question which economic sanctions can influence the behavior of a country without resulting into military actions exists. Most of previous studies investigated different ways in which and how economic sanctions can be effective through impose of pressure on the targeted country. in this study the importance of the problem and the impact of economic sanctions by USA and other countries on iranian economy were analyzed through investigation in historical data analysis and reviewing main macroeconomic indicators and iran’s trade policies.
The impacts of foreign direct investment inflows in Bric conturies
(Kadir Has Üniversitesi, 2013) Abaylı, Ayşegül; Aybar, Sedat
Over the 1990s, most developing countries considered a series of market reforms, including the opening of their capital accounts. The role of Foreign Direct Investment (FDI) in the growth process has been recognized by policy makers. Capital Flows could affect domestic investment in several ways. Firstly, FDI contributes directly to new plant and equipment, the so-called ?greenfield? FDI. Secondly, due to linkages between firms, FDI may deliver spillover investment, beyond any direct increase in their capital stock. For instance, multinational corporations (MNCs) may utilize inputs from domestic suppliers, creating an investment opportunity for local firms. While most studies in the literature claim that Foreign Direct Investment inflows have a significantly positive effect on economic growth via technology diffusion or the formation of human capital, opponent emphasize the lack of empirical evidence. It can be argued that higher FDI Inflows have provided the recent, relatively stable, growth rates seen in BRIC countries, but will it be possible to observe any macroeconomic stabilization in the long-run as a result of FDI Inflows? The main purpose of this study to explain the FDI Inflows? linkages and direction, and the associated macroeconomic factors.
Input substitutability, energy intensity and efficiency in US agriculture
(Kadir Has Üniversitesi, 2014) Gazel, Tuğçe Uygurtürk; Zaim, Osman
Yenilenemeyen kaynakların, özellikle enerjinin, üretim aşamasında önemli ölçüde belirleyici etkisi bulunmaktadır. 1970 lerden itibaren yaşanan petrol krizleri,sınırlı enerji kaynaklarının kullanımı konusundaki bilinci daha da pekiştirmiş, bu alandaki performans ölçüm yöntemleri yoğun bir şekilde çalışılmaya başlanmıştır. Bu tezde Amerikan tarım sektorünün 1960-2004 yılları arasındaki panel veri seti kullanlarak üç önemli soruya yanıt aranmıştır. İlk olarak, girdilerin birbirlerinin yerine ne ölçüde ikame edilebileceği sorusu esnek fonksiyonel formların yardımıyla çalışılmış daha sonra enerji yoğunlugu ve enerji üretkenliği kavramları literatürde var olan ölçüm tekniklerinin kabul edilen eksikliklerini gidermek amacıyla yeni geliştirilen ölçüm tekniğiyle hesaplanmıştır. Son olarak da tarım sektörünün etkinliği parametrik, yarı parametrik ve parametrik olmayan teknikler kullanılarak hesaplanmıştır. Elde edilen bulgular, Amerikan tarımında girdi ikamesi bağlamında kapsamlı bir veri çerçevesi sunarken, yeni yöntemle elde edilen performans belirleyicileri (enerji yoğunlugu, enerji verimliliği) var olan yöntemlerle elde edilen bulgulara göre bariz farklar ortaya koymaktadır.
Labor market outcomes of minimum wage increases: A case study
(Kadir Has Üniversitesi, 2019) Orhangazi, Özgür; Orhangazi, Özgür
There is an ongoing controversy surrounding the minimum wage policy. On the one hand, proponents argue that minimum wage can support employment in the presence of a labor market monopsony; opponents, on the other hand, argue that minimum wage has adverse impact on employment outcomes. In this study, using the 33% minimum wage increase in 2016 in Turkey as a quasi-experiment and utilizing the regional variation in the fraction of workers a↵ected by minimum wage increases, I examine the impact of the minimum wage policy on wages,employment, and informality. I illustrate that young workers and less than high school educated workers are disproportionally represented among minimum wage workers. Armed with this finding, I show wage gains for less educated workers and no adverse impact on employment outcomes. I find, however, relatively large positive informality e↵ects on young workers.According to the findings presented in this study, an additional 10 percent of potential minimum wage workers a↵ected by the 2016 minimum wage increase rises young workers’ informality by 12 to 17 percent.
Latin Amerika ve Türkiye`de finansal krizler
(Kadir Has Üniversitesi, 2003) Savaş, A. Burcu; Ocakçıoğlu, Bora
Bu tezde, Meksika, Brezilya, Arjantin ve Türkiye olmak üzere 1990'h yıllarda finansal kriz yaşamış bu ülkelerin finansal liberilizasyona geçişlerinden itibaren ekonomik geçmişleri ve kriz süreçleri irdelenmeye çalışılmıştır. Finansal krizlerin nedenleri ve oluşum biçimleri hakkında iktisat yazınında yer alan modeller açıklanmıştır. Söz konusu ülke tecrübelerinin bu modellerle bağdaşan yönlerinin tespit edilmesi hedeflenmiştir.
Path dependence of public investment and regional development agency supports in Turkey
(Kadir Has Üniversitesi, 2017) Tekgüç, Hasan; Tekgüç, Hasan
[Abstract Not Available]
Sermaye piyasalarında kurumsal yatırımcıların etkinliği -Yatırım fonları, yatırım ortaklıkları, özel emeklilik fonları
(Kadir Has Üniversitesi, 2003) Yörük, Ahmet; Yörük, Ahmet
[Abstract Not Available]
Teknik analiz ve stochastic yöntem - İMKB-30 üzerine bir deneme
(Kadir Has Üniversitesi, 2003) Yörük, Ahmet; Yörük, Ahmet
Bu tez çalışmasında para ve sermaye piyasalarında, finansal yatıran araçlarının analizinde kullanılan yöntemlerden teknik analiz ve bu yöntem uygulanırken analizciler tarafından en fazla kullanılan göstergelerden biri olan stochastic'in teknik analiz piyasasındaki güvenilirliği araştırılmıştır. Uygulamanın temel amacı stochastic yöntemi ile hisse senedi yatırımcısının hisse senedine ne zaman yatıran yapacağı veya ne zaman yatınınım nakde çevirmesi gerektiği belirlenmeye çalışılmıştır. Çalışmada hisse senetlerinin kısa vadede stochastic yöntemi ile değerlendirilmesinde en çok kullanılan 5-3-3 'Kik periyotlar dikkate alınmıştır. Ayrıca 3 yıllık dönemi kapsayan (97-98, 98-99, 99-00) 30 şirkete ait hisse senetlerinin stochastic verileri metastock paket programıyla tespit edilerek karşılaştırmalar yapılmışta.

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