Uluslararası Ticaret ve Finans Bölümü Koleksiyonu

Permanent URI for this collectionhttps://hdl.handle.net/20.500.12469/67

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Citation - WoS: 23
Citation - Scopus: 28
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 - WoS: 16
Citation - Scopus: 22
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.
Citation - WoS: 10
Citation - Scopus: 9
Efficiency in Turkish Banking: Post-Restructuring Evidence
(Routledge Journals Taylor & Francis Ltd, 2017) Davutyan, Nurhan; Yıldırım, Canan
Turkish banking sector went through a significant restructuring process in the aftermath of the country's financial crisis of 2000-2001. In this paper we analyze the evolution of banking performance using a novel approach due to Ray [(2007). Shadow Profit Maximization and a Measure of Overall Inefficiency. Journal of Productivity Analysis 27 231-236]. We derive shadow unrealized profit scores' as well as shadow input-output prices' for each year and bank in the sector from 2002 to 2011. We argue these scores operationalize the Hicksian concept of monopolistic quiet life'. We provide some evidence the sector came closer to the zero profit condition' as well as displaying a closer approximation to the law of one price' over time. We show the variability of these shadow prices' essentially coincides with that of corresponding actual prices. We utilize shadow price information to show that business models and competitive choices of banks differ across ownership types with foreign banks competing on the broadest front compared to state-owned and privately owned Turkish banks.
Citation - WoS: 3
Citation - Scopus: 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 - WoS: 11
Citation - Scopus: 10
Turkey's Outward Foreign Direct Investment: Trends and Patterns of Mergers and Acquisitions
(Routledge Journals Taylor & Francis Ltd, 2017) Yıldırım, Canan
The aim of this study is to examine the recent evolution of Turkish outward foreign direct investment together with Turkish firms' cross-border acquisitions across time countries and industries. The article suggests that macro-economic restructuring and institutional reforms together with strengthened competition at home and globally not only allowed but also forced Turkish firms to expand internationally. It shows that Turkish acquisitions are mostly directed towards European countries and are concentrated more in manufacturing than in the services industry. In addition most of the acquisitions involve firms operating in low-technology manufacturing and less knowledge-intensive services. These findings imply that Turkish firms might be motivated mainly towards accessing new markets and that the acquisitions do not seem to be utilized for technological upgrading and productivity improvements.

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