Muhasebe ve Finans Yönetimi Bölümü Koleksiyonu

Permanent URI for this collectionhttps://gcris.khas.edu.tr/handle/20.500.12469/70

Browse

Browsing Muhasebe ve Finans Yönetimi Bölümü Koleksiyonu by WoS Q "Q2"

Filter results by typing the first few letters
Now showing 1 - 2 of 2
  • Thumbnail Image
    Article
    Citation Count: 7
    Daily and Intraday Herding within Different Types of Investors in Borsa Istanbul
    (Routledge Journals, Taylor & Francis Ltd, 2019) Ersan, Oğuz; Ekinci, Cumhur; Ersan, Oğuz
    This paper aims to explore the daily and intraday herd behavior of various investor groups trading in an emerging equity market, Borsa Istanbul (BIST). We analyze a one-year tick-by-tick order and trade data of BIST 100 Index stocks and document differences in herding behavior of investor groups considering market capitalization, market conditions, and announcements as well as daily and intraday periodicities. We find that nonprofessional investors (brokerage houses and domestic funds) tend to herd on large (small) stocks; their herding behavior mostly exhibits a U shape (an inverse U shape) during the day. All types of investors tend to herd in down markets on a daily basis while this behavior disappears, even inverts intraday.
  • Thumbnail Image
    Article
    Citation Count: 42
    Loan loss provisioning of US banks: Economic policy uncertainty and discretionary behavior
    (Elsevier Inc, 2021) Öztürk Danışman, Gamze; Demir, Ender; Ozili, Peterson K.
    This paper examines the effect of economic policy uncertainty (EPU) on loan loss provisions (LLP). Using a sample of 6384 US banks and yearly data from 2009 to 2019 and addressing endogeneity (GMM and IV estimations), the findings reveal that in times of higher economic policy uncertainty, banks tend to increase their loan loss provisioning. Considering the four components of EPU, the findings document that the majority of the explanatory power on loan loss provisions originates from news-based and tax expiration indices. Moreover, US banks discretionally use loan loss provisions in normal times, especially for capital management and income smoothing. In uncertain times, they use provisions for income smoothing rather than capital management and after controlling for the discretionary behavior, the positive relationship of EPU and LLPs continue to hold. Additional analysis indicates that private banks conduct more income smoothing through provisions in uncertain times as compared to listed banks. The findings of the study highlight EPU as an additional procyclical factor to influence bank provisioning behavior and offer some relevant policy implications.