Öztürk Danışman, Gamze

Öztürk Danışman, Gamze

Name Variants

Öztürk Danışman, Gamze
G.,Öztürk Danışman
G. Öztürk Danışman
Gamze, Öztürk Danışman
Ozturk Danisman, Gamze
G.,Ozturk Danisman
G. Ozturk Danisman
Gamze, Ozturk Danisman
Danışman, Gamze Öztürk
Ozturk-Danisman, Gamze
Danisman, Gamze Ozturk

Job Title

Dr. Öğr. Üyesi

Email Address

Gamze.danısman@khas.edu.tr

Full item page

Scholarly Output

17

Articles

15

Citation Count

0

Supervised Theses

2 Scholarly Output Search Results

Now showing 1 - 10 of 17

Asimetrik Maliyet Davranışı ve Alıcıların Getirileri: A.b.d. Birleşmelerinden Bulgular
(2019) Ugurlu, Mine; Öztürk Danışman, Gamze; Danışman, Gamze Öztürk; Vural Yavaş, Çiğdem; Bılyay-erdogan, Seda; Vural-yavas, Cigdem
Bu çalışma alıcıların satış, genel ve yönetim maliyetlerinin asimetrik davranışlarını incelemekle birlikte; “Birleşme ve Satın Alma” performanslarına olan etkisini 1 yıllık olay penceresinden analiz etmektedir. Çalışma A.B.D.’de 2003-2015 yılları arasında tamamlanan 6,888 birleşme ve satınalmaya dayanmakta ve panel veri regresyonları kullanmaktadır. Sonuçlar alıcıların 73%’ünün maliyetlerinin asimetrik davranış sergilediğini göstermektedir. Birleşme duyurusunun ardından maliyet yapışkanlığı ile alıcıların olağandışı getirileri arasında anlamlı ve negatif bir ilişki olduğu saptanmıştır. Piyasadaki rekabet alıcıların getirilerini olumlu etkiler, ancak yapışkan maliyetlerin alıcıların olağandışı getirileri üzerindeki olumsuz etkisini daha da artırır. Ayrıca alıcıların temerrüt riskinin olağandışı getiriler üzerinde anlamlı ve negatif yönde etkisi vardır. Bununla birlikte, temerrüt riskinin getiriler üzerindeki olumsuz etkisi yapışkan olmayan maliyet yapısı olan alıcılar için daha kuvvetlidir. Alıcıların riski rekabetin getiriler üzerindeki pozitif etkisini azaltmaktadır. Bir yıllık olay penceresinden incelendiğinde, yapışkan maliyet yapısına sahip alıcıların yapışkan olmayan maliyet yapısına sahip alıcılara göre daha az olağandışı getirilere sahip olduğu gözlemlenmiştir. Bu çalışma 2003-2015 yılları arasında gerçekleşen birleşmelerde rol alan alıcıların asimetrik maliyet davranışlarını ortaya çıkararak ve alıcı firmaların daha düşük olağandışı getiri elde etmelerine alternatif bir açıklama getirerek literatüre katkıda bulunmuştur.
The Impact of Economic Uncertainty and Geopolitical Risks on Bank Credit
(Elsevier Inc., 2021) Demir, Ender; Öztürk Danışman, Gamze; Danışman, Gamze Öztürk
This paper compares the effects of economic uncertainty and geopolitical risks on bank credit growth. Using a sample of 2439 banks from 19 countries for the period of 2010–2019, our findings indicate that economic uncertainty causes a significant decrease in overall bank credit growth while no such significant overall effect of geopolitical risks is documented. Further analysis on loan types shows that the highest negative impact of economic uncertainty is observed on corporate loans. Geopolitical risk, however, dampens consumer and mortgage loans. Additional analyses on bank heterogeneity reveal that the credit behavior of foreign and publicly listed banks are more immune to such risks.
Banking Sector Reactions To Covid-19: the Role of Bank-Specific Factors and Government Policy Responses
(Elsevier, 2021) Demir, Ender; Öztürk Danışman, Gamze; Danisman, Gamze Ozturk
This paper examines the impact of bank-specific factors and variations in the context of stringency of government policy responses on bank stock returns because of the COVID-19 pandemic. A sample of 1,927 publicly listed banks from 110 countries is used for the period of the first major wave of COVID-19, that is, January to May 2020. Our findings indicate that stock returns of banks with higher capitalization and deposits, more diversification, lower non-performing loans, and larger size are more resilient to the pandemic. While banks' environment and governance scores do not have a significant impact, higher social and corporate social responsibility strategy scores intensify the negative stock price reaction to COVID-19. We further observe that the pandemic induced reduction in bank stock prices is mitigated as the strictness of government policy responses increases, mainly through economic responses such as income support, debt and contract relief, and fiscal measures from governments.
Loan Loss Provisioning of Us Banks: Economic Policy Uncertainty and Discretionary Behavior
(Elsevier Inc, 2021) Öztürk Danışman, Gamze; 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.
Technological Innovations and Firm Internationalisation
(Sosyoekonomi Soc, 2022) Ozturk-Danisman, Gamze; Öztürk Danışman, Gamze
This paper explores the relevance of technological innovations for the internationalisation of manufacturing firms. It differentiates between two technological innovations: eco-innovations and generic-technological innovations (i. e., intelligent manufacturing). By pooling the Flash Eurobarometer-415 and -433 surveys, we use a broad firm-level sample of 4954 European and nonEuropean (the US and Switzerland) manufacturing firms. Appling the Heckman selection model, the findings indicate that eco-innovations positively affect the decision of the firms to internationalise whilst showing no significant impact on the level of international operations. On the other hand, generic-technological innovations positively affect both the decision and the level of global operations.
Bank Credit in Uncertain Times: Islamic Vs. Conventional Banks
(Elsevier Ltd, 2020) Bilgin, Mehmet Hüseyin; Öztürk Danışman, Gamze; Danışman, Gamze Öztürk; Demir, Ender; Tarazi, Amine
This paper explores whether the impact of economic uncertainty on credit growth differs for Islamic vs. conventional banks. Using a sample of 416 banks (58 Islamic and 358 conventional) in 12 countries, the findings indicate that an increase in economic uncertainty significantly decreases the credit growth of conventional banks but does not have any significant impact on Islamic banks’ credit growth. Our results are robust to alternative specifications and addressing endogeneity concerns using GMM estimators. We further observe that our findings are stronger for the following countries: (1) countries with explicit deposit insurance protection system for Islamic banks, (2) lower foreign dominance, and (3) countries with a higher share of deposits and assets in Islamic banks.
Economic Uncertainty and Bank Stability: Conventional Vs. Islamic Banking
(Elsevier Science Inc, 2021) Bilgin, Mehmet Huseyin; Öztürk Danışman, Gamze; Danisman, Gamze Ozturk; Demir, Ender; Tarazi, Amine
In this paper, we explore whether economic uncertainty differently affects the default risk of Islamic and conventional banks. Using a sample of 568 banks from 20 countries between 2009 and 2018, we use the World Uncertainty Index (WUI) by Ahir et al. (2018) to conduct a study based on a comparable measure across countries. Our findings indicate that economic uncertainty increases the default risk of conventional banks but does not affect Islamic banks' default risk. To understand why, we explore the influence of religiosity, institutional factors, and bank-level heterogeneity. We observe that Islamic banks' default risk is not significantly affected by uncertainty in all types of countries, but such a difference with conventional banks mainly holds for banks with higher income diversification, larger size, and that are publicly traded. Moreover, our findings show that conventional banks suffer more from uncertainty in terms of stability in countries with higher religiosity and with a higher share of profit-loss sharing (PLS) contracts. Our results are robust to alternative estimation techniques to deal with endogeneity and to alternative variable measurements.
Financial Resilience To the Covid-19 Pandemic: the Role of Banking Market Structure
(ROUTLEDGE JOURNALS, 2021-03) Danışman, Gamze Öztürk; Öztürk Danışman, Gamze; Demir, Ender; Zaremba, Adam
This article examines whether differences in banking market structures across countries influence the local stock market resilience to the COVID-19 pandemic. Using a sample of 66 countries for the period January 2020 to July 2020, our findings demonstrate that countries with more concentrated banking systems, with a higher presence of foreign banks, and a higher share of Islamic banks are more resilient to the pandemic. Considering the banking regulatory differences between countries, we observe that equity markets of countries with stricter regulatory requirements on capital and liquidity are more resilient to the COVID-19. Finally, regarding banking sector performance indicators, our findings show that while stock reactions of countries with more stable banking systems are more resilient to the pandemic; countries with more credit to deposit ratio, overhead costs, high provisions and nonperforming loans are more vulnerable. Our findings provide important implications for policymakers, regulatory bodies and investors.
The Effect of Pandemics on Domestic Credit: a Cross-Country Analysis
(Economics Bulletin, 2021) Danisman, Gamze Ozturk; Öztürk Danışman, Gamze; Demir, Ender
Using a panel of 140 countries covering the period 1996-2018, this paper examines how previous pandemics (such as SARS, MERS, Ebola, Swine flu, etc.) have influenced the lending behavior of banks. We take advantage of a new index developed by Ahir et al. (2020) which measures discussions about pandemics at the country level. Our findings reveal that uncertainty related to pandemics significantly hamper domestic credit available to the private sector. The negative effect of pandemics on credit levels is more prevalent for the low-income & emerging economies and non-OECD countries.
Asymmetric Cost Behavior and Acquirer Returns: Evidence From U.s. Mergers
(Ege Univ, 2019) Uğurlu, Mine; Öztürk Danışman, Gamze; Öztürk Danışman, Gamze; Vural Yavaş, Çiğdem; Bilyay-Erdoğan, Seda; Vural-Yavaş, Çiğdem
This paper investigates the asymmetric behavior of the selling, general and administrative (SG&A) costs of acquirers, and reveals its effects on mergers & acquisitions (M&A) performance in a one-year event window. It is based on a sample of 6888 M&As completed in the U.S. during the 2003-2015 period and employs panel data regressions. The results show that 73% of the acquirers display asymmetric cost behavior. A significant negative relation is found between cost stickiness and acquirers' abnormal returns following the merger announcement. Competition in the market for corporate control is positively related with acquirer returns but exacerbates the negative effects of cost-stickiness on abnormal returns of acquirers. The acquirers' risk of default is significantly negatively related to the abnormal returns they generate. This adverse effect of default risk on returns is stronger for acquirers with anti-sticky costs. Acquirer risk offsets the positive effects of competition on returns. Acquirers with sticky costs have lower abnormal returns than those with anti-sticky costs in a one-year window. The present study contributes to the literature by revealing the asymmetric cost behavior of acquirers involved in merger activity during the last decade, and provides evidence for an alternative explanation for the lower abnormal returns of the acquiring firms.