• Regulation of Rating Agencies 

  Authors:Altman, Edward I.; Öncü, T. Sabri; Richardson, Matthew; Schmeits, Anjolein; White, Lawrence J.
  Publisher and Date:(John Wiley & Sons Ltd, 2011)

  
  
• The Government-Sponsored Enterprises 

  Authors:Acharya, Viral V.; Öncü, T. Sabri; Richardson, Matthew; Van Nieuwerburgh, Stijn; White, Lawrence J.
  Publisher and Date:(John Wiley & Sons Ltd, 2011)

  
  
• The speed of stock price adjustment to corporate announcements: Insights from Turkey 

  Authors:Ersan, Oğuz; Şimşir, Serif Aziz; Şimsek, Koray D.; Afan, Hasan
  Publisher and Date:(Elsevier, 2020)

  The market reaction speeds to the news flow are currently measured at the millisecond level in developed markets. We investigate, using a unique setting from Turkey, whether the market reaction speeds in less sophisticated markets are on par with those of developed markets. We find that market reaction times to corporate announcements are slower than documented in recent studies, although markets react to positive news more quickly than negative news. When high-frequency traders are more active ...

  
  
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  A max–min model of random variables in bivariate random sequences 

  Authors:Bayramoğlu, Ismihan; Gebizlioǧlu, Ömer Lütfi
  Publisher and Date:(Elsevier, 2021)

  We introduce a max–min model to bivariate random sequences and applying bivariate binomial distribution in fourfold scheme derive the distributions of associated order statistics in a new model. Some examples for special cases are presented and applications of the results in reliability analysis and actuarial sciences are discussed.

  
  
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  Bank credit in uncertain times: Islamic vs. conventional banks 

  Authors:Bilgin, Mehmet Hüseyin; Danışman, Gamze Öztürk; Demir, Ender; Tarazi, Amine
  Publisher and Date:(Elsevier Ltd, 2020)

  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 ...

  
  
• Economic Policy Uncertainty And Bank Credit Growth: Evidence From European Banks 

  Authors:Danışman, Gamze Öztürk; Ersan, Oğuz; Demir, Ender
  Publisher and Date:(Elsevier B.V., 2020)

  Using a sample of 2977 private and listed banks in the EU-5 countries (the United Kingdom, Germany, Spain, Italy, France) for the years 2009–2018, this paper explores the impact of Economic Policy Uncertainty (EPU) on credit growth. Using panel data fixed effects methodology and controlling for endogeneity using two-step difference GMM estimators, our findings indicate that uncertainty in economic policies hampers the credit growth of European banks. Our bank type-based analyses indicate that the ...

  
  
• Perceived Financial Needs, Income Sources, and Subjective Financial Well-Being in an Emerging Market 

  Authors:Kiymaza, Halil; Öztürkkal, Belma
  Publisher and Date:(Springer Publishing Co, 2019)

  This study investigates perceived financial needs and subjective financial well-being using data from a national survey of 2,567 households in Turkey. Financial needs are measured by consumer perceived ability to meet current living expenses in the short-term as well as their assessment for the retirement security in the long-term. We also investigate how income sources are related to subjective financial well-being. Findings show that households' daily concerns including the inability to meet ...

  
  
• Does financial flexibility enhance firm value? A comparative study between developed and emerging countries 

  Authors:Bilyay Erdoğan, Seda
  Publisher and Date:(VGTU, 2020)

  This paper investigates the effect of financial flexibility on firm value, on a comparative basis between developed and emerging countries in Europe. Our dataset covers 4,334 companies from 15 developed and 1,436 companies from 6 emerging countries in Europe for the period between 2000 and 2016. First, depending on companies’ maintenance of leverage that is below-predicted levels for a successive number of years, I identify the financially flexible companies in the sample. Second, I examine whether ...

  
  
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  Art investment: hedging or safe haven through financial crises 

  Authors:Öztürkkal, Belma; Toğan-Eğrican, Aslı
  Publisher and Date:(Springer, 2020)

  We analyze long-term art auction sales data focusing on and around financial crisis periods with other investment returns to understand whether art can be considered a safe haven during volatile times or a hedging option in general by analyzing art auction data in a volatile emerging market. Our findings suggest Turkish art returns are either negatively correlated or at low correlation with other investments, including the equity market. We have the view that art can be considered a hedging mechanism ...

  
  
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  Productivity Analysis of Black Sea Container Ports by Using Integrated Entropy and EATWOS Methods 

  Authors:Görçün, Ömer Faruk
  Publisher and Date:(Eskısehır Osmangazı Univ, 2019)

  The Black Sea region is an extremely important region for global trade. Approaches such as short sea shipping and marine highways, which are on the agenda of European Union lead to increase the importance of Black Sea container ports by day by. Thus, performance of seaports of the region will be important factors, which can affect to their development and improvement that will be happened. Because effectivity of seaports may be effected by many factors, it is needed to use the MCDM methodologies ...

  
  
• Does mood affect institutional herding? 

  Authors:Gavriilidis, Konstantinos; Kallinterakis, Vasileios; Öztürkkal, Belma
  Publisher and Date:(Elsevier, 2020)

  Drawing on a unique data set of daily portfolio holdings for Turkish mutual funds we investigate the relationship between mood and institutional herding on the premises of various established mood proxies (weekend effect; holiday effect; Ramadan; sunshine). Results indicate that fund managers in Turkey herd significantly, with their herding growing in magnitude as the number of active funds per stock rises and appearing stronger on the buy-than the sell-side. Although the relationship of mood with ...

  
  
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  Yeni Keynesci Yaklaşımda Ücret ve İstihdam 

  Authors:Bilgin, Mehmet Hüseyin
  Publisher and Date:(İstanbul Üniversitesi, 2002)

  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.

  
  
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  Economic policy uncertainty, stakeholder engagement, and environmental, social, and governance practices: The moderating effect of competition 

  Authors:Vural-Yavaş, Çiğdem
  Publisher and Date:(Wiley, 2020)

  his paper investigates the effect of the economic policy uncertainty (EPU) on corporate environmental, social, and governance practices (ESG), using 6,562 firm-year observations from 15 developed European countries covering the period from 2004 to 2017. The results show that during periods of high uncertainty, firms increase their overall ESG performance, corporate environmental performance, and performance in governance. The relationship is valid for emission, resource use, workforce, management, ...

  
  
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  Information cascades, short-selling constraints, and herding in equity markets 

  Authors:Tiniç, Murat; Iqbal, Muhammad Sabeeh; Mahmud, Syed F.
  Publisher and Date:(Borsa İstanbul Anonim Şirketi, 2020)

  This paper examines the relationship between informed trading and herding in Borsa İstanbul. Our firm-level cross-sectional analysis asserts that informed trading can significantly increase future herding levels. Furthermore, we show that the relationship between informed trading and herding intensifies under short-selling restrictions. Our results confirm the predictions of the informational cascades framework where the individuals disregard their private information to follow others. We show ...

  
  
• Efficiency analysis of Black sea container seaports: application of an integrated MCDM approach 

  Authors:Ömer Faruk, Görçün
  Publisher and Date:(Routledge, 2020)

  The current paper carries out an examination about the selection of the proper container seaport, which in the Black sea region. This paper focuses on a research question. Is it possible to apply multi-criteria decision-making methods that can be applied more easily than the DEA technique for decision-makers? In order to determine the best performance analysis technique that can give successful results, two-hybrid multi-criteria decision-making models were selected and operational performances of ...

  
  
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  Informed trading, order flow shocks and the cross section of expected returns in Borsa Istanbul 

  Authors:Tiniç, Murat; Salih, Aslihan
  Publisher and Date:(Routledge Journals, 2020)

  This paper examines the relationship between information asymmetry and stock returns in Borsa Istanbul. For all stocks that are traded in Borsa Istanbul between March 2005 and April 2017, we estimate the probability of informed trading (PIN) to proxy for information asymmetry.? Firm-level cross-sectional regressions indicate a statistically insignificant relationship between PIN estimates and future returns. Moreover, univariate and multivariate portfolio analyses assert that investors that hold ...

  
  
• Political turmoil and the impact of foreign orders on equity prices 

  Authors:Tiniç, Murat; Savaşer, Tanseli
  Publisher and Date:(Elsevier, 2020)

  This paper examines whether foreign investors possess an information advantage over local investors in the Turkish stock market between 2007 and 2015. We find that foreign investors have an information advantage in 24 stocks, corresponding to seven percent of the sample firms. Foreign investors' information advantage tends to prevail primarily during a period of political instability, which started with the Gezi Park protests in June 2013. The adverse selection component of the foreign trade ...

  
  
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  Corporate risk-taking in developed countries: The influence of economic policy uncertainty and macroeconomic conditions 

  Authors:Vural-Yavaş, Çiğdem
  Publisher and Date:(Elsevier, 2020)

  Using 74,974 firm-year observations covering 15 developed European countries over the time period 1999-2017, this paper explores the effect of economic policy uncertainty on corporate risk-taking. The findings indicate that firms become more risk averse with an economic policy uncertainty shock. The relationship is valid under idiosyncratic and earnings volatility risk measures, regardless of whether the macroeconomic condition is favorable or not. Moreover, the competition level in the industry ...

  
  
• Choice of finance in an emerging market: The impact of independent decisions politics and religion 

  Authors:Davutyan, Nurhan; Öztürkkal, Belma
  Publisher and Date:(Springer International Publishing, 2017)

  This paper is based on a KONDA 1 Research and Consultancy 2 survey conducted in May 2014 on 2607 people forming a representative sample of the Turkish population. It focuses on how people’s religious and political characteristics impact the independence of their decision making regarding saving and borrowing. An earlier study by Davutyan and Ozturkkal (2016) reports saving and borrowing decisions strongly correlate with income, education, marital status and region within country. Furthermore, 54% ...

  
  
• The maximum surplus in a finite-time interval for a discrete-time risk model with exchangeable dependent claim occurrences 

  Authors:Gebizlioǧlu, Ömer Lütfi; Eryilmaz, Serkan
  Publisher and Date:(John Wiley and Sons Ltd, 2019)

  This paper investigates a discrete-time risk model that involves exchangeable dependent loss generating claim occurrences and compound binomially distributed aggregate loss amounts. First a general framework is presented to derive the distribution of a surplus sequence using the model. This framework is then applied to obtain the distribution of any function of a surplus sequence in a finite-time interval. Specifically the distribution of the maximum surplus is obtained under nonruin conditions. ...

  
  

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