Bankacılık ve Finans Bölümü Yayın Koleksiyonu

Permanent URI for this collectionhttps://hdl.handle.net/20.500.12416/400

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Now showing 1 - 8 of 8

Citation - WoS: 2
Citation - Scopus: 2
An Alternative Mean Reversion Test for Interest Rates
(Central Bank Republic Turkey, 2018) Ozel, Ozgur; Ilalan, Deniz
A number of empirical studies assert that interest rates are governed by unit root processes rejecting any form of reversion to a long term mean by resorting to certain tests, among which the Augmented Dickey Fuller (ADF) is the most widely used one. In this study, we propose an alternative testing methodology that can be applied along with ADF test, in the sense that there are times where it can capture stationarity when the other fails to do so. Moreover, our test has more power than ADF test. As an application to real-data, we consider 10-year US and Turkish T-bond rates. (C) 2017 Central Bank of The Republic of Turkey. Production and hosting by Elsevier B.V.
Citation - WoS: 6
Citation - Scopus: 5
Exchange Rate Volatility and Trade: External Exchange Rate Volatility Matters
(World Scientific Publ Co Pte Ltd, 2020) Babuscu, Senol; Hazar, Adalet; Solakoglu, M. Nihat; Tunc, Cengiz
We investigate the role of external exchange rate volatility in export in addition to the effect of bilateral exchange rate volatility using country-, sector-, and destination-specific detailed export data of the World Bank Exporter Dynamics Database. The results show that while the bilateral exchange rate volatility has a depressing effect on export, the external exchange rate volatility generates trade-promoting effect on export. However, the magnitude of the effect depends on trade intensity between countries. Furthermore, while the role of external exchange rate volatility diminished after the Global Financial Crisis, the effect of its volatility has become larger. Finally, external exchange rate volatility has a larger trade-promoting effect on export in the presence of high volatilities than the effect in the presence of low volatilities.
How Globalization Affects The Operational Efficiency of Emerging Market Firms?: A Comparative Analysis On Turkish SMEs
(Univ Oviedo, 2018) Akdoğan, Ece Ceylan
This paper examines the impact of globalization on the operational efficiency of emerging market firms by concentrating on the financial outcomes of a firm's main operations through focusing on operating income and cash conversion cycle as well as on their possible causes in an emerging market, Turkey. The findings indicate that globalization significantly deteriorates the operating income and lengthens the cash conversion cycle of Turkish firms. Besides, globalization is found to increase sales of SMEs and decrease sales of large companies significantly and the impact on operating income of large companies is observed to be stronger. Globalization is also found to lead a softening in Turkish firm's terms of sales and enable Turkish SMEs to benefit from better terms of purchase.
Citation - WoS: 2
Citation - Scopus: 3
How Globalization Affects the Operational Efficiency of Emerging Market Firms?: a Comparative Analysis on Turkish Smes
(Univ Oviedo, 2018) Akdogan, Ece Ceylan
This paper examines the impact of globalization on the operational efficiency of emerging market firms by concentrating on the financial outcomes of a firm's main operations through focusing on operating income and cash conversion cycle as well as on their possible causes in an emerging market, Turkey. The findings indicate that globalization significantly deteriorates the operating income and lengthens the cash conversion cycle of Turkish firms. Besides, globalization is found to increase sales of SMEs and decrease sales of large companies significantly and the impact on operating income of large companies is observed to be stronger. Globalization is also found to lead a softening in Turkish firm's terms of sales and enable Turkish SMEs to benefit from better terms of purchase.
Overview of Financial Reporting in the Airline Industry
(Emerald Group Publishing Ltd, 2022) Ozturk, Can
This chapter focuses on the diversity of financial reporting frameworks in the airline industry considering past and present. While diversity of financial reporting frameworks existed in the past, currently, the majority of listed and non-listed airlines, whose financial statements are publicly available, are inclined to adopt International Financial Reporting Standards (IFRS), leading toward uniformity in financial reporting frameworks because their country of incorporation or the stock exchange where they are listed either require or permit them to do so. Airlines operating in the United States prepare their financial statements under United States Generally Accepted Accounting Principles and some of Asian-Pacific countries still use their own national accounting standards in financial reporting. In addition, this research points out that the primary determinant of IFRS adoption in the airline industry is the fact that the majority of airlines are listed in national or foreign stock exchanges where IFRS adoption is required, but there are some company-specific determinants for listed and non-listed IFRS adopting airlines. Finally, this chapter also sets forth that there are jurisdictional versions of IFRS in the global context from the perspective of financial statements of airlines leading to some obstacles in understanding the financial reporting framework.
Citation - WoS: 2
Citation - Scopus: 2
Profitability Effects of Financial Globalization in an Emerging Market Banking Industry: Insights Into Turkey
(Univ Rijeka, Fac Ecomomics, 2019) Ozsuca, Ekin Ayse; Akdogan, Ece C.
The massive ,financial liberalization followed by accelerating financial globalization leaded to significant structural changes in the financial sector: Since financial institutions play a dominant role in functioning of financial sector, especially in emerging markets where banking industries are generally among the most sensitive sectors to increased interconnectedness of financial markets, haw financial globalization actually affects the efficiency of financial intermediation is a vital question. However; although there exists plenty of research focusing on financial integration, impacts of financial globalization is untouched. Hence, this study investigates the bank profitability effects of financial globalization through focusing on an emerging market, Turkey and searches for any potential differences that may prevail among banks with different ownership structures. The findings indicate that while the market based profitability measures improve with financial globalization, the accounting based measures deteriorate pinpointing to an over optimism in the market which in turn brings in mispricing problems. Besides, ownership structure is found to affect the market based measures where banks with domestic and private ownerships are found to benefit more. However; since no significant distinction could be detected among any of the ownership compositions for accounting based profitability measures, such misappraisals seem to foster the optimism in the market.
Sector-Level Competition and Export: Evidence From Exporter Dynamics Database
(World Scientific Publ Co Pte Ltd, 2019) Hazar, Adalet; Solakoglu, M. Nihat; Tunc, Cengiz; Babuscu, Senol
We study the effect of sector-level competition on export by utilizing the Exporter Dynamics Database of the World Bank that provides sector-level competition measure along with destination-specific detailed export data. The results of the analysis show a nonlinear effect of sector-level competition on export. While at less competitive sectors, an increase in competition depresses export, at highly competitive sectors, an increase in competition generates a trade-promoting effect on export. The observed nonlinear effect is robust across sectors and countries. Therefore, productivity of peer firms could generate negative effect on a firm's export performance contrary to the usual positive effect of a firm's own productivity.
The Effects of Globalization on Firm Performance in Emerging Markets: Evidence From Emerging-7 Countries
(2012) Karadağlı, Ece
Although there exists a wide array of literature regarding almost every aspect of globalization at macro level, surprisingly, the micro level of the subject area seems to be a little ignored and consequently, almost nothing is known about the impact of globalization on firm performance/value. In an attempt to contribute to fulfilling this gap, this research focuses on the impact of the overall globalization level of a country and its single dimensions, specifically her economic, her political and her social globalization levels on firm performance which is measured by the stock market index returns for “Emerging-7 (E7)” countries, specifically Brazil, China, India, Indonesia, Mexico, Russia and Turkey, for the period 1998-2009 by using panel data estimation. The findings suggest that the overall level of globalization significantly improves firm performance. Besides, the single dimensions of globalization are also found to have value enhancing effects though the result for economic globalization is insignificant at conventional levels. Additionally, the political globalization seems to be the most promising dimension of globalization with regard to performance enhancing prospects for firms.

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