Bankacılık ve Finans Bölümü Yayın Koleksiyonu
Permanent URI for this collectionhttps://hdl.handle.net/20.500.12416/400
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Article Citation - WoS: 2Citation - Scopus: 2An Alternative Mean Reversion Test for Interest Rates(Central Bank Republic Turkey, 2018) Ozel, Ozgur; Ilalan, DenizA 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.Article An Outline of Skilled Emigration from Turkey to OECD Countries: A Panel Data Analysis(2017) Acar, Elif ÖznurTurkey provides rich evidence for the current international migration trends given its economic and demographic dynamics. The number of people moving overseas to settle permanently has been following an increasing trend in the recent decades, particularly remarkable for skilled and female groups. However, given the micro-level data limitations the migration outlook of Turkey is still quite bleak. The aim of this paper is to fill this gap and analyze the relationship between migration and human capital in the context of Turkish immigrants. First, aggregate trends of the Turkish emigrants in the 20 OECD destination countries by gender and educational level over the 1980-2010 period are examined using the IAB Brain Drain dataset. Next, a random effects panel estimation is applied to scrutinize the underlying dynamics of observed migration patterns adopting economic size, unemployment, demographic profile, urbanization and proximity as explanatory variables. The results reveal that gender, time and education are found as significantly related to international mobility trends, and the substantially left-skewedness of the distribution of Turkish emigrants along educational level is gradually fading away over time.Article Citation - WoS: 2Citation - Scopus: 4How Globalization Affects the Operational Efficiency of Emerging Market Firms?: a Comparative Analysis on Turkish Smes(Univ Oviedo, 2018) Akdogan, Ece CeylanThis 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.Article Do Derivative Instruments Play a Role in Performance Theory? The Turkish Closed-End Funds Case(2016) Pirgaip, BurakMarket prices of closed-end funds (CEF) deviate from their net asset values (NAV) which is known as “CEF puzzle”. I attempt to show from the Turkish experience that CEF discounts/premia predict the corresponding CEF‟s future returns, in the light of managerial performance theory. But derivatives facet of the subject matter has not been uncovered so far. Therefore I hypothesize that performance of derivative user CEF are better estimators for discounts/premia than non-users. I show a significant positive relation between CEF discounts/premia and future NAV performance. However, this relation seems not to be more explicit for derivative user CEF than non-usersArticle Determination of the Best Simple Moving Average By Stochastic Processes(2017) İlalan, DenizIn this study, we consider one of the most popular technical indicators and try to determine the best fitting simple moving average to a given data. Here we utilize from a general mean reverting stochastic process where the mean is time dependent. We propose an identification algorithm which mainly concentrates on the normality of the residual terms after the data is demeaned from simple moving average and also provide evidence that our algorithm works quite well for determination of the “best” simple moving average.Article Defining and Measuring Informality: The Case of Turkish Labor Market1(2015) Acar, Elif Öznur; Tansel, AysıtIn this study, we consider how informality can be defined and measured in the Turkish labor market. The empirical analysis consists of developing three alternative definitions of labor informality, and exploring the relevance and implications of each for the Turkish labor market using descriptive statistics and multivariate probit analysis of the likelihood of informality under each definition. We find that social security registration criterion is a better measure of informality in the Turkish labor market given its ability to capture key relationships between several individual and employment characteristics and the likelihood of informality.Article An Outline of Skilled Emigration from Turkey to OECD Countries: A Panel Data Analysis(2017) Acar, Elif ÖznurTurkey provides rich evidence for the current international migration trends given its economic and demographic dynamics. The number of people moving overseas to settle permanently has been following an increasing trend in the recent decades, particularly remarkable for skilled and female groups. However, given the micro-level data limitations the migration outlook of Turkey is still quite bleak. The aim of this paper is to fill this gap and analyze the relationship between migration and human capital in the context of Turkish immigrants. First, aggregate trends of the Turkish emigrants in the 20 OECD destination countries by gender and educational level over the 1980-2010 period are examined using the IAB Brain Drain dataset. Next, a random effects panel estimation is applied to scrutinize the underlying dynamics of observed migration patterns adopting economic size, unemployment, demographic profile, urbanization and proximity as explanatory variables. The results reveal that gender, time and education are found as significantly related to international mobility trends, and the substantially left-skewedness of the distribution of Turkish emigrants along educational level is gradually fading away over time.Article Citation - WoS: 16Citation - Scopus: 18An Empirical Examination of the Generalized Fisher Effect Using Cross-Sectional Correlation Robust Tests for Panel Cointegration(Elsevier Science Bv, 2015) Yuksel, Aydin; Omay, Tolga; Yuksel, AsliThis study examines the generalized Fisher hypothesis as applied to common stocks by using the recently proposed second generation panel cointegration tests. Unlike their predecessors, these new tests assume the existence of cross-section dependence in the data. For the sample analyzed, we report that these new tests, but not their predecessors, provide strong support for the existence of cointegration between stock and goods prices. Moreover, further analysis cannot reject the hypothesis that the cointegration relation is linear. Finally, our Fisher coefficient estimates are in the range between 0.68 and 1.27 and give support to the generalized Fisher hypothesis. (C) 2014 Elsevier B.V. All rights reserved.Conference Object Citation - WoS: 13The Formal/Informal Employment Earnings Gap: Evidence From Turkey(Emerald Group Publishing Ltd, 2016) Acar, Elif Oznur; Tansel, AysitThis study investigates the formal/informal employment earnings gap in Turkey. We focus on the earnings differentials that can be explained by observable characteristics and unobservable time-invariant individual heterogeneity. We first, estimate the standard Mincer earnings equations using ordinary least squares (OLS), controlling for individual, household, and job characteristics. Next we use, panel data and the quantile regression (QR) techniques in order to account for unobserved factors which might affect the earnings and the intrinsic heterogeneity within formal and informal sectors. OLS results confirm the existence of an informal sector penalty almost half of which is explained by observable variables. We find that formal-salaried workers are paid significantly higher than their informal counterparts and of the self-employed confirming the heterogeneity within the informal employment. QR results show that pay differentials are not uniform along the earnings distribution. In contrast to the mainstream literature which views informal self-employment as the upper-tier and wage-employment as the lower-tier, we find that self-employment corresponds to the lower-tier in the Turkish labor market. Finally, fixed effects estimation indicates that unobserved individual characteristics combined with controls for observable characteristics explain the pay differentials between formal and informal employment entirely in the total and the female sample. However, informal sector penalty persists in the male sample.Article Citation - WoS: 11Citation - Scopus: 10Managing Working Capital Efficiency in Turkish Agribusinesses and the Impact of Globalization: Insights From an Emerging Market(Wageningen Academic Publishers, 2019) Dinc, Dilek Temiz; Akdogan, Ece C.The efficiency of working capital is a major determinant of firm profitability. So, the grasp of working capital dynamics is extremely important for managers, but also for policy makers, since inefficient working capital management is an important source of industrial sickness. This study focuses on the profitability impacts of working capital policies of Turkish agribusinesses, and aims to investigate the potential effects of globalization on these interrelated relationships. The findings obtained from pooled panel analyses demonstrate that Turkish agribusinesses can enhance their profitability and value by adopting a conservative working capital policy through lengthening the cash conversion cycle up to an optimal level. Besides, globalization is found to deteriorate their efficiency and profitability where economic globalization seems to have the highest impact raising questions on the effectiveness of Turkish agribusinesses in coping with competition. Thus, both the managers and the policy makers should concern with the competitiveness impacts of globalization.