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Permanent URI for this collectionhttps://hdl.handle.net/20.500.12416/403

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Scopus Q: search.filters.scopusQuartile.Q1Subject: search.filters.subject.Emerging Markets

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  • Article
    Citation - WoS: 13
    Citation - Scopus: 20
    Firm Leverage and Investment Decisions in an Emerging Market
    (Springer, 2010) Umutlu, Mehmet
    In this study, the effect of leverage on investment is analyzed by employing panel data methods for the Turkish non-financial firms that are quoted on Istanbul Stock Exchange. For one-way error component models, it is shown that there is a negative impact of leverage on investment for only firms with low Tobin's Q. These results are in conformity with the previous literature and agency theories of corporate finance stating that leverage has a disciplining role for firms with low growth opportunities. However, when the model is extended to include the time effects in a two-way error component model, the relation between leverage and investment disappears.
  • Article
    Citation - WoS: 97
    Citation - Scopus: 119
    The Degree of Financial Liberalization and Aggregated Stock-Return Volatility in Emerging Markets
    (Elsevier Science Bv, 2010) Akdeniz, Levent; Altay-Salih, Aslihan; Umutlu, Mehmet
    In this study, we address whether the degree of financial liberalization affects the aggregated total volatility of stock returns by considering the time-varying nature of financial liberalization. We also explore channels through which the degree of financial liberalization impacts aggregated total volatility. We document a negative relation to the degree of financial liberalization after controlling for size, liquidity, country. and crisis effects, especially for small and medium-sized markets. Moreover, the degree of financial liberalization transmits its negative impact on aggregated total volatility through aggregated idiosyncratic and local volatilities. Overall, our results provide evidence in favor of the view that the broadening of the investor base due to the increasing degree of financial liberalization causes a reduction in the total volatility of stock returns. (C) 2009 Elsevier B.V. All rights reserved.