Belma Ozturkkal

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• PhD
• Professor at Kadir Has University

We investigate gender disparities and network linkages among editors of Finance journals at the end of 2022. The role of journal editors in shaping academic disciplines is crucial, yet gender imbalances and the geographic concentration of editors remain poorly understood. Ethical considerations arise when examining the representation of women on ed...

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 investig...

We utilize machine learning methods to model the credit risk of mortgages in a significant emerging market. For this purpose, we investigate a multitude of variables that explain the characteristics of the loans, the demographics of the borrowers, and macroeconomic factors. We employ SHapley Additive exPlanations (SHAP) values in conjunction with f...

Fintech is a rapidly developing sector that uses digital technologies to deliver accessible and innovative financial platform services. Though fintech as a novel technology encounters challenges such as various risks and uncertainties, significant gender inequalities remain as well. The purpose of this research paper is to investigate how the EU Pl...

Building an investment portfolio is a problem that numerous researchers have addressed for many years. The key goal has always been to balance risk and reward by optimally allocating assets such as stocks, bonds, and cash. In general, the portfolio management process is based on three steps: planning, execution, and feedback, each of which has its...

This study investigates challenges and opportunities that regionally expanding emerging market banks face. We focus on four leading Middle Eastern banks’ internationalization trajectories and performances by employing a case study approach. We first examine the four banks’ choices of target markets, entry sequencing, and entry modes over time and t...

This paper investigates the impact of infectious diseases on the evolution of sovereign credit default swap (CDS) spreads for a panel of 77 countries. Using annual data over 2004–2020, we find that infectious‐disease outbreaks have no discernible effect on CDS spreads, after controlling for macroeconomic and institutional factors. However, a granul...

The larger underpricing (15 percent) in the early years following the inauguration of Borsa Istanbul indicates the importance of investors, intermediaries, and firm insiders learning about the trading and pricing of firms in organized stock markets. The underpricing in recent years (from 2010 to 2020) averages 5 percent. Micro-level uncertainties a...

This paper investigates the impact of infectious diseases on the evolution of sovereign credit default swap (CDS) spreads for a panel of 77 advanced and developing countries. Using annual data over the 2004-2020 period, we find that infectious-disease outbreaks have no discernible effect on CDS spreads, after controlling for macroeconomic and insti...

This paper investigates the impact of infectious diseases on the evolution of sovereign credit default swap (CDS) spreads for a panel of 77 advanced and developing countries. Using annual data over the 2004-2020 period, we find that infectious-disease outbreaks have no discernible effect on CDS spreads, after controlling for macroeconomic and insti...

This paper investigates the impact of infectious diseases on the evolution of sovereign credit default swap (CDS) spreads for a panel of 77 advanced and developing countries. Using annual data over the 2004-2020 period, we find that infectious-disease outbreaks have no discernible effect on CDS spreads, after controlling for macroeconomic and insti...

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 negat...

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...

Journal of Modern Accounting and Auditing, May 2018, Vol. 14, No. 5, 231-251 doi: 10.17265/1548-6583/2018.05.001 Predictive Modeling and Expectable Loss Analysis for Borrower Defaults of Mortgage Loans Omer L. Gebizlioglu, A. Belma Ozturkkal Kadir Has University, Istanbul, Turkey Home mortgage loan lending firms are exposed to many business risks....

Abstract 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; new/full moon) for the January 2002-August 2008 period. Results indicate that fund m...

This paper is based on a KONDA¹ Research and Consultancy² 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 Ozturkka...

This paper examines the performance of export focused companies listed on the Borsa Istanbul trading in the emerging market of Turkey. Using the panel data of stock market prices (1995–2011), we study the performance of companies in different sectors and their return performance in the volatile exchange rate environment and devaluation periods of 1...

We use a representative survey of the Turkish household sector and investigate factors impinging on saving-borrowing behavior. We run four probit regressions to elucidate (i) the saving decision, (ii) asset choice or portfolio composition for those who save, (iii) the bank loan decision and lastly (iv) the formal versus informal borrowing decision....

This study extends the existing literature on the determinants of behavioral biases of Turkish finance sector professionals. It examines the impact of various personal and objective attributes of finance sector professionals on their risk choices derived from their portfolio allocation, and personal wealth data. Utilizing survey data from 206 profe...

This study analyzes the effect of interest and power structures and conflict of interest among managers and investors and tests the effect of different payout mechanisms on willingness to pay. In this study 74 student subjects are involved in a setting where the manager is determining his own compensation. A series of experiments that vary managers...

Bu calisma Turkiye’deki yatirimcilarin hise senedi alim-satim davranislarini analiz etmektedir. Bu analiz icin 55 sorudan olusan bir anket 85 kisi uzerinde uygulanmistir ve yatirimcilarin verdikleri cevaplar esas alinmistir. Anket demografik ozellikler, algilanan karakter ozellikleri, yatirim tercihleri, portfoy cesitlemesi olmak uzere dort kisimda...

Asset markets in emerging markets exhibit high volatility and low liquidity. Under such circumstances, individual portfolio and trading choices become difficult. Among emerging markets, Turkey in particular has high turnover, even when compared to developed markets, and this makes it an appealing case to study the risk choices of finance sector pro...

This is an analysis of the mutual funds in Turkey with respect to their risk-altering behavior Using the monthly returns and volatilities of 133 funds from 2002 to 2007, we divide each year in two parts and check whether or not the funds' performance in the first part affects the behavior of mutual fund companies in the second part in terms of risk...

This paper studies the link between individual investors’ portfolio diversification levels and various personal traits that proxy informational advantages and overconfidence. The analysis is based on objective data from the largest Turkish brokerage house tracking 59,951 individual investors’ accounts with a total of 3,248,654 million transactions...

The study surveyed 74 student subjects from a major public university in the southern United States in a capital market experiment. This study investigates the link between profitability and the individual emotions present at the time of the experiment among managers and investors. This study is motivated by the shareholder and manager mechanism si...