Emin Avcı

• Marmara University

In the last decade, the changes in the size of Net Errors and Omissions (NEO), the balancing item of the Balance of Payments (BoP), have drawn attention not just in Türkiye but also internationally. Some studies argue that besides the size of NEO, sustainability of NOE is more important. This study examines the sustainability of NEO for Türkiye usi...

The presence of asymmetries in stock returns, known as seasonal anomalies, has been rigorously probed in the array of academic literature evaluating the validity of Efficient Market Hypothesis. Even though there is an abundance of studies focusing on the presence of the day of the week effect, no clear-cut findings have been documented in both deve...

Purpose- This study investigates the complex relationship between sensation-seeking, biological indicators, and financial risk-taking behavior. Utilizing a digital research approach, the study examines how individual differences in sensation seeking, measured by the Zuckerman Sensation Seeking Scale (SSS-V), correlate with financial risk tolerance....

This study examines the effect of economic uncertainty on the probability of access to finance for the years between 2015 and 2020. Survey on Access to Finance of Enterprises (SAFE) dataset is used for measuring the level of access to finance and The IMF World Uncertainty Index (WUI) is considered as a proxy for uncertainty. According to probit reg...

The relationship between exchange rates and firm-level investments of the companies operating in the manufacturing sector listed on Borsa İstanbul (BIST) was investigated over a period of 2008 to 2021 using panel data analysis. A total of 81 companies from 7 industries within the manufacturing sector were examined. Exchange rate and firm-level rela...

The effect of index reconstitution on stock return and volume have been one of the controversial subjects in finance. Although, there are several researches, which are analyzing the domestic stock market index effect on stocks, a few studies focused on the effects of an international index. By the use of event study methodology, this paper analyzes...

For bidding in real time, the rate of customer conversion needs to be predicted in real time. Using the rate prediction and the target return on ad spend, a competitive CPC bid can be computed. In our study, we built two models, i.e., MoM and MCI namely, for forecasting the rate of conversion. The results we obtained by applying our models on the m...

This study analyzes cash-cash flow sensitivity by comparing financially constrained and unconstrained firms in eight markets. 486 manufacturing firms are examined between 2005 and 2018 using the Generalized Method of Moments. These firms are categorized based on size, age, and Size-Age, Sales-Age, and Kaplan and Zingales indices. We find that both...

This paper explores the impact of sovereign credit rating news from three credit rating agencies, namely Moody’s, Fitch, and Standard & Poors, on credit default swaps (CDS). We use an event study methodology to analyze how CDS spread reacts to sovereign CR (Credit Rating) rating news in 31 countries between 2005 and 2018. The effects of rating news...

Purpose- Reinsurance is one of the most common practices in the insurance sector, however, it is not free of charge. The insurance companies have to bear some costs to assure the reinsurers for sharing the risks of potential losses. The objective of this article is to explore the firm-level factors that may affect the cost of reinsurance to an insu...

This study aimed at comparing the performances of distinct hedge fund strategies and assessing the diversification opportunities using hedge funds. This paper analyses the overall performance of distinct hedge fund strategies (as indices) for the period of 2001-2020. Hedge fund performances are compared using alternative risk adjusted performance m...

While neglecting the importance of technological intensity, most of the prior studies documented the positive contribution of intellectual capital (IC) to corporate financial performance. This study aims at analyzing the relation between IC and corporate financial performance addressing the technological intensity in different sectors from 17 emerg...

Several studies in literature presented that technology intensity firms, which are also assumed as R&D intensive ones, are holding more liquid assets, especially cash, compared to other firms. This study investigates possible differences, which are born by tendency of holding more liquid assets in technology intensive firms, in working capital mana...

The concept of takaful has been introduced after long-continued discussions made by the Islamic scholars. Even though takaful practices have around forty years of history globally, takaful operations are a comparatively new and underdeveloped sector in the Turkish insurance market. Given its dominant Muslim population, well-developed financial syst...

Purpose - This study analyzes the inventory investment – cash flow sensitivity for 166 manufacturing firms in Turkey listed in Borsa Istanbul. The time spans 2006-2018. Methodology - Based on the previous literature, Lovell’s (1961) target adjustment model is used. The baseline equation model is estimated by the system Generalized Method of Moments...

This study examines the time-varying cointegration and causal relationship between stock market indices, economic policy uncertainties, changes in global oil price and variation in short-term interest rates in two countries such as Russia and China, the largest oil exporting and importing countries respectively. The empirical analysis is based on t...

The main purpose of this study is to investigate the relationship between intellectual capital and financial performance of financial companies listed in Borsa Istanbul, using data of 44 listed companies over 2004-2015. Value Added Intellectual Coefficient (VAIC) method is used as a measure of intellectual capital (IC). An OLS regression is utilize...

This study evaluates the performance of Turkish type-A equity mutual funds and growth equity pension funds for the period between 01.01.2009 and 31.12.2015, using the Sharpe, Sortino, Treynor, Jensen, and Information ratio models, followed by the TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) model, which combines the previ...

Working capital management is one of the important factors, which directly effects liquidity, profitability and even sustainability of the ongoing operations. In this study, effects of recent global financial crisis on working capital management and profitability were investigated on manufacturing companies, which are traded in Borsa Istanbul. The...

This paper attempts to explore the impact of the global financial crisis, generally named as Subprime crisis, on the degree of integration between conventional and Islamic stock markets. For his purpose, index data (both Islamic and Conventional indexes) from five countries (USA, UK, Canada, Japan and Indonesia) are used. The result from Engle G...

This paper investigates the impact of sovereign rating changes on aggregate market returns in Turkish stock exchange. We use event study methodology to explore the market reaction to rating and outlook changes between 2007 and 2016. In our analysis, we examine rating actions of three credit rating agencies, namely Moodys, Fitch and Standard & Poors...

Abstract This paper attempts to analyze the co-movement among conventional stock market and Islamic stock markets. Five countries are selected based on the availability of both the conventional and Islamic markets (i. e. USA, UK, Canada, Japan and Indonesia). Methodology of this study relies on the Vector Autoregression (VAR), Granger Causality tes...

This paper attempts to analyze the co-movement among conventional stock market and Islamic stock markets. Five countries are selected based on the availability of both the conventional and Islamic markets (i. e. USA, UK, Canada, Japan and Indonesia). Methodology of this study relies on the Vector Autoregression (VAR), Granger Causality test and co-...

The presence of asymmetries in stock returns, known as seasonal anomalies, has been rigorously probed in the array of academic literature evaluating the validity of Efficient Market Hypothesis. Even though there is an abundance of studies focusing on the presence of the day of the week effect, no clear-cut findings have been documented in both deve...

Calendar anomalies (day of the week effect, January effect, month effect) are the most frequently encountered cases for the rejection of price unpredictability suggested by Efficient Market Hypothesis in finance literature. Evaluation of intraday data is not only important for understanding the hourly movement of returns but also learning the struc...

Finans literatüründe Etkin Piyasa Hipotezinin fiyatların tahmin edilememesine yönelik önermesinin en çok rastlanılan red gerekçesi tarih anomalileridir (haftanın günü etkisi, Ocak ayı etkisi, ayın dönüm etkisi gibi). Gün içi verisinin incelenmesi sadece getirilerin belirli saat dilimlerinin şeklinin anlaşılması dışında standart sapmasının yapısını...

Çalısmamızda yapay sinir agları (YSA) modellerinin 6 gelismekte olan ülke, ki bu ülkeler Avrupa Toplulugu’nun 5 yeni üyesi ve biri aday ülkeden olusmaktadır, borsalarındaki günlük endeks getirilerini tahmin etmedeki etkinligi incelenmistir. Çalısmanın bulguları göstermistir ki MSE, NMSE, MAE ve trend dogrulugu performans ölçütleri karlı modellerin...

Banking supervisory agencies around the world have been utilizing CAMELS rating system (or variants) for many years. In this study, financial ratios were used to calculate representative CAMELS ratings and components for 1996 - 2000. The financial ratios, which were used to calculate the CAMELS components, were utilized to predict the transfer of c...

In recent years the artificial neural network models have been successfully applied to solve many the real life problems. Especially for the last decade, the artificial neural network models have been applied to solve financial problems like bankruptcy prediction, portfolio construction, credit assessments and stock market forecasting. This study e...

Especially for the last decade, the neural network models have been applied to solve financial problems like portfolio construction and stock market forecasting. Among the alternative neural network models, the multilayer perceptron models are expected to be effective and widely applied in financial forecasting. This study examines the forecasting...

zet İstanbul Menkul Kıymetler Borsası (İMKB) endekslerinin yapay sinir ağları modelleri ile tahmin edilebilirliği çeşitli çalışmalarda irdelenmiştir. Fakat söz konusu modellerle İMKB'de işlem gören hisse senetlerinin getirileri tahmin edilebilirliği üzerine bulgular bulunmamaktadır. Bu çalışmada yapay sinir ağları modellerinin, IMKB-30 endeksi içer...

Especially for the last decade, the neural network models have been applied to solve financial problems like portfolio construction and stock market forecasting. Among the alternative neural network models, the multilayer perceptron models are expected to be effective and widely applied in financial forecasting. This study examines the forecasting...