Mehmet Fatih BuğanGaziantep University · Public Finance
Mehmet Fatih Buğan
Assoc. Prof.
About
53
Publications
47,024
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278
Citations
Citations since 2017
Introduction
Financial Economics, Islamic Finance
Additional affiliations
January 2019 - July 2019
Education
January 2015 - November 2019
Publications
Publications (53)
The aim of this paper is to examine regime-dependent dynamic relation between Islamic and conventional financial markets by means of Markov Switching Vector Autoregression (MS-VAR). Empirical results suggest evidence in favor of regime-switching properties in all returns series. These findings provide strong evidence in favor of nonlinear relation...
We examine the relationship between Islamic and conventional stock market returns to see if Islamic financial markets provide portfolio diversification benefits and safe havens during turbulent times. Using daily data from January 1996 through September 2020 we consider conventional emerging stock market returns and some Islamic stock market return...
This paper examines the dynamic relation between Bitcoin spot and futures markets during the Covid-19 pandemic. Using hourly data from 2020 combined with quantile impulse response analysis and predictability in the distribution test, we attempt to ascertain whether spot or futures markets lead in the price discovery process under a variety of marke...
The purpose of this study is to examine the interconnectedness between DeFi and natural resource assets in terms of return and volatility spillovers, as well as the effectiveness of hedging, utilizing the time and frequency domain causality test and the cross-quantilogram approach. To this end, we take into account the ChainLink (LINK) and Maker (M...
In this paper, we examine comovements between stock market returns and investments that take into account Environmental, Social, and Governance (ESG) factors by studying the interconnections between the two returns in time and frequency space. We study interdependencies between the conventional stock market and ESG stocks using daily data from 2007...
The expansion of asset classes and the health, economic and geopolitical crises have made it necessary for investors to diversify their assets in international markets. This study aims to investigate the causal relationship between Bitcoin (BTC), Islamic Stock Markets (ISMs), and Oil. To this end, Firstly, the stationarity of the data series was ch...
ÖNSÖZ
Asli kaynağı itibariyle 14 asırlık bir inanca müteallik olan
İslam İktisadı bir bilim alanı olarak ilk kez 1950’li yıllarda Pakistan’da
tartışılmaya başlanmıştır. İlk modern İslami Finansal
kurumlar ise 1960’lı yıllarda Mısır’da ortaya çıkmıştır. 1970’li
yıllarda özellikle körfez bölgesinde Müslüman toplumların
petrol gelirlerinin artması ve...
ÖNSÖZ
Asli kaynağı itibariyle 14 asırlık bir inanca müteallik olan
İslam İktisadı bir bilim alanı olarak ilk kez 1950’li yıllarda
Pakistan’da tartışılmaya başlanmıştır. İlk modern İslami Finansal
kurumlar ise 1960’lı yıllarda Mısır’da ortaya çıkmıştır. 1970’li
yıllarda özellikle körfez bölgesinde Müslüman toplumların
petrol gelirlerinin artması ve...
This study aims to obtain a general point of view by revealing the existing knowledge on Islamic economics and finance, and thus to create a guideline on possible areas for future studies. In this context, the literature on Islamic economics and finance was examined with bibliometric analysis. The results show that the interest in the subject is in...
This study examines investor sentiment which may trigger contagion in financial markets during the recent Covid-19 outbreak within a DCC-GARCH model. The results show that most of the time-varying correlations have risen after the Covid-19 outbreak until the WHO declared the disease as a global pandemic and most of the rise in correlations occurs w...
Efficient market hypothesis (EMH) is important for individual and institutional investors, portfolio managers and policy makers. There-fore, it has been widely examined in the conventional finance litera-ture. However, there is limited numbers of studies that examine the validity of the EMH in Islamic stock markets, specifically in Turkey. Therefor...
Finansal piyasalar arasında artan entegrasyon ile beraber yatırımcıların portföy çeşitlendirme imkanları azalmaktadır. Bir piyasada meydana gelen volatilite diğer piyasaları da etkilemekte ve bulaşma etkisi pek çok piyasayı etkilemektedir. Modern portföy teorisi kapsamında yatırımcıların birbiri arasında negatif yönlü veya zayıf korelasyon ilişkisi...
According to the Efficient Market Hypothesis, prices reflect all the information in the market and any information obtained cannot yield higher returns than normal. In addition, investors act rationally in their investment decisions. However, studies show that investors are not always acting rationally. These conditions, which are described as anom...
Credit default swaps (CDS) are considered as an indicator of the countries' risk standings and an alternative to the credit ratings designated by international credit rating agencies. The higher the CDS premium of a country, the higher the country risk and hence the higher the cost of borrowing would be. In this regard, stock investments, as a sign...
Piyasalar arasındaki entegrasyon ülkelerin finansal istikrarı, uluslararası portföy çeşitlendirmesi ve hedging uygulamaları açısından önem arz etmektedir. Piyasalar arasındaki entegrasyonun varlığını test etmek amacıyla getiri ve volatilite yayılma etkileri incelenmektedir. Bu kapsamda çalışmada, gelişmiş piyasalar olan ABD, AB (Almanya, İngiltere,...
Islamic stocks refer to stocks that are in compliance with the shariah
compliant stocks screening. There are two stages of the shariah compliant stocks
screening; business activity screening and financial ratio screening. The criteria that
are used in the shariah compliant stocks screening are determined by international
rating agencies and the sh...
Saatlerin yılda iki defa birer saat ileri ve geri alınması bu tarihlerde uyku süresini etkilemektedir. Bireylerin uyku düzenlerinin bozulmasıyla biyolojik ritm de bozulmakta ve yorgunluk, moral bozukluğu ve kaygı düzeyinin artması gibi olumsuz sonuçlar ortaya çıkmaktadır. Sermaye piyasası katılımcılarının yatırım kararlarını etkileyen bu durum lite...
Piyasalar arasındaki entegrasyon ülkelerin finansal istikrarı, uluslararası portföy çeşitlendirmesi ve hedging uygulamaları açısından önem arz etmektedir. Piyasalar arasındaki entegrasyonun varlığını test etmek amacıyla getiri ve volatilite yayılma etkileri incelenmektedir. Bu kapsamda çalışmada, gelişmiş piyasalar olan ABD, AB (Almanya, İngiltere,...
Bu çalışmanın amacı İslam ekonomisi ve finansı alanındaki literatürün gelişimi ve oluşan literatür içerisindeki iş birliği ağlarını ortaya koymaktır. Bu amaçla Web of Science veri tabanında yayınlamış alanla ilgili yayınlar taranmıştır. Söz konusu yayınlara ait üst veri sosyal ağ analizi yöntemi kullanılarak analiz edilmiştir. Üç farklı boyutta yap...
Ekonomideki kaynakların etkin dağılımını sağlamak, birikim sahiplerinin birikimlerini ekonomiye kazandırmak ve yatırımların finansmanını sağlamak açısından etkin işleyen finansal piyasaların varlığı önem kazanmaktadır. Bir piyasanın etkinliği, o piyasanın bilgi aktarım kanallarının etkinliğine, likiditesine, volatilitesine, işlem maliyetlerine, kur...
Küreselleşme, ticaret anlaşmaları ortak birliklerin kurulması gibi birçok faktörden dolayı finansal piyasalar arasındaki entegrasyon günden güne artmış ve uluslararası yatırımcılar açısından portföy çeşitlendirme imkanı giderek sınırlı hale gelmeye başlamıştır. Bu nedenle yatırımcılar portföy riskini minimize edecek alternatif yatırım araçları aram...
İslami hassasiyetleri olan kesimlerin yatırımlarını ekonomiye kazandırmak ve İslami prensipler çerçevesinde işleyen finansal piyasalar oluşturmak amacıyla şer'i uygunluğa sahip firmaların hisse senetlerinden hisse senedi endeksleri oluşturulmuştur. Firmaların şer'i uygunluğu, danışma kurulları tarafından belirlenen nitel ve nicel kriterlere göre be...
and their level of credit card literacy. For this end, a survey is conducted with 720
respondents studying in Gaziantep University. According to findings of the study, credit
card literacy level of the students is determined as 43%. One of the findings is that
credit card literacy level of students differs according to gender and the faculty that t...
The aim of this study is testing whether there is volatility spillover effect from international markets to OIC member countries' Islamic markets. For this purpose, we use USA, EU and ASIA conventional indices for international markets' indicator. We test the existence of information transmission between markets via causality in mean test and causa...
Investors may sometimes go out of rational behavior in markets depending on their moods. It is stated in the literature that one of the factors affecting the investors' mood is the results of football matches. In this research, the effect of match results of national football teams on stock markets is examined. In this context, England, Italy, Fran...
Çalışmanın amacı, 24 Kasım 2015'te Suriye sınırında, Türkiye tarafından Rusya'ya ait savaş uçağının düşürülmesi sonucunda Borsa İstanbul'da işlem gören konaklama işletmelerinin hisse senedi getirilerindeki değişimin olay etüdü yöntemiyle ortaya konulmasıdır. Bununla beraber yaklaşık sekiz ay süren charter uçuş yasağının 28 Ağustos 2016'da kaldırılm...
Etkin Piyasalar Hipotezi ve Finansal Varlık Fiyatlama Modeli (CAPM)'nin geçerliliğine dair yapılan çalışmalar neticesinde elde edilmiş ancak söz konusu modellerle çelişen bulguları işaret eden anomaliler hakkında literatürde yapılmış bir çok çalışma bulunmaktadır. Çalışmalarda temel (fundamental) anomaliler, takvimsel (calender) anomaliler, teknik...
It is argued in the literature especially after the 2008 global crisis that the Islamic markets are more resistant than conventional markets against shocks in global markets. Therefore, in this study financial contagion effect is analyzed for both markets through dynamic conditional correlations (DCC) between international Islamic indices and conve...
It has been long
debated how, with what methods, to what extent, and how much should the
earnings obtained in companies be distributed so as to maximize the market
value of companies. The extent of the dividends any company would distribute to
its stakeholders undoubtedly depends on the profitability situation of the
relevant period. However, the d...
Gelişmekte olan finansal sistemlerde bankacılık faaliyetlerinin karlılığı hem mali sektörün etkinliği hem de reel sektörün fonlanması için önem arz etmektedir. Bankaların karlılık göstergelerinden olan net faiz marjının ve aktif karlılığının yüksek olması bankaların faaliyetlerinin sürdürülebilmesi ve rekabet edebilmesi için istenen bir durumdur. B...
This paper investigates the Efficient Market Hypothesis (EMH) for ISE30, ISE50, ISE100 and ISE
Composite indices with unit root tests which were adapted for the non-linear ESTAR process.
Firstly, Harvey et al. (2008) linearity test is employed. The test results indicate that all indices
have non-linear behavior. Afterwards, non-linear unit root tes...
The purpose of this paper is to determine the levels of service quality perceptions, customer
satisfaction and customer loyalty and interrelationships between these variables differ between
participation banks and conventional banks. For this purpose, the data was collected through a survey.
As a result of the analysis, customer satisfaction level...
While in conventional banking determining factor of the revenue for deposit owners is deposit rate, in participation banking it is profit sharing rate (mark-up rate). This study analyzes the existence and direction of casual relationship between weighted average monthly deposit rates of conventional banks and average monthly profit sharing rates of...
Working capital, which occupies an important place in financial management decisions, is requisite capital for firm’s current assets investments and for daily business activities. As an optimal balance between profitability, likidity and risk factors is needed to maximize firm value, working capital management is considered to have a significant im...
In recent years, Islamic finance has raised much interest in Turkey
as it has in the rest of the world. Islamic banking has an important
role in the injection of savings into the economy and in the rapid and
efficient transfer of resources. Therefore, in this study, the objective
is to determine the factors that play a role in the efficiency of
con...
Although market indices created for the trading of Islamic funds are quite new compared to conventional market indices, because of their differences in risk-return ratios, they can perform better especially during crises. Therefore, in this study, performances of Islamic and conventional Dow Jones and Morgan Stanley indices created for Turkey have...
Nowadays although both in Turkey and all over the world interest in Islamic finance have increased, it is understood that Islamic banking practices have not demonstrated an adequate development. Contribute to the economy in the realization Islamic banking has an important role in carrying the process of savings regained into the economy and transfe...
Participation banks operating in the Turkish banking system have not yet demonstrated sufficient progress even though it has raised its share in the banking sector over time. Increasing the efficiency of participation banks providing alternative investment and financing opportunities is crucial in terms of providing resources for the economy and de...
Nowadays although both in Turkey and all over the world interest in Islamic finance have increased, it is understood that Islamic banking practices have not demonstrated an adequate development. Contribute to the economy in the realization Islamic banking has an important role in carrying the process of savings regained into the economy and transfe...
Manufactoring industries have a very important place both in the World and Turkey. The failure of the sector firms cause very serious losses to the countries economy. The sector firms were affected by economic crisis in the past twenty years. Hence, this study drafted to present the impact of economic crisis on manufacturing sub-sectors. For this p...
In recent years, due to too often experienced crisis in the financial system, the search for alternatives has started to rise and in this direction Islamic finance has become the focus of attention both in the world and Turkey. The Islamic banking, initially established under the name of private financial institutions in Turkey and today known as p...
Short selling is an important strategy that investors take short position on
stock with the expectation of gain. Having a short position in a stock is that
selling borrowed stock on a particular date and buying the stock on a later date
in order to give the stock back to the stock lender. After giving the stock to the
lender, investor closes out th...
The purpose of this study is to investigate the relationship between inventory and financial performance for manufacturing firms in Turkey. In this respect, financial statements of manufacturing firms between 2005 and 2011 were used. Financial data was obtained from the Istanbul Stock Exchange database. Raw material, work-in-process, finished goods...
Questions
Question (1)
Journal link: https://dergipark.org.tr/en/pub/jss
Dear Colleagues,
COVID-19 resulted in social isolation within countries, closed borders, loss of business, loss of employment, industry-wide shutdowns, and many more adverse economic and social effects. In this context, we invite submissions that relate to (but not limited to) the following topics: Economics, Finance, Business, International Trade, Political Science and International Relations, Communication, Geography, History, Law, Philosophy, Sociology, Theology.
Manuscript Submission Information
- The deadline for submissions is August 30, 2020.
- Manuscripts should be submitted online at Journal website.
- Manuscripts should be written in English and Turkish.
- All papers will be peer-reviewed.
- Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website.
- Publication date is October 15, 2020.
- Please visit the Instructions for Authors page before submitting a manuscript.
GAUN-JSS is a double-blind peer-reviewed international academic journal published by Gaziantep University- one of the leading research universities in Turkey. The Journal is abstracted and indexed in ULAKBİM, DOAJ, MLA, and EBSCOHOST.
Projects
Projects (4)
The aim of the JOFEB is to provide an outlet for research in financial markets and financial institutions, especially banking. The Journal’s objective is to be a forum where scholars publish theoretical and empirical research papers encompassing all research fields in finance and banking.We particularly are interested in pushing the knowledge frontier in some emerging research themes that include financial regulation and its effectiveness post the Global Financial Crisis, Systemic/Counterparty Risk, Financial Technology (virtual currencies, digital wallets, value transfer networks, venture capital allocation mechanisms, crowd funding-peer to peer transfers, biometric technology/ authentication), electronic personal financial management tools, data analytics, and RegTech (using new technologies to enhance regulation). In addition, we are interested in policy-oriented research in domestic and international financial institutions and markets, including but not limited to financial intermediation; financial markets, flow of funds, interest rate determination, market efficiency, financial intermediaries, bond markets, equity markets, mortgage markets and foreign exchange markets.Papers studying banking and finance using different methodologies and using interdisciplinary studies and those applied to emerging markets are also welcome.
The Journal of Financial Economics and Banking (JOFEB) is an open source journal aiming to create a vigorous platform for researchers and practitioners in all major research fields in financial economics and banking to address the implications of current developments and studies in the field. JOFEB also aims to inspire new interdisciplinary research and theory that will build a body of knowledge in the field and help researchers to expand the scope of their studies through the use of free and open access databases.
The Journal of Financial Economics and Banking (JOFEB) will publish theoretical and empirical research papers on financial economics and banking from multidisciplinary (economics, finance, econometrics, marketing, and management) and multinational geographic perspectives.
Besides theoretical developments and their implementation, empirical, applied, and policy-oriented research in financial economics and banking, JOFEB's emphasis will also be on improving communications between, and within, actors of the field namely the academic and other research communities, policymakers, decision makers at private and public financial institutions and regulators.
JOFEB welcomes papers on:
Asset Management,
Asset Pricing,
Banking Efficiency,
Banking Regulation and Risk Management
Capital markets,
Financial institutions,
Corporate finance,
The economics of organizations,
Behavioural finance
Capital structure,
Derivative pricing and hedging,
Distribution forecasting with financial applications,
Financial markets,
Fund management,
General equilibrium models,
International finance,
Investments,
Market efficiency,
Mergers and acquisitions,
Portfolio optimization,
Systemic risk,
Venture capital.
http://jofeb.org/index.php/jofeb
Dear Colleagues,
COVID-19 resulted in social isolation within countries, closed borders, loss of business, loss of employment, industry-wide shutdowns, and many more adverse economic and social effects. In this context, we invite submissions that relate to (but not limited to) the following topics: Economics, Finance, Business, International Trade, Political Science and International Relations, Communication, Geography, History, Law, Philosophy, Sociology, Theology.
https://dergipark.org.tr/en/pub/jss
Manuscript Submission Information
The deadline for submissions is August 30, 2020.
Manuscripts should be submitted online at Journal website.
Manuscripts should be written in English and Turkish.
All papers will be peer-reviewed.
Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. https://dergipark.org.tr/en/pub/jss
Publication date is October 15, 2020.
Please visit the Instructions for Authors page before submitting a manuscript.
GAUN-JSS is a double-blind peer-reviewed international academic journal published by Gaziantep University- one of the leading research universities in Turkey. The Journal is abstracted and indexed in ULAKBİM, DOAJ, MLA, and EBSCOHOST.
