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A nascent literature in finance and accounting on tail risk in individual stock returns concludes that bad news hoarding by corporate managers engenders sudden, extreme crashes in a firm’s stock price when the bad news is eventually made public. This literature finds that firm-specific crash risk is higher among firms with more severe asymmetric information and agency problems. A hitherto disjointed literature spanning the fields of international business, finance, and accounting suggests that geographic dispersion in a firm’s operations, and especially dispersion across different countries, gives rise to organizational complexities and greater costs of monitoring that can exacerbate asymmetric information and agency problems. Motivated by the confluence of arguments and findings from these two strands of literature, this paper examines whether stock price crash risk is higher among multinational firms than domestic firms. Using a large sample of U.S. headquartered firms during 1987-2011, we find robust evidence that multinational firms are significantly more likely to crash than domestic firms. Moreover, we show that the difference in crash risk between multinational and domestic firms is most acute among firms with weaker corporate governance mechanisms, including weaker shareholder rights, less independent boards, and less stable institutional ownership. Our analysis indicates that stronger monitoring from each of these three governance mechanisms significantly attenuates the positive relation between crash risk and multinationality. Our findings are robust to the use of alternative measures of crash risk and to controlling for known determinants of crash risk identified in prior studies. Our study offers new insights that should hold value for scholars and market participants interested in understanding the implications of heighted agency problems that multinational firms are likely to encounter and scholars and market participants interested in developing models that more accurately predict tail risk in the equity returns of individual firms.

It is theoretically believed that increase in firm size would result to increase in firm profitability. Therefore, this study examines the relationship between size and profitability of six banks in Nigeria after the 2005 consolidation exercise. The measure of profitability is return on assets. Employing the static panel data regression method, the study found that size has an insignificant negative relationship with bank profitability. This study concludes that the 2005 consolidation exercise did not enhance the profitability of the selected banks.

The aim of this paper is to compare the views of internal controllers/auditors and branch/call center personnel of the banks with respect to the operational risk. Within this scope, we made two different surveys to the personnel in Turkish banks in order to achieve this objective. The first survey was conducted by 310 branch and call center personnel whereas 151 personnel in internal control and audit departments of the banks carried out the second survey. The major finding in this study is that there is a difference in the views of these two groups regarding the evaluation of operational risk. In general, internal controllers/auditors look at the operational risk more negatively than branch/call center personnel. The personnel who control and audit operations in the bank think that operational risk knowledge level of branch/call center personnel is less sufficient, operational risk levels are higher, the controls to avoid this risk are less efficient than branch/call center personnel consider.

Corporate governance refers to the relationship present between the corporation and the stakeholders that determines and controls the strategic direction and performance of the corporation. Good corporate governance should provide adequate incentives for the board and management to pursue objectives that are in the interests of the company and shareholders, thereby encouraging firms to use resources more efficiently. However, the definition of accountability differs between conventional and Islamic Banks. Islam was made accountable not only to stakeholders, but also to Allah, the ultimate owner and authority. These powerful moral ethics help in promoting fair, just and honest business dealing. The aim of this study is to examine the relationship between corporate governance structures and the resultant financial performance of listed Islamic banks of Dhaka Stock Exchange (DSE) in Bangladesh. The panel time series data were collected for the time period of 6 years (2009-2014) from all the listed Islamic banks to run an Ordinary Least Squared (OLS) regression model to examine whether the existing corporate governance mechanisms as well as several other internal and external indicators are significant in influencing the financial performance. Preliminary findings suggest corporate governance mechanisms in Islamic banks are not quite as strong as they should be, hinting at possible market and management inefficiencies.

The purpose of this study is to explore the importance and ranking of technical analysis variables in Turkish banking sector. Random Forest method is used for determining importance scores of inputs for eight banks in Borsa Istanbul. Then two predictive models utilizing Random Forest (RF) and Artificial Neural Networks (ANN) are built for predicting BIST-100 index and bank closing prices. Results of the models are compared by three metrics namely Mean Absolute Error (MAE), Mean Square Error (MSE), Median Absolute Error (MedAE). Findings show that moving average (MAV-100) is the most important variable for both BIST -100 index and bank closing prices. Therefore, investors should follow this technical indicator with respect to Turkish banks. In addition ANN shows better performance for all metrics.

I explore company characteristics which explain the difference in analysts’ recommendations for companies that were underwritten (affiliated) versus non-underwritten (unaffiliated) by analysts’ brokerage firms. Prior literature documents that analysts issue more optimistic recommendations to underwriting clients of analysts’ brokerage employers. Extant research uses regression models to find general associations between recommendations and financial qualities of companies, with or without underwriting relationship. However, regression models cannot identify the qualities that cause the most difference in recommendations between affiliated versus unaffiliated companies. I adopt uplift random forest model, a popular technique in recent marketing and healthcare research, to identify the type of companies that earn analysts’ favor. I find that companies of stable earnings in the past, higher book-to-market ratio, smaller sizes, worsened earnings, and lower forward PE ratio are likely to receive higher recommendations if  they are affiliated with analysts than if they are unaffiliated with analysts. With uplift random forest model, I show that analysts pay more attention on price-related than earnings-related matrices when they value affiliated versus unaffiliated companies. This paper contributes to the literature by introducing an effective predictive model to capital market research and shedding additional light on the usefulness of analysts’ reports.

Emeklilik fonlar?, i) uzun vadeli yat?r?m perspektifine sahip olmas?, ii) finansal piyasalardaki oynakl??? uzun vadeye yayarak absorbe edebilmesi, ve iii) yat?r?mlar?n? hisse senedi ve altyap? fonlar? ile reel ekonomiye aktarmalar? sayesinde; finansal piyasalardaki oynakl???n azalmas?na katk?da bulunmaktad?r. Bu çal??ma, geli?mekte olan ülkelerde (GOÜ),  emeklilik fonlar?n?n ekonomideki pay?n?n en dü?ük oldu?u ülkelerden Türkiye'de (%2) ve en yüksek oldu?u ülkelerden ?ili'de (%66) emeklilik sistemlerinin kar??la?t?rmal? analizini sunarak, emeklilik fonlar?n?n finansal piyasalardaki oynakl??a olan etkisini 2004-2014 dönemi için incelemektedir. Çal??ma ayn? zamanda, Türkiye’de uygulanmas? planlanan ‘otomatik kat?l?m sistemi’ ve bu sistemi tamamlay?c? ‘fon ürünleri’ üzerine politika önerilerini de kapsamaktad?r.

Bankac?l???n bir risk yönetme sanat? oldu?u genel kabul görmü? bir durumdur. Bu sanat? icra ederken belirli kurallar ve bir sürecin varl??? gereklidir. Risk denilince akla “kar??l???nda net bir zarar?n hesaplanabilece?i olumsuz bir durum” gelmektedir. Ne var ki, bankac?l???n ilk ça?lardan beri bankac?l?k faaliyetlerinin temelinde olan “güven” unsuru gibi daha soyut riskleri içerisinde bar?nd?rmaktad?r. Güvenin sars?lmas? ile h?zl? bir ?ekilde yay?labilecek zarar, bankalara öngörülemez sonuçlar haz?rlayabilir. Bu nedenle, bankalar?n risklerini hesap ederken sadece finansal, hesaplanabilir riskler için de?il finansal olmayan riskler için de gerekli önlemleri almalar? gerekmektedir. Türk bankac?l?k sisteminde finansal olmayan risklerin ba??nda önemi giderek artan “itibar riski” gelmektedir. Bankac?l?kta faaliyet alan? hesaplar ve rakamlar üzerine oldu?undan, itibar riski sorununun böyle bir alana oturtuldu?unda aç?klamas? ve hesaplamas? ne kadar zor bir sürecin ortaya ç?kt??? anla??lacakt?r. ?tibar riskinin yönetilmesi, süreci konusunda literatürde Türkiye’de bankac?l?k sistemine dair çal??malar yok denecek kadar azd?r. Bu çal??mada, itibar riskinin önlenmesi, yönetilmesi ve süreci için Türk bankac?l?k sistemindeki düzenlemeler irdelenecek olup yine Türk bankac?l?k sistemindeki itibar riskinin gerçekle?ti?i vakalar incelenecektir.

Yat?r?m f?rsatlar?n?n de?erlendirilmesi süreci beklenen getiri ve riskin ölçümüne ba?l?d?r. Finansal Varl?klar? Fiyatlama Modeli (FVFM), çok uzun y?llard?r modern finans teorisinin temel ta?lar?ndan bir tanesini olu?turmaktad?r. Model, varl?klar?n beklenen getirisi ve sistematik riski aras?ndaki basit do?rusal ili?kiyi ortaya koymaktad?r. Model halen, sermaye maliyetinin hesaplanmas?, portföy yönetiminin performans?n?n ölçülmesi ve yat?r?mlar?n de?erlendirilmesi amac?yla kullan?lmaktad?r. FVFM’in çekicili?i, beklenen getiri ve risk aras?ndaki ili?kinin ölçümlenmesi konusundaki güçlü tahmin yetene?inden gelmektedir. Bununla birlikte modelin bu yetene?i 30 y?l? a?k?n bir süredir akademisyenler ve uygulamac?lar taraf?ndan sorgulanmaktad?r. Tart??malar büyük ölçüde ampirik düzeyde gerçekle?tirilmektedir. FVFM’in ampirik düzeydeki problemleri, çok say?da basitle?tirilmi? varsay?m? içermesi nedeniyle teorik hatalard?r. Çok say?daki gerçekçi olmayan varsay?m modeli pratik olarak kullan??s?z hale getirmektedir. Model ile ilgili temel ele?tiriler ise risksiz faiz oran?, pazar portföyü ve beta katsay? üzerinde yo?unla?maktad?r. Bu çal??mada, modelin varsay?mlar? ve temel bulgular?n?n yan? s?ra uygulamas?na yönelik yap?lan ele?tiriler ele al?nacakt?r.

Etkin Piyasalar Hipotezi ve Davran??sal Finans, finansal literatürün kar??t argümanlar? savunan iki temel modelini olu?turmaktad?r. Bunlardan ilki yat?r?mc?lar? rasyonel olarak kabul ederken di?eri ise yat?r?mc?lar? normal olarak ifade etmektedir. Etkin Piyasa Hipotezi’ne göre piyasalar bilgisel olarak daima etkindir. Hisseler en nihayetinde denge fiyat?na ula?acakt?r. Ya?anan finansal krizler ise k?sa dönemli düzeltme hareketleridir. Davran??sal finans, alternatif bir model olarak geli?tirilmi?tir. Buna göre yat?r?mc?lar farkl? bilgilere farkl? zamanlarda ula?maktad?r ve onlar? farkl? de?erlendirmektedir. Yat?r?m kararlar? psikolojik ve duygusal faktörlerden etkilenmektedir. Yat?r?mc?lar?n makine olarak görülmesi kabul edilemez. Davran??sal finans çok daha yeni bir konumdad?r ve çok say?da yeni çal??maya ihtiyaç duymaktad?r. Bununla birlikte iki teori aras?ndaki çat??ma yeni finansal krizlerin önlenmesi aç?s?ndan çok önemlidir. Yak?n gelecekte teorilerin kar??t olmaktan ziyade tamamlay?c? olarak kullan?lmas? beklenmektedir.   

Iran’s banking industry as a developing country is comparatively very new to risk management practices. An inevitable predictive implication of this rapid growth is the growing concerns with regard to credit risk management which is the motivation of conducting this research. The paper focuses on the credit scoring aspect of credit risk management using both logit and probit regression approaches. Real data on corporate customers are available for conducting this research which is also a contribution to this area for all other developing countries. Our questions focus on how future customers can be classified in terms of credibility, which models and methods are more effective in better capturing risks. Findings suggest that probit approaches are more effective in capturing the significance of variables and goodness-of-fitness tests. Seven variables of the Ohlson O-Score model are used: CL_CA, INTWO, OENEG, TA_TL, SIZE, WCAP_TA, and ROA; two were found to be statistically significant in logit (ROA, TL_TA) and three were statistically significant in probit (ROA, TL_TA, SIZE). Also, CL_CA, ROA, and WCAP_TA were the three variables with an unexpected correlation to the probability of default. The prediction power with the cut-off point is set equal to 26% and 56.91% for defaulted customers in both logit and probit models. However, logit achieved 54.85% correct estimation of defaulted assets, 0.37% more than what probit estimated.

Over the past fifty years, economic growth in emerging markets has been supported by investments in capital and technology from the developed world. The benefit of this development for the emerging markets, as measured by growth in income, employment, and wealth, is immediately apparent. There have also been significant advantages for the developed world through opportunities for higher risk adjusted returns from investments in emerging markets. This study explores the benefits of the diversification of global government bond portfolio, and provides complete performance evaluations of DMs with or without South Africa emerging market (SAEM) bonds. The study examines the benefits of inclusion of SAEM bonds in DMs, the degrees of financial integration among the research markets, the relative bond returns of dynamic factor models with time-varying coefficients and the robust tests of bond portfolio performance between DMs with SAEM and bond index. The results of this study provide important implications for global investors by identifying diversification gains in SAEM.

The argument that the minimization of the dysfunctional consequences of organizational politics is no longer dependent on self-equilibrating mechanism remains valid. This inquiry is therefore framed with a view to establishing suitable strategies for managing political actors. There is a nexus between the diagnosis typology of political actors and the qualitative classes of political actors and their management strategies. In the management of mixed blessing, supportive, non-supportive and marginal political actors; collaborative, involvement, defensive and information strategies respectively were found suitable. This research is based on existing theoretical knowledge on organizational politics and stakeholders management. Data was collected from the literature by means of critical analysis and dialectic reflection on the emerging themes. The study will enhance capability in contexts where the scientific management of political actors is yet to be exemplified.

The purpose of this study is to develop a model to investigate the impact of brand image and religious beliefs on Muslim consumers switching intention. Moreover, it also intends to examine, how switching intention affect the customer equity of international branded products. This study seeks to expand the body of knowledge in consumer behaviour research with emphasis on religious beliefs (Islamic beliefs). The benefits that will be yielded from this study will not only provide guidelines to business researchers, but will also enhance the current understanding of Muslim consumers. It studies how the Muslim consumer’s brand switching behaviour is influenced by religious beliefs of Muslim consumers and image of a brand, yet previous studies have only attempted to understand brand switching without considering the religion specifically Islam.

Positive organizational scholarship has gained attention in recent years which emphasizes investing in employee strengths. Review of relevant literature gave some insights on the relationship between organizational climate, inter-individual relationships and thriving at work. This study examines the impact of organizational trust on thriving at work quantitatively. Data was obtained from sample of academicians all over Turkey (n=422) participated to cross-sectional survey study stating their trust to management, supervisor, colleagues and their thriving at work. The structural equation modelling results showed a strong positive relationship between organizational trust and thriving at work (?=.74). Also, it was the first time thriving at work scale has been assessed in Turkey. The validity and reliability scores indicate its usability in Turkish literature.

The aim of this research is to understand the factors behind smartphone purchase decisions of consumers. Nowadays companies make use of various strategies in order to attract new customers, retain existing customers and differentiate their products from those of their competitors. Perhaps, the most important and effective strategy to influence consumer behavior in the product selection is emphasizing the “brand name” of the products. Our aim in this paper is to investigate how smartphone brands can influence consumers’ buying decisions. Brand equity is a set of brand assets and liabilities linked to a brand name and symbol, which add to or subtract from the value provided by a product or service. It enhances the customer’s ability to interpret and process information, improves confidence in the purchase decision and affects the quality of the user experience. Using this construct widely discussed in the literature, we use and build our hypothesis based on Aaker model about the brand equity, including perceived quality, brand awareness, brand association and brand loyalty. The study involved a questionnaire administered to 171 smartphone consumers between December 2015 and March 2016. The consumers were chosen by convenience sampling among the students from a prestigious university in the Istanbul district of Turkey. Our findings indicate that a majority of the smartphone buyers’ decisions are mainly influenced by brand loyalty and brand awareness. Perceived quality and brand association do not seem to influence purchase decisions for the sample of this study.

Net interest margin is a significant indicator of the efficiency of the banking financial intermediation. In general, the level of net interest margin is primarily a consequence of result of the level of development and competitiveness of the financial system of country.Therefore, It is important to determine their determinants. In this article, we analyze the determinants of net interest margin of 18 banks in Tunisia between ( 2000…2013). We found that among the internal factors, size, deposits, TLA, CEA, risk have an significant impact  on net interest margin. In external factors, only inflation have a significant impact on net interest margin..

By drawing on Ukrainian experience, this paper analyzes the anatomy of bank efficiency in a transitional economy. Acknowledging the vast disparities in the business technology of different size banks, in this comprehensive study, we innovatively estimate group-specific (distinct) frontiers for small, medium, and large size banks. The results from separate frontiers reveal that Ukrainian banks record 38% technical inefficiency, 26% pure technical inefficiency, and 17% scale inefficiency on average. Apparently, banks in transition waste about the two fifths of their factor inputs during the production of financial services. The cardinal source of sub-performance in transitional banks seems to be managerial inefficiencies. We also found that banks operating in areas with more political influence and more developed infrastructure outperform the banks operating in politically and economically weaker regions. The results also indicate that larger banks, enjoying public trust in a risky business climate, dominate smaller banks in all forms of efficiency. However, such bias for size causes large banks to suffer from decreasing returns to scale and small banks from idle capacity. Consequently, the policies promoting consolidation between small and large banks may alleviate the excess (idle) capacity for large (small) banks in a transitional economy.

In this study, the option pricing performance of the adjusted Black-Scholes model proposed by Corrado and Su (1996) and corrected by Brown and Robinson (2002), is investigated and compared with original Black Scholes pricing model for the Turkish derivatives market. The data consist of the European options written on BIST 30 index extends from January 02, 2015 to April 24, 2015 for given exercise prices with maturity April 30, 2015. In this period, the strike prices are ranging from 86 to 124. To compare the models, the implied parameters are derived by minimizing the sum of squared deviations between the observed and theoretical option prices. The implied distribution of BIST 30 index does not significantly deviate from normal distribution. In addition, pricing performance of Black Scholes model performs better in most of the time. Black Scholes pricing Formula, Carrado-Su pricing Formula, Implied Parameters

Increasing trend in Non-performing loans (NPLs) adversely affected availability of credits to economic agents in all sectors of the economy thereby constraining financial intermediation and economic activities. The study examined the trend and growth rates of NPLs in the Nigerian banking system during the major banking policy reforms regimes namely: pre-consolidation (1979 – 2004) and post consolidation era (2005 – 2014). Time series data collected were analyzed using descriptive and regression analyses. Results indicated irregular fluctuations in NPLs’ trend in both periods. This result suggested prevalent high credit risk and corresponding reduction in lending capability of banks in the economy. Regression estimates of NPLs’ trend in the two regimes showed significant negative growth rates.This implies that, financial policies implemented in the country yielded positive impacts over time. NPLs assumed an exponential growth rate of -1.39% and -15.55% during the pre and post consolidated eras respectively. An average exponential growth rate of -5.2% was obtained during the entire period. Quadratic trend analysis revealed that, increase influence of time variable significantly reduced NPLs during pre- consolidation regime and the entire period considered. However, this influence was stagnated during post consolidation period. Based on the result, it is recommended that, prudent lending coupled with swift and orderly clean-up of banking system loan portfolios should be adopted to decelerate NPLs trend and growth rate in Nigeria. Time is an important element in designing and implementing any banking and macroeconomic policy.