Explore the evidence.
Understand the reach.

Bu çal??man?n amac?, Türkiye’de hayat d??? sigortac?l?k sektöründe aktif karl?l??? ile firmaya özgü faktörler aras?ndaki ili?kiyi tespit ederek aktif kârl?l???n?n etkinlikten mi yoksa yo?unla?madan m? kaynakland???n? belirlemektir. Bu amaçla, Türk sigorta sektöründe faaliyet gösteren 36 hayat d??? sigorta ?irketi aras?nda 2015 y?l? verilerine göre pazar?n toplam %83.38’ini olu?turan 15 sigorta ?irketinin 2010-2015 dönemine ait mali verileri ile performans ili?kisine yönelik Period SUR panel veri analizi yap?lm??t?r. Analiz sonuçlar?na göre, aktif büyüklü?ü, likidite ve pazar pay? de?i?kenleri ile aktif karl?l??? aras?nda pozitif ve istatistiki olarak anlaml? bir ili?ki tespit edilmi?ken kald?raç, hasar/prim oran? ve firma ya?? de?i?kenleri aras?nda ise negatif ve istatistiki olarak anlaml? bir ili?ki tespit edilmi?tir.  Analiz dönemi boyunca Herfindahl–Hirschman Endeksi de?erleri 1.500’ün alt?nda oldu?u için Türkiye’de hayat d??? sigortac?l?k sektörünün yo?un olmayan bir piyasa görünümünde oldu?u tespit edilmi?tir. Bu nedenle, hayat d??? sigortac?l?k sektöründe aktif kârl?l??? yo?unla?madan daha ziyade faaliyetlerdeki etkinlikten kaynaklanmaktad?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.   

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.

This paper investigates how firms shifted their dividend policies and leverage policies in response to the economic shock caused by the 2008 financial crisis. The sample countries are United States, Great Britain, France, Germany, Australia, Japan, China, and Korea. The empirical relationship of firms’ dividend policies with their capital structures and earnings was likely to undergo a major change around the 2008 financial crisis, as firms adjusted their capital structures and dividend policies in response to the extreme credit crunch caused by the financial crisis. The extent and the speed that firms deleverage themselves and reduce their dividends were likely to be influenced by countries’ cultural and social norms. This paper finds a significant reduction in dividends across sample countries except Great Britain and France after the 2008 crisis. This finding supports the free cash flow theory that dividends are paid to dissipate free cash flow to address agency conflicts between managers and shareholders. This paper finds a higher correlation between dividends and leverages before the 2008 crisis, and that it strengthened after the crisis except Great Britain and Korea. This finding is consistent more with the pecking order theory than with the trade-off theory of leverage.

Bu çal??mada Türkiye’de pay senetleri fiyatlar? ile döviz kurlar? aras?ndaki ili?ki, VAR metodu (vektör oto regresyon modeli) kullan?larak ara?t?r?lm??t?r. Döviz kurlar? ve pay senedi fiyatlar?ndan olu?an de?i?kenler aras?nda do?rusal bir ba??nt? olup olmad???n?n tespiti amac?yla bu model kullan?lm??t?r. Bu amaçla, döviz kurlar?, B?ST Banka ve B?ST S?nai endeksleri ele al?nm??t?r. Veriler Ocak 2011’den Aral?k 2014’e kadar olan döneme ait günlük de?i?meleri içermektedir. Türkiye’de en fazla i?lem yap?lan döviz kurlar? ABD dolar? ve Euro oldu?u için, bu kurlar tercih edilmi?tir.

<p>Considering the impacts of the conflict on the economic parameters in terms of macroeconomics, the following factors might affect the profitability of the company: foreign capital outflows, decrease in exports, increase in the interest rates, disruption of the investment climate, increase in the exchange rates, increase in the costs of import entry etc. Due to the expectable decrease in profit shares as to the investors, the contraction in the risk appetite will cause volatility in the prices of equity securities markets based on the impacts of the conflict, and the equity securities will depreciate. In this study, the main contributions on conflict risk and related econometric models have been discussed.</p>

<p>The World Bank is the most important financier for international investment. The bank opens credits mostly for investment projects in developing countries. Turkey has received various investment credits since its membership to the World Bank on March 11, 1947. The credits were used for economic and social domains. Turkey has also been granted credits from the European Investment Bank (EIB). The credits received are composed of micro credits that belong to small and medium enterprises (SMEs). A regional development bank, Islamic Development Bank, has also received credits through Eximbank and Industrial Development Bank of Turkey (TSKB) to finance Turkish SMEs. This paper deals with Turkish investment strategies in the framework of basic principles of investment – development banks.</p>

<p>Banks, one of the most significant economic means of the nations and international organizations, have occasionally become one of the institutions mostly affected by the financial crisis in the world. Especially in the economies of the developed countries, one of the most important aspects of the financial sector is measured by the size of the financial resources and assets of the banks. The size and place of the investment banks depends on the investment and existing credit reserves appropriated by its members. From this perspective, scrutinizing the Investment and Developments Banks, which is one of the economic growth criteria, is of high importance. To this end, in addition to the operation of the Investment and Development Banks, financial products of these banks in Turkey are also analyzed in this study.</p>

Bu çal??man?n amac?, Türkiye’de hayat d??? sigortac?l?k sektöründe aktif karl?l??? ile firmaya özgü faktörler aras?ndaki ili?kiyi tespit ederek aktif kârl?l???n?n etkinlikten mi yoksa yo?unla?madan m? kaynakland???n? belirlemektir. Bu amaçla, Türk sigorta sektöründe faaliyet gösteren 36 hayat d??? sigorta ?irketi aras?nda 2015 y?l? verilerine göre pazar?n toplam %83.38’ini olu?turan 15 sigorta ?irketinin 2010-2015 dönemine ait mali verileri ile performans ili?kisine yönelik Period SUR panel veri analizi yap?lm??t?r. Analiz sonuçlar?na göre, aktif büyüklü?ü, likidite ve pazar pay? de?i?kenleri ile aktif karl?l??? aras?nda pozitif ve istatistiki olarak anlaml? bir ili?ki tespit edilmi?ken kald?raç, hasar/prim oran? ve firma ya?? de?i?kenleri aras?nda ise negatif ve istatistiki olarak anlaml? bir ili?ki tespit edilmi?tir.  Analiz dönemi boyunca Herfindahl–Hirschman Endeksi de?erleri 1.500’ün alt?nda oldu?u için Türkiye’de hayat d??? sigortac?l?k sektörünün yo?un olmayan bir piyasa görünümünde oldu?u tespit edilmi?tir. Bu nedenle, hayat d??? sigortac?l?k sektöründe aktif kârl?l??? yo?unla?madan daha ziyade faaliyetlerdeki etkinlikten kaynaklanmaktad?r.

Nowadays, one of the leading factors used in the evaluation of a country’s economic development is energy consumption. Because of economic growth, demand for energy is also increasing. In this study, the emerging European countries’ (the Czech Republic, Poland, Romania, Turkey) and the CIS countries’ (Kazakhstan, Russia, Ukraine, Uzbekistan)  electricity consumption has been forecasted for five years period (2015-2019). In the study, GM(1,1) Rolling Model, which is developed in the framework of Grey System Theory is used as a mathematical model for real-time forecasting. The results of the study show that there will not be a significant change in electricity demand in this two area during the 2015-2109 period.