Business Information Management - Ph.D. / Sc.D.
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Item Open Access Technology improvements under carbon emissions taxes(Bilkent University, 2023-08) Ayas, OnurcanIn this thesis, we consider two technology improvement problems under carbon taxation policies. In the first one, a manufacturer subjected to a carbon tax producing a single product using multiple inputs and employing an initial technology level, which is modeled using the Cobb Douglas production function. We find out that 1) when the output and the technology level are binding, amount of a production input is increasing in carbon tax if the share of the tax due to its carbon footprint in its total variable cost is less than the weighted average of that of all production inputs; 2) when the output is binding, but the technology level is non-binding, while the technology level is always increasing in carbon tax; amount of an input is increasing in carbon tax only if the share of the tax times its carbon footprint in its total variable cost is less than the weighted average of that of all production factors (including technology level); 3) when the output is non-binding, but the technology level is binding, the output, as well as the inputs, is decreasing in carbon tax, at optimality; 4) when the output and the technology level are non-binding, all of the decision variables are decreasing in carbon tax, at optimality. In the second problem, we consider setup reduction activities for a stochastic inventory system, where improvement efforts are modeled via production functions. We derive the optimality quantities of required labor and capital input for improvement, as well as the ordering quantity and reorder point.Item Restricted Essays in asset pricing(Bilkent University, 2022-01) Özdamar, MelisaThis thesis is composed of four essays exploring the pricing behavior of different financial markets. In the first essay, we investigate the explanatory power of CAPM beta on cross-section of expected stock returns by allowing beta to vary according to the fluctuations in the business cycle. This study contributes to the empirical literature on time-varying beta by documenting that there exists a significant relationship between risk and return when ever we control for the output level. In the second essay, we analyze whether and how investors price the introduction of a regulation that provides a deduction for equity financing of Turkish firms listed on Borsa Istanbul. We find that investors react positively to the introduction of Allowance for Corporate Equity (ACE) regulation and the companies which the market ex-ante prices to benefit the most from the tax shield do ex-post raise more equity relative to companies which the market expects to benefit the least. Alongside of the stock markets, the cryptocurrency markets appeal high attention by the recent empirical studies since it presents a unique feature for financial investment. In the third essay, we explore the significance of maximum daily return (MAX) in the cross-sectional pricing of expected future returns in the cryptocurrency market. Our findings provide evidence for a positive and statistically significant relationship between extreme positive returns and subsequent cryptocurrency returns. Results are robust to controls for size, price, momentum, short-term reversal, liquidity, volatility, skewness, and investor attention. The final chapter focuses on how retail investor attention and institutional investor attention affect returns, idiosyncratic risk and volatility in the cryptocurrency market. We report that there exists a contrary impact of retail and institutional investor attention on cryptocurrency returns and idiosyncratic volatility, however, we show that both have an boosting effect on liquidity of the cryptocurrency market.Item Open Access Exploration of USD-DEM exchange rate returns at different time horizons and its implication to risk management(Bilkent University, 2002-09) Nekhili, RamziItem Open Access Judgmental forecasts with scenarios and risks(Bilkent University, 2017-06) Öz, EsraThe purpose of this thesis is to investigate how scenarios and risks influence judgmental forecasts, forecaster’s confidence, and assessments of likelihood of occurrence. In its attempt to identify the impact of scenarios and risks as channels of forecast advice, this research reports the findings on the use of advice from six experimental groups with business practitioners as participants. Goal was to collect evidence and interpret the reasons and motivations behind judgmental forecasts from actual business life, as well as to identify the possible biases of forecasters after reviewing certain scenarios and risks. This thesis also presents analyses on the use of advice corresponding to the credibility attributes of advisors, i.e., “experienced credibility” and “presumed credibility”. Following a discussion of the results, future research directions are provided.Item Open Access An alternative market for well-being: reconnecting producers and consumers through shared commitments(Bilkent University, 2017-06) Watson, ForrestMarkets have increased consumption, but not necessarily improved social connections, also a vital part of well-being. Producers and consumers are anonymous to one another in the traditional capitalist paradigm, where each individual pursues his or her own gain on the grounds that markets effectively promote the interest of society. This thesis considers an alternative premise for an economy that balances financial and social benefits, where consumers and producers are reconnected for mutual benefit. An exploratory mixed methods research approach was applied to the case of a predominant alternative food network in Turkey. First, qualitative data collection and analysis revealed shared commitment between the owner, employees, and customers of this network. Second, through customer and employee surveys, the collective action, congruent values and goals, and concern for the future welfare of others dimensions of shared commitment between actors were measured and a structural model of its impact on well-being tested. The findings demonstrate the existence of an alternative market model, founded on shared commitment, which improves well-being for producers and consumers. Despite limitations in the community that can be built among consumers and producers who live geographically distant from one another, it is hopeful for an urbanizing world that shared commitments can still develop and well-being can be improved. Although the findings point to some vulnerabilities to dark sides, the research overall shows the well-being potential of shared commitment outweighs the risk of ill-being. A re-socialized market can facilitate reduced alienation, rather than just instrumental exchanges, and enhance well-being.