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dc.contributor.advisorÖnder, Zeynep
dc.contributor.authorAkay, Mustafa
dc.date.accessioned2018-09-21T07:49:22Z
dc.date.available2018-09-21T07:49:22Z
dc.date.copyright2018-09
dc.date.issued2018-09
dc.date.submitted2018-09-19
dc.identifier.urihttp://hdl.handle.net/11693/47898
dc.descriptionCataloged from PDF version of article.en_US
dc.descriptionThesis (M.S.): Bilkent University, Department of Management, İhsan Doğramacı Bilkent University, 2018.en_US
dc.descriptionIncludes bibliographical references (leaves 60-64).en_US
dc.description.abstractHaving significant exchange rate exposure, Turkish non-financial firms face both operational and financial risk caused by exchange rate movements. Despite not being as deep as in the developed countries, Turkish financial markets offer currency hedge instruments. Although Turkish firms have option for hedging against currency risk, it is observed that use of those instruments is not common for Turkish firms. This thesis aims to examine firm specific factors that affect the use of hedging instruments as well as the degree of hedging. A sample of 178 Turkish non-financial firms listed in Borsa Istanbul is examined for the period between 2007 and 2017. The use of currency derivatives is considered appropriate representation of hedging tendency for Turkish firms, as FX positions of firms arise from derivative contracts are reported accurately in disclosures of financial reports. It is found that firm size and leverage have a positive effect on the probability of using currency derivatives whereas fixed asset ratio has negative effect. Moreover, liquidity buffer as a substitute for derivative usage is found to reduce the degree of hedging.en_US
dc.description.statementofresponsibilityby Mustafa Akay.en_US
dc.format.extentxi, 67 leaves : charts, graphics (some color) ; 30 cm.en_US
dc.language.isoEnglishen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectCurrency Derivativesen_US
dc.subjectForeign Exchange Positionen_US
dc.subjectHedgingen_US
dc.subjectTurkish Non- Financial Firmsen_US
dc.titleUse of currency hedging instruments by non-financial Turkish firmsen_US
dc.title.alternativeFinansal kesim dışı Türk firmalarının döviz kuru üzerine yazılmış türev araç kullanımıen_US
dc.typeThesisen_US
dc.departmentDepartment of Managementen_US
dc.publisherBilkent Universityen_US
dc.description.degreeM.S.en_US
dc.identifier.itemidB159020


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