Business Administration

Permanent URI for this communityhttps://hdl.handle.net/11693/115637

Browse

Browsing Business Administration by Author "Akdeniz, Levent"

Filter results by typing the first few letters
Now showing 1 - 6 of 6
  • Thumbnail Image
    ItemOpen Access
    Determinants of ICO success and post-ICO performance
    (Borsa Istanbul Anonim Sirketi, 2022-10-20) Aslan, Aylin; Ahmet, Şensoy; Akdeniz, Levent
    Initial coin offerings (ICOs) have emerged as an alternative way of raising funds for entrepreneurial ventures to develop a new project or product. In this study, a comprehensive analysis is conducted on the determinants of ICO success and aftermarket performance of ICOs. Our evidence suggests that ICOs with higher ratings, shorter planned token sale duration, smaller share for token sale, larger number of experts and more members in the developing team have a greater likelihood of success and raising more funds. We also show that offer price and market sentiment play a major role in explaining longer term post-ICO performance. Yet, key to a successful ICO and post-ICO performance differ between boom vs bust periods in the cryptocurrency markets.
  • Thumbnail Image
    ItemOpen Access
    Do stock index futures affect economic growth? Evidence from 32 countries
    (Routledge, 2017-12-29) Yüncü, İ. Ş; Akdeniz, Levent; Aydoğan, Kürşat
    This article investigates the relationship between stock index futures markets development and economic growth using time-series methods for 32 developed and developing countries. Evidence of cointegration between stock index futures and real economy in 29 countries suggests the presence of co-movements among the variables, indicating long-run stationarity in those countries. Our findings show that there is Granger-causality from stock index futures markets development to economic growth for middle-income countries with relatively low real per capita GDP, and Granger-causality in the reverse direction for the countries with high real per capita GDP. Variance decomposition and impulse-response function (IRF) analyses results support the existence of a relationship between stock index futures and real economy. Copyright
  • Thumbnail Image
    ItemOpen Access
    The effect of tax regulation on firm value: the Turkish case of allowance for corporate equity (ACE) regulation
    (Routledge, 2020-04) Özdamar, Melisa; Tanyeri, Başak; Akdeniz, Levent
    Investors ex-ante price the tax shield that Turkish firms would enjoy and react positively to the introduction of a legislation that provides a deduction for new equity issues. Not all firms are equally affected by the equity tax shield. Cumulative abnormal returns prove significantly higher for levered firms who may find it easier to switch from debt to equity financing and for firms that have income to shield from tax. Furthermore, the most levered firms and the firms with the highest income, whom investors ex-ante expect to benefit most from the regulation, do indeed issue more equity to take advantage of the tax benefits of the new regulation.
  • Thumbnail Image
    ItemOpen Access
    Institutions and the book-to-market effect: The role of investment horizon
    (Elsevier BV, 2022-11-16) Iqbal, M. S.; Salih, A.; Akdeniz, Levent
    In this study, we investigate the differential contribution of institutions with different investment horizons in the book-to-market effect. We find that long-horizon institutions tend to buy (sell) stocks with positive (negative) past intangible information. This behavior exacerbates market overreaction and magnifies intangible return reversals, thus contributing to the book-to-market effect. On the other hand, short-horizon institutions trade independent of intangible information, and their trading in the direction of intangible information does not contribute to the book-to-market effect. Moreover, our findings also support that short-horizon institutions are better informed than long-horizon institutions.
  • Thumbnail Image
    ItemOpen Access
    Lottery-like preferences and the MAX effect in the cryptocurrency market
    (SpringerOpen, 2021-12) Özdamar, Melisa; Akdeniz, Levent; Şensoy, Ahmet
    We investigate the significance of extreme positive returns in the cross-sectional pricing of cryptocurrencies. Through portfolio-level analyses and weekly cross-sectional regressions on all cryptocurrencies in our sample period, we provide evidence for a positive and statistically significant relationship between the maximum daily return within the previous month (MAX) and the expected returns on cryptocurrencies. In particular, the univariate portfolio analysis shows that weekly average raw and risk-adjusted return differences between portfolios of cryptocurrencies with the highest and lowest MAX deciles are 3.03% and 1.99%, respectively. The results are robust with respect to the differences in size, price, momentum, short-term reversal, liquidity, volatility, skewness, and investor sentiment.
  • Thumbnail Image
    ItemOpen Access
    The price impact of same- and opposing-direction herding by institutions with different investment horizons
    (Academic Press, 2021-05) Iqbal, Muhammed Sabeeh; Salih, A.; Akdeniz, Levent
    This paper examines the price impact of the herding behaviour of short- and long-horizon institutional investors. We categorize the institutional herding as same-side herding when both types of institutions herd on the buy-side or sell- side together and as opposite-side herding when short-horizon institutions buy while the long-horizon institutions sell or vice versa. We find that the previously documented destabilizing impact of long-horizon institutional herding is only observed on opposite-side herding. Moreover, short-horizon institutional herding improves the stock price discovery process confirming the belief that they are more informed.