Browsing by Author "Muradoglu, G."
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Item Open Access Causality between stock returns and macroeconomic variables in Emerging Markets(Routledge, 2000) Muradoglu, G.; Taskin, F.; Bigan, I.Item Open Access Differences in household savings behavior: evidence from industrial and developing countries(Wiley-Blackwell Publishing Ltd., 1996) Muradoglu, G.; Taskın, F.Item Open Access Financial crisis and changes in determinants of risk and return: an empirical investigation of an emerging market (ISE)(Multinational Finance Society, 1999) Muradoglu, G.; Berument, Hakan; Metin, K.This paper examines how determinants of volatility and stock returns change with financial crisis. The contributions of the paper are twofold. First, using a GARCH-M framework, risk and return are jointly modeled by using macroeconomic variables both in the variance and the mean equations. The conditional variance equation is specified by including macro-economic variables, a relevant information set for emerging economies, that is often overlooked in various GARCH specifications. Second, determinants of risk and return are investigated before during and after a major financial crisis at ISE. We show that, both the determinants of risk and the risk-return relationship change as the economy switches from one regime to the other.Item Open Access Financial liberalisation: from segmented to integrated economies(Elsevier Inc., 2003) Taskin, F.; Muradoglu, G.Capital market liberalisation transforms segmented stock markets into integrated ones. Further impact should be expected on the dynamics of the rest of the domestic economy. This study presents evidence to that effect. A significant change after liberalisation is the emergence of world returns as an influential factor on other economic fundamentals. The information content of world returns influences emerging market returns prior to capital market liberalisation and this relation continues after capital market liberalisation. What is new after liberalisation is the influence of world returns on the dynamics of the domestic economy as a whole and its relation to stock returns. © 2003 Elsevier Inc. All rights reserved.Item Open Access Forecasting integrated stock markets using international co-movements(Routledge, 2001) Metin, K.; Muradoglu, G.Item Open Access Performance of the efficient frontier in an emerging market setting(Routledge, 2002) Altay-Salih, A.; Muradoglu, G.; Mercan, M.This study applies the Markowitz analysis to the Istanbul Stock Exchange and empirically investigates the performance of this tool in an emerging market setting. The results show that during the early years of establishment of an emerging stock exchange, an active strategy of mean variance portfolio, investing with monthly balancing, outperforms the passive strategies. However, at later stages the capital market liberalization changes market participants. Together, with the increase in foreign participation and integration of the market with the rest of the world, the performance of means variance e cient portfolios detoriate. The study also reports that the strategy is not eVective during financial crisis.Item Open Access Socio-economic development and international migration: A Turkish study(Wiley-Blackwell Publishing Ltd., 2001) Icduygu, A.; Sirkeci, I.; Muradoglu, G.The root causes of international migration have been the subject of many studies, a vast majority of which are based on development theories dominated by economy-oriented perspectives. An underlying assumption is that poverty breeds migration. The results, and the conclusions drawn from these studies, differ widely. For instance, whether emigration increases when poverty becomes more extreme, or less extreme, or why it reaches certain levels, are issues on which research still offers a mixed answer. This article investigates the relationship between economic development and migration by taking into consideration the degrees of economic development that form thresholds for migration. It focuses on recent evidence on the development-emigration relationship in Turkey which reflects a dimension of the dynamics and mechanisms facilitating or restricting migratory flows from the country. Using data from the 1995 District-level Socio-economic Development Index of Turkey (DSDI) and the 1990 Census, the principal aim of the article is to provide an analytical base which identifies degrees of local level of development in Turkey, relate these to international migration flows, and examine patterns of the development-migration relationship.