Browsing by Subject "Emerging Markets"

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Open Access
Essays in corporate finance : an analysis of stock market investment patterns in emerging countries from a behavioral and a traditional perspective
(2017-06) Usul, Naime
This thesis investigates the investment patterns in emerging stock markets first from a behavioral then from a traditional perspective. The first two chapters deal with affective motivations in the stock investment decision. First, we develop the hypothesis concerning the affect-based investment motivations in the stock markets and the role of affective self-affinity. Based on Social Identity Theory, Affect literature, Socially Responsible Investing literature and Home Bias literature, we propose that identification with different dimensions of a company may trigger affect-based extra investment motivation. The following chapter tests the hypotheses developed in the first chapter using partial least squares path analysis with Turkish stock investors. We conclude that the ideas of socially responsible investing and nationalism have significant positive effects on the investment motivation. Likewise, the people and the groups that the investors identify themselves with have significant positive effects on the affect-based motivations to invest in the companies, which are perceived to support those people and groups. The last chapter, studies the return patterns in MENA stock markets during the Arab Spring events in an event study setting. Considering the three-year period of 2010- 2013, we study the effects of 172 events on the stock markets of nine countries in the region, namely; Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Saudi Arabia, Syria, and Tunisia. Using Brown and Warner (1985) event study methodology, we have found some events have relatively large effects, though we cannot find significant reactions on the average. Hence, we cannot conclude that stock markets react significantly to the events during Arab Spring.
Open Access
Essays on applied macroeconomics
(2005) İnce, Onur
This study contains three studies, the relationship between FED intervention and emerging markets, the effect of S&P500 return on Istanbul Stock Exchange and the connection between Turkish industrial production growth and the success of Beşiktaş. The second chapter analyzes the effect of FED intervention on emerging markets with using event-study analysis. Considering Emerging Market Bond Index (EMBI) and grouping the effect under five different categories, the effect of FED intervention on emerging markets are shown. The third chapter assesses the effect of S&P500 return on the Istanbul Stock Exchange within a dynamic framework. In order to capture the effect, we build a block recursive VAR model allowing that S&P500 affects the ISE returns with its current and lag values but not vice versa. The estimates from daily data suggest that returns on S&P500 affect ISE return positively up to 4 days. The fourth chapter investigates the connection between Turkish industrial production growth and the success of Beşiktaş, which is a popular Turkish soccer team. The empirical evidence provided in the paper suggests that industrial production growth tends to increase with the success of Beşiktaş in European cups. Moreover, if the winnings are in displacement, the increase in industrial production is higher than if the winnings are in the home field. On the other hand, findings on the effects of domestic games on industrial performance are not statistically significant.
Open Access
Financing constraints and investment : the case of Turkish manufacturing firms
(2009) Yeşiltas, Sevcan
Using a comprehensive firm-level data that covers nearly 75% of total employment in Turkish manufacturing industry for the period 1992–2003, this study tests whether Turkish firms are financially constrained or not. Based on the pioneering work of Fazari, Hubbard and Peterson (1988), numerous studies have examined the role of financing constraints in determining investment decisions of firms. Most of these studies check for investment-cash flow sensitivity in order to identify financing constraints. This study follows the approach of Fazari, Hubbard and Peterson (1988) that interprets a significant positive relationship between firms’ investment and the measure of their internal finance (cash flow) as evidence of financing constraints, which might arise due to capital market imperfections. The results presented here suggest a significant positive relationship between firms’ investment and their cash flow. This finding is robust to controlling firm specific characteristics such as size and age. As a result, the study contributes to the financing constraints literature by studying the issue in a developing country context.