Showing papers in "Borsa Istanbul Review in 2018"

TL;DR: In this article, the authors provide a discussion on some issues associated with digital finance, an area which has not been critically addressed in the literature, and discuss the benefits of digital finance and financial inclusion to financial services users, digital finance providers, governments and the economy.

TL;DR: In this paper, the human capital component was introduced to the Fama and French five-factor model proposing an equilibrium six-factor asset pricing model, which employs an aggregate of four sets of portfolios mimicking size and industry with varying dimensions.

TL;DR: In this paper, the authors apply the General-to-Specific modeling on World Bank Enterprise Survey data for 266 economies and find that the factors vary regarding statistical significance and magnitude between small and medium enterprises.

TL;DR: In this paper, the determinants of bank margins in Indonesian Islamic rural banks were examined and the impact of competition and diversification on bank margins were found to be more pronounced in the banks with lower banks' loan contract diversification and also banks with a higher proportion of profit and loss sharing (PLS) lending.

TL;DR: In this article, the authors measure the extent of financial access by constructing a broader multidimensional financial inclusion indices which contain aggregate information of the extent the financial system by using both demand and supply side information.

TL;DR: This article examined the effect of funding liquidity on bank loan growth using a dynamic least squares dummy variable corrected (LSDVC) approach over the period between 2006 and 2015, and found that the negative effect of higher funding liquidity is negative and significant.

TL;DR: In this paper, the adequacy of the audit committees in Turkish banking sector is investigated through interviews and questionnaires, collected through frequency analyses, alfa test and t-tests, and a variety of deficiencies were determined in audit committees' structure and responsibilities of internal control, risk management, accounting and financial reporting, independent auditing, valuation services, and rating bureaus.

TL;DR: In this paper, a novel measure of direct firm specific investor attention using abnormal Google search volume index (ASVI) towards stocks in Turkey was constructed, which showed that firms attracting abnormally high attention attract higher returns and the price pressure effect of ASVI is stronger among small stocks.

TL;DR: In this article, the authors study the interdependencies in terms of stock market volatility and assess the impact of Global Financial Crisis (GFC) on these inter-dependencies and find evidence of structural breaks in the volatility of time series for the majority of markets.

TL;DR: In this paper, a new dimension to the analysis of spillover transmission in foreign exchange markets by accounting for the role of electioneering in addition to the global financial crisis was proposed by using Nigeria as a case study whose electioneering activities seem to be characterized by "money bags".

TL;DR: In this paper, the time-varying correlations between CDS and portfolio design are estimated for the purpose of examining whether CDS can act as a hedge and safe haven for the European stock sectors.

TL;DR: In this paper, the authors explore the volatility structure of BIST 100 index returns through Markov Regime Switching VAR model in the domain of credit risk indicators of Turkey.

TL;DR: In this paper, the effect of the disposition bias on individual investors in the Tunisian equities market was investigated, which revealed that male and younger investors suffer from a strong disposition bias compared with their counterparts, female and mature investors.

TL;DR: This paper examined the extent to which the asymmetric information and agency costs theories explain dividend smoothing and whether their proxies' impact varies given the firm's reputation as a high- or low-smoothing firm.

TL;DR: In this article, the role of asset allocation policy and active management on equity mutual fund returns has been discussed, while there is almost no literature on the subject of covering bond funds, and the results reveal that active management is far more important than policy for corporate bond fund returns, which is mainly attributable to managers' security selection skills.

TL;DR: The authors empirically analyzed the agent-based relationship between liquidity flow and downside price formation based on the individual trading network topologies of 20 equities in Borsa Istanbul between 2009/01-2013/12.

TL;DR: In this article, a comparative analysis of the explanatory power of CAPM and downside CAPM-based risk measures for stock returns in Borsa Istanbul is made, where 22 risk measures based on mean-variance and mean-semivariance approaches using global and local single factor models are examined for 2005-2016 period in a panel data setting.