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Yayın Flight to quality and the predictability of reversals: The role of market states and global factors(Elsevier Science BV, 2017-12) Demirer, Rıza; Yüksel, Aslı; Yüksel, Sadettin AydınThis paper examines the time-series predictability of reversals in an emerging stock market, Borsa Istanbul. We show that short-term reversals, thus the payoffs to the contrarian strategy, are predictable with the market state found as the primary predictor. The reversal effect is driven by flight to quality stocks with high earnings and low price multiples during negative market states, which then gives rise to subsequent reversals in those stocks, thus predicting higher contrarian payoffs. Interestingly, oil return is found to absorb much of the predictive power of macroeconomic variables and global risk proxies. Our findings lend partial support to risk-based as well as behavioral explanations for reversals and suggest that a contrarian strategy with value stocks, conditional on the market state, could be employed within a managed fund in order to generate abnormal profits that cannot be earned by conventional models.Yayın A comparative field study in four emerging markets; Turkey, Kingdom of Saudi Arabia, United Arab Emirates and Egypt on e-health development challenges and utilization capabilities(Işık Üniversitesi, 2016-09-22) Işıkdemir Uluç, Nasiye Çiğdem; Ferman, Ali Murat; Işık Üniversitesi, Sosyal Bilimler Enstitüsü, Çağdaş İşletme Yönetimi Doktora ProgramıThe implementation and utilization of e-health in the healthcare sector has great potential to improve healthcare practices in general. The use of e-health becomes increasingly crucial for developing countries, that are confronted with many problems in healthcare and medical services such as; access, financial needs, limitations in resources and competent healthcare professionals. Even with these types of efficiencies that e-health would bring to the healthcare system, which are likely to be accepted by many healthcare stakeholders, there is still no consensus among healthcare professionals, government decision-makers and the users such as doctors, hospital staff, and patients for implementation and utilization. Furthermore, even if e-health can improve healthcare decision-making both for healthcare providers and patients, as well as providing speed and accuracy of information upon which healthcare decisions are made, there are still challenges surrounding investment and implementation decisions. These challenges become more significant in emerging countries where governments have initiatives for ehealth implementation and utilization. This field study presents an original contribution to knowledge, by evaluating ehealth challenges and needs for development and utilization of e-health and its possible adaption capabilities in four selected emerging countries; Turkey, Kingdom of Saudi Arabia, United Arab Emirates and Egypt, based on user insights. This research constitutes a distinctive approach by comparing the similarities and differences across those selected countries regarding their e-health implementation practices. The study also puts forward a new framework of a solution model to existing challenges for an impactful development of e-health facilities in those markets. This unique model is based on the outcomes of the field survey and face to face interviews conducted with authorities of health ministries and healthcare professionals in selected countries. The results of this research, emphasize significant contribution of information communication technology infrastructure readiness, and governmental regulations in a country for e-health development and implementation. The study also shows that as the level of trust to electronic applications for healthcare increases, e-health development and implementation will increase. Another result is the requirement of cultural adaptation of related e-health stakeholders such as clinicians, healthcare professionals and patients for an impactful e-health development. This research also guides in understanding the positive effects of financing and supply chain management, on e-health development and implementation in that selected country, based on user insights. This study is an inventive comparative evaluation of user perspectives by analyzing clinicians’ views versus information technology healthcare professionals’ views, on expected positive outcomes of e-health for the country. This research study also presents a genuine user foresight for healthcare e commerce approach and buying criteria of users, providing guidance for the healthcare industry.Yayın Granger causality relation between interest rates and stock markets evidence from emerging markets(European Journal of Business and Social Sciences, 2014-01) Teker, Dilek; Aykaç, Alp, ElçinThis research analyses the granger cause relation between interest rates and stock market for four emerging markets as Turkey, Brasil, China and Hungary. The database includes daily prices of stock market indices of BIST100 Index (Turkey), the IBOV Index (Brasil), the SHCOMP Index (China), and the BUX Index (Hungary) and government securities with different maturities. As the initial step, the stationarity of the variables is tested with Augmented DickeyFuller (ADF) and Phillips-Perron (PP) unit root tests. Then Granger Causality is implemented.
