International Journal of Commerce and Finance (IJCF - İstanbul Commerce University)
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Market Liquidity, Analysts Coverage, and Ownership Concentration: Evidence From ASE
Get PDFThis research investigates the association between analyst coverage, ownership concentration and market liquidity in Amman Stock Exchange (ASE). Using a unique dataset about information asymmetry, several proxies related to the information asymmetry are used to clarify certain aspects of market liquidity. In a sample of 131 companies with comprehensive data collected from company guides and Datastream, information asymmetry measured by analysts’ coverage is found to be an important determinant of market liquidity. In particular, market liquidity is lower where firms have larger analysts coverage and where firms are denoted with high degree of ownership concentration. The effect of analysts coverage is, however, found to be more marked in firms with high levels of ownership concentration. The study provides theoretical and empirical improvement of market liquidity literature towards an understanding of the information asymmetry proxies in ASE. Policymakers, after the 2007-2009 scandal have formed governance codes that highlight the importance of disclosure requirements as key responsibility of financial analysts. The link between analysts coverage and market liquidity established in this research provides evidence for insider investors on the roles and potential effectiveness of analysts in carrying this responsibility
Determination of Anger Expression and Anger Management Styles and an Application on Operating Room Nurses
Get PDFThis research has been carried out in order to determine anger expression and anger management styles in operating room nurses. By applying an in-depth interview technique on operating room nurses working in a private hospital, a qualitative study has been performed in order to determine anger expression and anger management styles in operating room nurses. The interview consisted of ten questions such as demographic questions addressing the workers’ age, sex, education level and duration of employment in the organization they work, aiming to determine their anger expression and anger management styles. Since operating room environments contain various risk factors, and require active team work in a stressful dynamic setting under excessive workload, , it has been found that operating room nurses display their anger through loud speaking, fail to settle their anger positively, fail to control their anger in a behavioural pattern despite their cognitive awareness in anger management. Thus, it has been suggested that operating room nurses should be trained on anger management methods so that they can manage their anger in a stressful operating room environment
Pairs Trading to the Commodities Futures Market Using Cointegration Method
Get PDFThis paper investigates pairs trading strategy by using the cointegration method among the 10 most popular agricultural future markets. It is found that only in 2 pairs shows trading signal. The pairs trading strategy is performed in two stages that are the formation period and the trading period with daily futures data from 2004 to 2015. After the formation period was constructed, it is assumed that the cointegration error continues to hold the trading period same as it does for the formation period. The pairs trading strategy is created by the long position cotton and the short position coffee and also long position cotton and short position the livecattle. It is found that the profitability of this strategy worked well in both formation period and trading period
The Scope of State Aid and Public Service Obligation for Airports and Air Carriers in the Light of European Law
Get PDFPublic aid is the kind of advantage granted directly or indirectly for private companies from State resources. The European Commission prerogative to control the transfer of public resources by the public authorities (national or local) for the benefit of private undertakings, as a general rule, there is an obligation of notification, as provided for in article 108 (3) of the Treaty on the Functioning of the European Union (TFEU). It should be noted in the beginning that State aid given to undertakings conducting economic activity is, in principle, incompatible with the European Union’ law, as provided for in article. 107 (1) of the TFEU. There are certain situations that the granting of public funds will not constitute “public aid” within the meaning of article 107 of the TFEU and, therefore, will not violate European rules in this field. One of them are activities related to the exercise of the prerogatives of the public authority (security, safety, customs, air traffic control). The other is related to the exercise of services in general economic interest. This could be an example of public service obligation (PSO). This service can be applied in the light of the provisions of European law on two types of action on air routes, and on airport managing body. The imposition of a PSO to the specified route is the support given by the State to the outermost regions that due to their unfavourable geographical position cannot fully develop economically, and no carrier had not been interested in performing air services to that region due to the lack of cost effectiveness. Some activities at the airport may be considered as activities of general economic interest
Consumer Insight as Competitive Advantage Using Big Data and Analytics
Get PDFDigital revolution serves as a competitive advantage to businesses that are able to analyze consumer behavior in order to gain insights for their strategic advantage. After the advent of Internet, the past two decades witnessed generation of vast amount of business data. The amount of data is so huge that traditional database management system approaches falls short of managing and analyzing this data. This paper explores the characteristics of this phenomenon called Big Data together with Analytics as a tool for marketers to gain insights about consumer behavior and hence provide competitive advantage to the businesses. It also discusses some best practices as case studies
Irrational Human Behaviors
Get PDFNeo Classical economists used to posit that, since consumers are rational, they make decisions to maximize their pleasure (utility). Opposing to Neo Classical understanding, Behavioral Economists argue that, consumers are infect not rational, but prone to all sort of biases and habits that pull them being rational. For instance, there are too many irrational choices made by the Turkish consumers like; expensive wedding parties given by low income families; although riding bicycle is healthy and cheap, but people buy expensive cars; it is cheaper staying at a hotel or a timeshare, however people buy expensive summer houses, where they stayed only few weeks a year. These type of irrational behaviors adversely affect the decisions on savings, investments and economic growth. On the consumers irrationality, Tversky and Daniel Kahneman, winner of the 2002 Nobel Prize in Economics, wrote Prospect Theory. They developed a cognitive psychological model to explain divergences from neoclassical economics. They claimed that people take decisions under psychological, social, emotional and economic factors that affect market prices and resource allocation. In order to explain the irrational behaviors of Turkish consumers, I utilized some concepts such as conspicuous consumption (or keeping up with Johns), Veblen Effect, Bandwagon Effect, bounded rationality, 20 to 80 Law and ethical considerations developed by Behavioral Economists and Heterodox Economics. Thus, I came to conclusion that why the free market economic understanding fails in Turkey by giving some examples and economic reasons stated in the last section of this paper
The Performance of Indian Equity Funds in the Era of Quantitative Easing
Get PDFThis study aims to evaluate the performance of Indian equity funds between January 2009 and October 2014. This study period coincides with the period of quantitative easing during which the developing economies in financial markets have been influenced. After the global financial crisis of 2008 came a period of quantitative easing (QE), creating an increase in the money supply and leading to a capital flow from developed countries to developing countries. During this 5-year 10-month period, in which the relevant quantitative easing continued, Indian CNX500 price index yielded approximately 21% compounded on average, per annum. In this study, Indian equity funds are examined in order to compare these funds’ performance within this period. Within this scope, 12 Indian equity funds are chosen. In order to measure these funds’ performances, the Sharpe ratio (1966), Treynor ratio (1965), Jensen’s alpha (1968) methods are used. Jensen’s alpha is also used in identifying selectivity skills of fund managers. Additionally, the Treynor & Mazuy (1966) regression analysis method is applied to show the market timing ability of fund managers