Modeling Comovement among Emerging Stock Markets: The Case of Budapest and Istanbul

A double world index model is proposed as an ideal way of characterizing the comovement among emerging stock markets, and applied to Budapest-Istanbul as an interesting case. An exclusive increase in the correlation between Budapest and Istanbul during the recent crisis period is documented. To decompose this correlation into information dynamics, a structural vector autoregression (SVAR) model is employed which controls for global indices that enter the system exogenously. Istanbul and Budapest contain incremental information for each other after controlling for global factors, in particular during and after the recent global crisis. Impulse response results suggest significant lagged responses, which imply predictability. Istanbul appears to respond to global information faster.comovement of stock markets; European emerging markets; structural VAR; world index model

Bigger Fish in Small Pond : The Interaction between Foreigners' Trading and Emerging Stock Market Returns under the Microscope

This paper provides the first study of foreign investors’ trading in a sizeable European emerging stock market, using a combination of daily and monthly complete data col-lected at the destination. It also introduces the structural conditional correlation (SCC) methodology to identify the contemporaneous interaction between foreign flows and returns. We show that global emerging market returns are an additional driver of foreign flows after controlling for global developed market returns. Foreigners do negative (positive)-feedback-trade with respect to local returns at the monthly (daily) frequency. SCC methodology shows that the standard assumption in the literature, that flows cause returns contemporaneously but not vice versa, is not justified, even at the daily fre-quency, making price impact estimates reported in previous literature questionable

Yeniden hoş geldin, Sait Faik

Taha Toros Arşivi, Dosya No: 5-Sait Faik Abasıyanıkİstanbul Kalkınma Ajansı (TR10/14/YEN/0033) İstanbul Development Agency (TR10/14/YEN/0033

Perihan Mağden için gecikmiş bir yazı

Taha Toros Arşivi, Dosya No: 5-Ahmet Ziya, Ragıp Ziya, Sait - Perihan Mağdenİstanbul Kalkınma Ajansı (TR10/14/YEN/0033) İstanbul Development Agency (TR10/14/YEN/0033

Özdemir Asaf'ın şiirleri

Taha Toros Arşivi, Dosya No: 402-Özdemir AsafUnutma İstanbul projesi İstanbul Kalkınma Ajansı'nın 2016 yılı "Yenilikçi ve Yaratıcı İstanbul Mali Destek Programı" kapsamında desteklenmiştir. Proje No: TR10/16/YNY/010

Confronting the clinical relevance of biocide induced antibiotic resistance (BIOHYPO)

Biocides have been in use for hundreds of years for antisepsis, disinfection and preservation. Despite this widespread and ever increasing use most bacterial and fungal species remain susceptible to biocides. The dramatic increase and spread of resistance to antibiotics linked to reports of co- and cross-resistance between antibiotics and biocides raised speculations on potential hazard of biocide use. The overarching question which BIOHYPO is aimed to address is: has the use of biocides contributed to the development and spread of clinically significant antibiotic resistance in human pathogens? Core of BIOHYPO are a high throughput screening approach on collections of thousands of well characterized microorganisms and an interactive web based data analysis platform. Phenotypic screening for reduced susceptibility to biocides, detection of novel resistance genes and mobile elements, and screening for their molecular epidemiology and metagenomics will be accompanied by methodological innovation for testing, risk evaluation and registration of biocides. Altogether BIOHYPO aims to provide solid data and analysis to direct future issuing of guidelines for safe environmental, medical and industrial use of biocides.EU, Funded under :FP7-KBBE-2008-2

The concept of equilibrium and its effects of change from static to dynamic on architectural end-products

Thesis (Master)--İzmir Institute of Technology, Architecture, İzmir, 1999Includes bibliographical references (leaves: 108-114)Text in English; Abstract: Turkish and Englishxiv, 114 leavesAll of the objectslbuildings on the earth can stand due to their structural orders.Standing of a structural order without suffering any damage (broken down, collapsing ... ) is the result of their state of equilibrium. The most important factor effecting the state of equilibrium of any structural order is the force of gravity.Differantiation in the structural orders formed under this stable effect can be explained by the change in the concept of equilibrium. Therefore, analysing the change in architectural and engineering end-products could only be done by understanding the change in the concept of equilibrium.Scientific developments are the basic factors causing the changes in the concept of equilibrium. Reflections of these developments on concrete products is both in the types of load transfer of structural order and in visual expression of order.Consequently, in the scope of the thesis, depending on developments in the science reflections of the change in the concept of equilibrium on concrete products is tried to be explained by structural and geometrical analses. Expression of these analyses are made through the relationship between equilibrium and movement. It is concluded that the change in the structural orders basing on an acceptance of basic physics that "an object is either stable or movable "; is from structures having no motion to structures having any kind of motion (having tendency to move and/or moving). In other words, it can be said that, this change is from immobile structures having whole connection with the ground, to structures trying to remove from the ground.At the end, in today, it is possible to discuss about solutions having different equilibrium orders that is seen/will be seen basing on scientific developments.Generally it is possible to classify these solutions as solutions that can be expressed by different geometrical orders or solutions towards to be independent from the force of gravity.in the light of these determinations the aim of the thesis is to determine changes in the concept of equilibrium and to analyse their effects on structural end-products and to give some clues about their future effects.Keywords: Structural equilibrium, structural balance, gravity, geometry, energy, structural order

How scale and institutional setting explain the costs of small airports? -An application of spatial regression analysis

One of the main pillars of efficient airport operations is cost-minimization. Unit costs of operation with respect to the level of passengers served are a possible proxy to measure the cost efficiency of an airport. Due to compound production framework and sophisticated political-economic environment of airports, estimation of airport costs requires detailed specifications. Airport cost functions should be able to explain the total costs with the main inputs labor, material and capital as well as by taking the airport specific characteristics into account. In this paper, we apply such an approach and focus on airport specific characteristics. We use a spatial regression methodology to explain how these drive the unit costs and analyze the spatial relationship among the dependent variables. Two separate data samples from Norwegian and French airports are used in this research to test various hypotheses. Because a large number of regional airports in both countries cannot reach financial break-even, our first research question deals with the effects of subsidies, which often follow regional and political considerations. One must therefore find an efficient way to maintain these airports without any distortions on the incentives. When evaluating the relationship between subsidies and unit costs, we find negative effect of subsidies on airport cost efficiency. Second, we evaluate the importance of economies of scale by focusing on the relationship between airport size and unit costs. Finally, the results of spatial regression show that a denser spatial distribution of airports results in higher unit costs as a consequence of lower capacity utilization, indicating the negative effect of spatial competition on airport unit costs within an airport network

Manzum Mesnevi tercümesi

Taha Toros Arşivi, Dosya No: 94-MevlanaUnutma İstanbul projesi İstanbul Kalkınma Ajansı'nın 2016 yılı "Yenilikçi ve Yaratıcı İstanbul Mali Destek Programı" kapsamında desteklenmiştir. Proje No: TR10/16/YNY/0101Ekekon Basımev

Comparison of Typical Shipment Consolidation Programs: Structural Results

Shipment consolidation, a commonly used strategy in freight transportation, is the practice of consolidating several small items and then dispatching them on the same vehicle. If applied appropriately, a shipment consolidation program may drive out substantial costs in the logistics supply chain. However, the optimal policy for such a consolidation program in a random setting is not yet fully investigated in the literature. In this paper, we study three alternative systematic shipment consolidation programs: Time Policy, Quantity Policy, and Hybrid Policy. We consider, for one echelon of a logistics supply chain, a freight-arrival process that is Poisson and unit-sized. Accordingly, we analyze these policies and obtain structural results for which one policy is superior to the others, on the basis of total cost per order. Key Words: Stochastic modeling; Logistics supply chain; Freight transportation; Quantity- based / time-based dispatchin