Corporate Sector Financial Structure in Turkey : A Descriptive Analysis

This paper presents and discusses some stylised facts of the corporate sector financial structure in Turkey using the Company Sector Accounts compiled by the Central Bank of the Republic of Turkey (CBRT). The findings of the paper suggest that non-financial firms in Turkey have been heavily exposed almost all of the basic balance sheet risks. The corporate sector appears to be excessively leveraged with relatively lower asset tangibility creating also a credit risk for the lenders. The firms rely heavily on foreign currency denominated and short-term debt instruments making them vulnerable to both exchange rate and interest rate shocks through currency and maturity mismatches. The corporate sector can be characterised as financially constrained as the deepening of the Turkish bank-based financial system is rather low and the bank credits to the private sector tend to be crowded out by the mode of domestic debt finance. The corporate sector vulnerabilities to maturity, interest rate and currency risks are found to be improving with the firm size. With the relatively stable macroeconomic environment and stricter prudential regulation on the financial system, the corporate sector balance sheet risks, albeit still are at high levels, tend to be improving after the financial crisis of 2001.Balance sheets, Capital structure, Corporate sector, Debt composition, Financial crowding-out, Liability dollarisation, Turkey

Türkiye’de Vergi Gelirleri ile Ekonomik Kalkınma Arasındaki İlişki: Frekans Alanı Nedensellik Analizi

The aim of the study is to investigate the existence of the relationship between tax revenues and development in Turkey for the period 1975-2013 and analyze the direction of the relationship with different econometric tests. According to the analysis results, there was a cointegration relation between the variables. The existence of the cointegration relationship brings with it the expectation that causality relations must also exist. According to Toda-Yamamoto Granger, Hacker and Hatemi causality test findings, unilateal relationship were observed towars development from indirect tax revenues, The Breitung and Caldelon frequency domain causality test, however, it was ascertained unilateal relationships towards development from total tax revenues; and towards development from direct tax revenues; and there also is unilateal relationship towards indirect tax revenues from development.Çalışmanın amacı, Türkiye’de 1975-2013 dönemine ait yıllık verilerle vergi gelirleri ile kalkınma arasındaki ilişkinin varlığını araştırmakla beraber söz konusu ilişkinin yönünü farklı ekonometrik testlerle analiz etmektir. Hacker ve Hatemi nedensellik testi bulgularına göre, dolaylı vergi gelirlerinden kalkınmaya doğru tek yönlü; Breitung ve Caldelon frekans alanı nedensellik testi ise toplam vergi gelirlerinden kalkınmaya, dolaysız vergi gelirlerinden kalkınmaya ve kalkınmadan dolaylı vergi gelirlerine doğru tek yönlü ilişkiler tespit edilmiştir

ISWI chromatin remodeling complexes in the DNA damage response

Regulation of chromatin structure is an essential component of the DNA damage response (DDR), which effectively preserves the integrity of DNA by a network of multiple DNA repair and associated signaling pathways. Within the DDR, chromatin is modified and remodeled to facilitate efficient DNA access, to control the activity of repair proteins and to mediate signaling. The mammalian ISWI family has recently emerged as one of the major ATP-dependent chromatin remodeling complex families that function in the DDR, as it is implicated in at least 3 major DNA repair pathways: homologous recombination, non-homologous end-joining and nucleotide excision repair. In this review, we discuss the various manners through which different ISWI complexes regulate DNA repair and how they are targeted to chromatin containing damaged DNA

Simultaneous Determination of Cyclosporine A, Tacrolimus, Sirolimus, and Everolimus in Whole-Blood Samples by LC-MS/MS

Objectives. Cyclosporine A (CyA), tacrolimus (TRL), sirolimus (SIR), and everolimus (RAD) are immunosuppressive drugs frequently used in organ transplantation. Our aim was to confirm a robust sensitive and selective liquid chromatography-tandem mass spectrometry (LC-MS/MS) method for determination of CyA, TRL, SIR, and RAD in whole-blood samples. Materials and Methods. We used an integrated online solid-phase extraction-LC-MS/MS system and atmospheric pressure ionization tandem mass spectrometry (API-MS/MS) in the multiple reaction monitoring (MRM) detection mode. CyA, TRL, SIR, and RAD were simultaneously analyzed in whole blood treated with precipitation reagent taken from transplant patients. Results. System performance parameters were suitable for using this method as a high-throughput technique in clinical practice. The high concentration of one analyte in the sample did not affect the concentration of other analytes. Total analytical time was 2.5 min, and retention times of all analytes were shorter than 2 minutes. Conclusion. This LC-MS/MS method can be preferable for therapeutic drug monitoring of these immunosuppressive drugs (CyA, TRL, SRL, and RAD) in whole blood. Sample preparation was too short and simple in this method, and it permits robust, rapid, sensitive, selective, and simultaneous determination of these drugs

DNA damage sensitivity of SWI/SNF-deficient cells depends on TFIIH subunit p62/GTF2H1

Mutations in SWI/SNF genes are amongst the most common across all human cancers, but efficient therapeutic approaches that exploit vulnerabilities caused by SWI/SNF mutations are currently lacking. Here, we show that the SWI/SNF ATPases BRM/SMARCA2 and BRG1/SMARCA4 promote the expression of p62/GTF2H1, a core subunit of the transcription factor IIH (TFIIH) complex. Inactivation of either ATPase subunit downregulates GTF2H1 and therefore compromises TFIIH stability and function in transcription and nucleotide excision repair (NER). We also demonstrate that cells with permanent BRM or BRG1 depletion have the ability to restore GTF2H1 expression. As a consequence, the sensitivity of SWI/SNF-deficient cells to DNA damag

Bi-allelic loss-of-function OBSCN variants predispose individuals to severe recurrent rhabdomyolysis

Rhabdomyolysis is the acute breakdown of skeletal myofibres in response to an initiating factor, most commonly toxins and over exertion. A variety of genetic disorders predispose to rhabdomyolysis through different pathogenic mechanisms, particularly in patients with recurrent episodes. However, most cases remain without a genetic diagnosis. Here we present six patients who presented with severe and recurrent rhabdomyolysis, usually with onset in the teenage years; other features included a history of myalgia and muscle cramps. We identified 10 bi-allelic loss-of-function variants in the gene encoding obscurin (OBSCN) predisposing individuals to recurrent rhabdomyolysis. We show reduced expression of OBSCN and loss of obscurin protein in patient muscle. Obscurin is proposed to be involved in sarcoplasmic reticulum function and Ca2+ handling. Patient cultured myoblasts appear more susceptible to starvation as evidenced by a greater decreased in sarcoplasmic reticulum Ca2+ content compared to control myoblasts. This likely reflects a lower efficiency when pumping Ca2+ back into the sarcoplasmic reticulum and/or a decrease in Ca2+ sarcoplasmic reticulum storage ability when metabolism is diminished. OSBCN variants have previously been associated with cardiomyopathies. None of the patients presented with a cardiomyopathy and cardiac examinations were normal in all cases in which cardiac function was assessed. There was also no history of cardiomyopathy in first degree relatives, in particular in any of the carrier parents. This cohort is relatively young, thus follow-up studies and the identification of additional cases with bi-allelic null OBSCN variants will further delineate OBSCN-related disease and the clinical course of disease. Cabrera-Serrano et al. show that biallelic loss-of-function variants in the gene encoding obscurin (OBSCN) predispose individuals to recurrent and severe episodes of rhabdomyolysis, typically with onset in the teenage years.Peer reviewe

Surgical site infection after gastrointestinal surgery in high-income, middle-income, and low-income countries: a prospective, international, multicentre cohort study

Background: Surgical site infection (SSI) is one of the most common infections associated with health care, but its importance as a global health priority is not fully understood. We quantified the burden of SSI after gastrointestinal surgery in countries in all parts of the world. Methods: This international, prospective, multicentre cohort study included consecutive patients undergoing elective or emergency gastrointestinal resection within 2-week time periods at any health-care facility in any country. Countries with participating centres were stratified into high-income, middle-income, and low-income groups according to the UN's Human Development Index (HDI). Data variables from the GlobalSurg 1 study and other studies that have been found to affect the likelihood of SSI were entered into risk adjustment models. The primary outcome measure was the 30-day SSI incidence (defined by US Centers for Disease Control and Prevention criteria for superficial and deep incisional SSI). Relationships with explanatory variables were examined using Bayesian multilevel logistic regression models. This trial is registered with ClinicalTrials.gov, number NCT02662231. Findings: Between Jan 4, 2016, and July 31, 2016, 13 265 records were submitted for analysis. 12 539 patients from 343 hospitals in 66 countries were included. 7339 (58·5%) patient were from high-HDI countries (193 hospitals in 30 countries), 3918 (31·2%) patients were from middle-HDI countries (82 hospitals in 18 countries), and 1282 (10·2%) patients were from low-HDI countries (68 hospitals in 18 countries). In total, 1538 (12·3%) patients had SSI within 30 days of surgery. The incidence of SSI varied between countries with high (691 [9·4%] of 7339 patients), middle (549 [14·0%] of 3918 patients), and low (298 [23·2%] of 1282) HDI (p < 0·001). The highest SSI incidence in each HDI group was after dirty surgery (102 [17·8%] of 574 patients in high-HDI countries; 74 [31·4%] of 236 patients in middle-HDI countries; 72 [39·8%] of 181 patients in low-HDI countries). Following risk factor adjustment, patients in low-HDI countries were at greatest risk of SSI (adjusted odds ratio 1·60, 95% credible interval 1·05–2·37; p=0·030). 132 (21·6%) of 610 patients with an SSI and a microbiology culture result had an infection that was resistant to the prophylactic antibiotic used. Resistant infections were detected in 49 (16·6%) of 295 patients in high-HDI countries, in 37 (19·8%) of 187 patients in middle-HDI countries, and in 46 (35·9%) of 128 patients in low-HDI countries (p < 0·001). Interpretation: Countries with a low HDI carry a disproportionately greater burden of SSI than countries with a middle or high HDI and might have higher rates of antibiotic resistance. In view of WHO recommendations on SSI prevention that highlight the absence of high-quality interventional research, urgent, pragmatic, randomised trials based in LMICs are needed to assess measures aiming to reduce this preventable complication

Extracting Expectations in Affine Term Structure Models

In this paper, we study the problem of implementation of Ross (2013) Recovery Theorem to disentangle the pricing kernel and physical probabilities from observed bond yields within discrete time affine term structure models. As a remedy to the problem of obtaining Arrow-Debreu prices of state transitions, we propose Markov chain approximation to autoregressive processes. Our work suggests that affine setting offers rich structure that enables us to obtain necessary inputs in empirical applications. In the second part, we estimate a canonical discrete time Gaussian three factor term structure model with the U.S. Treasury bond yields. We decompose bond yields into expectation and risk components without specifying risk adjustment inside the model. The results indicate that expectations component can be used in predicting economic activity

Interest Rate Pass-Through in Turkey

We examine the speed and rate of adjustment of lending rates to monetary policy rate for corporate, housing, cash and automobile loans using bank-level micro data. We show that empirical results on unit root, co-integration tests and the estimation of co-integrating vector improve when we allow cross-sectional dependence. We find evidence in favor of central bank control over credit market via short-term interest rates, which is more apparent in the post-credit boom period. Estimation results reveal that while corporate loans are not sensitive to changes in the policy rate, cash and automobile loan rates are responsive to the policy rate. Housing loans, on the other hand, display excessive sensitivity to the policy rate.