The lead-lag relationship between ISE 30 index and the Turkdex-ISE 30 index futures contracts

Bu çalışmanın amacı, İMKB 30 endeksi ile VOB-İMKB 30 endeks vadeli işlem sözleşmelerinin günlük kapanış fiyatı verilerini kullanarak, spot ve vadeli işlem piyasaları arasındaki öncül-ardıl ilişkinin varlığını araştırmaktır. Analizlerde Johansen Eşbütünleşme testi, Vektör Hata Düzeltme Modeli ve nedensellik testleri kullanılmıştır. Yapılan analizler sonucunda iki piyasanın eşbütünleşik olduğu tespit edilmiştir. Fakat spot ve vadeli işlem piyasaları arasında bir öncül-ardıl ilişkisinin değil, iki yönlü nedensellik ilişkisinin olduğu görülmüştür.The aim of this study is to investigate whether there is a lead-lag relationship between spot and futures markets using daily closing prices belonging to the Istanbul Stock Exchange 30 (ISE 30) Index and Turkish Derivatives Exchange (TurkDEX)-ISE 30 index future contracts. For the analysis, Johansen Cointegration Test, Vector Error Correction Model and causality tests are employed. The results of these tests have been reached that spot and futures markets are cointegrated. But, there is not lead-lag relationship between spot and futures markets; there is two-way causality between spot and futures markets

Is there a relationship between corporate governance and value based financial performance measures? A study on Turkey as an emerging market

The purpose of this study is to investigate the relationship of value-based performance measures – economic value added (EVA), market value added (MVA) and cash value added (CVA) – with corporate governance using data on 41 corporations listed on the Istanbul Stock Exchange-100 Index. Multiple panel regression is used covering the 1998–2007 period. The findings indicate that EVA, MVA, and CVA increase if the CEO is a member of the board at the same time, and board size does not significantly affect performance. Ownership concentration is significantly related to all performance measures except for MVA, while manager ownership is not a significant variable in increasing corporate performance. Foreign ownership is found to increase EVA but decrease MVA

The analysis of the relationship between corporate governance and firm performance (tobin-q and abnormal return) in Turkey

Bu çalışmanın amacı, İMKB–100 endeksinde yer alan 51 firma için kurumsal yönetim ile firma performansı arasındaki ilişkiyi Panel Lojistik Regresyon Modelleri (PLRM) kullanarak test etmektir. Analizler, 1998-2007 dönemini kapsayan 10 yıllık veri dikkate alınarak gerçekleştirilmiştir. Çalışmada CEO’nun aynı zamanda yönetim kurulu üyesi veya yönetim kurulu başkanı olmaması durumu, yönetim kurulu üye sayısının büyüklüğü ve sahiplik yoğunlaşmasının Tobin-q değerini arttırdığı tespit edilmiştir. Yönetici sahipliğinin firma performansını arttırmada önemli bir değişken olmadığı, ancak yabancı sahipliğinin Tobin-q temelinde firma performansını arttırırken, hisse senedi getirilerini azalttığı belirlenmiştir. Firmalarda denetim komitesinin varlığının performansı arttıracağı beklentisi gerçekleşmemiştir.The purpose of this study is to test the relationship between corporate governance and firm performance for 51 firms listed in the ISE-100 index using Panel Logistic Regression Models (PLRM). The data cover a ten years period between1998-2007. The case that CEO is neither also the chairman of the board of directors nor a board member, the size of board of directors and ownership concentration increase the value of Tobin-q. Nevertheless Managerial ownership is not found to be an important variable improving firm performance. Results from the panel logistic regression models indicate that while foreign ownership increases firm performance in terms of Tobin-q, it reduces abnormal stock returns of the firm. The expectation that the presence of audit committee would increase the performance in firms is not confirmed

Agricultural Credit Cooperatives in Turkey

Since ancient times, mankind has cooperated in jobs that they cannot perform individually, including agriculture, in order to lead a better life. In accordance with changing needs, cooperation between people and solidarity difference has evolved into a different dimension and has been directly influenced by social changes. Development of cooperative societies in the modern sense was born from this solidarity and developed further. Cooperatives are institutions that play important roles in social development based on mutual assistance and solidarity aiming at improving living conditions of individuals constituting the society. Agricultural cooperatives on the other hand, were established in order to meet financial needs of farmers and to support regional development under the umbrella of mutual assistance and solidarity. The purpose of this study is to examine the development stages of Agricultural Credit Cooperatives in Turkey, to analyze the organization of such cooperatives throughout Turkey, and provide solutions and suggestions by determining the problems these institutions face

The association between placenta previa and leukocyte and platelet indices — a case control study

Objectives: Despite medical advances, rising awareness, and satisfactory care facilities, placenta previa (PP) remains a challenging clinical entity due to the risk of excessive obstetric hemorrhage. Etiological concerns gave way to life-saving concerns about the prediction of maternal outcomes due to hemorrhage. Our study aimed to detect an early predictive marker of placenta previa. Material and methods: Ninety-three pregnant patients diagnosed with PP and 247 controls were recruited for this retro­spective study. Platelet and leukocyte indices were compared between the two groups. Results: The groups were similar with regard to age distribution (31.2 ± 5.1 years [mean ± SD] in the PP group and 31.7 ± 4.2 years in controls), body mass index (BMI) (27.7 ± 3.6 kg/m2 in the PP group and 27.4 ± 4.6 kg/m2 in controls), and most characteristics of the obstetric history. Total leukocyte count, neutrophil count, and neutrophil-to-lymphocyte ratio were significantly higher in the PP group. Mean platelet volume (MPV) and large platelet cell ratio (P-LCR) values were significantly lower in the PP group as compared to controls, with regard to third trimester values. However, patients who were diagnosed postnatally with placenta percreta had lower MPV and P-LCR values than other patients with PP. There were no statistically significant differences between the two groups as far as first trimester values were concerned. Conclusions: Platelet and leukocyte indices in the third trimester of pregnancy may be valuable predictors of placenta previa and placenta percreta. More comprehensive studies are needed to address this issue

Conducta Anestésica en Niño con Osteogénesis Imperfecta y Hemorragia Epidural

ResumenLa osteogénesis imperfecta (OI) es el resultado de una mutación genética que causa la formación defectuosa o insuficiente de colágeno. La OI puede causar varias complicaciones anestésicas a causa del manejo difícil de las vías aéreas, de la presencia de deformidad de la columna vertebral, de enfermedades respiratorias, anomalías cardíacas, trastorno de la función plaquetaria, riesgo de hipertermia, invaginación bacilar, deformidades óseas y trastornos metabólicos. El abordaje anestésico de pacientes con OI debe ser hecho con cautela, ya que existe un riesgo de ciertas complicaciones respiratorias. Esos riesgos son causados por deformidad del tórax, fracturas óseas durante el movimiento o el cambio de posición, fracturas mandibulares y cervicales relacionadas con la intubación, intubación difícil e hipertermia maligna. Las técnicas anestésicas con el uso de anestesia venosa total (AVT) y mascarilla laríngea, son adecuadas para el manejo de paciente pediátrico con OI. Sin embargo, esas técnicas todavía no han sido mencionadas como útiles en relatos de casos neuroquirúrgicos. En este estudio, presentamos el uso de AVT y mascarilla laríngea ProSeal (MLP) en un niño con OI y hemorragia epidural. Concluimos que la MLP y la AVT pueden ser usadas con seguridad en el manejo anestésico de pacientes con OI y problemas anestésicos graves