Impact of oil price shocks on stock returns In Turkey : a sectoral analysis based on Hilbert-Huang transform and event study

Purpose of the study: This paper intended to analyze the sectoral index which can possibly be affected by oil price shocks in Turkey.Research method: The study used Hilbert-Huang transform (HHT) to quantify oil price shock intensities based on daily West Texas Intermediate spot prices obtained from energy information administration website for the year 2000 to 2019 and target shocks were selected for event study. Later event study methodology was used to assess the impact of oil price shocks on sectoral indexes of six sectors in Istanbul stock exchange of Turkey based on data collected from investing.com website.Findings: Empirical results show that oil price shocks negatively affect real estate sector (XGMYO), financials (XUMAL) and transportation (XULAS), but positively affects industrials (XUSIN) and food and beverage (XGIDA) sectors.Originality/Value: The study contributes to theoretical and empirical literature. It also demonstrated that it is reasonable to combine HHT and event study to evaluate sectoral effects of oil price shocks on Turkey.peer-reviewe

The information content of institutional trades on the London Stock Exchange

We construct a unique data set that includes all reported institutional block trades on the London Stock Exchange and analyze the market reaction to buy and sell trades. We find that the type of investors behind the trade and the combination of the trade's size and the trader's resulting level of ownership are the major determinants of the information effects and the asymmetry between price impacts of buy and sell trades. In particular, large trades undertaken by fund managers, the most active investors in our sample, have strong information content, while, for the remaining trades, we report limited support for the information and the price impact asymmetry hypotheses. These results hold even after accounting for trade complexity and volatility effects in the regressions

Changes in Block Ownership in the London Stock Exchange Bozcuk and Lasfer

ABSTRACT We analyze the time-series distribution of large blockholders and managerial ownership in the UK over the last decade. We find a significant decrease in the size of block ownership of a large number of companies. We show that the increase in firm's size and risk and the decrease in performance explain a large proportion of this change. We also find that the dilution of ownership through new issues rather than sales of stakes are the main reasons for the decrease in management ownership and the holdings of pressure-resistant investors, such as fund managers and pension funds. Overall, our results are consistent with the contractual hypothesis as companies appear to consider ownership by different categories as substitute means of resolving agency conflicts. JEL Classification: G30, G32, G3

Changes in UK Share Ownership . . .

In this paper we document a significant decrease in the ownership structure of a large sample of companies in the UK over the last decade. We analyze the reasons for such changes and show that the increase in firm size and risk and the decrease in firm's performance have lead managers, pressure-resistant, pressure-sensitive and other investors to reduce their stakes in our sample firms. We also find that the dilution of ownership through new issues rather than sales of stakes is the main reason for the decrease in management ownership and the holdings of pressure-resistant investors. We report that the fundamental determinants of ownership structure has not shifted in the 1990s but the relationship between firm value and ownership structure became weak or negative in the late 1990s

Turkiye'de kamu yararini ilgilendiren kuruluslarin bagimsiz denetimine iliskin bir inceleme

The purpose of this study is to explore the state of independent auditing of public interest entities (PIEs) in Turkey, following the recent changes in the regulatory environment. In order to eliminate the effects of different pricing policies and economic factors, the number of audited PIEs is used in the analysis instead of audit revenues. As of 2016, there are 1453 PIEs audited by 72 independent audit firms. Out of these audits, 61%, 26% and 13% are carried out by the‘Big4’, the member firms of international audit networks (IAN) and the local auditors, respectively. From 2013 to 2016, the 4-year averages of the number of audited PIEs are 164 for the Big4, 11 for IAN member firms and 5 for local independent auditors. This study is the first to present this huge gap in the Turkish auditing sector in terms of the independent audits of PIEs.peer-reviewe