CONTEXTUAL ANALYSIS OF HİLMİ BABA’S WORKS

Bosnia and Herzegovina has always been characterized by multiethnic and multi-religious diversity. Throughout the history Montenegrins, Serbs and Croats from neighboring countries have also naturally been connected with Bosnia and Herzegovina. This diversity was also enriched with the influence of great powers especially by the Ottoman Empire and the Austro-Hungarian Empire. Very often internal diversity and interests of the great powers caused significant upheavals, wars, and migrations. For instance, the Austro-Hungarian Empire later attacked Bosnia and Herzegovina in order to invade it in 1697, 1737, 1788 and 1791. Eventually, the Berlin Treaty had enabled the Austro-Hungarian Empire to get the exclusive right to administer Bosnia and Herzegovina. Nevertheless, according to the Treaty, the region was still legally under the Ottoman State. After the annexation of Bosnia and Herzegovina by the Austro-Hungarian Empire in 1908 the country’s administrative and political system, which significantly affected the position of Bosniaks. In particular, their political and religious status has been changed significantly. These developments also significantly affected and accelerated migration to Anatolia. During this turbulent period Hilmi Baba, a provincial scholar from Bosnia discussed whether the Muslims living in the region should immigrate to Anatolia. He also critically analyzed the impact of the reforms (tanzimat) in Bosnia. The main aim of this article is to make a contextual analysis of Hilmi Baba’s views, approaches, and works

On the Relationship between the Investment-Cashflow Sensitivity and the Degree of Financing Constraints

We investigate whether the investment-cash flow sensitivity is monotonic in the degree of financing constraints. By using a large panel of publicly traded non-financial U.K. firms, we show that the investment-cash flow sensitivity is neither monotonically increasing nor decreasing in the most common proxies of financing constraints; on the contrary, an inverse U-shaped relationship is observed. Robustness exercises show that the parameter of interest displays, to some extent, a monotonic behavior with respect to size only; however, in contrast with much of the relevant literature, it is found to be greater for larger firms, whose characteristics would hardly lead the researcher to classify them as more financially constrained. If taken as a whole, our findings suggest that higher investment-cash flow sensitivities may hardly be used as evidence of greater financial constraints.Investment cash flow sensitivity, Financial constraints, Internal funds, Capital market imperfections.

Determinants of Financial Conservatism: Evidence from Low-Leverage and Cash-Rich UK Firms

This paper investigates the characteristics of firms that adopt persistent policies of low leverage and substantial cash reserves. In doing so, specific attention is paid to the role of internal corporate governance mechanisms in influencing firms' conservative financial policies. The analysis of this paper classifies firms as financially conservative if they adopt both low-leverage and high-cash policies at the same time. Using a large sample of non-financial UK firms over the period 1984-2001, we provide evidence that conservative firms tend to undershoot (overshoot) their target leverage (cash holdings) levels. Our results also suggest that managerial ownership, board composition and, to some extent, ownership concentration are important determinants of the probability of firms adopting conservative financial policies.Financial conservatism; leverage; cash holdings; ownership structure

International evidence on the non-linear impact of leverage on corporate cash holdings

This paper investigates cash holding behaviour of firms from France, Germany, Japan, the UK and the US using data for 4069 companies over the period 1996–2000. Our focus is particularly on the relation between cash holdings and leverage. We argue that the impact of leverage on cash balances of firms is likely to be non-monotonic. To the extent that leverage of firms acts as a proxy for their ability to issue debt one would expect a negative (substitution effect) relation between leverage and cash holdings. However, as leverage increases firms are likely to accumulate larger cash reserves to minimise the risk of financial distress and costly bankruptcy. Thus, one would expect a positive (precautionary effect) relationship between cash holdings and leverage at high levels of leverage. Our findings provide strong and robust support for a significant non-linear relation between cash holdings and leverage. Additionally, our results show that the impact of leverage on cash holdings partly depends on country-specific characteristics such as the degree of creditor protection, shareholder protection, and ownership concentration

New insights on the importance of agency costs for corporate debt maturity decisions

This study provides new insights on the relationship between corporate debt maturity and agency costs by investigating empirically the impact of managerial ownership and the divergence between control and cash-flow rights on debt maturity. A significant negative effect of managerial ownership on debt maturity is observed. Moreover, the results reveal that the wedge between control and cash-flow rights also exerts a negative influence. The analysis further suggests that the negative effect of managerial ownership decreases in widely-held firms and increases with the discrepancy between control and cash-flow rights

Foreign institutional ownership and demand for accounting conservatism: evidence from an emerging market

© 2019, The Author(s). This study investigates how foreign institutional ownership interacts with accounting conservatism in an emerging market setting. We posit that weak investor protection and a high degree of information asymmetry between insiders and outside investors increase demand for conservative reporting in firms operating in emerging markets. Foreign investors in this setting have informational disadvantages relative to their domestic peers and have difficulties in getting access to data. Using a sample of Turkish firms, we find that foreign institutions (particularly foreign corporate investors) demand more conservative reporting in the investee firms. Moreover, we show that this association is more pronounced among firms with greater asymmetric information problems and growth opportunities. Our additional tests reveal that the direction of causality flows from foreign institutional ownership to conservatism, and not vice versa

Alternative surgical management of oroantral fistula using auricular cartilage

One of the clinical complications encountered by oral and maxillofacial surgeons is oroantral communication (OAC) with subsequent formation of oroantral fistula (OAF). Many techniques and treatment modalities have been described for the management of OAC and OAF. There are advantages and disadvantages of all these techniques. We report a 21-year-old male patient who was admitted to our department for the presence of an OAF and was treated using an auricular cartilage graft. This technique may be useful to treat OAF and to provide a solid alveolar bone site for subsequent pre-implant surger

Locomotion and Obstacle Avoidance of a Worm-like Soft Robot

This paper presents a soft earthworm robot that is capable of both efficient locomotion and obstacle avoidance. The robot is designed to replicate the unique locomotion mechanisms of earthworms, which enable them to move through narrow and complex environments with ease. The robot consists of multiple segments, each with its own set of actuators, that are connected through rigid plastic joints, allowing for increased adaptability and flexibility in navigating different environments. The robot utilizes proprioceptive sensing and control algorithms to detect and avoid obstacles in real-time while maintaining efficient locomotion. The robot uses a pneumatic actuation system to mimic the circumnutation behavior exhibited by plant roots in order to navigate through complex environments. The results demonstrate the capabilities of the robot for navigating through cluttered environments, making this development significant for various fields of robotics, including search and rescue, environmental monitoring, and medical procedures