Testing CAPM using Markov switching model: the case of coal firms

In this study, the relation between the coal firms that are traded in New York Stock Exchange and S&P500 index is analyzed. The return of the coal firms and the market return are analyzed by using traditional CAPM and two-state Markov regime switching CAPM (MS-CAPM). According to the Likelihood Ratio test, two-state regime MS-CAPM gives better results and indicates a non-linear relation between return and risk. It is found that beta shows variability in regard to low and high volatile periods making linear CAPM to provide deviated results

Portföy Seçimi: Uluslararası Hisse Senetleri Portföylerine Uygulaması

Bu çalışmada, küreselleşme ve teknolojik ilerlemeler sonucunda ekonomik entegrasyonun artmasına rağmen uluslararası çeşitlendirmede, gelişmekte olan ülkelerin yatırımcılara kayda değer bir çeşitlendirme faydası sunup sunmadığı incelenmiştir. Markowitz Ortalama-Varyans Modeline göre uluslararası alanda çeşitlendirilmiş portföyler oluşturulmuştur. Portföyler gelişmiş ülkelerin, gelişmekte olan ülkelerin ve gelişmiş ülkelerdeki küçük ölçekli firmaların hisse senedi endeks getirilerinden ve bunların karmasından meydana gelmiştir. Çalışmada, gelişmiş ülkelerin hisse senetleri ve ADR, gelişmekte olan ülkelerin hisse senetleri ve ADR ile gelişmiş ülkelerdeki küçük ölçekli firmaların hisse senetleri ve ADR'lerin yer aldığı portföyler de oluşturulmuştur. Markowitz Ortalama-Varyans modeli ile oluşturulan uluslararası portföylerin performans değerlemesi yapılmış ve Riske Maruz Değerleri (RMD) hesaplanarak çeşitlendirmeden elde edilen tasarruflar sayısal olarak ifade edilmiştir.In this study, despite the increasing economic integration because of the globalization and technological improvement, whether emerging markets provides international diversification benefits to investors is examined. International diversified portfolios are created according to Markowitz's Mean-Variance Model. These portfolios consist of equity indices returns of developed markets, emerging markets and SMEs (small-medium enterprises) in developed markets. Also, portfolios consisting of ADR and equity indices returns of developed markets, emerging markets and SMEs are created. International diversified portfolios created with Markowitz's Mean-Variance Model are evaluated according to performance evalution criterions and VaR of these portfolios are calculated so that benefits of diversification are expressed quantitatively

Small Group Instruction for Students With Autism General Case Training and Observational Learning

A multiple-probe design across response chains and students was used to evaluate the combined instructional effects of progressive time delay, general case training, and observational learning on the food and drink preparation skills of three children with autism. All instruction was delivered in a group learning arrangement. The data suggested that these students acquired and maintained the targeted skills through the use of these instructional techniques. In addition, students were able to acquire response chains by observing the other student in the group and appeared to generalize the acquired skills to similar response chains. The implications for future research are discussed

International Accounting Standards and Affects on SMEs

Çeşitli ülkelerdeki muhasebe standartlarındaki farklılıklar finansal bilgilerin karşılaştırılmasını zorlaştırmakta, fon toplanması sürecinde engel oluşturmakta, uluslararası şirket alım-satım ve birleşmelerinde zorluklar yaşanmasına neden olmaktadır. Bütün bu olumsuzlukların ortadan kaldırılması, farklı muhasebe standartlarının birbiriyle uyumlu hale getirilmesi, tüm ülkelerde aynı muhasebe standartlarının uygulanması gerekliliğini ortaya koymaktadır. Bu kapsamda, UFRS’nın KOBİ’ler için de uygulanması gerekliliği ortaya çıkmıştır. Çok sayıda kullanıcı tarafından ekonomik kararlarda faydalı olacak şekilde bir işletmenin finansal durumu, performansı ve nakit akışları hakkında bilgi sağlamak amacıyla KOBİ’ler için UFRS çalışmaları yapılmıştır. KOBİ’ler için UFRS aynı muhasebe çerçevesini kullanabilecekleri için bir fırsat olacak ve finansal bilgileri uluslararası olarak karşılaş-tırılabilecekleri için yarar sağlanacaktır. Bu çalışmada, KOBİ’ler için UFRS kapsamı, faydaları ve uygulama zorlukları ele alınmıştır.The differences in accounting standards among many countries create serious problems, such as knowledge comparisons, collecting funds, difficulties in international acquisition and mergers. All these unwanted realities forced to authorities get an action to remove these obstacles and harmonize the accounting standards. In this context, the application of IFRS is to be observed like compulsory for Small and Medium Sized Enterprises (SMEs). Application of IFRS is to be useful and meaningful for many beneficiaries who make investment decisions. Beneficiaries get substantial information on financial structure, performance and cash flows. In this study, IFRS content for SMEs are analyzed and the benefits and difficulties are determined

Causality in mean and variance between ISE 100 and S&P 500: Turkcell case

WOS: 000290800600018The article examines the causality between US stock market and Turkish stock market by using two-step method which is developed by Hong ( 2001). The returns of Turkcell securities that are traded as American Depository Receipt in the New York Stock Exchange and ISE 100 are used. The causality test results indicate that S&P 500 affects ISE 100 and Turkcell returns, moreover, Turkcell returns influence each other. Consequently, it can be seen that there is a spillover effect from US stock market to Turkish stock market

Miliary Tuberculosis Induced Acute Liver Failure

Hepatobiliary tuberculosis is uncommon even in endemic countries. It is associated with a high mortality and is even diagnosed early in the disease course. Acute liver failure (ALF) caused by tuberculosis bacilli has been reported in only a few reports. All previous cases have been diagnosed by postmortem examination. Time to antituberculosis treatment is very critical. In case of suggestive findings on clinical and radiologic examination, antituberculosis treatment should be initiated immediately. Drug use can be a challenge in patients with ALF. However, as long as the other possible causes of ALF can be excluded and hepatotoxic drugs were avoided during the early course of treatment, such a highly fatal presentation of tuberculosis can be treated safely. Here, we report a case of acute liver failure as a presentation of miliary tuberculosis. He was treated successfully with antituberculosis treatment

Sutureless Aortic Valve Replacement Via Right Anterior Thoracotomy

The authors present a sutureless aortic valve replacement via a right anterior thoracotomy, using minimal extracorporeal circulation (MECC) in an 84-year-old patient with severe aortic stenosis.<br><div><p>Preoperative tomographic angiography showed a right-sided aorta. A 4 cm transverse incision was made through the right second intercostal space. Rib resection was not used. Femoral arterial and venous cannulation was used. MECC is known to reduce the deleterious effects of cardiopulmonary bypass, and the main advantages of MECC are a reduced inflammatory response and less hemodilution. By using standard surgical instruments, a transverse aortotomy was made from the fat pad. Calcified leaflets were resected, and a small size Perceval sutureless valve was inserted. The aortotomy was then closed. Postoperative transesophageal echocardiogram showed no leak and excellent hemodynamics. The patient’s recovery was uneventful.</p><p>Sutureless aortic valve replacement with minicardiopulmonary bypass through the right anterior thoracotomy is a safe and feasible technique and provides an excellent result.</p></div

Best Practice Recommendations for Geriatric Dysphagia Management with 5 Ws and 1H

Background: Dysphagia is a geriatric syndrome. Changes in the whole body that occur with aging also affect swallowing functions and cause presbyphagia. This condition may progress to oropharyngeal and/or esophageal dysphagia in the presence of secondary causes that increase in incidence with aging. However, no study has been published that provides recommendations for use in clinical practice that addresses in detail all aspects of the management of dysphagia in geriatric individuals. This study aimed to answer almost all potential questions and problems in the management of geriatric dysphagia in clinical practice. Methods: A multidisciplinary team created this recommendation guide using the seven-step and three-round modified Delphi method via e-mail. The study included 39 experts from 29 centers in 14 cities. Results: Based on the 5W and 1H method, we developed 216 detailed recommendations for older adults from the perspective of different disciplines dealing with older people. Conclusion: This consensus-based recommendation is a useful guide to address practical clinical questions in the diagnosis, rehabilitation, and follow-up for the management of geriatric dysphagia and also contains detailed commentary on these issues