Investor sentiment and stock returns: Evidence from turkey

This paper investigates the relation between investor sentiment and stock returns on the Istanbul Stock Exchange, employing vector autoregressive (VAR) analysis and Granger causality tests. The sample period extends from July 1997 to June 2005. In the VAR models, stock portfolio returns and investor sentiment proxies are used as endogenous variables. Two dummy variables accounting for natural and economic crises are used as exogenous variables. The analysis results suggest that, excepting shares of equity issues in aggregate issues, stock portfolio returns seem to affect all investor sentiment proxies. copyright © 2009 M.E. Sharpe, Inc

Prediction of commercial bank failure via multivariate statistical analysis of financial structures: The Turkish case

The objective of this paper is to propose a methodological framework for constructing the integrated early warning system (IEWS) that can be used as a decision support tool in bank examination and supervision process for detection of banks, which are experiencing serious problems. Sample and variable set of the study contains 40 privately owned Turkish commercial banks (21 banks failed during the period 1997-2003) and their financial ratios. Well known multivariate statistical technique (principal component analysis), was used to explore the basic financial characteristics of the banks, and discriminant, logit and probit models were estimated based on these characteristics to construct IEWS. Also, importance of early warning systems in bank examination was evaluated with respect to cost of failure. Results of the study show that, if IEWS was effectively employed in bank supervision, it can be possible to avoid from the bank restructuring costs at a significant amount of rate in the long run. © 2004 Elsevier B.V. All rights reserved

Determination of phenolic composition and antioxidant capacity of blood orange juices obtained from cvs. Moro and Sanguinello (Citrus sinensis (L.) Osbeck) grown in Turkey

The phenolic compounds and antioxidant capacities of orange juices obtained from cvs. Moro and Sanguinello (Citrus sinensis (L.) Osbeck) were determined. A high-performance liquid chromatographic method coupled with diode-array detection was used to identify and quantify phenolic compounds of the orange juices. A total of 18 phenolic compounds were identified and quantified in Moro and Sanguinello orange juices, including hydroxybenzoic acids (2), hydroxycinnamic acids (5), flavanones (5), and anthocyanins (6). It was observed that total phenolic content of Moro juice was higher than that of Sanguinello juice. Ferulic acid was the most dominant hydroxycinnamic acid and cyanidin 3-(6¨-malonyl glucoside) and cyanidin 3-glucoside were the most dominant anthocyanins in both cultivars. Antioxidant activities of orange juices were measured using the DPPH· (2,2-diphenyl-1-picrylhydrazyl) method. According to DPPH· assays, the antioxidant capacity of Moro juice was found to be higher than that of Sanguinello juice. © 2007 Elsevier Ltd. All rights reserved.The authors would like to thank the University of Cukurova for financial support to this research project (Project no. ZF-2006-BAP-8)

Volatile flavour components of orange juice obtained from the cv. Kozan of Turkey

Orange (Citrus sinensis) is the third common fruit produced in Turkey. Kozan is a native orange cultivar and one of the most important varieties used in the orange juice industry in Turkey. Despite its importance, the flavour components of Kozan orange juice have not been studied before. In this study, the volatile flavour components of orange juice obtained from the cv. Kozan oranges were investigated. Flavour components were extracted by using Amberlite XAD-2 polymeric resin and eluted by pentane/dichloromethane solvent and then analysed by gas chromatography-flame ionization detection (GC-FID) and gas chromatography-mass spectrometry (GC-MS). Thirty-four components, including seven esters, two aldehydes, five alcohols, five terpenes, twelve terpenols, and three ketones were identified and quantified. The major flavour components were linalool, limonene, ß-phellandrene, terpinene-4-ol and ethyl 3-hydroxy hexanoate. © 2003 Elsevier Inc. All rights reserved.The authors would like to express their gratitude to Prof. Dr. Ziya Gunata and Jean-Paul Lepoutre from INRA/IPV-Montpellier (France) for their help in GC-MS analysis, and Muharrem Keskin of Clemson University, SC, USA for critical reading. They would also like to thank the University of Cukurova for its financial support of the research project (No. BAP-GM-99/05)

Flavour components of orange wine made from a Turkish cv. Kozan

Volatile flavour components of a wine made from orange variety Kozan were isolated by adsorption on Amberlite XAD-2 resin followed by extraction with pentane-dichloro-methane (2 : 1, v/v), identification by GC-MS and quantification by GC-FID using an internal standard method. In the Kozan wine, seventy-five volatile components, including terpenes (twenty), alcohols (sixteen), esters (eighteen), volatile phenols (eleven), acids (five), ketones (two), aldehyde (one), lactone (one) and C13-norisoprenoid (one) were identified. Isoamyl alcohol, 2-phenylethanol, linalool, terpinene-4-ol and ethyl-4-hydroxy butanoate were the main components. Considering their threshold values and the concentrations they are present in, the most potent aroma compounds of the orange wine were ethyl hexanoate, ethyl octanoate, linalool, citronellol, 2-phenylethanol and eugenol

Improvement of anthocyanin content in the cv. Öküzgözü wines by using pectolytic enzymes

The effect of the addition of two commercial pectolytic enzymes on the anthocyanin and chemical composition of Öküzgözü wines was studied. A rapid HPLC-diode array detection (DAD) method was developed for the analysis of anthocyanins in wines. Direct injection of filtered wine samples followed by selective detection at 520 nm allowed quantitation of these compounds in red wines. Thirteen anthocyanin compounds were detected in wines and, addition of the two enzyme preparations improved the extraction of anthocyanins. Moreover, the wines treated with enzymes had higher values in total phenolics, tannins, and colour intensity than the control wines. © 2006 Elsevier Ltd. All rights reserved

HPLC determination of organic acids, sugars, phenolic compositions and antioxidant capacity of orange juice and orange wine made from a Turkish cv. Kozan

Organic acids, sugars, phenolic compositions and antioxidant capacities of orange juice and orange wine obtained from the cv. Kozan of Turkey were determined. High-performance liquid chromatographic methods were used to identify and quantify of these compounds. Three organic acids (citric, malic and ascorbic acids) and three sugars (sucrose, glucose and fructose) were determined. The major organic acid was found as citric acid. With regard to sugars, sucrose was present in the largest amounts for orange juice and wine. A total of 13 phenolic compounds were identified and quantified in orange juice and wine, including hydroxybenzoic acids (2), hydroxycinnamic acids (5), and flavanones (6). Hesperidin, narirutin and ferulic acid were the most abundant phenolic compounds in orange juice and wine. Antioxidant activities of orange juice and wine were measured using the DPPH• (2,2-diphenyl-1-picrylhydrazyl) assay, and the antioxidant capacity of orange juice was found to be higher than that of orange wine. © 2008 Elsevier B.V. All rights reserved.The authors would like to thank the University of Cukurova for financial support to this research project (Project no. ZF-2006-BAP-18)

Yeast flora during the fermentation of wines made from Vitis viniferaL. cv. Emir and Kalecik Karasi grown in Anatolia

A study was conducted of the growth of Saccharomyces (S.) and non-Saccharomyces populations during alcoholic fermentation of Emir and Kalecik karasi grape varieties in the 1998 and 1999 vintages. Kloeckera (Kl.) apiculata, Kluyveromyces (K.) thermotolerans, S. cerevisiae and Candida (C.) pulcherrima were the dominant yeasts in fermentation of the 1998 vintage in Emir must. Kl. apiculata and K. thermotolerans proliferated at the beginning of the fermentation. The number of these yeasts eventually decreased when S. cerevisiae appeared as the dominant yeast on day four. But they remained until the end of the fermentation. Kl. apiculata, C. dattilla, C. pulcherrima, C. krusei and S. cerevisiae were found during the fermentation of the 1999 vintage Emir must. The count of S. cerevisiae was very high in the juice, but after skin fermentation and cold treatment, it disappeared and could not be isolated until day six of the fermentation. Kl. apiculata and C. dattilla were the dominant yeasts until S. cerevisiae started proliferation after the middle of the fermentation. Kl. apiculata, Metschnikowia (M.) pulcherrima, S. cerevisiae, C. holmii, C. valida, C. guillermondii and Candida sp. were isolated during the fermentation of Kalecik karasi must in 1998. Kl. apiculata, C. pulcherrima, S. cerevisiae, C. holmii and C. valida were identified in fermentation of must in the 1999 vintage. © Springer 2005.Türkiye Bilimsel ve Teknolojik Araştirma Kurumu: TOGTAG/ TARP-1858The authors thank the Scientific. and Technical Research Council of Turkey (TÜBITAK) (Project no: TOGTAG/ TARP-1858) and Kavaklidere Winery (Ankara, Turkey) for supporting this study