Efficiency of banking sector stock market: structural break and long memory

Bu çalışmada 2001 kriz sonrası dönem olan 2003-2007 yılları arasında Türk bankacılık sektörünün zayıf formda etkinliği yapısal kırılma testleri ve güçlü hafıza modelleri ile araştırılmıştır. Yapısal kırılmayı göz önünde bulundurmadan elde edilen sonuçlar bankacılık sektöründe zayıf formda etkinliğin varlığına işaret etmektedir. Bunun yanı sıra, hisse fiyat serilerinin tümünde yapısal kırılma tespit edilmiş ve kırılmanın etkisi ortadan kaldırıldığında fiyat serilerinin güçlü hafıza özelliği gösterdiği ve uzun dönemde ortalamasına geri döndüğü tespit edilmiştir. Bu sonuç bankacılık sektörünün zayıf formda etkin olmadığını göstermektedir.This study provides empirical evidence on weak form efficiency of the stock market in the banking sector after 2001 economic crisis in Turkey over a period of 1990-2007. It has been investigated with structural break test and long memory models. The results obtained ignoring the structural breaks point out that there exist a weak form efficiency in the stock market. Besides, it has been determined structural break effect in all stock prices series. It has been concluded that the stock prices series is mean reverting long memory process after removing the structural break effect. This result indicates that banking sector is not weak form efficient

Volatility spillover effects between Islamic stock markets and exchange rates: Evidence from three emerging countries

Empirical findings focusing on the relationship between capital markets and macroeconomic variables are used as data sources in determining policies for the development of the conventional and Islamic financial system. The aim of this study is to investigate the existence of volatility spillover effects between foreign exchange markets and Islamic stock markets in three major emerging countries, namely India, Malaysia, and Turkey using daily data for the period 2013-2019. Volatility spillover effects are investigated using the causality-in-variance test developed by Hafner and Herwartz (2006). In order to examine the nature of the relationship between the variables, and whether it changes over time, the time-varying test statistic is estimated using rolling samples. We find evidence in favor of volatility spillovers from the Islamic stock market to the foreign exchange market only in Turkey. The time-varying test results show that the presence of volatility spillover is at least one direction between exchange rates and the Islamic stock market at specific periods. Copyright (C) 2020, Borsa Istanbul Anonim Sirketi. Production and hosting by Elsevier B.V

Healthcare expenditures channel of natural resource curse: the case of gulf cooperation council countries

The fact that the increase in natural resource revenues is not adequately transferred to human capital investments is one of the main reasons for explaining the weak economic growth performance. The findings of numerous studies investigating the relationship between healthcare expenditures and natural resource abundance in natural resource-rich countries confirm this assertion. These findings can be considered as a source of information in the process of determining the policies regarding human capital investments to be implemented in natural resource-rich countries. The aim of this study is to investigate the relationship between the abundance of natural resources and health expenditures by using data from 2000 to 2016 for Gulf Cooperation Council (GCC) member countries consisting of United Arab Emirates, Bahrain, Qatar, Kuwait, Saudi Arabia and Oman. The empirical results indicated that there is no causal relationship between the variables of GCC countries except Bahrain and UAE. This result shows that the resource curse hypothesis is partially valid. Therefore, GCC countries aiming to increase their economic growth performances by implementing a diversification strategy in production should allocate more sources to health expenditures in order to increase their labor efficiency. © 2020, Econjournals. All rights reserved

The Effects of the COVID-19 Pandemic on Conventional and Islamic Stock Markets in Turkey

In order to reveal the macroeconomic effects of the Covid-19 pandemic, financial markets should also be handled in addition to the real sector. Investigating the changes in the stock market may give clues to analyze the effects of the pandemic on financial markets. The researches in question can be carried out for a country group or a single country. Studies that are conducted for a single country allow researchers to analyze problems more precisely and put forward more specific and convenient policy suggestions. Furthermore, while investigating the effect of the pandemic on stock markets, handling conventional and Islamic stock markets together can provide more comparative and realistic data in determining the policies regarding financial markets. The aim of the study is to examine the reaction of conventional and Islamic stock markets to the Covid-19 outbreak in Turkey. In the study, the DCC-GARCH method was applied by using the daily data from Feb 10, 2011 to Sep 02, 2020. The empirical results indicated that Islamic stock markets are more stable to the global Covid-19 outbreak shock than the conventional stock market in Turkey. Based on these findings it can be suggested that Turkey should take steps to support the development of the Islamic financial system to have a sounder financial system

Devlet Egemenliği ve Diplomaside Yaşanan Değişim: Paradiplomasi (Ulus-Altı Diplomasi) Üzerine Bir Analiz / Change in State Sovereignty and Diplomacy: An Analysis on Paradiplomacy (Subnational Diplomacy)

Devlet egemenliği ve diplomasi, modern uluslararası siyasal sistemin birbiriyle yakından ilişkili iki önemli yapı taşı görünümündedir. Modern uluslararası siyasal sistemde, egemenliklerini karşılıklı olarak kabul eden temel aktör konumundaki devletlerin yetkili temsilcileri aracılığıyla yürütülen diplomasi yoluyla resmi temaslar kurdukları varsayımı hâkimdir. Bu çalışmada, uluslararası siyasette Soğuk Savaş sonrası dönemde beliren yeni eğilimlerin etkisiyle dönüşen, devlet egemenliği ve diplomasi arasındaki etkileşim ele alınmaktadır. Söz konusu etkileşim ulus-altı aktörlerin diplomasiye eklemlenmesi anlamına gelen paradiplomasi ve diplomasi pratiği içinde yer alan kişilerle yapılan saha çalışmasından elde edilen verilerden hareketle nitel yöntemle analiz edilmektedir. Çalışmada ilk olarak devlet egemenliği kavramı ve tarihsel dönüşümü üzerinde durulmaktadır. İkinci olarak diplomasinin dönüşümü ve özellikle bu dönüşüm sürecinde paradiplomasinin diplomasinin görmezden gelinemez bir parçası haline gelmesi süreci incelenmektedir. Çalışmada üçüncü olarak devlet egemenliği ve diplomaside yaşanan dönüşümlerin karşılıklı ürettikleri sonuçlar paradiplomasi örneğinden hareketle sunulmaktadır. Çalışma diplomasi ve devlet egemenlik etkileşiminin güncel ve gelecekteki görünümüne dair değerlendirmeler ile sona ermektedir

Indeks biljne raznolikosti u sastojini trojanske jele u Aladağ regiji Bolu

640 samples in quadrates of 0.5 x 0.5 m obtained by systematic sampling method were evaluated. Samplings were made in two repetitions in GA (old), GB (young), GC (medium-aged), and GD (irregular) stand types, on north and south aspects. Field studies were carried out in 4 different periods (June, July, August, September) within the vegetation period. 122 plant taxa were determined at the level of species and intraspecific taxa. While 48 of the 122 plant taxa in fir stands were seen only in one of the stands, 41 plant taxa were detected in all stands. 5 taxa were seen only in GA stands, 7 in GB, 15 in GC and 13 only in GD stands, while 8 taxa could not be identified due to the insufficient vegetative and generative organs of the collected samples. The richest stand type in terms of taxa number was determined as the GC stand type with 84 plant taxa, but more individuals per ha were counted in the GA and GD stand types.Procijenjeno je 640 uzoraka 0,5x0,5 m dobivenih metodom sustavnog uzorkovanja. Uzorkovanje je obavljeno u dva ponavljanja u GA (staroj), GB (mladoj), GC (srednjedobnoj), GD (nepravilnoj) sastojini, na sjevernim i južnim izloženostima. Terenska istraživanja provedena su tijekom 4 različita razdoblja (lipanj, srpanj, kolovoz, rujan) unutar vegetacijskog razdoblja. Određene su 122 biljne svojte na razini vrsta i infraspecifičnih svojti. U samo jednoj sastojini jele zabilježeno je 48 biljnih svojti, 41 svojta zabilježena je u svim sastojinama. 5 svojti biljaka viđeno je samo u GA sastojinama, 7 u GB, 15 u GC i 13 samo u GD sastojinama. Najbogatiji tip sastojine po broju svojti utvrđen je kao GC tip sastojine sa 84 biljne svojte, ali je više jedinki po ha izbrojano u GA i GD sastojinama

Hair whitening and obesity are independently related to ascending aorta dilatation in young-middle aged men

OBJECTIVE: Hair whitening (HW) is strongly linked with aging. Ascending aortic dilation (AAD) and HW share common etiologic factors. We investigated the association of HW with ascending aortic diameters. METHODS: Our study included 93 male subjects aged below 50 years. All patients underwent echocardiography to measure ascending aortic diameter, in addition to routine biochemistry tests, physical examination, and thorough medical history. HW score (HWS) was defined according to the percentage of white hair (HWS 1: <25%; HWS 2: 25–50%; HWS 3: 50–75%; and HWS 4: 75–100). RESULTS: Patients with highest HWS were older and had a higher percentage of hypertension (HT) and family history of HW. Moreover, this subgroup had increased ascending aortic diameter, higher serum uric acid, and lower total bilirubin concentrations. Multivariate analyses including age, HT, height, waist circumference, c-reactive protein, and family history of HW identified body weight and HWS as the independent predictors of ascending aortic diameter. CONCLUSION: An independent association between the degree of HW and AAD exists in middle-aged men, which may depend on coexisting factors that enhance both pathologies rather than causality. We think that oxidative stress may be one of these stressors

Dynamic relationship between international tourism, economic growth and environmental pollution in the OECD countries: evidence from panel VAR model

The aim of this study is to examine the impact of international tourism on economic growth and carbon emissions by using the Panel VAR model in selected OECD countries. By using yearly data for the periods of 1995 and 2020, we examine the dynamic relationship between international tourism, economic growth, and carbon emissions using the Granger causality test and impulse responses analysis. Although we could not determine the presence of a causal link between the variables using the Granger causality test, impulse responses analysis confirmed that responses of carbon emissions and economic growth to an unexpected international tourism shock are positive and significant. On the other hand, impulse responses analysis results show that responses of carbon emissions and economic growth to unexpected international tourism are positive and significant. The empirical findings also indicated that the responses of carbon emissions to an unexpected international tourism shock are higher than the responses of economic growth to an unexpected international tourism shock and these findings indicate that the negative impact of international tourism on environmental quality is greater than its positive impact on economic growth. Policymakers should take actions and measures to reduce the impact of international tourism on environmental deterioration. Improvements and dissemination of eco-friendly technologies in all tourism activities may help to reduce the negative impact of international tourism on carbon emissions.Portuguese national funds through FCT-Fundacao para a Ciencia e a Tecnologia, I.P. [UIDB/00685/2020]; [018/RID/2018/19]This research was partially funded by the program of the Minister of Science and Higher Education titled 'Regional Initiative of Excellence' in 2019-2022, project number 018/RID/2018/19, the amount of funding PLN 10 788 423,16. We also thank to the Portuguese national funds through FCT-Fundacao para a Ciencia e a Tecnologia, I.P., project number UIDB/00685/2020

Active shrinkage protects neurons following axonal transection

Trauma, vascular events, or neurodegenerative processes can lead to axonal injury and eventual transection (axotomy). Neurons can survive axotomy, yet the underlying mechanisms are not fully understood. Excessive water entry into injured neurons poses a particular risk due to swelling and subsequent death. Using in vitro and in vivo neurotrauma model systems based on laser transection and surgical nerve cut, we demonstrated that axotomy triggers actomyosin contraction coupled with calpain activity. As a consequence, neurons shrink acutely to force water out through aquaporin channels preventing swelling and bursting. Inhibiting shrinkage increased the probability of neuronal cell death by about 3-fold. These studies reveal a previously unrecognized cytoprotective response mechanism to neurotrauma and offer a fresh perspective on pathophysiological processes in the nervous system.Yüzüncü Yıl Universit