Financial Stability of the Turkish Banking Sector

In the narrow sense, financial stability is defined as price stability and the soundness of financial institutions. Although this definition can be extended to cover the functioning of financial markets, asset price volatility, risk management practices of institutions, etc., financial soundness of banks is still at the center of stability concerns. In this context, several methods have been developed to measure stability in terms of a common metric. In this paper, we analyze the stability of the Turkish banking sector in the period of 2000-2006 by applying an option theory based method that allows the estimation of default probability of the sector. We conclude that stability (default probability) was the weakest (highest) in 2001 and it entered in a healthy path after 2003. Furthermore, the sector resisted strongly to the May-June turmoil of 2006. Soundness of the sector remains relatively stable following the turmoil periodFinancial Stability, Option Model, Default Risk, Banking

Essays on supply chain analytics: Investment and capacity planning under uncertainty

In this dissertation, we study a firm’s investment and capacity planning strategies in the presence of different types of supply uncertainties and risks. Both essays in this dissertation benefit from empirical analysis as the analytical models build on the findings and observations from the corresponding empirical investigation. Each essay shows the benefits from utilizing flexible options that are deemed to be less preferable before conducting the analysis. Wine futures investment represents the flexible option (due to its liquidity) in the first essay, however, it exhibits greater uncertainty in price than the traditional bottled wine. We find in our empirical analysis that both weather and market fluctuations influence the evolution of the price in wine futures, and thus, despite being the flexible option, it also represents the riskier investment. On the other hand, capacity expansion at a geographically remote facility represents the flexible option (due to its greater backup capabilities) in the second essay, however, it is a more costly backup alternative than a nearby facility. As a result, both essays examine the trade-offs between these flexible, yet risker and/or costlier, alternatives, and shed light on the risk-reward structure of these various operational levers

APPLICATION OF MEDIAN-EQUATION APPROACH FOR OUTLIER DETECTION IN GEODETIC NETWORKS

Em medidas geodésicas, alguns erros grosseiros (outliers) podem ocorrer emconjuntos de dados, devido a diferents rezões. Existem dois principais métodos paraa detecção de erros grosseiros como os testes de Baarda e Pope’s para outliers e osmétodos robustos Danish e Huber. Estes métodos, usam estimativas de minimosquadrados (LSE). Nestes casos, as observações com erros grosseiros podem afetar os resultados por contaminarem observações que são boas pelo efeito deespalhamewnto imposto pela LSE e às vezes resultados errados podem ser obtidos.Para evitar estes efeitos, um método que não usa LSE deve ser escolhido. Amediana é um estimados de pontos de grande valia e se é aplicado a um detector deerros grosseiros, resultados confiáveis podem ser obtidos. Nesta pesquisa, ummétodo robusto que usa a mediana com 3σ ou 3σ é um valor que limita osresíduos medianos que podem ser obtidos a partir de equações medianas propostas.Se uma variância a priori das observações é conhecida, a confiabilidade do novométodo é maior do que aquele, uja variância a prior é desconhecida

Türk şirket birleşmelerinin satın alınan şirketlerin hisse senedi fiyatları üzerindeki etkileri

Cataloged from PDF version of article.This paper investigates stock-market reactions to mergers and partial sales of non-financial Turkish firms. Turkish targets earn average cumulative abnormal returns (CAR) of 8.56 percent in the three-day window around merger announcements when bidders purchase control rights and 2.25 percent when they do not. The results indicate that acquirers pay a premium to purchase control rights. The smaller magnitude of target CAR in Turkish mergers (relative to CAR of around 20 percent in US and 10 percent in Europe) may be explained by: 1) the reduction in the power of event study method to capture the effect of merger announcements due to information leakages and misidentification of announcement dates; and 2) the differences in Turkish regulatory, operational and competitive environment

A Study on Tam: Analysis of Customer Attitudes in Online Food Ordering System

AbstractWhile e-commerce is rapidly spreading around the world, the food industry also began to take its‟ place in this growing area. The purpose of this study is to investigate the factors that influence the attitude of internet users towards online food ordering in Turkey among university students. It uses the Technology Acceptance Model (TAM) (Davis, 1986) as a theoretical grounding to study adoption of using the Web environment for ordering food. In addition to TAM; Trust, Innovativeness and External Influences are added to the model as main factors that influence internet users attitudes. The research universe is composed of undergraduate and graduate students. Studying a homogeneous group allows us to overcome potential side effects of studying a heterogeneous group with diverse internet usage habits

Application of median-equation approach for outlier detection in geodetic networks

In geodetic measurements some outliers may occur sometimes in data sets, depending on different reasons. There are two main approaches to detect outliers as Tests for outliers (Baarda's and Pope's Tests) and robust methods (Danish method, Huber method etc.). These methods use the Least Squares Estimation (LSE). The outliers affect the LSE results, especially it smears the effects of the outliers on the good observations and sometimes wrong results may be obtained. To avoid these effects, a method that does not use LSE should be preferred. The median is a high breakdown point estimator and if it is applied for the outlier detection, reliable results can be obtained. In this study, a robust method which uses median with or as a treshould value on median residuals that are obtained from median equations is proposed. If the a priori variance of the observations is known, the reliability of the new approch is greater than the one in the case where the a priori variance is unknown

Usage of Infrared-Based Technologies in Forensic Sciences

Infrared (IR) radiation comprises a beam located in the electromagnetic radiation family; it arises from the thermal vibrations of radiation that have longer wavelengths than visible light, but shorter wavelengths than microwave radiation. Its wavelength is between 750 nm and 1 mm. The amount of thermal IR radiation emitted by an object is associated with the temperature of the object, the surface area of the object and the spreading of light. IR-based technologies have been demonstrated as a method of evidence identification in forensic sciences in addition to many daily uses

ELIMINATION OF SOME UNKNOWN PARAMETERS AND ITS EFFECT ON OUTLIER DETECTION

Outliers in observation set badly affect all the estimated unknown parameters andresiduals, that is because outlier detection has a great importance for reliableestimation results. Tests for outliers (e.g. Baarda’s and Pope’s tests) are frequentlyused to detect outliers in geodetic applications. In order to reduce the computationaltime, sometimes elimination of some unknown parameters, which are not ofinterest, is performed. In this case, although the estimated unknown parameters andresiduals do not change, the cofactor matrix of the residuals and the redundancies ofthe observations change. In this study, the effects of the elimination of the unknownparameters on tests for outliers have been investigated. We have proved that theredundancies in initial functional model (IFM) are smaller than the ones in reducedfunctional model (RFM) where elimination is performed. To show this situation, ahorizontal control network was simulated and then many experiences wereperformed. According to simulation results, tests for outlier in IFM are more reliablethan the ones in RFM

Giant retroperitoneal liposarcomas: Diagnostic approach with multidetector computed tomography and magnetic resonance imaging

Liposarcomas are the most common mesenchymal tumors of the retroperitoneal space. Retroperitoneal liposarcomas are usually grown slowly and frequently reach a very large size before clinical recognition. Precise diagnosis and distinct multiplanar evaluation is essential for complete resection of these tumors. Here in we reported two cases with giant retroperitoneal liposarcomas which were evaluated multiplanary with multidetector computed tomography and magnetic resonance imaging

Anatomic assessment of the left main bifurcation and dynamic bifurcation angles using computed tomography angiography

Background: An understanding of the left main coronary artery (LMCA) anatomy is important for accurate diagnosis and therapy. We aimed to investigate LMCA anatomy via 128-multisliced coronary computed-tomography-angiography (CCTA) in patients with normal LMCA. Materials and methods: A total of 201 CCTA studies were included in this study. Anatomical features of LMCA including cross-sectional areas of the LMCA ostial, LMCA distal, left anterior descending artery (LAD) ostial and left circumflex artery (LCX) ostial, and degree of tapering and LMCA bifurcation angles (BA) in the form of LMCA-LCX BA, LMCA-LAD BA, LAD-LCX BA at end-diastole and end-systole. Results: The mean age was 55 ± 11; 55.7% of patients were males. Right coronary artery was dominant in 173 (86.1%) patients. Mean LMCA length was 10.0 ± 4.5 mm. The mean values of LMCA ostial, LMCA distal, LAD ostial and LCX ostial areas were 18.2 ± 5.1 mm2, 13.2 ± 4.0 mm2, 9.0 ± 3.2 mm2 and 7.6 ± ± 2.8 mm2, respectively. LMCA ostial-distal area, LMCA distal-LAD ostial area and LMCA distal-LCX ostial area ratios were ≥ 1.44 – < 1.69 in 47 (23.4%), 53 (26.4%), 47 (23.4%) patients, respectively, and were ≥ 1.69 – < 1.96 in 19 (9.5%), 24 (11.9%), 40 (19.9%) patients respectively. Systolic motion modifies LMCA BAs; systolic motion begets an increment of LMCA-LAD angle in 72.6% of patients and decrement of LAD-LCX angle in 75.6% of patients. Patients with T-shaped LAD-LCX BA was shown to have significantly longer LMCA, larger LAD ostial area, larger LCX ostial area and higher diastolic-to-systolic range (DSR) of LAD-LCX BA compared to patients with Y-shaped LAD-LCX BA. Conclusions: LMCA with T-shaped distal BA was found to have significantly longer LMCA, larger LAD ostial area, larger LCX ostial area and higher DSR of distal BA compared to patients with Y-shaped distal BA. These findings may provide useful information for LMCA bifurcation stenting or designing dedicated stents for LMCA