The Impact of Futures Trading Over Spot Market Intraday Volatility: Evidence From an Emerging Market, Borsa Istanbul

The objective of this article is to examine the impact of stock index futures on stock markets.  Of particular interest is the evidence for change in overall volatility and liquidity after the introduction of stock index futures. The impact of derivatives trading on price volatility in the underlying spot market return is examined using the exponential GARCH (EGARCH) model which was proposed by Nelson (1991). Our empirical findings support the view that introducing futures trading decreases volatility in the spot market and the speed with which market information is reflected in spot market prices. However, volatility persistence increased in the post-futures period. In the light of these findings it can be said that the speed and nature of information differ between pre-futures period and post-futures period. JEL Classification: G13, G14, G32 Keywords: Futures Markets, Spot Markets, Volatility, GARCH Models, Emerging Markets DOI: 10.7176/RJFA/10-2-0

Corporate Governance and Performance: The Divergence of Operating and Share Performance

Corporate governance principles are trying to ensure reliable and well functioning firms and sound financial systems, thus well-governed firms are expected to be performing better than their counterparts. The aim of this paper is to analyze the impact of corporate governance applications on operating performance and share performance of companies that are traded in Borsa Istanbul for the period 2007-2014. In order to understand the impact of corporate governance traits on share performance, we assume that we buy and hold the stock for 1 year and sell it at the end of the accounting period to match it with the accounting data and panel regressions are run to analyze the factors that have significant explanatory power over operating and share performance. According to the results, the corporate governance traits do not affect stock returns, but have a significant explanatory power over operating performance, measured by ROA and ROE. This divergence shows that good governance results with superior operating performance, however governance benefits are not priced by the investors. The paper has significant implications since it analyses one of the most attractive emerging equity markets, namely Borsa Istanbul which has approximately sixty percent share of foreign investors.  The results are important for both policy makers and for the broad range of investors that are players in the market

Ultrazvučna procjena debljine bedrene hrskavice u bolesnica sa sindromom policističnih jajnika

The aim of the study was to investigate knee cartilage thickness in polycystic ovary syndrome (PCOS) patients using ultrasonography and to assess the effects of sex steroids on osteoarthritis development. A total of 90 female patients were enrolled in the study, including 47 patients diagnosed with PCOS as study group and 43 patients admitted to our hospital for any other complaints as control group. Ultrasonographic evaluation of both knees was performed in all patients. The knee cartilage thickness was measured at lateral condyle, intercondylar area and medial condyle. The measurements were averaged for each region. The mean femoral cartilage thickness was greater in the study group compared with control group in all regions, with a statistically significant difference (p<0.005). In conclusion, we found PCOS patients to have greater mean cartilage thickness, supporting the possible effects of sex steroids on osteoarthritis development.Cilj istraživanja bio je ultrazvučno procijeniti debljinu hrskavice koljena u bolesnica sa sindromom policističnih jajnika (SPCJ) i učinak spolnih hormona na razvoj osteoartritisa. U istraživanje je bilo uključeno ukupno 90 žena, tj. 47 bolesnica s dijagnozom SPCJ kao ispitna skupina i 43 bolesnice primljene na odjel zbog drugih tegoba kao kontrolna skupina. Ultrazvučna procjena obaju koljena učinjena je u svih bolesnica. Debljina hrskavice koljena mjerena je u lateralnom kondilu, interkondilarnom području i medijalnom kondilu te je izračunat prosjek mjerenja za svaku regiju. Srednja debljina koljenske hrskavice bila je veća u ispitnoj skupini u usporedbi s kontrolnom skupinom u svim regijama, a razlika je bila statistički značajna (p<0,005). Dakle, utvrđeno je da bolesnice sa SPCJ imaju veću srednju debljinu koljenske hrskavice, što govori u prilog mogućeg utjecaja spolnih hormona na razvoj osteoartritisa

From Conventional Methods to Contemporary Neural Network Approaches:Financial Fraud Detection

This chapter provides insights on the underlying reasons to replace the conventional methods with contemporary approaches—the neural network-based machine learning methods—in financial fraud detection. To do this, we perform a systematic literature review on the evolution of financial fraud detection literature over the years from traditional techniques toward more advanced approaches such as modern machine learning methods like artificial neural networks. Additionally, this chapter provides concise chronological progress of the fraud literature and country-specific fraud-related regulations to draw a better framework and give the idea behind the corpus. Using the metadata in the existing literature, we show both benefits and costs of using machine learning-based methods in financial fraud detection. An accurate prediction using contemporary approaches is essential to minimize the potential costs of fraudulent financial activities for stakeholders, reduce the adverse effects of fraudsters’ and companies’ fraudulent activities, and increase trust in capital markets via continuous fraud risk assessment of companies

Testing intraday volatility spillovers in Turkish capital markets: evidence from ISE

The aim of this article is to examine the presence of volatility transmission between futures index and underlying stock index by using intraday data in Turkey. We first examined the sudden changes in the variance of futures index return and the underlying spot index return. Then we employed the causality in the variance tests proposed by Hong (2001) and Hafner and Herwartz (2006). According to the empirical results, the spot market was found to be Granger cause of futures market and this result suggests that the spot market plays a more dominant role in the price discovery process in Turkey

İlkokul ve Ortaokul Son Sınıf Öğrencilerinde Metaforik Algı Olarak Kitap

The aim of this study is analysing the metaphors developed in regard to the book concepts of 4th and 8th grades of primary and secondary schools students. In this study, phenomenology model, one of the qualitative research methods was used.In this study, activity papers of 245 girls and 270 boys were used, and it was 515 in total. Analysis of documents of the metaphors developed in regard to the book concepts of students was made by content analysis method.Analysis of data obtained was consist of transferred toelectronic and extracting of documents,classification of metaphors and their reasons, the development of conceptual categories,reliability and validity studies and quantitative data analysis. Students developed 185 metaphors.Although there was not much difference between the number of participating studentsin the study, 4th grade students developed more metaphors than 8th grade students. When it was analysed the metaphors developed in regard to the book concepts, it was showed that 21 of 185 metaphors had the same expression. Similar metaphors were the most repeated metaphors. 185 metaphors were created from the eight conceptual categories; the book as a source of information (45), the book as an object (43), the book as description (26),the book as nature (20),the book as a person (18), the book as a place (14), the book as an action (13) and the book as acartoon hero (6).Bu çalışmanın amacı, ilkokul ve ortaokul son sınıf kademeleri olan 4. ve 8. sınıf öğrencilerinin kitap kavramına ilişkin geliştirdikleri metaforları incelemektir. Bu çalışmada, nitel araştırma yöntemlerinden biri olan olgu bilim modeli kullanılmıştır. Çalışmaya 2012-2013 Eğitim-Öğretim Yılı I. döneminde Sakarya İli merkez ilçe sınırları içerisinde yer alan üçer ilkokul ve ortaokulun son sınıflarında öğrenim gören515 öğrenci katılmıştır. Öğrencilerin “kitap” kavramına yönelik metaforlar geliştirdikleri dokümanların çözümlenmesi içerik analizi yöntemi ile yapılmıştır. Elde edilen verilerin analizi dokümanların elektronik ortama aktarılması ve ayıklanması, metafor ve gerekçelerin sınıflandırılması, kavramsal kategorilerin geliştirilmesi, geçerlik ve güvenirlik çalışmaları ve nicel veri analizi aşamalarından oluşmaktadır.Öğrenciler 185 metafor geliştirmiştir. Araştırmaya katılan öğrenci sayıları arasında çok fark olmadığı halde 4.sınıf öğrencilerinin 8.sınıf öğrencilerine göre daha çok metafor geliştirdikleri belirlenmiştir. Kitap kavramına yönelik geliştirilen metaforlar incelendiğinde 185 metafordan 21’inin her iki sınıf düzeyindeki öğrenciler tarafından benzer ifade edildiği belirlenmiştir. Benzer metaforlar göz önünealındığında, bu metaforların en çok tekrarlanan metaforlardan oluştuğu dikkat çekmektedir. Toplam 185 metafordan 8 kavramsal kategori oluşturulmuştur. Oluşturulan bu 8 kavramsal kategoride yer alan metafor sayılarına göre; bilgi kaynağı olarak kitap (45), nesne olarak kitap (43), betimleme olarak kitap (26), doğa olarak kitap (20), kişi olarak kitap (18), mekân olarak kitap (14), eylem olarak kitap (13) ve çizgi kahraman olarak kitap (6) şeklinde sıralanmaktadır

Bir Gölge Bankacılık Uygulaması Olarak Gayrimenkul Finansmanında Alternatif Bir Faizsiz Finansman Modeli: İpoteğe Dayalı Paylaşımlı Faizsiz Finansman Modeli An Alternative Non-Interest Real Estate Financing Model as a Shadow Banking Practice: Mortgage-backed Non-interest Shared Finance Model

Konut finansmanı ülke ekonomisinin sürdürülebilir büyümesi için büyük önem taşımaktadır. Bu konu Türkiye gibi gelişmekte olan ekonomiler için daha da büyük önem taşımaktadır. Bu çalışmada Türkiye’de gayrimenkul finansmanında ve özellikle de konut finansmanında alternatif bir model olarak uygulanmakta olan tasarrufa dayalı faizsiz finansman modeli incelenmektedir. Bu açıdan bakıldığında mevcut uygulamanın bir gölge bankacılık uygulaması olduğu değerlendirilmektedir. Çalışmada ipoteğe dayalı paylaşımlı faizsiz finansman modeli olarak adlandırılan bu yöntem bankacılık sektöründeki düzenlemelerinin ve denetimlerin dışında kalmaktadır. Bu durum ülke ekonomisi açısından önemli bir potansiyel risk barındırmaktadır. Bu konuda düzenleyici otorite tarafından acilen düzenleneme yapılmasına ihtiyaç vardır. Düzenlemeler özellikle lisanslama ve denetim konularında olmalıdır. Housing finance is crucial for the sustainable growth of the country's economy. This issue is of even greater importance for emerging economies such as Turkey. In this study, especially residential real estate financing and financing interest-free financing model based on saving being implemented in Turkey is examined as an alternative model. From this point of view, the current implementation is considered to be a shadow banking application. This method, which is referred to as a mortgage-backed non-interest shared financing model in this study, is outside the regulations and controls in the banking sector. This situation poses a significant potential risk in terms of the country's economy. In this regard, regulatory authority is urgently required to make arrangements. Regulations should be in the areas of licensing and supervision in particular

Gas sensing properties of carbon nanotubes modified with calixarene molecules measured by QCM techniques

1st International Congress on Advances in Applied Physics and Materials Science (APMAS), Antalya, Turkey, 12-15 May, 2011This study focuses on the characterization and optimization of calixarene modified carbon nanotube thin films for gas detection. Calixarene molecules were synthesized individually by considering their functional groups to attract the gas. Calixarene modified carbon nanotube based sensors were fabricated using drop-casting method on a quartz crystal microbalance gold electrode. Carbon monoxide, carbondioxide, oxygen and dry air were used as active gases for adsorption process, while high-purity nitrogen gas was used for desorption process. The selectivity and sensitivity of calixarene modified carbon nanotube are investigated in detail. Our experimental results show that functional calixarene modified carbon nanotube coated quartz crystal microbalance sensors are very sensitive and selective to gas of CO 2 at room temperature operation.This research was supported by TÜBİTAK under project numbers TBAG 109 T240 and 110 M349 and IYTE research project number 2010IYTE2

Erişkinde iki taraflı primer reflüksif ve obstrüktif olmayan megaüreter: Çok nadir bir olgu

Reflüksif ve obstrüktif olmayan megaürter genellikle yeni doğanlarda teşhis edilir. Yetişkinlerde çok nadirdir. Bu olgu sunumunda makroskopik hematüri ile başvuran 45 yaşındaki bir erkek hasta sunuldu. Klinik değerlendirmelerden sonra primer reflüksif ve obstrüktif olmayan megaüreter teşhisi kondu. Buna ek olarak, bu çok ender vaka eşliğinde mevcut literatürü gözden geçirdik.Non-refluxing and non-obstructive megaureter is usually diagnosed in neonates. It is very rare in adults. Herein we presented a 45 year-old man with macroscopic hematuria. He was diagnosed primary non-refluxing non-obstructive megaureter after clinical evaluations. In addition we reviewed current literature in the light of this very rare condition

The Role of Hydrophobicity in the Development of Aluminum and Copper Alloys for Industrial Applications

Improvement of corrosion resistance is a main challenge in surface and corrosion engineering. Water is a main part of corrosion mechanism, and the omission of this part will be helpful. By mimicking from nature, superhydrophobicity is a helpful method to decrease corrosion and water presence on the surface. Superhydrophobic surface and coating is a new type of coating that extension in recent decade and increase application of this area every day. These type of coatings are using on widespread of applications such as solar panels, displays, windows, paints and fabrics to obtain water-proof, anticorrosive, self-cleaning and stain-resistant surfaces. Many different studies have been reported to produce superhydrophobic surfaces from many diverse materials (polymers, metals and other inorganic materials, composites, textiles, paper). In this chapter, recent developments in the application of superhydrophobic coatings for corrosion protection of aluminum and copper alloys will be discussed. This chapter includes new production methods, theoretical works, and the limitations of superhydrophobic coatings