LARGE SHAREHOLDERS AND FIRM PERFORMANCE: EVIDENCE FROM TURKEY

Using data for the period 2003-2010 of 164 industrial firms listed on Istanbul Stock Exchange (BIST-Borsa Istanbul), we empirically explore the impact of large shareholders on firm performance measured by ROA and Tobin’s Q. Empirical findings based on panel data analysis suggest that large shareholders have a significantly positive effect on the performance of the firms. In other words, the concentration of corporate ownership overcomes conflict of interest between the small shareholders and the managers. At the same time, in the case when share ownership of the large shareholder exceeds a certain level, once again, we find significant positive relation between large shareholders and firm performance. As a result, while we do not reject the validity of the efficient monitoring hypothesis, but rather the expropriating hypothesis in Turke

Utjecaj sezone i vremena mužnje na svojstva i sastav masnih kiselina u mlijeku na različitim farmama mliječnih krava

The fatty acid content and physicochemical composition of the milk obtained from 3 cattle farms at summer and winter season for different milking time were studied. Physicochemical properties varied due to different feeding strategies used in the observed farms. The lowest values of total fat and protein were observed in winter time with the highest fat content of morning milking. The groups of fatty acids (FAs), namely saturated (SAFA), monounsaturated (MUFA) and polyunsaturated (PUFA) were examined together with the individual acids with short and long chains. The major fatty acids of milk samples were myristic, palmitic, stearic and oleic acids. In the summer season the content of unsaturated fatty acid was quantitatively higher than the saturated fatty acid. It can be concluded that the fatty acid composition and quality of milk was significantly depended on breeding, feeding strategies, milking and cattle management practices.U radu je istražen sastav masnih kiselina i fizikalno-kemijski sastav mlijeka ljetnog i zimskog perioda, te različitih termina mužnje sa 3 mliječne farme. Fizikalno-kemijska svojstva varirala su s obzirom na korištene različite strategije hranidbe na farmama. Najniže vrijednosti ukupne masti i proteina uočene su u zimskom razdoblju s najvišim sadržajem masti jutarnje mužnje. Skupine masnih kiselina (MK), odnosno zasićene (SAFA), mononezasićene (MUFA) i polinezasićene (PUFA) utvrđene su zajedno s pojedinačnim kiselinama kratkih i dugih lanaca. Glavne masne kiseline bile su miristinska, palmitinska, stearinska i oleinska kiselina. U ljetnim je mjesecima sadržaj nezasićenih masnih kiselina veći od zasićenih masnih kiselina. Može se zaključiti da je sastav masnih kiselina i kvaliteta mlijeka znatno ovisila o uzgoju, hranidbenoj strategiji i mužnji

Assessment of human error contribution to container loss risk under fault tree analysis and interval type-2 fuzzy logic-based SLIM approach

Human is a key element of the safety of life on board ships and a significant contributing factor to most of the accidents and incidents in the maritime industry. At this point, risk analysis plays a critical role in ensuring operational safety and maritime transportation sustainability. This paper aims to systematically evaluate how human errors (HEs) contribute to operational risks. Based on this, Fault Tree Analysis (FTA) is combined under an Interval Type-2 Fuzzy Logic environment with Success Likelihood Index Method (SLIM). Whilst the FTA evaluates the criticality of the operational activities, the Interval Type-2 Fuzzy Sets (IT2FS) deals with vagueness and subjectivity in using experts’ judgments, and the SLIM estimates the probabilities for the human error-related basic events. Since container losses can lead to severe damage and catastrophic events in a container terminal, loading operation was investigated as a case study. Safety culture, experience, and fatigue were observed as highly effective factors in crew performance. The obtained results also indicate that this hybrid approach can effectively be applied to determine the operational vulnerabilities in high-risk industries. The paper intends to improve safety control levels and lower losses in the future of maritime container transport besides emphasizing the potential consequences of failures and crucial human errors in the operational process

Coronary artery fistula: Review of 54 cases from single center experience

Background: Demographic and clinical characteristics and angiographic findings of Turkish patients with coronary artery fistula have been investigated in this study and diagnostic tests and treatment methods used in these patients have also been evaluated in detail. Methods: We have examined the cardiac catheterization laboratory database retrospectively between March 2006 and July 2010. Among 49,567 patients, we have noted 60 patients diagnosed as coronary artery fistula. After coronary angiographic images were evaluated by two invasive cardiologists, 54 patients who had clear evidence of vessel of origin and drainage were included in the study. Results: A total of 54 (0.1%) patients with coronary artery fistula were noted. Mean age was 56.7 ± 10.7 years; 42 out of 54 patients had accompanying cardiac disorders. Patients’ complaints were directly associated with the presence of the fistula. Chest pain was the admission symptom in all of the patients with isolated coronary artery fistula. Six patients had coexistent congenital anomalies. Myocardial infarction with ST segment elevation occurred in 11 of the patients. In contrast to the previous reports, the most common artery of origin of the fistula was left anterior descending artery (50.8%) and pulmonary artery was found to be the most frequent region of the fistula drainage by 53.7%. Conclusions: Our findings suggest that large fistulas originating from the proximal segments of coronary arteries may increase the likelihood of atherosclerosis and myocardial infarction even in asymptomatic patients with no evidence of ischemia in noninvasive tests and no dilatation of cardiac chambers, and should therefore be closed

The co-presence of deletion 7q, 20q and inversion 16 in therapy-related acute myeloid leukemia developed secondary to treatment of breast cancer with cyclophosphamide, doxorubicin, and radiotherapy: a case report

Introduction. Therapy-related acute myeloid leukemia occurs as a complication of treatment with chemotherapy, radiotherapy, immunosuppressive agents or exposure to environmental carcinogens. Case presentation. We report a case of therapy-related acute myeloid leukemia in a 37-year-old Turkish woman in complete remission from breast cancer. Our patient presented to our facility with fatigue, fever, sore throat, peripheral lymphadenopathy, and moderate hepatosplenomegaly. On peripheral blood and bone marrow aspirate smears, monoblasts were present. Immunophenotypic analysis of the bone marrow showed expression of CD11b, CD13, CD14, CD15, CD33, CD34, CD45 and human leukocyte antigen-DR, findings compatible with the diagnosis of acute monoblastic leukemia (French-American-British classification M5a). Therapy-related acute myeloid leukemia developed three years after adjuvant chemotherapy consisting of an alkylating agent, cyclophosphamide and DNA topoisomerase II inhibitor, doxorubicin and adjuvant radiotherapy. Cytogenetic analysis revealed a 46, XX, deletion 7 (q22q34), deletion 20 (q11.2q13.1) karyotype in five out of 20 metaphases and inversion 16 was detected by fluorescence in situ hybridization. There was no response to chemotherapy (cytarabine and idarubicin, FLAG-IDA protocol, azacitidine) and our patient died in the 11th month after diagnosis. Conclusions: The median survival in therapy-related acute myeloid leukemia is shorter compared to de novo acute myeloid leukemia. Also, the response to therapy is poor. In therapy-related acute myeloid leukemia, complex karyotypes have been associated with abnormalities of chromosome 5, rather than 7. To the best of our knowledge, this is the first case of therapy-related acute myeloid leukemia showing the co-presence of deletion 7q, 20q and the inversion 16 signal. © 2012 Yonal et al; licensee BioMed Central Ltd

Adaptive Web-Assisted Learning System for Students with Specific Learning Disabilities: A Needs Analysis Study

Because there is, currently, no education system for primary school students in grades 1-3 who have specific learning disabilities in Turkey and because such students do not receive sufficient support from face-to-face counseling, a needs analysis was conducted in order to prepare an adaptive, web-assisted learning system according to variables determined by the extent of learning disabilities. The scope of this study was limited to dyslexia, dyscalculia and dysgraphia. Data were collected from five subject area experts (psychologist and special education specialists) using semi-structured interview forms including open-ended questions, 15 parents, at least one of whose children has a specific learning disability and six classroom teachers via surveys including open-ended questions in the 2011-2012 academic year. A matrix diagram was prepared in order to analyze the data with a holistic approach and to show dependability and credibility of the study. The study revealed three main findings: a lack of information / interest about specific learning disabilities, the inadequacy of the Turkish Ministry of Education Specific Learning Disabilities Support Education Program, and the inadequacy of applications, both within and outside the classroom. The findings also showed that the students with specific learning disabilities need a web-assisted system that should be adaptive and which can be used both in school and at home