What determines return risks for bank equities in Turkey?

By using data from thirteen publicly traded commercial and deposit banks this paper estimates the determinants of market risk for bank equities in the case of an emerging market setting, Turkey. The analysis reveals that maturity composition of a bank’s loans, the share of trading income in a banks’ overall revenue stream and foreign-ownership structure are important indicators of the volatility of its equity returns. Banks with shorter loan maturity positions are regarded by investors as safer companies to invest in while increases in trading income as a source of bank’s overall revenue increases the volatility of its equity returns. Foreign ownership of a bank also lowers its equity return risk.Commercial banks, risk, Turkish Banks

Dynamics of Foreign Currency Lending in Turkey

On June 16 2009, in what authorities called ``a surprise development'' the Turkish Government removed a provision from its existing laws that had allowed Turkish residents to borrow in foreign currency from banks operating in Turkey. The development ended a long era of foreign currency lending in Turkey at least in the sense of consumer loans. This paper studies the determinants and consequences of foreign currency lending for banks in Turkey in the run-up to this significant policy change. Our analysis uses detailed foreign and Turkish currency composition bank data for 21 commercial banks in Turkey between 2002 and 2010. We evaluate drivers of saving and lending in foreign currency(FX) in Turkey along with consequences for the banking system in particular and for the economy in general. We highlight possible risks to the Turkish banking system as a result of system's heavy exposure to both channels. In doing so, we show that the policy change was not necessarily a surprise but a cautionary step in the right direction to help keep Turkish banking system stable.Dollarization, bank performance, bank profitability, Turkish economy

What determines return risks for bank equities in Turkey?

By using data from thirteen publicly traded commercial and deposit banks this paper estimates the determinants of market risk for bank equities in the case of an emerging market setting, Turkey. The analysis reveals that maturity composition of a bank’s loans, the share of trading income in a banks’ overall revenue stream and foreign-ownership structure are important indicators of the volatility of its equity returns. Banks with shorter loan maturity positions are regarded by investors as safer companies to invest in while increases in trading income as a source of bank’s overall revenue increases the volatility of its equity returns. Foreign ownership of a bank also lowers its equity return risk

Exploitation or Empowerment? The Impact of Textile and Apparel Manufacturing on the Education of Women in Developing Countries.

One of the most cited criticism for US fashion brands is their exploitation of workers in their overseas manufacturing facilities. This paper studies whether such textile and apparel production facilities (also known as “sweatshops”) lead to lower education and thus a lower socio-economic status for women working in them. Results suggest it is not as a clear-cut conclusion. Evidence suggests a higher ratio of women receive primary education as apparel and textile exports increase while at the secondary level of education however, the results suggest the opposite. We also evaluate to see if women marry at a later age as a result of working in these factories, yet fail to find any conclusive evidence

Relative power and efficiency as a main determinant of banks? profitability in Latin America

Despite the financial sector liberalization and openness that started in the earlier 90's and significant macroeconomic development as well as increasing inflow of capital toward the region, there is not any evidence of the reduction of interest rates as well as banks' profits in Latin America. In this paper we develop a model to estimate the determinants of Latin American banks' profitability and, try to understand the reasons why banks are reluctant to decrease their interest rate spreads even when change in competitiveness in the financial system is improving. By using Data Envelopment Analysis to better exploit the information of several variables at the same time and, by employing a sample of 200 Banks located in Argentina, Bolivia, Brazil, Costa Rica, Ecuador, El Salvador, Mexico, Nicaragua, Paraguay, Peru, Uruguay and Venezuela; we find that banks' profits grew consistently above the normal levels of profits adjusted by risk. Our results show that banks in Latin America have been profiting from their oligopolistic position in detriment of their clients in particular and of their whole economy in general

What determines return risks for bank equities in Turkey?

By using data from thirteen publicly traded commercial and deposit banks this paper estimates the determinants of market risk for bank equities in the case of an emerging market setting, Turkey. The analysis reveals that maturity composition of a bank’s loans, the share of trading income in a banks’ overall revenue stream and foreign-ownership structure are important indicators of the volatility of its equity returns. Banks with shorter loan maturity positions are regarded by investors as safer companies to invest in while increases in trading income as a source of bank’s overall revenue increases the volatility of its equity returns. Foreign ownership of a bank also lowers its equity return risk

Dynamics of Foreign Currency Lending in Turkey

On June 16 2009, in what authorities called ``a surprise development'' the Turkish Government removed a provision from its existing laws that had allowed Turkish residents to borrow in foreign currency from banks operating in Turkey. The development ended a long era of foreign currency lending in Turkey at least in the sense of consumer loans. This paper studies the determinants and consequences of foreign currency lending for banks in Turkey in the run-up to this significant policy change. Our analysis uses detailed foreign and Turkish currency composition bank data for 21 commercial banks in Turkey between 2002 and 2010. We evaluate drivers of saving and lending in foreign currency(FX) in Turkey along with consequences for the banking system in particular and for the economy in general. We highlight possible risks to the Turkish banking system as a result of system's heavy exposure to both channels. In doing so, we show that the policy change was not necessarily a surprise but a cautionary step in the right direction to help keep Turkish banking system stable

Ownership Structure and Corporate Governance in the Case of Turkey

Turkey is one of the eight countries that currently have a corporate governance index for firms listed on its main stock exchange (Borsa Istanbul). As in the case of many emerging markets, the country’s business landscape is characterized by family owned conglomerates some of which have recently become a favorite target for foreign direct and portfolio investment. By using corporate governance data on 22 publicly traded Turkish companies we estimate the determinants of corporate governance ratings for these companies with a focus on ownership structure. Our results show that family ownership has a negative impact on corporate governance ratings while foreign ownership has a weak but positive effect

Ownership Structure and Corporate Governance in the Case of Turkey

Turkey is one of the eight countries that currently have a corporate governance index for firms listed on its main stock exchange (Borsa Istanbul). As in the case of many emerging markets, the country’s business landscape is characterized by family owned conglomerates some of which have recently become a favorite target for foreign direct and portfolio investment. By using corporate governance data on 22 publicly traded Turkish companies we estimate the determinants of corporate governance ratings for these companies with a focus on ownership structure. Our results show that family ownership has a negative impact on corporate governance ratings while foreign ownership has a weak but positive effect

Investigating the potential of electroless nickel plating for fabricating Ultra-porous metal-based lattice structures using polyHIPE templates

The use of polymerized high internal phase emulsions (polyHIPEs) as templates for electroless nickel plating is a promising method for producing ultra-porous metallic lattice structures with consistent wall thickness. These structures have desirable properties such as low density, high specific strength, resilience, and absorbency, making them suitable for various applications including battery electrodes, catalyst supports, and acoustic or vibration damping. This study aimed to optimize and investigate the electroless nickel plating process on polyHIPEs. Initially, a surfactant (Hypermer)-stabilized water-in-oil emulsion based on 2-ethylhexyl-acrylate and isobornyl-acrylate was used as a 3D printing resin to create polyHIPE structures. Then, the electroless nickel plating process was optimized using polyHIPE discs. The study also examined the effects of air, argon, and reducing atmospheres during the heating process to remove the polyHIPE template using metallized 3D-printed polyHIPE lattice structures. The findings indicated that different atmospheres led to the formation of distinct compounds. While nickel-coated polyHIPEs were fully oxidized in an air atmosphere, nickel phosphide (Ni3P) structures occurred in argon and reducing atmospheres along Ni metal. Moreover, in argon and reducing atmospheres, the porous structure of the polyHIPEs was retained as the internal structure was completely carbonized. Overall, the study demonstrated that intricate polyHIPE structures can be used as templates to create ultra-porous metal-based lattices for a wide range of applications