Privatization in emerging markets: The case of Turkey

This paper discusses the progress and success of the privatization programs in Turkey between 1985 and 1998. The paper discusses the legal developments, privatization methods, and performance of privatized companies and overall success of privatization by comparing the results of privatization with the aims and objectives stated initially. Within this framework, the paper presents the productivity increases or decreases in various privatized state enterprises, discusses the impact on stock market development, and the privatization revenues and cash results. Only 8.3 percent of the large state-owned enterprises have been privatized during this period. Net cash flow generated from the privatization process does not appear to be satisfactory, and the impact on the stock market and the economy is not very impressive. Turkey still needs to privatize its largest state-owned enterprises in order to realize the full effects of the privatization program

Distribution of quality costs: Evidence from an aeronautical firm

In this paper we discuss quality cost categories and their distribution in the total quality cost. We also present a taxonomy of the various quality cost terms. A case study is performed in a project-oriented company in the aeronautical-defense industry. We find out that appraisal costs make up the largest portion of total quality costs

Linkages among Eastern European Stock Markets and the Major Stock Exchanges

[No abstract available

Winds of change in accounting practices in an emerging market: Some observations and thoughts

In Turkey, publicly traded companies are required to comply with a new set of standards that are essentially similar to the International Financial Reporting Standards (IFRS) since 2005. In this study, we use the results of a survey carried out in Turkey with accounting or finance executives of publicly traded companies regarding their perceptions of the new set of standards and their expectations from the policy makers, compare the findings of global research with the survey results, and report our observations and opinion. The survey results suggest that there was lack of knowledge and experience for appropriate implementation - a common point raised globally as well. Early observations and findings reflect that, although a lot has been achieved on the way to convergence, more consensus and guidance from the national and international standard setters are necessary to fully realise the expected benefits of IFRS. Copyright © 2009, Inderscience Publishers

Professional vs. amateur judgment accuracy: The case of foreign exchange rates

Highly knowledgeable people often fail to achieve highly accurate judgments, a phenomenon sometimes called the "process-performance paradox." The present research tested for this paradox in foreign exchange (FX) rate forecasting. Forty professional and 57 sophisticated amateur forecasters made one-day and one-week-ahead FX predictions in deterministic and probabilistic formats. Among the conclusions indicated by the results are: (a) professional accuracy usually surpasses amateur accuracy, although many amateurs outperform many professionals; (b) professionals appear to achieve high proficiency via heavy reliance on predictive information (unlike what has been observed before, e.g., for stock prices); (c) forecast format strongly affects judgment accuracy and processes; and (d) apparent overconfidence can transform itself into underconfidence depending on when and how forecasters must articulate their confidence. © 2003 Elsevier Science (USA). All rights reserved

The influence of nationality and gender on ethical sensitivity: An application of the issue-contingent model

When a member of an organization has to make a decision or act in a way that may benefit some stakeholders at the expense of others ethical dilemmas may arise. This paper examines ethical sensitivity regarding the duties to clients and owners (principals) employees (agents) and responsibilities to society (third parties). Within this framework ethical perceptions of male and female managers are compared between the U.S. and Turkey - two countries that differ on power distance as well as the individualism/collectivism dimensions. Our results show that ethical sensitivity varies depending upon whether the interests of principals agents or third parties are affected by a given ethical dilemma. We also find that contingent upon the principal-agent-society relationships the nationality and gender of the decision-maker influences ethical sensitivity. © Springer 2005

Professional vs. amateur judgment accuracy: The case of foreign exchange rates

Cataloged from PDF version of article.Highly knowledgeable people often fail to achieve highly accurate judgments, a phenomenon sometimes called the ‘‘processperformance paradox.’’ The present research tested for this paradox in foreign exchange (FX) rate forecasting. Forty professional and 57 sophisticated amateur forecasters made one-day and one-week-ahead FX predictions in deterministic and probabilistic formats. Among the conclusions indicated by the results are: (a) professional accuracy usually surpasses amateur accuracy, although many amateurs outperform many professionals; (b) professionals appear to achieve high proficiency via heavy reliance on predictive information (unlike what has been observed before, e.g., for stock prices); (c) forecast format strongly affects judgment accuracy and processes; and (d) apparent overconfidence can transform itself into underconfidence depending on when and how forecasters must articulate their confidence. 2003 Elsevier Science (USA). All rights reserved

Convergence to international financial reporting standards: The case of Turkey

In this paper, we discuss the progress in the accounting standards in Turkey and provide some insight into the current accounting system as well as the recent regulatory developments following the convergence attempts to the global set of financial accounting standards that is currently referred to as the International Financial Reporting Standards/ International Accounting Standards (IFRS/IAS) in Turkey. The paper emphasises variations from and similarities with the IFRS/IAS and lays out a brief history of global convergence activities. The paper concludes with a discussion of the effects of convergence on the financial reporting and accounting systems of domestic and multinational companies, and audit firms in Turkey. Copyright © 2005 Inderscience Enterprises Ltd

Growing tendency to harmonisation with IFRS: some evidences from Turkey

Motivated by the recent developments in accounting regulations, we explore the tendency of countries to converge to IFRS for both public and private companies and present some evidence on the issue from an emerging market. We explore how the legal system – civil vs. common law – and the stock market development stage in a country affects the acceptance of IFRS by the regulators. We find that stock market influences the acceptance of IFRS for both public and private companies while the legal system affects the requirement of IFRS for the private companies. In Turkey, different regulatory bodies control different types of companies. Capital Markets Board that controls the listed companies issued the first set of translated IFRS in 2003. Established in 2002, Turkish Accounting Standards Board (TASB) is responsible to translate and issue the international accounting standards. Examination of issue and effective dates of both standards reveals that TASB closely follows the IASB efforts.international financial reporting standards; IFRS; legal system; harmonisation; convergence; Turkey; accounting regulations; emerging markets; civil law; common law; stock markets; Turkish Accounting Standards Board; TASB.