Adaptive market hypothesis

Purpose: To investigate the implications of the Addaptive Market Hypothesis (AMH) on Turkish stock exchange market (Borsa Istanbul) indices as an emerging economy. BIST-100, BIST-30 and BIST-All indices are subjected to the analyses for the period between January 2002 and April 2017. Design/Methodology/Approach: Two-year rolling windows and daily test values were calculated by using linear methods (Variance Ratio Test) and nonlinear methods (BDS test) to investigate the market efficiency. Findings: According to the Variance Ratio Test results, index returns are unpredictable, that is, the market is efficient, while the results of nonlinear analysis show the existence of adaptive market hypothesis. In particular, all three indices display efficiency in the 2013-2016 period implying that returns were not predictable in this period. The results of the non-linear analysis show that the market is efficient from time to time and sometimes deviates from efficiency, indicating the validity of the adaptive market hypothesis in Borsa Istanbul. Practical Implications: The changes in the market efficiency from time to time should be considered while taking important investment decisions. Moreover, according to AMH, since trends, panics, bubbles and crashes exist in the market, arbitrage opportunities arise time to time, and market timing is an important issue to catch the profit opportunities. Therefore, as a further study, matching the important events with the efficiency of the market could provide more insights about timing the market. Originality/Value: To the best of authors’ knowledge, this is the first comprehensive study that examines the index based AMH in Borsa Istanbul. This study is believed to contribute to the literature by giving insights about the evolution of market efficiency in Turkey.peer-reviewe

Political Representation of Women in Turkey. Institutional Opportunities versus Cultural Constraints

This paper analyzes both the descriptive and the substantive sides of women’s representation in Turkey and argues that although the proportion of women politicians in the Turkish Parliament increased from only 4 % in 1999 to 17.6 % in the 2018 general elections, this has not been reflected in an increase in women MPs’ effectiveness. This article mainly argues that as electoral competition increases, women candidates’ chances of being elected decrease. On the other hand, more equal distributions of seats between parties positively influence women’s representation. During the late 1990s and early 2000s, women’s movements and grassroots demands for women’s rights in Turkey, which coincided with the highly welcomed EU accession process, complemented these institutional opportunities to foster women’s representation and break traditional patron-client relations. Overall, however, cultural constraints, such as high polarization between parties and the clash of Islamist and European values inhibit women MPs from cooperating on policies concerning women, and strict party discipline reduces the parliamentary effectiveness of Turkish women politicians

ABD’ de Biyoloji Eğitimi: Türkiye’de Benzer Sorunlar İçin Öneriler

It is known that biology education has been ignored from many aspects. However the reasons and results of this underestimation is still being discussed: The aim of this article is to provide an account of current application faults of new instructional approaches in the U.S.A. and to eliminate misunderstandings of these terminologies. The present study stresses the importance of the multidisciplinary dimensions of biology education and sheds light on the existing or possible problems that Turkish education system might face.Biyoloji eğitiminin birçok yönleri ile göz ardı edildiği bilinmekte, fakat bunun nedenleri ve sonuçları hâlâ tartışılmaktadır. Bu derlemenin amacı ABD’de uygulanmakta olan yeni öğretim yaklaşımlarının uygulanış yanlışların ortaya koymak ve buna bağlı terninoloji karmaşıklığını gidermektir. Çalışma, biyoloji eğitiminin çok disiplinli yönünün önemini vurgulamakta ve Türk eğitim sisteminde ortaya çıkabilecek veya var olan sorulara ışık tutmaktadır

Evaluation Of Silicone Polymers In Shampoos

Tez (Yüksek Lisans) -- İstanbul Teknik Üniversitesi, Fen Bilimleri Enstitüsü, 2016Thesis (M.Sc.) -- İstanbul Technical University, Institute of Science and Technology, 2016Dünya üzerindeki ekonomik krizlerden en az etkilenen sektörlerden biri olan kozmetik sektörü, yenilikçi ürünleri ve sürekli dinamik kalan tüketici tarzı ile bilinmektedir. Tüm kozmetik ürünlerin içerisinde, şampuanlar, tüm tüketiciler tarafından en çok kullanılan ürünler arasında yer alır zira şampuanlar herkesin “kullanması şart” olan ürünlerdendir. Silikonlar, başta şampuan ve saç kremleri olmak üzere cilt kremleri ve anti-perspiranlar gibi pek çok farklı kozmetik üründe kullanılır. Silikonlar, kozmetik ürünlerde giderek daha fazla oranda kullanılmaktadır ve yenilikçi, multi-fonksiyonel ürünlerin bir kısmında silikonların kullanımı şarttır çünkü formülün temel özelliğini kullanılan özel silikonlar sağlar.  Şeffaf şampuanlar, çoğu tüketici tarafından cilde ve saça daha az zararlı ürünler olarak algılanır çünkü çoğu şeffaf şampuan saçı ağırlaştırmaz, aksine hacim sağlar, opak şampuanlara kıyasla daha az bileşen içerir. Bu çalışmanın amaçlarından birisi de şeffaf, sade içerikli ve  saçı nemlendirme özelliğine sahip bir şampuan formüle ekmektir.  Bununla beraber, şampuan formülleri giderek daha sadeleşmekte ve az bileşenle optimum etki alınması hedeflenmektedir. Fonksiyonel silikonlar bu anlamda çok etkili olmaktadır çünkü tek bir fonksiyonel silikon kullanarak ıslak-kuru taranabilirliği kolaylaştırmak, saça hacim ve parlaklık vermek ve köpüğü zenginleştirmek mümkündür.  Bu tez çalışmasında, farklı tipte silikon polimerler şampuan bazında denenmiştir ve silikonların etkileri araştırılmıştır. Kullanılan silikonlar graft silikon polimerleri, trisiloksan polieterler ve son olarak polieteramin tipi silikonlardır.  Çalışmanın amacı, hangi silikonlu sistemin tuz ile kalınlaştırılabildiğini tayin etmek, bu silikonların saç üzerinde verdiği etkiyi görmek, silikonların şampuan bazının şeffaflığı ve homojenliği üzerindeki etkisini araştırmaktır. Toplam altı deney gerçekleştirilmiştir. En olumlu sonuçlar beş ve altı numaralı çalışmaların sonucunda elde edilmiştir. Beş ve altı numaralı çalışmalardaki formüllerin bir kısmı hem saç hem de cilt üzerinde belirgin bir nemlendirme ve yumuşatma etkisi sağlamıştır.  Çalışmalardaki formüllerde, sürfaktanlar olarak Sodium Laureth Sulfate ve  Cocamidopropyl Betaine seçilmiştir. Methyl Gluceth-20 ve C12-15 Alkyl Lactate bazı formülasyonlarda kalınlaştırıcı olarak kullanılmıştır. Şampuanlar, şeffaflık, viskozite, tuz (NaCl) içeriği, ıslak ve kuru taranabilirlik, parlaklık ve nemlendirme açısından değerlendirilmiştir. Emulsiyon silikonların saçta nemlendirme ve yumuşaklık sağladığı tespit edilmiştir. Emulsiyon silikonlar kullanılarak yapılmış şampuan bazı formülleri aynı zamanda duş jelleri, yüz yıkama ürünleri, el yıkama sabunları gibi formüllerinde de kullanılabilir. Bu formüller aynı zamanda glikol distearat ya da akrilat kopolimer gibi opaklaştırıcı ajanlar kullanılarak opaklaştırılabilir.Being one of the industries which is least effected by various economic crisis in the world, personal care industry is known with its wide range of products and dynamic consumers. Among all personal care products, shampoos are known to be of interest by all consumers of all age groups since shampoos are perceived by the consumer as the “must-have” items. Silicones are used in a number of personal care products, providing their unique sensory benefits from shampoos and skin creams to cosmetics and antiperspirants. Silicones are fast becoming an essential ingredient in the cosmetics and personal care market as producers continue to provide more customized and specialized silicone ingredients to meet consumer demand for innovative, multifunctional and sensory-appealing products. Clear shampoos are perceived as being pure and less harmful to both hair and skin by consumers, as they do not weigh down hair, provide volumizing and contain less amount of ingredients. Thus, main aim of this study was to formulate a clear and conditioning shampoo while investigating the behaviors of silicones in shampoo base.  Moreover, the shampoo industry is moving towards using less amount of ingredients and obtaining optimum results. Functional silicones play a critical role on the overall effect of such shampoos because functional silicones can provide ease of combing, shine, volume and enhanced foam. In this study, different types of silicones were investigated in shampoo systems. These silicones are graft silicone copolymers, trisiloxane polyethers and finally polyetheramine silicone copolymers.  The aim of the study was to see which silicone system can be thickened by salt, what kind of effect the stable formulations provide on hair, the solubility profile of the silicones in shampoo system, to see clarity and uniformity of the finished products.  The most successful formulations were obtained in Experiment 5 and 6. The results of experiment 6 were by far the optimum results in terms of conditioning both for hair and skin. Sodium Laureth Sulfate and Cocamidopropyl Betaine are selected as the surfactants. Methyl Gluceth-20 and C12-15 Alkyl Lactate are used as thickeners in selected formulations. Shampoos were evaluated for clarity, viscosity, salt (NaCl) content/efficacy and via combing force, conditioning effect, shine and conditioning properties of the applied hair. Emulsion silicones were found to provide conditioning, ease of combing and softness to both wet and dry hair and as well as skin. The final formulations with the emulsion silicones can also be used in facial washes, body washes, shower gels and hand washes by doing slight changes in formulations. These formulations can also be opacified by using glycol distearate and/or acrylates copolymer based opacifiers/thickeners.Yüksek LisansM.Sc