THE TURKISH BANKING SECTOR - CHALLENGES AND OUTLOOK IN TRANSITION TO EU MEMBERSHIP

The paper explores the readiness of the Turkish banking sector for integration into the European Union. We address the issue from four different angles. First, we review the present structure and health of the sector, including the state of the regulatory framework, providing where possible a comparative perspective with the larger EU accession countries. Second, we look at the sector's financial solidity in 2003, with a view to gauging its readiness to adapt to a more challenging banking environment. Third, we look at the present obstacles to financial deepening and identify the most pressing issues that seem to hinder the sector's growth. Fourth, we explore issues of productivity and efficiency in the sector. In a final section, we ask the question of whether the Turkish banking sector is or will be ready in due time for EU accession and formulate some policy recommendations. We conclude that in 2004 the Turkish banking sector compares well with those of the new members of the EU. The major source of financial instability in the past was macroeconomic instability and government involvement. At present Turkey is closer to achieving macro-stability than ever in the past, and the government is reducing its direct involvement. Major strides have been accomplished after the crisis of 2001 in cleaning up a very nontransparent and politicized banking environment and in upgrading the regulatory structure to EU standards. Clearly, the job is not finished yet, with the challenge of introducing risk-management based on Basle II and of bringing the capital market to EU standards. Further consolidation and mergers with foreign partners will be inevitable. Should EU integration become a concrete vision of the future, macro stability has great chances to become rooted in Turkey and the banking sector will quickly move to EU standards, long before any accession date.Banking sector; European Union; integration; Turkey; regulatory framework

Asimetrik Enformasyon Isiginda Halka Arzlarin Uzun Donemli Performanslarinin Degerlendirilmesi

In this paper we aim to test concept of low stock price and long term stock performance in the context of asymmetric information phenomenon by using data of initial public offerings at Istanbul Stock Exchange. Thus, we analyze 42 stocks which has offered to the public between years 2000-2007. We calculate average abnormal returns and cumulative abnormal return. As a result the initial average returns of the 42 stocks appear to be 10,94%. Moreover the cumulative abnormal returns which were 27,95 % rises to % 39,74 at the end of the 36th month. This significant increase in cumulative abnormal returns indicates that advantages of low pricing continues in the long term.asymmetric information, initial public offerings, low pricing, long term performance, average abnormal return, cumulative abnormal return, efficient market hypothesis, ISE

Application of Customer Lifetime Value Model in Make-to-Order Manufacturing

PURPOSE: The applicability of the customer life time value (CLV) concept goes beyond consumer markets. Specifically, the purpose of this paper is to show how a make-to-order manufacturing company in a supply chain can set customer-focus manufacturing strategies using CLV. DESIGN/METHODOLOGY/APPROACH: Data from an integrated steel plant is used to calculate the life time value of customers based on the past value, the potential value, and their loyalty. The past value of a customer is based on the historical data and the future value of a customer is then forecasted. The loyalty index of a customer is determined by survey results. FINDINGS: In general, it was found that the CLV for the most valuable customers increases exponentially and the top 28 percent of customers constitute 80 percent of the total value of all customers. RESEARCH LIMITATIONS/IMPLICATIONS: This study focuses on make-to-order manufacturing organizations and the three strategies suggested for business process improvement need to be re-evaluated for make-to-stock or mass production. PRACTICAL IMPLCATIONS: Based on these results, the authors suggest three strategies for business process improvement and revenue growth for the plant. ORIGINALITY/VALUE: This study constitutes an initial effort to develop a CLV model for make-to-order manufacturing organizations for improving plant performance. The model links customers with not only the front office functions but also with ERP systems. Organizations that are part of value chains can benefit significantly from CLV applications

Assisting Public Organizations in Their Outsourcing Endeavors: A Decision Support Mode

There has been a tremendous growth in outsourcing practices in recent years. The public organizations in the United States have outsourced some functions and are now being compelled to outsource additional ones. While there are numerous studies that document and analyze outsourcing practices, there is limited research to guide public or governmental organizations in determining what functions to outsource. This study fills this gap by developing a decision support model for a typical public organization in determining what to outsource and how. A set of outsourcing decision factors is identified that can be used as parameters in the three integer programming formulations developed. These formulations are used as solution engines in the model. The first formulation identifies which functions are the best candidates for outsourcing given the organization's priorities. The other formulations place the functions into recommended contracts and re-assign displaced employees. Data from NASA Glenn Research Center in Ohio is used to test and analyze the model. Analysis indicates that cost and skills-related factors are the most sensitive parameters for the data tested. The model and the formulations are a relatively comprehensive package and may help guide outsourcing decisionmakers and policymakers in public organizations

Adenocarcinoma of the Ethmoid Sinus Presenting with Epiphora

Abstract: Low-grade non-intestinal type adenocarcinomas are rare tumors that arise from the surface epithelium of the sinonasal tract. They frequently involve the ethmoid sinus, the nasal cavity, and the maxillary sinus. These tumors present at a mean age range of 37-53 years with various non-specific symptoms including nasal obstruction and epistaxis. We report the first case of a low-grade non-intestinal type sinonasal-adenocarcinoma of the ethmoid sinus presenting with persistent unilateral epiphora. Case Presentation: A 67-year-old man presented with complaints of bloody tearing and right medial canthus swelling for several months. Examination of the area revealed a small bump beneath the skin which burst with a green mucopurulent discharge on gentle palpation. Computed tomography (CT) scans revealed a large growth in the ethmoid sinus invading into the right medial orbit and extending into the maxilla. Histopathology (H&E) demonstrated a cribriform pattern, moderately graded nuclei, and eosinophilia consistent with non-intestinal type sinonasal adenocarcinoma. The patient underwent orbital exenteration and large sinus resection. Discussion: Cancers of the paranasal sinuses are extremely uncommon and account for just 1% of all human cancers. Low-grade non-intestinal type adenocarcinoma is an extremely rare subtype that has only been reported a handful of times. Synonyms in the literature include terminal tubulus adenocarcinoma, sinonasal tubulopapillary low-grade adenocarcinoma, and sinonasal seromucinous adenocarcinoma. Microscopic analysis is key for differentiation of this tumor type from other similar sinonasal malignancies as well as for prognostication purposes. Histologically, non-ITAC is recognized by its trabecular, cribaform, or papillary growth pattern and the single layer of uniform columnar or cuboidal cells that line its glands. Pleomorphic nuclei and mitotic figures are rarely seen in this subtype. Immunohistochemically, non-ITAC is characterized by positive CK7 staining and/or negative CDX-2 and CK-20 staining. Differential diagnoses to consider include intestinal type adenocarcinoma (ITAC), acinic cell carcinoma, and oncocytic Schneiderian papilloma. ITAC is an aggressive malignancy that is differentiated from non-ITAC on the basis of its resemblance to the mucosa found in the small and large intestine, its high-grade histologic appearance, and cellular expression of CDX-2. Distinguishing the two tumors types is of crucial clinical importance given that low-grade non-ITAC has not, to date, displayed metastatic behavior while several instances of low-grade ITAC metastases have been reported. Rarely, non-intestinal type adenocarcinoma may be confused with oncocytic Schneiderian papillomas. However, the epithelium of oncocytic Schneiderian papillomas are multilayered and lack glandular lumina. The presenting clinical symptoms of non-ITAC vary, however the most common reported symptoms are nasal obstruction and epistaxis. In our case, the patient presented with persistent unilateral epiphora which has not, to date, been reported in association with this tumor subtype. The mainstay in treatment of low-grade non-ITAC includes surgery followed by radiation therapy. Overall, the prognosis of patients with non-ITAC is good and rarely does death occur due to the disease.https://scholarlycommons.henryford.com/merf2020caserpt/1125/thumbnail.jp

Knowledge-Salvage Practices for Dormant R&D Projects

Most successful firms have an abundance of new and old knowledge in their research and development laboratories, and only a fraction is being put into use in new product development. This knowledge is left over from projects that have been killed at different development stages and may actually carry considerable value. In this article, we propose a knowledge bank as a possible solution to preserve and possibly grow this knowledge. It is a self-sustaining institute with minimal or no ongoing effort from the donor company, yet manages the knowledge in a way that protects proprietary interests and actively fosters communication and interchange among sponsoring companies wherever possible. The framework of this structure, as well as how it works, is described here. Specifically, a system dynamics modeling of the knowledge bank is developed, and a simulation study is conducted using VENSIM®. The results confirm the viability of creating such a system in a consortium of organizations