Derivatives Usage in Risk Management By Turkish Non-Financial Firms and Banks: A Comparative Study

The purpose of this study to compare the previous research about how the nonfinancial companies listed in the Istanbul Stock Exchange (ISE) and deposit banks in Turkey have disclosed information regarding the usage of derivatives, and the accounting treatment of these derivatives. The results of these studies indicate that banks and the non-financial companies listed in the ISE-100 Indices, which represent 86 % of the market capitalization, use derivatives mainly for hedging purposes. However, the evidence that they usually prefer reporting their gains/losses arising from these transactions as “held for trading” instead of applying “hedge accounting”, since they could not meet the compulsory criterions described in the IAS 39.Derivative Instruments, IAS 39, IFRS 7, Hedge Accounting,

The Expectation Gap in Internet Financial Reporting: Evidence from an Emerging Capital Market

The development of the internet as a global medium has significantly impacted financial reporting environment of the companies. Recently, companies have started reporting their financial results and other information relating to business on their web pages. The internet offers the facility to provide all interested groups with information to make well-informed, timely investment decision thus reducing the information advantages of institutional investors and information intermediaries. This study examines the level of internet financial reporting in Turkey. Furthermore, it tries to find out whether there is an expectation gap in internet financial reporting. In this study, “expectation gap” refers to the difference between (1) what financial statement users perceive important in decision making process to be and (2) what companies actually disclose or present in their web pages. Our findings indicate that an expectation gap exists; financial statement users have higher expectations for various facets than what companies actually report in the areas such as; reports of analysts, phone number to investor relations, segmental reporting, financial data in processable format, and summary of financial data. Our findings serve as evidence that the companies should engage in appropriate actions to reduce this expectation gap.Internet, Financial Reporting, Turkey

IFRS 2005 in Turkey; Can We See the Evidences on the Financial Reports of the Companies Listed?

The Turkish economy has been emerging one during the last decades. So, has been the Turkish Capital Market. This study focuses on the IFRS applications in 2005 in Turkey. Particularly has dealt with the following research questions: First, what has been the position statement of the goodwill and the deferred taxes on the financial statements investigated? Second, what has been the importance of the amounts of the goodwill and the deferred taxes on financial statements investigated? In order to find out the reasonable answers to the questions above, the financial reports IFRS applied of the top 100 companies listed on the Istanbul Stock Exchange have been analyzed. Data available on the web pages were obtained from financial reports of those. The empirical research was conducted through a statistical software package. The financial statements as of December 31, 2003, 2004, and 2005 have been covered by the study. The results have shown the impacts of the items covered in the study on the financial positions of the companies investigated.IFRS, Emerging Economies, Goodwill, Deferred Taxes

Determination of characteristic compressive strength of self- compacting and vibrated concrete

The use of self-compacting concrete is increasing due to the demand of faster work performance and better working conditions. The leadership countries in this field are European, and especially Scandinavian countries. Also Slovenian constructors are using self- compacting concrete where performing mechanical vibrations is difficult or impossibile. The purpose of the present Graduation thesis is to determinate the characteristic compressive strength of self-compacting concrete taking in consideration the standards and adequate statistic procedure. The results will be compared with those of vibrated concrete

A modified Kolmogorov-Smirnov test for normality

In this paper we propose an improvement of the Kolmogorov-Smirnov test for normality. In the current implementation of the Kolmogorov-Smirnov test, a sample is compared with a normal distribution where the sample mean and the sample variance are used as parameters of the distribution. We propose to select the mean and variance of the normal distribution that provide the closest fit to the data. This is like shifting and stretching the reference normal distribution so that it fits the data in the best possible way. If this shifting and stretching does not lead to an acceptable fit, the data is probably not normal. We also introduce a fast easily implementable algorithm for the proposed test. A study of the power of the proposed test indicates that the test is able to discriminate between the normal distribution and distributions such as uniform, bi-modal, beta, exponential and log-normal that are different in shape, but has a relatively lower power against the student t-distribution that is similar in shape to the normal distribution. In model settings, the former distinction is typically more important to make than the latter distinction. We demonstrate the practical significance of the proposed test with several simulated examples.Closest fit; Kolmogorov-Smirnov; Normal distribution

The Value Relevance of IFRS: The Case of Turkey

Accounting standards that are mostly compatible with International Financial Reporting Standards (IFRS) are required for consolidatedfinancial statements of all Turkish listed firms starting from 2005 fiscal year end. Before that, financial reporting in Turkey was closely related to taxreporting. Until 2003, all Turkish listed firms were preparing their financial statements in accordance with the local standards issued by the CapitalMarket Board of Turkey. In this study, I examine the relative and incremental value relevance of earnings and the book value of equity under CapitalMarket Board (CMB) Accounting Standards (2001-2002) and under IFRS (2005-2006) for Turkish listed firms. I compare these two periods toinvestigate whether the mandatory adoption of IFRS increase relevance of earnings and book value of equity which are accepted as proxies ofaccounting quality. I find evidence that the value relevance of earnings and book value of equity has increased significantly after adopting IFRS. Inaddition, I find that the incremental value relevance of earnings increased between the CMB accounting standards period and the IFRS period.However, the incremental value relevance of book value of equity degreased in the same period

A Multi Hidden Recurrent Neural Network with a Modified Grey Wolf Optimizer

Identifying university students' weaknesses results in better learning and can function as an early warning system to enable students to improve. However, the satisfaction level of existing systems is not promising. New and dynamic hybrid systems are needed to imitate this mechanism. A hybrid system (a modified Recurrent Neural Network with an adapted Grey Wolf Optimizer) is used to forecast students' outcomes. This proposed system would improve instruction by the faculty and enhance the students' learning experiences. The results show that a modified recurrent neural network with an adapted Grey Wolf Optimizer has the best accuracy when compared with other models.Comment: 34 pages, published in PLoS ON

Impurity induced density of states and residual transport in nonunitary superconductors

We obtain general expressions for the residual density of states, electrical conductivity and thermal conductivity for non-unitary superconductors due to impurity scattering. We apply the results to the so-called `B phase' of PrOs4Sb12, which we describe using a non-unitary gap function derived from symmetry considerations. The conductivity tensor has inequivalent diagonal components due to off-axis nodal positions which may be detectable in experiments.Comment: 8 pages, 1 figur

Magnetic Cellular Nonlinear Network with Spin Wave Bus for Image Processing

We describe and analyze a cellular nonlinear network based on magnetic nanostructures for image processing. The network consists of magneto-electric cells integrated onto a common ferromagnetic film - spin wave bus. The magneto-electric cell is an artificial two-phase multiferroic structure comprising piezoelectric and ferromagnetic materials. A bit of information is assigned to the cell's magnetic polarization, which can be controlled by the applied voltage. The information exchange among the cells is via the spin waves propagating in the spin wave bus. Each cell changes its state as a combined effect of two: the magneto-electric coupling and the interaction with the spin waves. The distinct feature of the network with spin wave bus is the ability to control the inter-cell communication by an external global parameter - magnetic field. The latter makes possible to realize different image processing functions on the same template without rewiring or reconfiguration. We present the results of numerical simulations illustrating image filtering, erosion, dilation, horizontal and vertical line detection, inversion and edge detection accomplished on one template by the proper choice of the strength and direction of the external magnetic field. We also present numerical assets on the major network parameters such as cell density, power dissipation and functional throughput, and compare them with the parameters projected for other nano-architectures such as CMOL-CrossNet, Quantum Dot Cellular Automata, and Quantum Dot Image Processor. Potentially, the utilization of spin waves phenomena at the nanometer scale may provide a route to low-power consuming and functional logic circuits for special task data processing