The Degree of Financial Liberalization and Aggregated Stock-return Volatility in Emerging Markets

In this study, we address whether the degree of financial liberalization affects the aggregated total volatility of stock returns by considering the time-varying nature of financial liberalization. We also explore channels through which the degree of financial liberalization impacts aggregated total volatility. We document a negative relation to the degree of financial liberalization after controlling for size, liquidity, country, and crisis effects, especially for small and medium-sized markets. Moreover, the degree of financial liberalization transmits its negative impact on aggregated total volatility through aggregated idiosyncratic and local volatilities. Overall, our results provide evidence in favor of the view that the broadening of the investor base due to the increasing degree of financial liberalization causes a reduction in the total volatility of stock returns.return volatility;financial liberalization;market integration;volatility decomposition;emerging markets

Financial liberalization, foreign equity investment and volatility in emerging stock exchanges

Ankara : The Department of Management and the Institute of Economics and Social Sciences of Bilkent University, 2008.Thesis (Ph.D.) -- Bilkent University, 2008.Includes bibliographical references leaves 91-96.In this thesis, the effects of financial liberalization and foreign equity investment on the return volatility of stocks in emerging stock exchanges are investigated. At the aggregate level analyses, it is shown that the degree of financial liberalization has an increasing impact on the aggregated total volatility of stocks. The analysis of the components of the aggregated total volatility indicates that that the degree of financial liberalization impacts the aggregated total volatility through aggregated idiosyncratic and local volatility. In the second part of the aggregate level analyses, the effect of foreign equity investment on the return volatility of stocks is investigated by using foreign equity flow data which is available for İstanbul Stock Exchange. It is found that foreign equity inflow and outflow have asymmetric effects on average stock-return volatility. While an inflow has a decreasing impact on aggregated stock return volatility, an outflow has an increasing impact. At the firm level analysis, the time-series variation in return volatility of stocks that are crosslisted on US exchanges is examined. Unlike previous studies in cross-listing literature, return volatility is analyzed using conditional heteroscedasticity models. It’s found that firms’ exposure to risks such as local and global market betas remain unchanged after cross-listing. Moreover, no change in the dynamics of the volatility of cross-listed stocks is detected. Furthermore, it’s shown that the mean level of conditional variance is not affected by the decision to cross-list. Thus, it is concluded that share holders of cross-listed stocks are not subject to adverse volatility effects.Umutlu, MehmetPh.D

Mediation Effect of Organizational Commintment in Predict of Job Satisfaction with Organizational Justice

Örgütsel bağlılık ve örgütsel adalet, çalışma hayatında verimi ve performansı etkileyen önemli unsurlardır. Bu nedenle iş tatmini ile doğrudan ilişkileri bulunmaktadır. Literatürde bu ilişkiler karşılıklı olarak incelenmiş ve ilişki yönleri belirlenmeye çalışılmıştır. Bu çalışmanın amacı ise değişkenler arası ilişkilerin yanı sıra örgütsel adaletin iş tatminini yordamasında, örgütsel bağlılığın aracılık rolünün de incelenmesidir. Çalışmaya, 187’si kadın ve 13’ü erkek olmak üzere toplam 200 hemşire katılmıştır. Veri toplama aracı olarak, kişisel bilgi formu, Örgütsel Adalet Ölçeği, Örgütsel Bağlılık Ölçeği ve Minnesota İş Tatmini Ölçeği’nin bulunduğu anket formu kullanılmıştır. Analizler sonucunda; örgütsel adalet, örgütsel bağlılık ve iş tatmini arasında doğrusal ve anlamlı ilişki olduğu görülmüştür. Ayrıca anlamlı ilişkiler ile birlikte örgütsel bağlılık ve örgütsel adalet düzeylerin e göre iş tatmini puan ortalamaları anlamlı farklılık gözlendiğinden, örgütsel bağlılığın aracılık etkisine sahip olup olmadığının incelenmesi için basit ve çoklu doğrusal regresyon modelleri tahmin edilmiştir. Bu modellerden elde edilen katsayılar ve standart hatalar ile Sobel testi uygulanmış ve iş tatminini yordamasında örgütsel bağlılığın aracılık etkisi olduğu görülmüştür.Organizational commintment and organizational justice are important variables that affect efficiency and performance in working life. Therefore, they have a direct relationship with job satisfaction. In the literature, these relations have been studied mutually and the relation directions have not been determined. The aim of this study is to examine the role of organizational dependence as an mediator role in organizational justice predicting job satisfaction. For this aim, 200 nurses, 187 of them were female and 13 of them were male, participated in the study. As a data collection tool, a questionnaire with personal information form, Organizational Justice Scale, Organizational Commitment Scale, and Minnesota Job Satisfaction scale were used. As a result of analysis, it has been seen that there is significant linear relationship between organizational justice, organizational commitment and job satisfaction. In addition, simple and multiple linear regression models were estimated to determine whether organizational commitment has a mediating effect since the mean scores of job satisfaction scores differ with respect to organizational commitment and organizational justice levels with meaningful relationships. it was observed that organizational commitment was instrumental in assessing the satisfaction of work by sobel test with coefficients and standard errors obtained from these models

A competitive analysis of e-distribution systems in the hospitality industry

The goal of this study was a competitive analysis of global e-distributors in the hospitality industry. It specifically on Airbnb a peer-to-peer booking model, Booking.com an online travel agent retail booking model, and hotel websites, a customer direct booking model. Hospitality e-distribution systems were assessed using the Five Forces Model, a tool for analyzing the competition of a business, to determine the current dynamics and predict the future implications. In this regard, a focus group study was conducted with a group of tourism scholars and experts working in the tourism industry. Based on the findings of this qualitative research, the paper discusses how each system fills the demand in the changing competitive landscape. The study contributes to the literature by producing a detailed analysis of the dynamic nature of distribution in the hospitality industry from a strategic perspective

The Link between Financial System and Economics: Functions of the Financial System, Financial Crises, and Policy Implications

Financial system plays a key role in fostering economic growth by efficiently channelling the funds to investments. However, financial system is also considered as the source of instability especially during crisis periods. How to redesign financial system globally and nationally in order to achieve and maintain global financial stability without sacrificing the benefits of it is one of the priority issues for policy makers. This study surveys the benefits obtained from and damages caused by the financial system. This survey further overviews policy implications and suggestions about improving the financial system which help achieve long-term global financial stability

Financial Openness and Financial Development: Evidence from Emerging Countries

We investigate the potential relation between financial openness and financial development for 27 emerging countries for the period between 1996 and 2016. We focus on three dimensions of financial openness: capital account openness, trade openness, and stock-market openness. In this study, we propose alternative measures for capital account and trade openness. Moreover, we offer capital flow and valuation-based measures for stock-market openness as a potential determinant of financial development. Our findings indicate that capital account openness and trade openness are the key drivers of financial development. These results are not sensitive to the use of alternative financial openness and financial development measures, and are robust after being controlled for institutional quality and its components. Our results have implications for policymakers in emerging countries who try to increase the depth of their financial markets for an easier and cheaper access to funds

Option-Implied Volatility Measures and Stock Return Predictability

Do changes in implied volatilities (IVs) or differences among options at different spots on the volatility surface contain predictive information for future returns? The question has been asked repeatedly—and often answered in the affirmative for specific measures—but questions remain. In this article, the authors perform a comparison test on six return predictors that are all computed as differences among implied and realized volatilities and that have been proposed in the literature. The authors consider more measures, more maturities, and longer samples than earlier articles, and they include a variety of appropriate control variables. They find that the difference between at-the-money (ATM) call and put IV (CPIV) and out-of-the-money (OTM) put IV minus ATM call IV are both highly significant at the individual stock level, while a long–short portfolio strategy based on realized minus implied volatility does very well. The alternative volatility combinations are substantially less effective as return predictors

Determination of earthquake repetition periods by geodetic methods: Alaşehir region case

Gediz Grabeni Manisa’dan Pamukkale’ye kadar uzanan yaklaşık 200 km uzunluğunda bir tektonik yapıdır. Manisa ili Sarıgöl ve Alaşehir ilçe merkezleri ve çevresi deprem riski olan bölgelerden birisidir. Graben içinde oluşan son büyük depremlerden bir tanesi 28 Mart 1969 tarihinde M=6.9 büyüklüğündeki Alaşehir depremidir. Çalışma bölgesindeki tektonik hareketlerin incelenmesi için 2017 ve 2018 yıllarında GNSS ölçümleri gerçekleştirilmiştir. Bu gözlemlere ek olarak daha önce bu bölgede ve aynı noktalarda (2013-2015 yılları arasında) gerçekleştirilen GNSS gözlemleri de değerlendirme aşamasında kullanılmıştır. GNSS ölçülerinin değerlendirilmesi aşamasında GAMIT/GLOBK yazılımı kullanılmıştır. GNSS sonuçlarından elde edilen yatay hız bileşenleri 18 mm/yıl ile 29 mm/yıl arasında, düşey hızlar ise -15 mm/yıl ile -108 mm/yıl arasında hesaplanmıştır. GNSS verilerinin değerlendirilmesi sonucu grabenin iç kesiminde çökmeler, graben dışında ise yükselme değerleri elde edilmiştir. GNSS sonuçları bölge tektoniğinin karakteristiğini ortaya koymuştur. Yapılan gerinim analizinde bölgede G-K rejiminin baskın olduğu görülmüştür. Gerinim analiz sonuçlarından elde edilen Jeodezik Deprem Tekrarlama Haritaları incelendiğinde bölge için 6 veya 7 büyüklüğü civarında depremlerin tekrarlama periyodu 400-500 yıl arasında hesaplanmıştır.Gediz Grabeni is a 200 km tectonic structure extending from Manisa to Pamukkale. Manisa province Sarıgöl and Alaşehir district centers and the surrounding area is one of the regions with earthquake risk. In the last century formed in Graben, Alaşehir earthquake of magnitude M = 6.9 occurred on 28 March 1969. The region under the effect of deformation as a result of tectonic movements in the study area was followed by using the GNSS data of previous years and two years (in 2017 and 2018). GAMIT/GLOBK software was used to evaluate GNSS measurements (2013-2015). The horizontal velocity components obtained from the GNSS results were calculated between 18 mm/yr and 29 mm/yr, and the vertical velocities components were calculated between -15 mm/year and -108 mm/year. As a result of the evaluation of GNSS data, suitable results were obtained for the region tectonics. Strain analysis showed that G-K regime was dominant in the region. When the Geodetic Earthquake Repetition Maps obtained from the strain analysis results were examined, the repetition period of earthquakes greater than 7 was calculated between 400-500 years

7 T renal MRI: challenges and promises

The progression to 7 Tesla (7 T) magnetic resonance imaging (MRI) yields promises of substantial increase in signal-to-noise (SNR) ratio. This increase can be traded off to increase image spatial resolution or to decrease acquisition time. However, renal 7 T MRI remains challenging due to inhomogeneity of the radiofrequency field and due to specific absorption rate (SAR) constraints. A number of studies has been published in the field of renal 7 T imaging. While the focus initially was on anatomic imaging and renal MR angiography, later studies have explored renal functional imaging. Although anatomic imaging remains somewhat limited by inhomogeneous excitation and SAR constraints, functional imaging results are promising. The increased SNR at 7 T has been particularly advantageous for blood oxygen level-dependent and arterial spin labelling MRI, as well as sodium MR imaging, thanks to changes in field-strength-dependent magnetic properties. Here, we provide an overview of the currently available literature on renal 7 T MRI. In addition, we provide a brief overview of challenges and opportunities in renal 7 T MR imaging