Cross-Autocorrelation between Small and Large Cap Portfolios in the German and Turkish Stock Markets

This paper studies the cross-autocorrelation structure in the German and Turkish stock markets by using daily portfolio returns. We find the evidence that large cap portfolios lead small cap portfolios in both subperiods of German stock market but this structure is seen only in the first subperiod of Turkish stock market. Analysing the market-wide and portfolio-specific information effects on portfolio returns shows that above stated lead-lag relation is associated with the market-wide information content in lagged large cap portfolio returns. We also document a directional asymmetry in small (large) cap portfolio returns’ reactions to lagged large (small) cap portfolio returns. The evidence is contradicting to the previous findings of McQueen, Pinegar and Thorley (1996) and Marshall and Walker (2002) whoose researches are conducted on US and Chile stock markets. Our findings show the lagged effects of bad news - not good news - on small cap portfolio returns. It is documented that the speed of adjustment of small cap portfolio prices to common market-wide information is slower than large cap portfolio prices and small cap portfolio prices are slower in reacting to bad news.German stock market ; Turkish stock market ; Cross- autocorrelation ; Market-wide and portfolio-specific information ; Asymmetric reaction

Proceedings of the Conference on Globalization and Its Discontents

Poverty is increasing around the world while the world appears to globalize. Even the wealthiest nation has the largest gap between rich and poor compared to other developed nations. In many cases, international politics and various interests have led to a diversion of available resources from domestic needs to western markets. The fight against poverty is interest in as a social goal and many governments have some dedicated institutions or departments. In general, the government can directly help those in need. However, another method in helping to fight poverty is to use microfinance system. Microfinance tries to fight global poverty and bring opportunities to the world's poorest people. Of course, microfinance approach does not offer sufficient solutions reduce to poverty. Otherwise, with tiny loans and financial services, it helps the poor, mostly women, start businesses and escape poverty. Micro-finance programs targeting women have become a major plank of donor poverty alleviation strategies in the 1990s and funding is set to further increase into the next century under governments, Non-Governmental Organizations (NGO’s), some initiatives and donor agencies activities. This study focuses on some solutions for global poverty problem such as mikrofinance approach. In addition, it examines Turkish conditions the aspect of microfinance practices.microfinance, microcredit, poverty of women, globalization

Difusion of Free/Opensource Software as Innovation: A Case Study of METU

In this research, the diffusion of free and open source software (FOSS) on desktop PCs at Middle East Technical University in Ankara (METU) is investigated within the framework of the diffusion of innovation theory. This work aims to propose some policies for the migration to FOSS on desktop PCs at METU. The research is conducted through two similar web-based surveys. The first survey was held during 27-28 September 2003 after the examination of exemption for the IS100 course. The second survey was held between 23 March and 24 May 2004 in the whole of the METU campus. This survey was open to all students and academic and non-academic staff with a METU network account. There were 402 participants in the first survey and 1224 in the second. As expected, Microsoft OS rules the desktop PCs within the METU campus. According to the surveys, there is a rather large PC user base which could potentially migrate to GNU/Linux system. In addition to a large amount of data, it has been found out that a migration to FOSS is welcomed greatly by the users if the process is explained on the basis of public economic gains. However personal migration is still difficult if the user is left alone to install any new OS. Activities which will eventually increase the awareness for FOSS at METU, change in the curriculum of the IS100 course, collaboration among METU FOSS users and creation of a software catalog with possible FOSS equivalent for METU courses are some of the propositions which will eventually help the migration process. Furthermore, different innovation-decision models are discussed based on the research findings.

Economic Crisis and Political Participation in a Transitional Economy: Evidence from Russia

The experience of countries adjusting in the wake of the global crisis of 1997-2000 has awakened many debates related to the political economy and social costs of adjustment. Amongst these, the experience of Russia is particularly controversial, both because of the great severity of the shock experienced by a large number of Russians during the process of perestroika, and because of the political consequences, which in many provinces have involved street protests and demonstrations and in some, also violence and demands for secession (Giuliano 2006). These political consequences are relevant to the general question of the political feasibility of adjustment in the circumstances of the present decade, which is examined in several papers within our research project (e.g. Mosley 2007a, 2007b). In this paper, we examine within this context political participation and wage inequality during the 1998 financial crisis in Russia. We use two household survey data sets. The VTsIOM household survey dataset, conducted in 1998 and 1999, was used to analyze individuals’ response patters to escalating economic hardship. Data from the Russian Longitudinal Monitoring Survey (RLMS) was employed in our analysis of the welfare impacts of the crisis. We address two key questions. Firstly, we attempt to identify major factors behind individuals’ propensity to take part in a political protest. In particular, we look at what determines individual support for reform and whether individual propensities change with the targeted audience. Secondly, we attempt to determine who are the winners and losers from the crisis, in the spirit of the earlier analysis of Brainerd(1998).In particular, we analyse whether wage inequality widened during the crisis and whether wage discrimination worsened. These questions are of interest for several reasons. Firstly, the pace and extent of the crisis had a dramatic impact on Russia’s economy which, in turn, may have influenced political mobilization motivated by claims for policy reversals. Secondly, if financial crisis generated wage inequality, it is important to identify the extent, pattern, and nature of the wage inequality for effective policy formulation.