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

Theoretical approaches to Turkey's accession to the European Union /

The start of accession talks between Turkey and the EU on 3 October 2005 has forced Europeans to reconsider the European integration project. Debates over whether Turkey could ever be European have sharply increased in number. Prior to this stage, political, legal and economic aspects of the European integration project were more at the fore front. It is at this point, cultural considerations appear to underestimate the potential benefits of Turkey’s membership to the EU. Theoretically, rational institutionalism and sociologic/constructivist institutionalism are found to be partially competing and partially complementary. In other words, Turkey’s accession to the EU will be determined by its material costs/benefits; however, the perceptions of these costs will largely be determined by the willingness of the European public to accept Turkey. Culture and identity, therefore, will play an equal important role in this process

The Amsterdam Declaration on Fungal Nomenclature

The Amsterdam Declaration on Fungal Nomenclature was agreed at an international symposium convened in Amsterdam on 19–20 April 2011 under the auspices of the International Commission on the Taxonomy of Fungi (ICTF). The purpose of the symposium was to address the issue of whether or how the current system of naming pleomorphic fungi should be maintained or changed now that molecular data are routinely available. The issue is urgent as mycologists currently follow different practices, and no consensus was achieved by a Special Committee appointed in 2005 by the International Botanical Congress to advise on the problem. The Declaration recognizes the need for an orderly transitition to a single-name nomenclatural system for all fungi, and to provide mechanisms to protect names that otherwise then become endangered. That is, meaning that priority should be given to the first described name, except where that is a younger name in general use when the first author to select a name of a pleomorphic monophyletic genus is to be followed, and suggests controversial cases are referred to a body, such as the ICTF, which will report to the Committee for Fungi. If appropriate, the ICTF could be mandated to promote the implementation of the Declaration. In addition, but not forming part of the Declaration, are reports of discussions held during the symposium on the governance of the nomenclature of fungi, and the naming of fungi known only from an environmental nucleic acid sequence in particular. Possible amendments to the Draft BioCode (2011) to allow for the needs of mycologists are suggested for further consideration, and a possible example of how a fungus only known from the environment might be described is presented

Comparison of Rose-Bengal Chloramphenicol agar and Dichloran Glycerol Agar (DG18) for enumeration and ısolation of moulds from raisins

Two different selective media as Rose-Bengal Chloramphenicol (RBC) Agar and Dichloran Glycerol (DG18) Agar were used for isolation and enumeration of molds from raisin, which is the main economic crop in Turkey and somewhere else. A total of 129 raisin samples were collected randomly during 1998-2000, of 94 were taken from several field vineyards and 35 from two different raisin packaging houses. Although after microbiological examinations no significant differences were found in relation with their fungal count (p>0,05), there was a marked variation (p<0.05) in terms of fungal diversity between the two media. Thus 53 species belonging six genera were obtained with DG 18 agar, whereas 74 species from 12 genera with RBC agar. There were 39 species common in the two media. the results warrant the need to use two selective media with different moisture or water activity in order to isolate and/or enumerate a more representative mycoflora including toxigenic and/or pathogenic from raisins

The effects of aerobic dance exercise on body composition changes associated with weight change in sedentary women

Arslan, Fatma (Aksaray, Yazar)The purpose of this study was to assess the effects of aerobic dance exercise on body composition in sedentary overweight women. In this study, Total 55 adult sedentary women participated as volunteers. The age, height and weight averages of the subjects exercise and control group were respectively 35,10±9,12 years, 1,60±5,22 m and 68,55±6,73 kg (n=29) and 30,27±10,85 years, 1,59±5,53 cm and 61,25±8,38 kg (n=26). Body composition (via skinfolds caliper), waist hip ratio, waist circumference were measured and body fat percentage, Basal Metabolic Rate and Lean Body Mass were calculated at sedentary women. The measurements were taken twice as before and after aerobic-dance exercise being applied an 8-week series of one hour exercise three days per week. The control group did not participate in any physical activity during the six-week period. There were significant differences between pretest and posttest for weight, body mass index, waist circumference, waist hip ratio, metabolic and body composition parameters in exercise group (p<0,05). Besides there were significantly decreased body weight, Lean Body Mass, Basal Metabolic Rate and fat percentage (p<0,05). Furthermore, there were not significant differences between pretest and posttest for waist circumference, waist hip ratio, body composition parameters, Lean Body Mass, Basal Metabolic Rate, body weight and body fat percentage in control group(p>0,05). As a result, it can be say that aerobic dance exercise at a moderate intensity and duration can improve physical fitness and can decrease body fat percentage, Lean Body Mass and Basal Metabolic Rate during weight loss...

KRİPTO PARA PİYASALARINDA AŞIRI GÜVEN

Kripto para yatırımlarına artan bir ilgi var. Bumakale, COVID-19 dahil olmak üzere 17 Ağustos 2017 - 11 Mayıs 2022 dönemi içinToda-Yamamoto (1995) prosedürünü izleyen kümülatif Fourier frekansı Grangernedensellik testleri kullanarak kripto para piyasalarındaki "aşırıgüven" önyargısını incelemeyi amaçlamaktadır. pandemi. 5 dakikalıkaralıklı veri seti, Bitcoin ve diğer sekiz altcoin, Binance Coin, EOS.IO,Ethereum, Link, Litecoin, Tron, Stellar ve Ripple bilgilerini içerir.Sonuçlarımız, Bitcoin ve Binance madeni para için fiyat ve hacim ölçümleriarasındaki geri bildirim ilişkisini gösteriyor ve bu çiftler için aşırı güveninvarlığını ima ediyor. Kalan altcoinler için fiyattan hacme tek yönlü birnedensellik kanıtlanmıştır, bu da ticaretin, eşit derecede bilgilendirilmişkripto para yatırımcıları arasında fikir birliğinin olmadığı kamuya açıkbilgiler tarafından yönlendirildiğini ima eder. Ayrıca, kripto para piyasalarıiçin hacim ölçümleri ile oynaklık arasında güçlü bir çift yönlü ilişki vardır.Verilerdeki bilinmeyen sayı ve yapısal kırılma biçimleri göz önüne alındığındasonuçlar sağlamdır.There is an increasing interestin cryptocurrency investments. This paper aims to examine the "overconfidence"bias in cryptocurrency markets by employing cumulative Fourier-frequency Grangercausality tests following the Toda-Yamamoto (1995) procedure for the periodfrom August 17, 2017, to May 11, 2022, including COVID-19pandemic. The 5-minute interval dataset includes information of Bitcoin andeight other altcoins, Binance Coin, EOS.IO, Ethereum, Link, Litecoin, Tron,Stellar, and Ripple. Our results show feedback relationship between price andvolume measures for Bitcoin and Binance coin, implying the existence ofoverconfidence for these pairs. A unidirectional causality from price to volumeis evidenced for the remaining altcoins, implying that trading is driven bypublic information on which there exists a lack of consensus among equallyinformed cryptocurrency investors. Moreover, there is a strong bi-directionalrelationship between volume measures and volatility for the cryptocurrencymarkets. The results are robust after considering the unknown number and formof structural breaks in the data.</p

Exploring the Herding Behavior and its Impacts on Cryptocurrency Markets

Thispaper determines the existence of “herd behavior” and the factors of herding incryptocurrency markets. We examine the causability between herding and sentimentsignals such as (FoMO, hopeful, negative, positive, and uncertain) as well asbetween herding and volatility and valume as a measure of overconfidence forBitcoin. Our dataset covers January 1, 2019 – September 10, 2022, consisting ofCOVID 19 pandemic. First, we use intraday aggregate trade data and constructdaily herding intensity statistics for negative, positive, and zero trades inthe sense of Patterson and Sharma (2006). Then, we compute realized volatilityseries exploiting the Parkinson’s (1980) range-based measure. FollowingBalcilar et al. (2017), the volatility series are log-detrended. The sentimentsignals are smoothed using the exponential smoothing (ETS) models in the statsmodulePython module. Lastly, we estimate Fourier-type Granger causality testsdeveloped by Nazlioglu et al. (2019). Our results show the bi-directionalcausality between sentiment signals from Twitter and the herding intensitystatistics at the conventional significance levels. The sentiment signals fromReddit have a limited impact on the herding statistics, but most of the signalssignificantly cause the volatility measures. Bitcointalk sentiment signals donot cause any herding, volatility, and volume measures. Our results provideimportant implications for investors and portfolio managers interested in cryptocurrencyinvestments.</p