Ownership structure in BIST - Capital structure relation Granger causality test a comparative application between BIST industrial index and service index

Abstract. In this study, it was aimed to determine whether there is a bidirectional relationship between the ownership and capital structures through the variables representing the ownership and capital structures of 142 businesses, which are included in the Service and Industrial Indexes of Borsa Istanbul (BIST) between the years of 2006-2014. The capital structure in the research is represented by the leverage ratio (TBTV), which determines the extent to which a business is dependent on debt and to determine how much of the assets owned by the business are financed with debt, while the ownership structure is represented by the largest shareholder’s equity (EBOP), the foreign share (YAP), the corporate investor ratio (KURY) and the number of the shareholders with more than 10% share of the business (ORTAK). The factors influencing the bi-directional causality between the ownership and the capital structures were researched with the Panel Vector Autoregressive Model (VAR). In the scope of the VAR analysis, Granger causality test and the impulse response analyzes were also performed. It was found in the result of the analysis that in the model where the capital structure (TBTV) is a dependent variable in the service index, none of the independent variables belonging to the ownership structure has a causality relation through the TBTV. In the model where the variables belonging to the ownership structure were dependent variables, it was found that the independent variable belonging to the capital structure (TBTV) is the reason of the change in the ownership variables of EBOP, HAO and KURY variables. According to the results obtained, 1 period delay in the capital structure causes decrease in EBOP and HAO; increase in KURY. As to the businesses in the industrial index, a causality relationship was not seen between the ownership structures and the capital structures in the context of these variables and the two structures do not effect each other.Keywords. Ownership structure, Capital structure, Granger casuality, BIST. JEL. C33,G10, G32

Boundary value problem of Caputo fractional differential equations of variable order

In this work, we investigate the existence, uniqueness and the stability of solutions to the boundary value problem (BVP) of Caputo fractional differential equations of variable order by converting it into an equivalent standard Caputo BVP of the fractional constant order with the help of the generalized intervals and piecewise constant functions. The results obtained in this interesting study are novel and worthy based on the Krasnoselskii fixed point theorem and the Banach contraction principle. The Ulam-Hyers stability of the given variable-order Caputo fractional boundary value problem is established. A numerical examples is given at the end to support and validate the potentiality of our obtained results.Publisher's Versio

Measurement of the effects of capital structure in enterprises on the probability of bankruptcy: A research on the enterprises traded in the BIST industrial index

Abstract. This study aims to measure the relationship between the Altman Z-Score, which is used to determine the financial failure of the enterprises, and the decisions on the capital structure. In other words, it has been tried to determine whether the capital structure has any effect on the risk of bankruptcy. In the scope of the research, 112 enterprises that continue their activities uninterruptedly and are traded on the industrial index between 2006 and 2014 have been examined. Panel data analysis has been utilized in order to examine the effect of capital structure on the financial failure and/or performance in the enterprises. Through the use of the Altman Z-Score (ZSCORE) which is an indicator of the risk of bankruptcy in the models formed based on the panel data analysis, a statistically negative and significant correlation has been found between the capital structure of the enterprises and the risk of bankruptcy. The leverage ratio (TBTV), which is considered as a variable that represents the capital structure, and thenon-debt tax shields (BDVK), which represent the control variable, have been used. In the correlation between the control variable and the ZSCORE, it has been found that the BDVK has not any significant effect on the ZSCORE and has not caused any increase in the total variance. The findings of this study indicate that the debt ratio in the enterprises causes an increase in financial failure, and they are also compatible with the validity of the trade-off theory.Keywords. Capital structure, Altman Z Score, Panel Data, Financial Performance, Trade-Off Theory, BIST.JEL. C23, G32, G33

FPGA Implementation of AI-Based Inverter IGBT Open Circuit Fault Diagnosis of Induction Motor Drives

In modern industrial manufacturing processes, induction motors are broadly utilized as industrial drives. Online condition monitoring and diagnosis of faults that occur inside and/or outside of the Induction Motor Drive (IMD) system makes the motor highly reliable, helping to avoid unsched-uled downtimes, which cause more revenue loss and disruption of production, thus making it as the extensively used industrial drive. This can be achieved only when the irregularities produced out of the fault circumstance are sensed at that instant itself and diagnosed as to what and where happened for suitable action by the protective equipment employed. This requires intelligent control with high performance scheme. Hence, Field Programmable Gate Array (FPGA) based Neuro-Genetic implementation with Back Propagation Neural Network (BPN) is suggested in this article to diagnose the fault more efficiently and almost instantly. It is reported that the classifica-tion of neural network will provide the output within 2 µs although the clone procedure with mi-crocontroller requires 7 ms. This intelligent control with high performance technique is applied to the IMD fed by Voltage Source Inverter (VSI) to diagnose the fault external to the induction motor occurring in the VSI supply system. The proposed approach was simulated and experimentally validated.publishedVersio

Bazı Reel Kuadratik Sayı Cisimlerinin Temel Birimleri Üzerine

In this paper, we consider the real quadratic fields Q^ h d where d is a square free positive integer congruent to 1(mod4). We constructthe parametrization of d which correspond to some types of real quadratic fields including a specific kind of continued fractionexpansion. Then, we determine the explicit representation of fundamental unit and obtain some results on Yokoi’s invariants. Besides,we give several tables for which satisfy the obtained results. In this paper, the recent results of the paper (Özer 2016a) have also beenextended and completed in the case of d?1(mod4).Bu makalede, d, (mod4)’e göre 1’e denk olan kare çarpansız bir pozitif tamsayı olmak üzere Q^ h d reel kuadratik cisimleri göz önüne almaktayız. Sürekli kesir açılımının özel bir çeşidini içeren reel kuadratik sayı cisimlerinin bazı tiplerine karşılık gelen d nin parametrik ifade edilişini belirlemekteyiz. Daha sonra, temel birimin kesin gösterimini belirlemekte ve Yokoi’nin değişmezleri üzerine bazı sonuçlar elde etmekteyiz. Buna ek olarak, elde edilen sonuçları sağlayan bazı tablolar vermekteyiz. Bu makalede ayrıca d?1(mod4) olması durumunda (Özer 2016a) makalesinde elde edilen sonuçlar tamamlanmakta ve genişletilmektedir

Algebraic Approximations to Partial Group Structures

In this work, we use ‘Partial Group’ notion and we do further investigations about partial groups. We define ‘Partial Normal Subgroup’ using partial conjugation criteria and we prove few results about partial normal subgroups analogous to normal groups. Also, we define congruence relation for partial groups and via this relation, we state ‘The Quotient of Partial Group or Factor Group’. We give isomorphism theorems for partial groups. Explicitly, this is an analogous concept to group theory and our main is where differences partial groups from groups

Fibonacci Sequence and Continued Fraction Expansions in Real Quadratic Number Fields

In 2002, Tomita and Yamamuro defined several theorems for fundamental unit of certain real quadratic number fields. Although, there are infinitely many values of d having all 1s in the symmetric part of continued fraction expansion of w(d), Tomita and Yamamuro (1992) had described explicitly one type of d for the fundamental units of the real quadratic fields by using Fibonacci sequence in the Theorem 3 for d equivalent to 2,3(mod4) and in the Theorem 2 in the case of d equivalent to 1(mod4) (2002). The main purpose of this paper is to generalize and provide an improvement of the theorem 3 and the theorem 2 in the paper of Tomita and Yamamuro (2002). Moreover, the present paper deals with new certain formulas for fundamental unit epsilon(d) and Yokoi's d-invariants n(d), m(d) in the relation to continued fraction expansion of w(d) for such real quadratic fields. All results are supported by numerical tables.WOS:0004079297000082-s2.0-8501523137

Bazı Özel Kümeler Üzerine

For t an integer, a Pt set is defined as a set of m positive integers with the property that the product of its any two distinct element increased by t is a perfect square integer. In this study, the certain special P-5, P+5, P-7 and P+7 sets with size three are considered. It is demonstrated that they cannot be extended to P-5, P+5, P-7 and P+7 with size four. Also, some properties of them are proved.Bir t tamsayısı için Pt kümesi, herhangi iki tane farklı elemanının çarpımının t fazlası bir tamkare olma özelliğine sahip m tane pozitif tamsayıdan oluşan bir küme olarak tanımlanır. Bu çalışmada, üç elemanlı bazı P-5, P+5, P-7 ve P+7 kümeleri gözönüne alınıyor. Bu kümelerin dört elemanlı P-5, P+5, P-7 ve P+7 kümelerine genişletilemez olduğu gösteriliyor. Ayrıca, bu kümelerin bazı özellikleri kanıtlanıyor

Notes On Especial Continued Fraction Expansions and Real Quadratic Number Fields

The primary purpose of this paper is to classify real quadratic fields Q(?d) which include the form of specific continued fraction expansion of integral basis element ???????????? for arbitrary period length ? = ?(??????) where d ? 2,3(mod4) is a square free positive integers. Furthermore, the present paper deals with determining new certain parametric formulas of fundamental unit ? d ??t d ?ud d ? 2 ?1 and Yokoi’s d-invariants d n , md for such real quadratic fields. All results are also supported by several numerical tabular forms.Bu makalenin asıl amacı, d ? 2,3(mod4) kare çarpansız pozitif tamsayılar olmak üzere keyfi ? = ?(????) periyod uzunluğu için tamlık taban elemanı olan ???????? nin özel bir sürekli kesre açılımındaki formu içeren Q(?d) reel kuadratik sayı cisimlerini sınıflandırmaktır. Ayrıca bu çalışma, ilgili reel kuadratik sayı cisimleri için Yokoi’nin d-invaryantları olan d n , md ile ? d ??t d ?ud d ? 2 ?1 temel biriminin kesin parametrik formüllerinin belirlenmesi ile ilgilenmektedir. Tüm sonuçlar bir takım nümerik tablolar ile de desteklenmektedir