The Size and book-to-market effects and their role as risk proxies in the Istanbul Stock Exchange

In this paper, we explore the relationship of firm-size and book-to-market equity with stok returns and with firm-specific and macro-economic fundamentals in the Istanbul Stock Exchange (ISE). We apply two different popular asset pricing models, the one factor CAPM and the three-factor Fama and French (1993) model, to individual stock returns and to size/book-to-market sorted portfolios. We find both size and book-to-market effects to be significant, but the size effect has a higher explanatory power. We also evaluate additional firm-specific risk characteristics of our extreme portfolios and their returns in different states of the Turkish economy and relate the size and book-to-market related Fama and French factors to macro-economic indicators. Our results reveal some new empirical regularities in the ISE and support the Fama and French findings to justify models for additional risk factors in returns

Audior selection in the Istanbul Stock Exchange: An Empirical analysis

Increased competition in audit market brings out a desire to understand the factors that influence the decision of auditor selection. In recent years there have been a considerable number of studies on the selection of independent auditors by client firms. These studies were conducted predominantly in the US and occasionally some used samples from Australia and the UK that have economies similar to that of the US. This study will be among the few exceptions, which shed light on the auditor selection process in an emerging market. The paper contributes to the auditor selection literature by examining the auditor selection process in a market in which the supply and demand for independent audits has changed dramatically by a radical reform and liberalization in 1986. The argument that companies with different firm characteristics demand varying levels of audit quality constitutes the basis for our research. The purpose of this study is to build an empirical model to find out the relationship between auditor selection and client firm characteristics for the firms listed in Istanbul Stock Exchange (ISE) for the years 1999, 2000 and 2001. We analyze the choice of auditors by 569 companies throughout the sample period. We find that size of the client firmss, shareholdings by foreign shareholders, membership in the finance sector are positively and significantly associated with the choice of a Big-Five auditor during the sample period. The significant firm characteristics which determine the Big-Five auditor selection is valid when we compare Big-Five with second-tier firms and local audit firms. The comparison of second-tier versus local auditors reveals that firm characteristics are same within the same group except membership in finance sector. These findings reveal that second-tier international audit firms seem to be distinguished from the Big-Five but not specifically from the local audit firms

First aid: Level of knowledge of relatives and bystanders in emergency situations

Bystanders who are able to provide immediate first aid to patients who require emergency care can make a big difference in the outcome. Thus, first-aid training should be made available to as many people as possible. The aims of this study were to assess the level of first-aid knowledge among bystanders in emergency situations and to identify factors that affected this level of knowledge. At Dokuz Eylul University Emergency Service between February 1 and February 15, 2002, 318 bystanders were given a questionnaire. The first part of the questionnaire was concerned with demographic characteristics and factors that would affect first-aid knowledge level. The second part consisted of 16 multiple choice questions about first aid. Bystanders answered an average of 7.16 +/- 3.14 questions correctly. Bystanders who had graduated from a university, were health care personnel, had taken a first-aid course, had a first-aid certificate, or had a driver's license were considered to be more successful

Auditor selection, client firm characteristics, and corporate governance: evidence from an emerging market

This study investigates the relationship between auditor selection, client firm characteristics, and corporate governance measures for firms listed in the ISE for the years 1999- 20042. The argument that varying levels of audit quality are demanded by companies with different firm characteristics constitutes the basis for our research. The paper focuses on determining the degree of association between the client firms’ choice of external auditors and the following client firm characteristics: percentage of shares held by foreign investors, percentage of shares open to the public (the float), membership in the finance industry, leverage, size, return on assets, and the market-to-book ratio. In addition, the effect of the client firms’ levels of Transparency and Disclosure (T&D) and compliance with local Corporate Governance Principles on the auditor selection process is also investigated.3 Whether the Big-Five4, second tier, and local audit firms are perceived as distinct groups in terms of credibility in the eyes of ISE firms is analyzed. We find that client firm size, level of shareholdings by foreign shareholders, and membership in the finance sector are the firm-specific variables that are positively and significantly associated with the choice of a Big-Five versus the other two types of auditors. This finding is consistent with the findings of extant auditor choice literature in both developed markets and in the emerging market of Athens Stock Exchange. Like Citron and Manalis (2000), we posit and find the positive relationship between foreign shareholding status and the selection of a Big Five auditor is an indication of the role of the Big-Five in providing audit credibility in the eyes of international investors. However, contrary to our expectation that agency costs will be mitigated by widespread public ownership, we find a significant negative association between the level of public shareholdings and selection of a Big-Five auditor. This might be a peculiar finding in the ISE where the managers, in serving the interests of majority family owners, may opt for the non-Big-Five that are more likely to allow managers to use discretionary, if not unethical, accounting methods that would expropriate wealth from minority shareholders and other stakeholders as we have seen in the case of bankrupt family banks. We also find that, although the Big-Five auditors’ clients are more profitable than the other types of auditors’ clients, the association is not a significant one. This might be a result of the downturn of the Turkish economy in 1998 and in 2001 that have negatively affected the profitability of all ISE companies. We expect the results of this study to be useful for auditors, their clients and the regulators that have an oversight function over both

Efficiency and Side Effects of Sorafenib Therapy for Advanced Hepatocellular Carcinoma: A Retrospective Study by the Anatolian Society of Medical Oncology

Background: Inoperable and metastatic hepatocellular carcinoma (HCC) is associated with a poor prognosis and low chemotherapeutic efficiency. Sorafenib is an oral multi-kinase inhibitor exerting its effects via the RAF/MEK/ERK pathway, vascular endothelial growth factor receptor (VEGFR) and platelet derived growth factor receptor beta (PDGFR-beta) tyrosine kinases. Randomized studies have shown a significant contribution of sorafenib to life expectancy and quality of life of cancer patients. The aim of the present study is to evaluate the efficacy and side effects of sorafenib therapy in Turkey. Materials and Methods: Data for 103 patients (82 males, 21 females) receiving sorafenib therapy in 13 centers from February 2008 to December 2012 were evaluated. Median age was 61 years and median ECOG performance status was 1 (range: 0-2). 60 patients (58%) had hepatitis B, 15 patients (15%) had hepatitis C infection and 12 patients (12%) had a history of alcohol consumption. All of the patients had Child scores meeting the utilization permit of the drug in our country (Child A). Results: A total of 571 cycles of sorafenib therapy were administered with a median of four per patient. Among the evaluable cases, there was partial response in 15 (15%), stable disease in 52 (50%), and progressive disease in 36 (35%). Median progression-free survival was 18 weeks and median overall survival was 48 weeks. The dose was reduced only in 6 patients and discontinued in 2 patients due to grade 3-4 toxicity, 18 patients (17%) suffering hand-foot syndrome, 7 (7%) diarrhea, and 2 (2%) vomiting. Conclusions: This retrospective study demonstrated better efficacy of sorafenib therapy in patients with advanced HCC compared to the literature while progression-free survival and overall survival findings were comparable. The side effect rates indicate that the drug was tolerated well. In conclusion, among the available treatment options, sorafenib is an efficient and tolerable agent in patients with inoperable or metastatic HCC

Impact of Obesity on the Metabolic Control of Type 2 Diabetes: Results of the Turkish Nationwide Survey of Glycemic and Other Metabolic Parameters of Patients with Diabetes Mellitus (TEMD Obesity Study)

Background: Obesity is the main obstacle for metabolic control in patients with type 2 diabetes. Turkey has the highest prevalence of obesity and type 2 diabetes in Europe. The effect of obesity on the metabolic control, and the macro-and microvascular complications of patients are not apparent. Objectives: This nationwide survey aimed to investigate the prevalence of overweight and obesity among patients with type 2 diabetes and to search for the impact of obesity on the metabolic control of these patients. We also investigated the independent associates of obesity in patients with type 2 diabetes. Methods: We consecutively enrolled patients who were under follow-up for at least 1 year in 69 tertiary healthcare units in 37 cities. The demographic, anthropometric, and clinical data including medications were recorded. Patients were excluded if they were pregnant, younger than 18 years, had decompensated liver disease, psychiatric disorders interfering with cognition or compliance, had bariatric surgery, or were undergoing renal replacement therapy. Results: Only 10% of patients with type 2 diabetes (n = 4,648) had normal body mass indexes (BMI), while the others were affected by overweight (31%) or obesity (59%). Women had a significantly higher prevalence of obesity (53.4 vs. 40%) and severe obesity (16.6 vs. 3.3%). Significant associations were present between high BMI levels and lower education levels, intake of insulin, antihypertensives and statins, poor metabolic control, or the presence of microvascular complications. Age, gender, level of education, smoking, and physical inactivity were the independent associates of obesity in patients with type 2 diabetes. Conclusion: The TEMD Obesity Study shows that obesity is a major determinant of the poor metabolic control in patients with type 2 diabetes. These results underline the importance of prevention and management of obesity to improve health care in patients with type 2 diabetes. Also, the results point out the independent sociodemographic and clinical associates of obesity, which should be the prior targets to overcome, in the national fight with obesity. (c) 2019 The Author(s) Published by S. Karger AG, Base