The Influence of Dividend Payments on Company Performance: The Case of Istanbul Stock Exchange (BIST)

The aim of this study is to analyze the relation between dividend policies and financial performances of the companies operating in Istanbul Stock Exchange (BIST). The study uses data of 172 companies outside of financial sector for the period of 2008-2011.  In the study firms are divided into two groups: the ones regularly paying dividends and the ones that don’t make regular dividend payments.  The tests were conducted in order to understand whether there is a difference between accounting and market based financial performances of these two groups or not.  Empirical analyses used multiple regression, T test methods as well as descriptive statistics.  The results of analysis showed that dividend payments had influence on companies’ performances. Furthermore, there was a positive and statistically meaningful relation between the dividend per share rate (DPS) within groups and market based performance indicator Tobin’s q while there was a statistically meaningless relation between accounting based performance indicators ROA and ROE and dividend per share rate. These results are of supporting quality for the dividend relation developed by Myron Gordon and John Lintner (GL). Keywords: Dividend Payments, Firm Performance, Dividend Per Share, BIS

USING RATIO ANALYSIS TO ASSESS THE INSURANCE FIRMS OPERATING IN TURKEY

Insurance appeared so as to defend individuals against the losses and the costs that will occur depending on the various conditions along with the necessity of taking precautions beforehand throughout the people’s life. In other words, insurance is a form of attitude that occurs as a result of request and wish in order to supply the needs of the individuals in the future. The financial reports of the insurance companies are different from the financial reports of the firms that operate in the commercial and industrial field. The firms in the sector, contrary to the other businesses, have to compose accounts in such a way that it also includes the details reproduced by the characteristics of the service. The characteristics of the insurance businesses that they have will also reflect on the financial reports of insurance (Karasu,1996: 20-24). These characteristics can be juxtaposed as: a-In the insurance companies, it is certainly not possible to determine the profit or the loss of the period. This is because each price of the service provided depends on a set of probability calculations. b-The technical compensations that express the cautions of the firms are reserved from the insurance premium that the insured person has paid unlike the other businesses that reserve from the benefit. c-As the technical compensations depend on a set of probability calculations, the financial reports will have a definite margin of error. Under the lights of these explanations, our study aims to assess all the insurance companies (except for the unreached firms and the life insurance branch) that operate in the country by using the ratio analysis towards the dynamic analysis within the period of seven years including the years 2000-2006, and suggests some ideas on the trend of the sector

Adjustment disorder after botulinum toxin injection in an adolescent palatal myoclonus case: The importance of informed consent in the treatment of neuropsychiatric disorders in children and adolescents

No Abstrac

Ozone Therapy and Hyperbaric Oxygen Treatment in Lung Injury in Septic Rats

Various therapeutic protocols were used for the management of sepsis including hyperbaric oxygen (HBO) therapy. It has been shown that ozone therapy (OT) reduced inflammation in several entities and exhibits some similarity with HBO in regard to mechanisms of action. We designed a study to evaluate the efficacy of OT in an experimental rat model of sepsis to compare with HBO. Male Wistar rats were divided into sham, sepsis+cefepime, sepsis+cefepime+HBO, and sepsis+cefepime+OT groups. Sepsis was induced by an intraperitoneal injection of Escherichia coli; HBO was administered twice daily; OT was set as intraperitoneal injections once a day. The treatments were continued for 5 days after the induction of sepsis. At the end of experiment, the lung tissues and blood samples were harvested for biochemical and histological analysis. Myeloperoxidase activities and oxidative stress parameters, and serum proinflammatory cytokine levels, IL-1β and TNF-α, were found to be ameliorated by the adjuvant use of HBO and OT in the lung tissue when compared with the antibiotherapy only group. Histologic evaluation of the lung tissue samples confirmed the biochemical outcome. Our data presented that both HBO and OT reduced inflammation and injury in the septic rats' lungs; a greater benefit was obtained for OT. The current study demonstrated that the administration of OT as well as HBO as adjuvant therapy may support antibiotherapy in protecting the lung against septic injury. HBO and OT reduced tissue oxidative stress, regulated the systemic inflammatory response, and abated cellular infiltration to the lung demonstrated by findings of MPO activity and histopathologic examination. These findings indicated that OT tended to be more effective than HBO, in particular regarding serum IL-1β, lung GSH-Px and histologic outcome

Diz Osteoartritli Hastalarda Denge Parametreleri ile Fonksiyonel Performans ve Eklem Pozisyon Hissi Arasındaki İlişkinin İncelenmesi

Topal Y., Investigation of the Relationship Between Balance Parameters and Functional Performance and Joint Position Sense in Patients with Knee Osteoarthritis, Hacettepe University, Institute of Health Sciences, Physiotherapy and Rehabilitation Programme, Master Thesis, 2018. The aim of this study was to examine the effects of balance parameters on functional performance and joint position sense in individuals with knee osteoarthritis. The study was performed between June 2017 and March 2018 in Hacettepe University Medical Faculty Hospital Orthopedics and Traumatology Department and applied to volunteers who were diagnosed with knee osteoarthritis and control ones. Individuals’ physical characteristics and socio-demographic information were recorded. A digital goniometer was used to evaluate normal range of motion, a Sporkat 2000 Stabilizer was used to evaluate static balance and a Berg Balance Test was used for dynamic balance. The Oxford Knee Scale (OKS) was used to assess pain and functional status from the patient's perspective, the Timed Up Go Test (TUG) and the Stair Climb-Up Test (SCUT) were used to assess physical performance. The joint position sense (JPS) was evaluated at 15, 30, 45 and 60 by reproduction test measured by a digital goniometer. As a result of our study, it was seen that all evaluation parameters were affected according to healthy age groups in knee OA patients (p < .001). There was a positive medium level correlation between the static balance during eyes open and OKS, physical performance tests (p < .001) and negative significant correlation between Berg balance score and OKS, physical performance scores (p < .001). While there was a low medium level correlation between the static balance during eyes open and JPS 30, JPS 45 (p < .05), Berg balance score and JPS 30, JPS 45 were inversely correlated with low medium level (p < .05). This has led to the conclusion that balance parameters in knee osteoarthritic individuals is correlated with on functional performance and JPS. Keywords: Knee, Osteoarthritis, Balance, Physical Performance, Joint Position SenseTopal Y., Diz Osteoartritli Hastalarda Denge Parametreleri ile Fonksiyonel Performans ve Eklem Pozisyon Hissi Arasındaki İlişkinin İncelenmesi. Hacettepe Üniversitesi Sağlık Bilimleri Enstitüsü, Fizik Tedavi ve Rehabilitasyon Programı, Yüksek Lisans Tezi, Ankara, 2018. Bu çalışmanın amacı, diz osteoartritli (OA) bireylerde denge parametreleri ile fonksiyonel performans ve eklem pozisyon hissi arasındaki ilişkinin incelenmesidir. Çalışma Haziran 2017 – Mart 2018 tarihleri arasında Hacettepe Üniversitesi Tıp Fakültesi Hastanesi Ortopedi ve Travmatoloji Anabilim Dalına’na başvurup diz osteoartriti tanısı alan ve diz osteoartriti tanısı almamış olan kontrol grubu gönüllü bireyler üzerinde gerçekleştirildi. Bireylerin fiziksel özellikleri ve sosyodemografik bilgileri kaydedildi. Normal eklem hareketinin değerlendirilmesi için dijital gonyometre, statik dengenin değerlendirilmesi için Sporkat 2000 stabilometre, dinamik denge için ise Berg Denge Testi kullanıldı. Ağrı ve fonksiyonel durumun hasta perspektifinden değerlendirilmesi için Oxford Diz Skalası (ODS) , fiziksel performansın değerlendirilmesi için Zamanlı Kalk ve Yürü Testi (ZKYT) ve Merdiven İnip-Çıkma Testi (MİÇT) kullanıldı. Eklem pozisyon hissi (EPH) ise dijital gonyometre yardımıyla ölçülen reprodüksiyon testiyle 15, 30, 45, 60 açılarında değerlendirildi. Çalışmamızın sonucunda tüm değerlendirme parametrelerinin diz OA’lı bireylerde kontrol grubu yaşıtlarına göre etkilendiği görüldü ( p< ,001). Gözler açık statik denge puanları ile ODS ve fiziksel performans puanları arasında pozitif yönde orta seviyede bir korelasyon bulunmuşken ( p< ,001), Berg denge puanı ile ODS ve fiziksel performans testleri arasında ise negatif yönlü iyi seviyede bir korelasyon tespit edildi ( p< ,001). Gözler açık statik denge ile EPH 30 ve EPH 45 arasında pozitif yönde düşük orta seviyede korelasyon bulunmuşken (p< ,05), Berg denge puanı ile EPH 30 ve EPH 45 arasında ise negatif yönlü düşük orta seviyede korelasyon tespit edildi ( p< ,05). Bu durum diz OA’lı bireylerde denge parametrelerinin fonksiyonel performans ve eklem pozisyon hissi ile ilişkili olduğu sonucunu ortaya koydu. Anahtar Kelimeler: Diz, Osteoartrit, Postural Denge, Eklem Pozisyon Hissi, Fiziksel Performan

Correction of innate immune responses in XIAP deficiency using haematopoietic cell gene therapy

X-linked inhibitor of apoptosis protein (XIAP) deficiency, caused by mutations in BIRC4, is a severe immunodeficiency with clinical features including haemophagocytic lymphohistiocytosis (HLH) and inflammatory bowel disease (IBD). Current management includes HLH treatment protocols and haematopoietic stem cell transplant (HSCT). However, survival post-HSCT for XIAP-deficient patients is significantly lower compared to patients receiving HSCT for other forms of HLH with graft versus host disease and disease relapse-associated problems. Autologous HSC gene therapy could offer an alternative treatment option and may abrogate the risk of alloreactivity. Using a XIAP-knockdown THP-1 monocyte cell line we restored NOD2-dependent TNF-α secretion following XIAP/BIRC4 gene transfer using a lentiviral vector containing codon optimised XIAP cDNA driven by the spleen focus-forming virus (SFFV) promoter (SFFV-XIAP.eGFP). Moreover, in patient cells we demonstrated restoration of TNF-α secretion in response to L18-MDP following gene correction. In a XIAP-/- mouse model, the lack of XIAP leads to impaired innate immune responses following immunization with the dectin-1 ligand curdlan. At early time points (2 hours post-curdlan administration) serum levels of IL-6, IL-10, MCP-1 and TNF-α and are significantly reduced in XIAP-/- mice compared to wild-type animals, whilst after 9 days, this profile is reversed with XIAP-/- mice secreting higher levels of pro-inflammatory cytokines together with splenomegaly due to excessive neutrophil and macrophage infiltration. To study whether gene therapy strategies could correct these defects, haematopoietic progenitors from XIAP-/- donor animals were transduced with the SFFV-XIAP.eGFP construct and injected into lethally irradiated XIAP-/- recipients. After 12 weeks reconstituted animals were challenged with curdlan and serum cytokines measured. HSC Gene therapy was able to restore immune function in XIAP-/- mice since gene-corrected animals demonstrated weight loss, spleen size and histology and cytokine profile comparable to wild-type mice. Taken together, the data presented here provides proof-of-concept for gene therapy for the treatment of XIAP deficiency

Sermaye yapısı ve finansal kaldıraç ilişkisi üzerine matematiksel bir model denemesi

İşletme yöneticileri, sermaye yapılarının oluşturulması konusunda karar alırken, bu kararların, işletmenin piyasa değerini etkileyeceğinden dolayı optimal bir sermaye yapısının ne olduğuna karar vermek durumundadırlar. Bu çalışmada işletmenin optimal sermaye yapısını etkileyen faktörlerin neler olduğu ortaya konularak ve bunlar arasındaki ilişki fonksiyonel olarak ifade edilmiştir. Sonuç olarak da optimal sermaye yapısı kararları alınırken sermaye maliyetini en azaltan ve karı en çoklayan nokta matemetiksel olarak ifade edilmiştir

Sermaye Yapısı Ve Finansal Kaldıraç İlişkisi Üzerine Matematiksel Bir Model Denemesi

İşletme yöneticileri, sermaye yapılarının oluşturulması konusunda karar alırken, bu kararların, işletmenin piyasa değerini etkileyeceğinden dolayı optimal bir sermaye yapısının ne olduğuna karar vermek durumundadırlar. Bu çalışmada işletmenin optimal sermaye yapısını etkileyen faktörlerin neler olduğu ortaya konularak ve bunlar arasındaki ilişki fonksiyonel olarak ifade edilmiştir. Sonuç olarak da optimal sermaye yapısı kararları alınırken sermaye maliyetini en azaltan ve karı en çoklayan nokta matemetiksel olarak ifade edilmiştir