Manuscript2 – Sayfa 50 – BUSINESS AND ECONOMICS RESEARCH JOURNAL

Kategori: Manuscript2

Inflation, Business Cycles, and Commodity Investing in Financialized Markets

Posted on Cumartesi Şubat 21st, 2015 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Inflation, Business Cycles, and Commodity Investing in Financialized Markets
Author(s):	Adam Zaremba
Volume:	6
Number:	1
Year:	2015
Page:	1-18
ISSN:	1309-2448

Abstract

Financialization of commodity markets has been a broadly discussed topic in recent years. However, its implications for commodity investors have not yet been fully explored. This paper concentrates on the macroeconomic determinants of commodity returns in financialized and non-financialized markets and on their role for a tactical asset allocation. The study aims to contribute to the academic literature in four ways. First, it provides fresh evidence on the interdependences between commodity returns, inflation and the business activity. Second, it documents increased correlation of the commodity returns with the business activity in the financialized markets. Third, it explores changes in the lead/lag relationship of commodity prices and the business cycle. Fourth, it proves that the commodities retained their inflation hedging abilities in the financialized markets. The computations are based on listings of various commodity indices, which are calculated by S&P-GSCI, JP Morgan, and Dow Jones-UBS, between 1970 and 2013.

Keywords:

Commodities, inflation hedging, macroeconomic determinants, business cycle, financialization

JEL Classification:

G11, G13, Q02

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The Role of Corporate Communication and Perception of Justice during Organizational Change Process

Posted on Pazar Kasım 2nd, 2014 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Role of Corporate Communication and Perception of Justice during Organizational Change Process
Author(s):	Neşe Saruhan
Volume:	5
Number:	4
Year:	2014
Page:	143-166
ISSN:	1309-2448

Abstract

Today, researchers have been exploring employee’s resistance to change and how to foresee these aversive behaviors during organizational change process (Armenakis & Harris, 2002, Dent & Goldberg, 1999, Oreg & Sverdlik, 2011). Some employees view organizational change in a negative way even if change efforts will results in favorable consequences for them. At this point, communication process has a crucial effect on the perception of employees towards change process. In addition, several studies confirm the role of perceived justice in the organization during organizational change. So, the effects of communication and perception of justice on behaviors of employees during change process and the contribution of communication on resistance to change through perception of organizational justice was explored. The research was conducted among 583 employees in Turkey. The results of the regression analysis showed that perception of organizational justice plays a mediating role between communication to resistance and change.

Keywords:

Change, resistance to change, perception of justice, communication

JEL Classification:

M10, M12

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An Investigation on the Relationship Between Credit Volume and Current Account Deficit in Turkey

Posted on Pazar Kasım 2nd, 2014 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	An Investigation on the Relationship Between Credit Volume and Current Account Deficit in Turkey
Author(s):	Aydanur Gacener Atış, Fatih Saygılı
Volume:	5
Number:	4
Year:	2014
Page:	129-141
ISSN:	1309-2448

Abstract

Following the 2008 global financial crisis, Turkey’s current account deficit has deteriorated due to a rapid growth of total credit volume and the appreciation of domestic currency. In 2010, the Central Bank of Turkey implemented a new monetary policy to improve domestic financial stability. The new policy was designed to maintain a sustainable current account deficit by reducing total domestic credit volume. The aim of this paper is to explore the impact of the domestic credit volume on Turkey’s current account deficit. The relationship between the credit growth and current account is analyzed by using quarterly data over the period 1998:1-2013:1. An econometric VECM technique and Granger Causality tests are used to analyze and to detect the long-run relationship between variables. Our findings indicate that the total credit growth has a limited but an adverse effect on the current account deficit.

Keywords:

Current account deficit, credit volume, cointegration, granger causality, vector error correction mechanism

JEL Classification:

E42, E51, F32

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Causality Relationship between Export and Economic Growth in Turkish Economy

Posted on Pazar Kasım 2nd, 2014 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Causality Relationship between Export and Economic Growth in Turkish Economy
Author(s):	Suna Korkmaz
Volume:	5
Number:	4
Year:	2014
Page:	119-128
ISSN:	1309-2448

Abstract

Every country is known to be more or less in commercial affairs with the outside world. Trade between countries influences the level of development in open economies. This study aims to search whether there has been a causality relationship between total export and economic growth variables of Turkey recently. The quarterly data of 1998:01-2013:03 were used as the period examined. In the analysis made for Turkey, unidirectional causality was seen from export to growth. Results which are supporting the hypothesis of export-led growth have emerged in accordance with literature.

Keywords:

Export, economic growth, Granger causality test

JEL Classification:

C22, F14, F43

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The Impact of Central Bank Interest Rate Releases on Financial Markets

Posted on Pazar Kasım 2nd, 2014 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Impact of Central Bank Interest Rate Releases on Financial Markets
Author(s):	Neilan Soylu, Turhan Korkmaz, Emrah İsmail Çevik
Volume:	5
Number:	4
Year:	2014
Page:	89-118
ISSN:	1309-2448

Abstract

Since the implementation of a new explicit inflation targeting policy in 2005, CBRT has followed a more transparent communication strategy. This has made more information available to markets regarding its decision making process in order to increase predictability. Within this framework, MPC meetings have been held on a scheduled monthly basis, at preannounced dates. After the meetings, the policy rate decisions were made public immediately, followed by a text providing the rationale behind the decisions. Through these implementations, CBRT provides guidance to the markets. In this study, the impact of Central Bank Interest Rate Releases on financial markets has been investigated in the period between February 2005 and April 2013. The variables used in this study are BIST 30 Index, US Dolar/TRY and EURO/TRY exchange rates, both spot and futures daily return series. The impact of interest rate releases on conditional mean and volatility was investigated using GARCH and EGARCH models. Empirical results suggest that markets respond differently when policy interest rates are separated into rate increases and rate decreases in policy rates.

Keywords:

Central bank, interest rates decisions, BIST 30, exchange rates, volatility

JEL Classification:

E52, E58, G17

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Credit Spreads during the Global Financial Crisis: Evidence from the Japanese Bond Market

Posted on Pazar Kasım 2nd, 2014 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Credit Spreads during the Global Financial Crisis: Evidence from the Japanese Bond Market
Author(s):	Aydın Yüksel, Aslı Yüksel
Volume:	5
Number:	4
Year:	2014
Page:	71-88
ISSN:	1309-2448

Abstract

This paper uses credit spread data on Japanese bond indices to examine the possibility of a change in the determinants of daily credit spreads after the outbreak of the global financial crisis of 2007. A set of variables identified by prior research are used in a GARCH setting to explain credit spread changes both before and after the start of the crisis. The findings indicate that, overall, the coefficient estimates of the two bond market factors, namely changes in the spot rate and changes in the slope of the treasury yield curve, are consistent with prior literature. Moreover, the direction of the relationship is the same during the two periods. On the other hand, the relationship between credit spread changes and the two stock market factors, namely stock market index returns and changes in the implied index option volatility, is weak and sensitive to the period examined. Finally, the liquidity factor has a weak impact in both periods. It is also notable that the explanatory power of the empirical model used in the paper falls during the crisis.

Keywords:

Credit spreads, the Japanese Bond Market, the Global Financial Crisis, liquidity risk, GARCH

JEL Classification:

G12, G01

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An Evaluation of the Transparency in the Inspection Practices of the Turkish Government Auditing Units over General Budget Institutions

Posted on Pazar Kasım 2nd, 2014 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	An Evaluation of the Transparency in the Inspection Practices of the Turkish Government Auditing Units over General Budget Institutions
Author(s):	Musa Gök, Sevda Akar
Volume:	5
Number:	4
Year:	2014
Page:	43-69
ISSN:	1309-2448

Abstract

The purpose of this study is to evaluate the transparency problem of public auditing for general budget institutions in Turkey. In this study, transparency in the auditing operations of 47 general budget institutions was studied by searching the institutions’ web sites. Upon examination, it is seen that the general practice in these public organizations is to keep the audit reports and activity reports of the audit committees keep away from public access. Only exceptions to this general tendency are the Ministry of Culture and Tourism and General Directorate of Land Registry and Cadastre. These institutions open some of their audit reports and unit operation reports to the public. In regard to internal audit units, public organizations follow even more strict closeness. They do not share directly with the public the unit activity reports and audit reports but send them as a legal obligation to the Internal Audit Coordination Board. The public institutions which have been subject to external auditing also do not share the external auditing results. The internal inspection units of institutions send their reports to Internal Audit Coordination Board as a legal obligation. However, Turkish Court of Accounts has begun to publish its audit reports since December 2013. The results of the study point out that transparent auditing system could have not been constructed for fiscal management up to now. Turkish public auditing system need to be redesigned by legal modifications and institutional adjustments and it is suggested that new structure should include the boards of inspection. In order to improve the transparency and accountability of the administration and the auditing system, a convenient legal environment need to created. In addition to all these, it is remembered that fairness and transparency in auditing and its implementation in an efficient way require compatible changes in administrative and institutional mentality.

Keywords:

Audit in public sector, transparency of audit, budget, Turkey

JEL Classification:

H61, H80, H83, H89

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The Use of Cost Information in Frozen Food Logistics

Posted on Pazar Kasım 2nd, 2014 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Use of Cost Information in Frozen Food Logistics
Author(s):	Mustafa Gürol Durak, İdil Ünverdi
Volume:	5
Number:	4
Year:	2014
Page:	19-41
ISSN:	1309-2448

Abstract

Transportation of different kinds of products to different locations is an activity that requires specialization. From this point of view, logistics industry plays a vital role in providing efficiency in economic activities. When logistics activities, which already have a complex structure, are managed inefficiently, business activities in general also become inefficient. In this context, preferring the third party logistics service, which is biasedly considered as an additional cost creating factor, can be supported to be a possible way in cost cutting. In this study, the results of operations of a medium sized frozen food transporting company is considered for making this consideration. By calculating all the costs of logistics activities (goods reception, storage, demand collection and transportation) done in the frame of operational framework of workflows, monetary advantages and disadvantages are considered for comparing the alternatives of carrying out the logistics operations with the companies’ own resources and using outsourcing services. Results show that carrying out the logistics activities by outsourcing provides a medium sized enterprise a more flexible logistics service with less cost and higher customer satisfaction.

Keywords:

Logistics, frozen food, transportation, leasing, outsourcing

JEL Classification:

M49, R42, L91

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Strengths and Weaknesses of Financing Hospitals in Germany

Posted on Pazar Kasım 2nd, 2014 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Strengths and Weaknesses of Financing Hospitals in Germany
Author(s):	Kemal Yaman
Volume:	5
Number:	4
Year:	2014
Page:	1-17
ISSN:	1309-2448

Abstract

In this study strengths and weaknesses of financing hospitals in the German health care sector are examined. In the first part of the paper key data of hospitals, subsidies granted by federal states to hospitals, allocation of expenses in the statutory and private health sector are examined. Moreover, in the same part precautions taken in the German health care industry are analyzed. In the second part of the study compensation system, in particular Diagnosis Related Groups, as a financial resource for the activities performed in hospitals are investigated. For comparison the system before 2003 is also considered. In the third part critical view of the dual system in Germany is discussed. Change in financing of hospitals from 2003 shows improvement in financial situation of these institutions in Germany. However, the new implemented dual system reveals deficits in investment expenditures supported by federal states. The monistic model proposed by Rürup for a financing system from a single resource may provide a better financial base for well-equipped hospitals to meet the challenges among the competitive German hospitals.

Keywords:

Financing of hospitals, dual financing principle, diagnosis related groups, investment shortfalls, monistic financing principle

JEL Classification:

I11, I13, G22, G28

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Comparison of Value at Risk Calculation Models in Terms of Banks’ Capital Adequacy Ratio

Posted on Çarşamba Ağustos 6th, 2014 by admin

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Comparison of Value at Risk Calculation Models in Terms of Banks’ Capital Adequacy Ratio
Author(s):	Ahmet Bostancı, Turhan Korkmaz
Volume:	5
Number:	3
Year:	2014
Page:	15-41
ISSN:	1309-2448

Abstract

Banks using advanced VaR models are expected to hold in a lower amount subject to market risk (ASMR) than banks using simple VaR models because of measuring their risk relatively more accurately. The purpose of this study is to test the hypothesis that advanced VaR models which measures risks better are resulting a lower ASMR. In this study historical volatility, historical simulation, EWMA, GARCH (1,1), GARCH (1,1)-Bootstrap and GARCH (1,1)-GED models were used for VaR calculations. By backtesting the VaR measures the model security factor h has been identified and so the ASMR has been simulated. After the results have been discussed for the real data sets the same process was repeated with randomly generated six different data sets to test the consistence of the results. According to the findings, the hypothesis that advanced VaR models like GARCH (1,1)-Bootstrap and GARCH (1,1)-GED provides a lower ASMR was rejected.

Keywords:

Basel II, backtesting, value-at-risk, capital adequacy ratio, amaount subject to market risk

JEL Classification:

G17, G21, G32, G38

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