İktisat Bölümü Koleksiyonu
Bu koleksiyon için kalıcı URI
Güncel Gönderiler
Yayın Are the crypto markets shock resilient to COVID-19? A comparative investigation of trading prices and volumes(Econometric Research Association, 2025) Khan, Asad ul Islam; Bwando, William; Yönetim Bilimleri Fakültesi, İktisat BölümüThe emergence of crypto currency as an alternative source of currency has been dubbed as one of the greatest phenomenon of the 21st century. Over the years, crypto currencies have grossly interrupted the traditional financial system and they continue to act as a catalyst for its revolution. However, cryptocurrencies have not been free from misery and controversies. The aim of this study is to explore and investigate empirically the impact of Covid-19 pandemic on price and volume dynamics in crypto markets. The study makes use of two data samples, but these samples are analyzed separately and independently. The first sample consists of Top Five Cryptocurrencies in terms of market capitalization (Bitcoin, Ethereum, XRP, Binance coin and Litecoin) as at 7 November 2020. The second one is made up of the Bottom Five Cryptocurrencies among the top 40 cryptocurrencies (FTX Token, Huobi Token, Filecoin, Dash and Decreed) as at 7 November 2020 again. The data among the Top Five Cryptocurrencies ranges from 2014 to 2021 and the data among the Bottom Five Cryptocurrencies ranges from 2018 to 2021.. The empirical results reveal that all crypto-currencies are integrated at order 1 i.e. I (1). The empirical analysis confirms presence of strong evidence for intra-and-inter long run relationship between price and volume dynamics within the crypto market irrespective of whether it is pre-pandemic or pandemic period. More so, there is convincing evidence from the results that much of the variance among the prices and volumes of the top five cryptocurrencies is attributed to the Bitcoin price-volume dynamics. This implies that it is critical for crypto market traders, investors and portfolio managers, before making any investment decision must consider the dynamics of price and trading volumes of BITCOIN as they hugely impact the prices and volumes of other altcoins.Yayın COVID-19 and the Okun’s law: The case of Ghana¹(Cogent OA, 2025) Abdul Malik, Amaama; Khan, Asad ul Islam; Yönetim Bilimleri Fakültesi, İktisat BölümüThe Covid 19 pandemic was a strong shock that plummeted into the entire interconnected economic activities of the world. As a result of the lockdown associated with the pandemic, the economies of the world were affected through restrictions like lockdown leading to the reduction of economic indicators like Gross Domestic Product (GDP) and increase in Unemployment. This paper set out to look at the relationship between the GDP and unemployment in Ghana in the periods prior and during the covid pandemic. The Autoregressive Distributed Lag (ARDL) model was used on data from 1991 to 2021. The result shows the nonexistence of the Okun’s law in Ghana in each of these periods. We conclude by advising policy makers to implement policies that directly generate more jobs like improvement in the agriculture sector through training and financial support to enable increased employment to match the increase in economic growth.Yayın Private equity investments in Turkey: Past, present and future(Nobel Bilimsel Eserler, 2019) Varlı, Yusuf; Yönetim Bilimleri Fakültesi, İktisat Bölümü[No Abstract Available]Yayın Closing auctions: Dealing with closing price manipulations in stock markets(Nobel Bilimsel Eserler, 2019) Özcan, Rasim; Yönetim Bilimleri Fakültesi, İktisat Bölümü[No Abstract Available]Yayın The best may not be the best innovation towards creating sellable products(Nobel Bilimsel Eserler, 2019) Özcan, Rasim; Yönetim Bilimleri Fakültesi, İktisat Bölümü[No Abstract Available]Yayın Assesing the historic economic downturn from a historical perspective(Nobel Bilimsel Eserler, 2019) Özcan, Rasim; Yönetim Bilimleri Fakültesi, İktisat Bölümü[No Abstract Available]Yayın Central Bank's conundrum in responding to global economic pandemonium(Nobel Bilimsel Eserler, 2019) Özcan, Rasim; Yönetim Bilimleri Fakültesi, İktisat Bölümü[No Abstract Available]Yayın Assessing the impact of seasonal changes on advertising revenues in the age of digitalization and sustainability: A print-visual media business example(Busssecon International Academy, 2024) Camci, Aykut; Aksoy, Tamer; Yönetim Bilimleri Fakültesi, İşletme BölümüThis study mainly aimed to investigate the impact of seasonal changes on media advertising revenues (AR) in R environment through a visual-print media company example. So, the study primarily aimed to examine whether visual, print and internet ARs were affected by seasonal change. The study also aimed to indicate the trends of visual/ print/ and internet ARs over time in the light of seasonality. Furthermore, it was also aimed to make AR estimates for the next year with the best performing methods covering ARIMA and ETS. Methodologically, R programming language and its libraries were used together with ARIMA and ETS time series models. The data set consisted of a monthly ARs series consisting of 180 rows covering the period between January/2007-December/2021 and having a sufficient number of observations for the application of the models. Data were analyzed with R and next year’s forecasts were done with ARIMA and ETS. The study revealed that all AR types were affected by seasonal changes in the specified period and included seasonality, i.e. specially in the summer months. Additionally, it was observed that AR types have different trends despite containing seasonality. The study found that visual ARs denoted a slight downward trend including seasonality during the period. It was also indicated that print ARs reflected a very rapid and drastic downward trend covering seasonality. The study also revealed that internet ARs showed a very rapid and sharp upward trend compared to the other two AR types despite having seasonality. Furthermore, taking into account the calculated error metrics, it was found that the ARIMA model showed the best estimation performance in both i.e. visual and internet ARs. On the other hand, the ETS model indicated the best estimation performance in print ARs. Accordingly, estimations of the visual/print and internet ARs for the next year were made with the best performing methods. It was pointed out that estimated ARs included seasonality in the summer months and revealed similar results to the previous trends based on historical data.Yayın The pursuit of the best: Economic perspectives, analyses and applications(Nobel Bilimsel Eserler, 2019) Özcan, Rasim; Özcan, Rasim; Yönetim Bilimleri Fakültesi, İktisat BölümüEmerging technologies not only reshape the economic life and its parameters but also provide new tools in analyzing economic developments and newly formed economic structures. In particular, the recent wave of digitalization has been changing the economic structure from how to produce to what and how to consume. Digitalization also provides new tools to understand and analyze new economic structures and developments. This book focuses on financial markets by considering the challenges and opportunities provided by the digitalization towards understanding the new economic tectonic shifts.Yayın Indigenous practices of women for sustainability: A QDA based word-cloud analysis(Econometric Research Association, 2024) Salahuddin, Taseer; Yönetim Bilimleri Fakültesi, İktisat BölümüWomen anywhere have since times immemorial have played a central role in human development, nurturing, training and raising families. Majority of the core values that are directly or indirectly instilled in humans come from mothers. These values help shape us into who we are, what we think and act like and how we behave throughout our lives. Since the induction of capitalistic school of thought for valuation of everything this major role has been buried under the layers upon layers of materialistic calculations. A world where do-it-yourself-activities are not included in GDP calculations and where we have lost touch to our inner selves due to over dependence on logical positivism, contributions both in the emotional and qualitative sense done for the community by the women in different roles they play have been underrepresented and over shadowed. This is led us to disconnect from very impressive role they played in keeping the society inclusive, caring, and kind. Main objective of the research was to gather via participatory approach, contribution sources, depth and intensity for sustainable socioeconomic development of society done by the women. Over 60 ethnographic interviews were done across Punjab, Pakistan to enlist areas of contribution by the women for the society. This qualitative analysis consisted of transcription, coding, categorization, interpretation and triangulation. Results are a beautiful spectrum of contributions from emotional, financial, social, political, psychological as well as entrepreneurial fronts. From kitchens to playgrounds, from morning till night there is a never ending flow of value which is overshadowed, if channelized can lead to breaking barriers in all domains of life.Yayın Are the crypto markets shock resilient to COVID-19? A comparative investigation of trading prices and volumes(Econometric Research Association, 2024) Khan, Asad ul Islam; Bwando, William; Yönetim Bilimleri Fakültesi, İktisat BölümüThe emergence of crypto currency as an alternative source of currency has been dubbed as one of the greatest phenomenon of the 21st century. Over the years, crypto currencies have grossly interrupted the traditional financial system and they continue to act as a catalyst for its revolution. However, cryptocurrencies have not been free from misery and controversies. The aim of this study is to explore and investigate empirically the impact of Covid-19 pandemic on price and volume dynamics in crypto markets. The study makes use of two data samples, but these samples are analyzed separately and independently. The first sample consists of Top Five Cryptocurrencies in terms of market capitalization (Bitcoin, Ethereum, XRP, Binance coin and Litecoin) as at 7 November 2020. The second one is made up of the Bottom Five Cryptocurrencies among the top 40 cryptocurrencies (FTX Token, Huobi Token, Filecoin, Dash and Decreed) as at 7 November 2020 again. The data among the Top Five Cryptocurrencies ranges from 2014 to 2021 and the data among the Bottom Five Cryptocurrencies ranges from 2018 to 2021.. The empirical results reveal that all crypto-currencies are integrated at order 1 i.e. I (1). The empirical analysis confirms presence of strong evidence for intra-and-inter long run relationship between price and volume dynamics within the crypto market irrespective of whether it is pre-pandemic or pandemic period. More so, there is convincing evidence from the results that much of the variance among the prices and volumes of the top five cryptocurrencies is attributed to the Bitcoin price-volume dynamics. This implies that it is critical for crypto market traders, investors and portfolio managers, before making any investment decision must consider the dynamics of price and trading volumes of BITCOIN as they hugely impact the prices and volumes of other altcoins.Yayın Stablecoins and emerging market currencies: A time-varying analysis(Emerald Publishing, 2025) Napari, Ayuba; Khan, Asad ul Islam; Kaplan, Muhittin; Vergil, Hasan; Yönetim Bilimleri Fakültesi, İktisat BölümüPurpose: Owing to the growing evidence of crypto asset connectedness and correlation with traditional financial assets, this study sought to determine if there is a time-varying correlation and/or connectedness between the stablecoin market and the currencies of emerging market and developing economies (EMDEs) with significant cryptocurrency penetration. Design/methodology/approach: This study uses a probabilistic principal component analysis (PPCA) to create stablecoin and EMDEs currency returns and volatility indices for EMDEs with significant cryptocurrency penetration. We then employ a time-varying correlation and time-varying parameter vector autoregressive (TVP-VAR) connectedness measures to document the time-dependent correlation and connectedness between the EMDE currencies and the stablecoin market. Findings: The result points to a spillover of return shocks from the EMDE currencies to the stablecoin market prior to and after the COVID-19 pandemic. This is indicative of a flight-to-safety role of stablecoins for EMDE currencies. This calls for increased attention to the stablecoin market by money market investors and monetary authorities. Originality/value: The paper contributes to the growing cryptocurrency and finance literature by empirically examining the level of connectedness between stablecoins and emerging market currencies. Knowing the relationship (correlation) and shock spillover (connectedness) between the stablecoins and the EMDE currencies will be valuable to currency investors’ diversification and hedging strategies, and to macroeconomic policymakers in designing and implementing regulation.Yayın Unravelling crash risk transmission: Cryptocurrency impact on stock markets in G-7 and China(Johar Education Society Pakistan, 2024) Khan, Asad ul Islam; Özcan, Rasim; Ibrahim, Mahat Maalim; Yönetim Bilimleri Fakültesi, İktisat BölümüIn this paper, we use the Empirical Bayes estimation and multiple linear regression approach to examine the impact of the top 5 cryptocurrencies’ crash risks on the G-7 and China equity markets’ crash risks. MATLAB was used to calculate the crash risks, while Stata software was employed for the econometric analysis. Three crash risk measures are used to validate the robustness of the results: (i) the relative frequency of the number of crash days in the market, (ii) the monthly returns’ skewness, and (iii) the down-to-up volatility. Our findings indicate that overall crash risks of the top 5 cryptocurrencies are positively related with G-7 and Chinese stock markets’ crash risk. This suggests that the crash risk transmits from the crypto to the equity markets and the crashes in crypto can serve as a predictor in the stock markets. Furthermore, there is a negative correlation between the historical crash risks of the G-7 stock market and the present crash risks of the same stock market. This suggests that past stock market crashes can serve as a predictive factor for assessing the current risk of a stock market crash.Yayın The causal relationship between public investment in renewable energy and climate change performance index(Econjournals, 2025) Vergil, Hasan; Mursal, Marwa; Kaplan, Muhittin; Khan, Asad ul Islam; Yönetim Bilimleri Fakültesi, İktisat BölümüAddressing the current environmental challenges requires optimizing climate actions and understanding the complex relationships among them. This paper aims to provide insights into how public investment in renewable energy influences various dimensions of climate change, including emissions, efficiency, renewable energy deployment, and policy effectiveness. This study seeks to explore the causal connection between public investment in renewable energy and the Climate Change Performance Indicator (CPI) from 2007 to 2017, utilizing data provided by German Watch. The method used is Dumitrescu and Hurlin’s (2012) Granger Causality. The study unveils a unidirectional causality from Renewable Energy Investment (REI) to climate change performance. Additionally, it emphasizes the critical role of energy efficiency in attracting investments in renewable energy. Surprisingly, the study finds that REI influences the quality of climate policy. Furthermore, the study identifies a bi-directional causality between a renewable energy share and REI. The contribution of the paper lies in its analysis of public investment in renewable energy, covering areas beyond just public finance for R&D in renewable energy, as also exploring the causal link between this investment and CPI. It offers policymakers insights on how financial governmental interventions can effectively drive climate action.Yayın The impact of personality, behavior, and geography on participation in the private pension system in Türkiye: A machine learning approach(Borsa Istanbul Anonim Şirketi, 2025) Verberi, Can; Kaplan, Muhittin; Yönetim Bilimleri Fakültesi, İktisat BölümüThis study examines regional disparities in the factors that affect participation in the Private Pension System (PPS) in Türkiye, focusing on sociodemographic characteristics, personality traits and behavior, and pension and financial literacy. The behavioral factors identified encompass procrastination, locus of control, pessimism, compulsive buying, and time perspective, and the personality traits include openness, agreeableness, extraversion, neuroticism, and conscientiousness. The study employs data on two provinces in Türkiye, Şırnak and Istanbul, and uses XGBoost and Tree SHAP algorithms and a probit model. Our findings indicate that personality traits such as openness, agreeableness, and conscientiousness have a positive influence on individual engagement in pension plans, whereas extraversion has a negative impact. Additionally, basic pension literacy is more influential than advanced pension literacy. The results also show that regional geography significantly influences personality and behavioral factors. Finally, a perception of protection is a critical factor in PPS participation.Yayın Public attitudes toward higher education using sentiment analysis and topic modeling(Springer Nature, 2024) Göçen, Ahmet; Ibrahim, Mahat Maalim; Khan, Asad ul Islam; Yönetim Bilimleri Fakültesi, İktisat BölümüThis study examines higher education through data-mining methodologies, aiming to uncover key themes and sentiments in global discourse. Utilizing sentiment analysis and topic modeling, the research analyzes 157,943 tweets from 84,423 unique users over a five-month period (January to May 2023). This period was selected, coinciding with the rise of artificial intelligence (AI) tools, particularly ChatGPT. The study investigates the discussions, emotional tones, and dominant topics shaping the global narrative of higher education within X (Twitter) data. Key findings include the geographical distribution of tweets and the most frequent positive and negative perceptions. It also addresses critical issues such as affordability, accessibility, and funding in higher education. Furthermore, the data shows public reactions to AI in higher education are initially negative, while higher education tweets are primarily characterized by positivity and optimism. The higher education tweets are mainly posted on the weekend, with decreased activity during weekdays. This research provides insights into the evolving higher education landscape amid rapid technological advancements.Yayın Beyond GARCH: Intraday insights into the exchange rate and stock price volatility dynamics in Borsa Istanbul sectors(Shaheed Benazir Bhutto Women University, 2024) Abdul-Rahman, Mutawakil; Khan, Asad ul Islam; Kaplan, Muhittin; Yönetim Bilimleri Fakültesi, İktisat BölümüThis study investigated the impact of exchange rate volatility on sectoral stock volatility by employing the intraday volatility measure directly calculated from the original data, using daily data from 27 Borsa Istanbul sectors between April 29, 2003, and April 25, 2023. In the literature, GARCH models are commonly used to study the volatility spillovers between exchange rates and stock prices, typically using aggregate data. However, the GARCH family models provide inefficient and biased estimates if they are misspecified. Moreover, using aggregate-level data may lead to biased and misleading conclusions. The research used intraday volatility measures to overcome the shortcomings of GARCH models. The ordinary least squares (OLS), GARCH (1,1) methods, and Garman and Klass (1980) volatility estimator are used. The empirical results showed that the estimates from each method vary significantly, and these disparities in the results might be due to misspecification in GARCH (1,1) models. The intraday volatility model estimation results showed that although stock price volatilities in all sectors are positively and significantly affected by exchange rate volatility, their magnitudes vary significantly. Taken together, this implies the presence of vast heterogeneities in the responses of sectoral stock price volatilities to exchange rate volatility. The results encourage policymakers to pay special attention to these heterogeneities to prevent capital flights and underinvestment. Additionally, the findings assist investors in making more effective decisions by helping them adapt their investment strategies to factor in exchange rate fluctuations and mitigate the impact of unexpected events in the exchange rate market.Yayın From earnings to occupations: Understanding intergenerational mobility in Turkey(Shaheed Benazir Bhutto Women University, 2024) Iftikhar, Sundas; Vergil, Hasan; Yönetim Bilimleri Fakültesi, İktisat BölümüThe studies analyzing intergenerational economic mobility have been rather scarce for developing countries due to unavailability of longitudinal datasets. This study uses data from Survey of Income and Living Condition (SILC) from 2006-2021, obtained from Turkish Statistical Institute to analyze the intergenerational income and occupational mobility in Turkey. Besides measuring the dynamics of income and occupational mobility across generations, we also analyze how does the association of children socioeconomic outcome with their family background vary at different career levels of children. Our findings reveal that the association with parents income is much higher for daughters as compared to sons suggesting daughters outcomes are more explained by their family socioeconomic status. Regarding the association of children’ outcome with family status at different career stage, the relationship is stronger when children are at the mid-career level. The Bayesian methodology and Pseudo-panel fixed effect model has been employed to estimate intergenerational income elasticity and for the rest of the analysis, Bayesian methodology has been utilized. Our finding also reveals higher intergenerational occupational persistence among children in higher income families while children from disadvantaged families have higher probability of switching career upon receiving good education and income perspective.Yayın An evaluation of the impact of the pension system on income inequality: USA, UK, Netherlands, Italy and Türkiye(Springer Science and Business Media B.V., 2024) Verberi, Can; Kaplan, Muhittin; Yönetim Bilimleri Fakültesi, İktisat BölümüThis study examines empirically the impact of various characteristics of pension systems, in particular their quality and integrity, on income inequality, utilizing micro-level data from the United States, United Kingdom, Netherlands, Türkiye and Italy. To this end, the income inequality model, which includes public pension (or public/private pension mix), age, education, gender, marital status and employment as independent variables, has been estimated using quantile regression. The results provide a number of valuable information on the impact of the pension system on income inequality: (i) Public pension income significantly reduces overall income inequality across almost all inequality groups in all countries, except for the UK and the Netherlands; (ii) Different types of pension systems vary significantly in their redistributive effects on income; (iii) The empirical results also show that the effect of different pension systems on inequality changes by inequality groups significantly.Yayın Exploring the impact of behavioural factors and personality traits on private pension system participation: A machine learning approach(İstanbul University Press, 2024) Verberi, Can; Kaplan, Muhittin; Yönetim Bilimleri Fakültesi, İktisat BölümüThis study aims to investigate the effects of personality traits, in addition to basic financial literacy, private pension literacy and behavioural factors on Private Pension System (PPS) participation using machine learning algorithms. The PPS participation model was trained using both random forest and LightGBM algorithms, and the contributions of model inputs in the prediction of pension participation were interpreted using the Tree SHAP algorithms with swarmplots. The data employed in the empirical analysis is survey data collected from the Şırnak province of Türkiye with a sample size of 449. The findings of the study shows that: (i) PPS participation is more likely for females and middle-aged people; (ii) High basic financial literacy has a negative impact on PPS participation; (iii) Extraversion is the key personality trait affecting PPS participation; (iv) Advanced pension literacy has more impact on participation than simple pension literacy: (v) Present-fatalistic tendency is key behavioural factor and it negatively affects PPS; (vi) Present-hedonistic, conscientiousness, future-time orientation, and locus of control tendencies increase PPS participation. Furthermore, the distribution of colours in LightGBM has a greater degree of uniformity in both directions compared with the random forest algorithm. Finally, to increase PPS participation, the results of the study suggest the implementation of the following policy measures: Tailored pension literacy programmes can help to increase pension participation rates. Incentives should be created to prevent narrow-minded behaviour and establish a sense of protection and control around PPS, targeting middle-aged individuals and women.
