In this study, the existence of market-wide herding for Egypt and Saudi stock markets is investigated using state-space methodology developed by Hwang and Salmon (2004). The objective is not just to provide evidence for herding, but also evaluate the effect of regional and global shocks on herding behavior for these markets. Results show that herding exists only in Egypt. Moreover, for herd parameter in Egypt, mortgage crisis and Egyptian military takeover are the only significant factors. As expected, these factors cause fading effect on herd parameter, strengthening adverse herding. Contrary to expected, oil return or oil return volatility has no impact on herd parameter.
Keywords: Sentimental Herding, State-Space Model, Cross-Sectional Volatility, Emerging Market.
JEL Classification Codes
In this study, we examine the effect of earnings announcements on firm value by looking at the relationship at different points of the conditional distribution. The analysis covers non-financial companies listed in Borsa Istanbul's BIST100 index for the 2009-2013 years. The study also takes into account the effect of earnings persistence, whether the firm pay dividends, and brand name on the relationship between earnings announcements and firm value. Our analysis also investigates that relationship using a accurately method, namely Quantile Regression, by looking at the relationship at different points of the conditional distribution.
Idiopathic CD4 lymphocytopenia (ICL), also known as non-HIV AIDS, is a rare disease characterized by opportunistic infections, malignancies, and autoimmune diseases. Idiopathic CD4 lymphocytopenia is defined as CD4+ T-lymphocyte level below 300/mm 3 in at least two measurements or less than 20% of total lymphocytes, which cannot be explained by any other condition, including HIV infection. Nocardia spp. are opportunistic microorganisms that is a frequent cause of infection in immunocompromised individuals. In this paper, we report a 50-year-old patient with ICL and intracranial brain abscess due to Nocardia farcinica and review th literature for related articles published between April 2012 and December 2018. These data suggest that there may be an underlying immunosuppression in adult patients who have infections that are recurrent, refractory, and caused by opportunistic pathogens.
ÖzetKamu denetimi, kamu yönetimini ve kamu yönetiminin dış paydaşlar üzerinde uygulamalarını inceleme, kontrol, soruşturma ve rehberlik yollarıyla denetleyen bir mekanizmayı ifade eder. Türk kamu denetim sisteminin kendine özgü özellikleri ve sorunları bulunmaktadır. Bununla birlikte, Türk kamu denetim sisteminin karmaşık bir yapıda olduğu ve verimsiz çalıştığı bilinmektedir. Bu özellikler ve sorunlar bazı kamusal proje ve raporlarda belirtilmiştir. Bu çalışmanın amacı da Türkiye'deki kamu denetim sistemlerinin sorunlarını ve çözüm önerilerini bu belgelerle ortaya koymaktır.
Anahtar Kelimeler: Kamu Yönetimi, Kamu Denetimi, Reform, Raporlar
AbstractPublic audit refers to a mechanism that supervise the public administration and implementations of the the public administration on external stakeholders by means of review, inspection, investigation and guidance. Turkish public audit system has its own characteristics and problems. However, it is known that Turkish public audit system is in complex structure and work inefficiently. These characteristics and problems are noted in some public projects and reports. The aimof this study is to reveal the problems and solution proposals of public audit system in Turkey with these documents.
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