ÖzPrivate Pension System (PPS) which has been in practice for many countries began its operations on 27 October 2003 in Turkey, and Pension Fund Companies (PFCs), Portfolio Management Companies (PMCs), and government authorities are three main actors in the system. Evaluating the performance of pension funds is vital to the benefit of all participants. In addition, the performance of the relevant funds should be periodically reviewed to use financial resources effectively and efficiently. In this respect, private pension funds are of vital importance, especially for countries with a savings deficit such as Turkey. When the finance literature is examined, it is seen that there are many studies to measure fund performance. However, examining the performance of funds alone is not an adequate control method for the IPS. In addition to the performance of the funds, the performance of those who manage the funds is also important for economic development. In this context, the aim of the study is to evaluate the performance of the PMC of pension funds with Sharpe Ratio and Treynor Index. 149 funds managed by 12 PMCs were included in the analysis for the period between January 2013 and December 2016. According to the findings, TEB PMC has the highest average Sharpe ratio (0.0768) and QNB FİNANS PMC has the lowest highest average Sharpe ratio (0.0225). According to the Treynor index, the highest average score (0.0524) belongs to GARANTİ PMC while the lowest score belongs to YAPI KREDİ PMC with (0.0048).
Analyzes that are frequently used by individual and institutional investors when making investment decisions in financial markets are divided into fundamental analysis and technical analysis. While fundamental analysis evaluating financial instruments based on macroeconomic factors, sectorial developments, and financial data of the instruments, technical analysis; tries to forecast the future price of this financial instrument using its historical price movements. The theoretical background of the technical analysis is based on the Dow Theory and there are some assumptions such as "historical price movements of financial assets will be repeated over time". There are also some indicators such as Moving Average Convergence Divergence (MACD), Bollinger Band (BBand), and the Relative Strength Index (RSI) frequently used by investors. In this study, MACD, BBand and RSI tested using 2014-2018 Bitcoin (BTC), Ethereum (ETH) daily price data. BTC and ETH Buy / Sell decisions have been tried to be estimated and the return of the cryptocurrencies for investors has been calculated. Analyzing the most frequently traded cryptocurrencies in financial markets, it has been examined how effective the technical analysis is in investment decisions and whether any returns can be obtained by using technical analysis from these investments. According to the findings obtained, BBand, RSI, and MACD methods can give conflicting signals. Therefore, it is possible to say that earnings and losses may differ according to the analysis method used by investors.
In today's world, innovations in the field of industry, technology and logistics are destroying the borders of countries and it is becoming more complicated and difficult to make an economic decision in globalized world. The accuracy and reliability of information related with companies have become more important for individual and institutional investors. The independent auditing firms evaluate the financial information of the enterprises whether they include any problems, irregularities, errors and frauds according to predetermined criteria, and presents the result to the use of the third parties. Existing and potential investors benefit from audit reports in their decisions. In this study, the impacts of audit reports on financial markets and investors in Turkey and German stock markets have been studied by Case Study Analysis. According to the findings, although there are statistically significant results in both markets, the effect lasts shorter in the German stock market than Turkey.
This study aims to shed light on the immediate stock price response to the introduction of individual future contracts (IFCs) in Borsa Istanbul and make a general assessment of the Turkish stock market efficiency. In this context, as of June 2020, all 37 stocks traded in the futures market are included in the study. The first trading day of each contract in the futures market is accepted as an "event" and the abnormal returns of the underlying stocks are analyzed with event study analysis. According to the empirical results, there are statistically significant positive abnormal returns especially one day before the event. It means that the introduction of IFCs has statistically significant impacts on the abnormal returns of underlying stocks traded in the spot market. The presence of statistically significant abnormal returns suggests that the Turkish stock market is not an efficient market in the semi-strong form.
With the growth of the business world, autonomous software programs such as MRP, ERP, and SAP have been used to synchronize different units and departments since the 1960s. There have been great technological developments in the last decades, such as Blockchain, the Internet of Things, artificial intelligence, and machine learning. The attention of the accounting world has also been on those technological developments, especially on Blockchain Technology. Accounting academics and professionals have been trying to understand how blockchain technology can affect accounting and what kind of changes might be brought about by that technology. Therefore, the purpose of this study is to make a systematic literature review in order to foresee the potential effects of blockchain on accounting. Selected keywords were searched for on the Scopus database. The results show that most of the studies in this area focus on technical issues and the development of software applications, and a small number of studies make a connection between blockchain and accounting. Although most of the authors are very optimistic about blockchain technology and claim that this technology may change the double-entry accounting system completely and radically, some have discrete approach and express critical views.
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