This study was conducted to investigate the market anomalies in the Borsa Istanbul Index (BIST). The scope of this study is to examine the Monday effects in BIST that are stock index of Turkey with an data set that contains daily stock prices between 02.01.2010 and 22.10.2014. The stock returns of the 289 companies were calculated according to the daily historical stock prices of companies. These returns were classified based on the sectors, and statistically analysed if the days of the week had any effects on Monday when the daily stock returns of Monday were fixed constant. The findings showed that the stock returns on Monday were affected by the other days. These effects were mostly negative, and varied according to the stocks and sectors. Thursday and Friday had the highest effect, whereas Tuesday had the least effect on the stocks. The results show that the stock market in Turkey has market anomaly, and BIST is not an efficient market.

Abstract-Companies that are listed in Borsa Istanbul, can be included in the Corporate Governance Index if their corporate governance rating is within the range of 7 to 10. Companies can be rated in accordance with their compliance with the corporate governance principles. The aims of the present study are to investigate (i) the performances of the listed companies in the Corporate Governance Index differ from other companies listed in the Borsa Istanbul-100 Index, and (ii) whether there is a relationship between performance and the value of the corporate governance rating for the companies listed in the Corporate Governance Index Financial ratios were used to calculate the performance of companies. The results showed that the companies that are in the corporate governance index have statistically significantly higher return on assets, net profit margin, and return on equity than the ones that are not indexed. Besides, the companies with higher corporate governance rate, have a statistically significantly higher market book value, and return on equity compared to the ones with lower corporate governance rate. These results may instruct potential/current investors and shareholders. However, there is no found evidence regarding the earnings per share which can affect the investment decision shareholders.

ÖzetBu çalışmada Borsa İstanbul'da işlem gören işletmelerin hisse senedi getirileri ile işletme kârlılığı arasındaki ilişki incelenmiştir. Çalışmanın amacı hisse getirisi ile ilişkili kârlılık oranlarını tespit ederek, hisse senedi yatırımı kararlarında yol gösterici olmaktır. In this study, the relationship between the stock returns and the firm profitability of the listed companies in Borsa Istanbul is investigated. The aim of the study is to provide guidance for stock investment decision by determining the related profitability ratios. In this respect, the panel dataset was collected, and panel data analysis was performed using Stata Data Analysis and Statistical Software. In the analysis, the existence of unit and time effects were tested, and it was decided that random effect model was appropriate. Also, three assumptions of panel data that are autocorrelation, heteroscedasticity, and cross-sectional independence were tested. Since these assumptions were violated, robust estimators were used. This study showed that an increased profitability of equity and gross sales margin led an increase in the stock returns while an increase in operating margin led a decrease in the stock returns. These results suggest that the profitability ratios of the firms can be useful to estimate stock returns.Keywords: Profitability, financial ratios, stock returns, Borsa Istanbul GirişHisse senetleri önemli yatım araçlarından bir tanesidir. Yatırımcının hisse senedi yatırımından beklediği getiriyi elde edilebilmesi için, hisse senetlerinin ve piyasa koşullarının iyi analiz edilmesi gerekmektedir. Hisse senedi yatırımına karar verebilmek için temel analiz yapılabilmektedir. Temel analiz ile yatırım yapılacak hissenin finansal yapısı, finansal oranlar ile belirlenmektedir. İşletmelerin temel finansal tabloları kullanılarak hesaplanan finansal oranlar, işletmelerin likidite durumu, faaliyet yapısı, kârlılığı ve mali yapısı belirlenebilmektedir.

Public companies and listed companies in Turkey have started to apply International Accounting/Financial Reporting Standards since 2005. Use of international accounting standards has led to changes in classification, valuation and disclosure in the financial statements. In this study, the significance of change in financial ratios has been tested for national standard applications and international standard applications. In the analysis 15 financial ratios have been calculated for the same 84 companies and analysed for 6-years period when national standards were in use and for 6-years period when international standards were in use. As a result of the analysis significant relation has been found return on equity, return on total assets, total assets/equity, total liabilities/equity, total liabilities/total assets ratios.

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The purpose of this study is to examine the impact of chosen macroeconomic indicators on industrial corporate performance. In the analysis, economic profitability ratios of Turkey's top 500 industrial firms, which represent the Turkish economy, have been used to estimate performance. In order to determine the effects of macroeconomic indicators, panel data with a non-linear instrumental variables estimator, Arellano Bond generalized methodology of moments (GMM) was used between the period of 2002 and 2012. As a result of the analysis, gross domestic product, inflation rate, the rate of domestic debt interest payments to the net new borrowing and the rate of domestic debt interest payments to total income tax have a direct relationship with corporate performance. On the other hand, exchange rate, interest rate and the rate of short term foreign debts to central bank international reserves have an inverse relationship.

ÖZVadeli işlem sözleşmeleri, işletmelerin maruz kaldığı riskleri en aza indirmek amacıyla kullanılan finansal araçlardır. Vadeli işlem sözleşmelerinde en çok kullanılanlardan biri faize dayalı swap sözleşmeleri-dir. Faize dayalı swap sözleşmelerinde taraflar, belirli bir süre boyunca belirli miktarlarda ödeme yüküm-lülüklerini birbirleriyle takas ederler. Faize dayalı swap sözleşmeleri riskten korunma veya spekülatif amaçlı gerçekleştirilmektedir. Sözleşmeye hangi amaçla taraf olunuyorsa, buna göre bu işlemlerden sağ-lanan kazanç ya da kaybın muhasebeleştirilmesi ve raporlanması da farklılık gösterecektir. Swap sözleş-mesin amacı riskten korunma ise bu durumun finansal tablolara da yansıtılması gerekir. Bu çalışma kapsamında faize dayalı swap işlemlerinin muhasebeleştirilmesi Uluslararası Muhasebe Standartları (IAS)/Uluslararası Finansal Raporlama Standartları (IFRS) çerçevesinde ele alınmıştır. Vadeli işlemlerin muhasebeleştirilmesi, uluslararası standartlarda riskten korunma temeline dayanır. Bu nedenle, bu çalış-mada riskten korunma amaçlı bir swap örneği verilip, süreç içindeki yapılması gereken işlemler ve dönem sonunda mali tabloların nasıl etkilendiği anlatılmıştır. ACCOUNTING FOR INTEREST RATE BASED SWAP CONTRACTS ABSTRACTContracts are financial instruments that are used to minimize the risks companies incur. Interest rate swap contracts, are among the most used derivatives contracts. Parties of theinterest rate swap contracts, exchange the engagement of payments of certain amounts that they should to do for a certain period of time. Interest rate swapscontractsarepracticedforhedgingorspeculating. The accounting of profit or loss varies depending on the aim of being a part of the contract.It should be expressed in the financial statements if the purpose of swap contracts is hedging. In this study, accounting of interest rate swap contracts was discussed in the scope of the International Accounting Standards (IAS) / International Financial Reporting Standards (IFRS). Since in international standards, the accounting of derivative contracts are based on hedging, a case study of swap with the purpose of hedging was reported in this study. Besides, the proceduresshould be followedduringtheprocessand how thefinancialstatementswere affected was herein discussed.

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