The objective of this study is to examine age, cohort and year effects on food away from home (FAFH) expenditure of Turkish households, employing double hurdle approach for the period of [2002][2003][2004][2005]. Results show that both the decision to participate in FAFH market and the actual FAFH expenditure of Turkish households change according to cohort, age and time. It is determined that the households with younger household heads have higher probability to participate in the FAFH market than the households with older household heads. Cohort effects for younger generations, on the other hand, are positive and significant in FAFH market participation while they have significant but negative effect on FAFH expenditures. Cohort effects for probability of market participation of FAFH for older generations are found to be positive but statistically insignificant. The findings also indicate that year effects play a positive role in FAFH market participation and FAFH expenditures. Keywords:
One particular area in financial economics that has received a great deal of attention is the link between exchange rate and the stock prices. The interaction between exchange rate and stock prices has been of special interest because they are regarded among the leading economic variables. The effect of exchange rate on the stock market can work in two avenues. Many studies have documented that changes in the exchange rate have the capacity to increase the volatility of the stock prices, while some other researchers indicated the effect of exchange rate on average returns. In this study, we investigate both of these issues for the case of Istanbul Stock Exchange, using monthly US Dollar-Turkish Lira (USD-TRY) exchange rate and the Istanbul Stock Exchange (BIST) 100 indicex for the period 2009M01-2015M11, employing GARCH approach. Our main findings show that an increase in exchange rate decreases expected returns and increases the riskiness of BIST 100 in Turkey.
Banking activities exhibit highly dynamic and evolving feature in recent years. Healthy financial position of the banks therefore gains importance in assuring well-being of all economic agents in a country. Because of banks’ key role in financial markets and real economy, banking failures or inefficient performances may have profound effects on the whole economy. For this reason, it is important to monitor the bank ratios as a strength indicator. Therefore, this paper aims to investigate financial position of the banks in Turkey. To this end, we select particular 29 ratios of the present day banks which are matching the ratios of previously failed banks between the period 1997-2003. Therefore, we construct a data set by which the banks can be categorized into two groups, namely failed and non-failed banks. Data covering the period 1996-2014 extracted from Banking Regulation and Supervision Agency. In the first place, we perform ANOVA test to evaluate the most relevant ratios for bank failure. The ANOVA test results reveal that 13 of 29 ratios are not significant. The remaining ratios are used to implement factor analysis in order to categorize ratios and calculate factor scores. Lastly, we estimate a Probit regression model to determine conditional probability of failure for a given bank. Our results show that financial position of the banks exhibits substantial variations in Turkey. Furthermore, given the data set and methods employed, most of the banks have a robust financial position and are unlikely to fail.
<p>Access to foreign technology is important for small and medium sized companies. Most small and medium sized firms face with constraints resulting from financial, institutional and structural issues. In developing countries, most firms tend not to invest in Research and Development (R&D), resulting in lack of innovation. Besides, R&D is important to enter in international markets, in the determination of firm’s competition level, sustaining growth as well as to obtain a more advanced technology. Therefore, exhibiting the factors determining R&D level for companies becomes crucial to make well-targeted policies both in government and firm levels. This study aims to analyze the participation and expenditure decisions of Turkish manufacturing firms in R&D activities employing Heckman selection model taking region and industry effects into consideration. The results demonstrate that human capital, government funding of R&D and the scale of the firm are related to R&D decisions.</p>
Purchasing power parity (PPP) is widely discussed theory to explain the determination of exchange rates. PPP implies a long-run relationship between the nominal exchange rate and the relative price levels. PPP holds in the long run once the real exchange rate is a stationary process. This study examines the validity of
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