Purpose This study aims to compare investors of major conventional currencies and Bitcoin (BTC) investors by using the value at risk (VaR) method common risk measure. Design/methodology/approach The paper used a risk analysis named as VaR. The analysis has various computations that Historical Simulation and Monte Carlo Simulation methods were used for this paper. Findings Findings of the analysis are assessed in two different aspects of singular currency risk and portfolios built. First, BTC is found to be significantly risky with respect to the major currencies; and it is six times riskier than the singular most risky currency. Second, in terms of inclusion of BTC into a portfolio, which equally weights all currencies, it elevates overall portfolio risk by 98 per cent. Practical implications In spite of the remarkable risk level, it could be considered that investors are desirous of making an investment on BTC could mitigate their overall exposed risk relatively by building a portfolio. Originality/value The paper questions the risk level of Bitcoin, which is a digital currency. BTC, a matter of debate in the contemporary period, is seen as a digital currency free from control or supervision of a regulatory board. With the comparison of major currencies and BTC shows that how could be risky of a financial instrument without regulations. However, there is some advice for investors who would like to invest digital currencies despite the risk level in this study.

No abstract

ÖZETBu çalışmanın amacı, kültürel değerler ile çalışan sessizliği arasında bir etkileşim olup olmadığının tespit edilmesidir. Bu amaç doğrultusunda, İzmir'de görev yapan 306 kamu kurumu çalışanından anket yönetimi kullanılarak veriler elde edilmiştir. Öncelikle toplanan veriler aracılığıyla, ankette yer alan ifadelerin, değişkenleri ölçme gücünün açıklanabilmesi için faktör analizi yapılmıştır. Daha sonra hipotezleri test etmek amacıyla çoklu regresyon analizinden yararlanılmıştır. Araştırma bulgularına göre, çalışan sessizliği ile kültürel değerler arasında istatistiksel açıdan anlamlı bir ilişkinin olduğu tespit edilmiştir. Çalışan sessizliği türleri açısından bulgular değerlendirildiğinde, kamu kurumu çalışanlarının en fazla puro-sosyal güdülerden kaynaklı sessiz kaldıkları; kamu kurumlarının yapısı gereği, beklenen kabullenici sessizlik davranışı konusunda ise kararsız bir tutum sergiledikleri ortaya çıkmıştır.Anahtar Kelimeler: Sessizlik, Çalışan Sessizliği, Kültürel Değerler ABSTRACTThe purpose of this study is to ascertain whether cultural values have interaction with employee silence. For this purpose sampling data was collected from 306 public employee in İzmir via survey method. In order to measure the statement's exploratory power of variables, first ,factor analysis was used. Later, multiple regression analyses was conducted to test the hypotheses. Due to the research findings there is a significant statistical relationship between employee silence and cultural values. When the findings are evaluated in terms of the employee silence types; it was seen that public employees remain silent because of pro-social drivers and they show an undecisive (unstable) attitude regarding the expected acquiescent silence behaviour because of the nature of the public institutions .

<p>This paper analyses the effect of financial ratios on stock returns using quantile regression for dynamic panel data with fixed effects. Eighty three firms of manufacturing industry, which were traded on the Borsa Istanbul for 2000-2014 period, are covered in the study. The most of financial variables have heterogeneous structure so they generally include extreme values. Thus, panel quantile regression technique, suggested by Koenker (2004), is used. Since the technique yields robust estimator in the case of extreme values the Gaussian estimators will be biased and not efficient. The sensitivity of relationship, on the other hand, can be studied for different parts of the stock returns’ conditional distribution by using quantile regression technique. However, because of that the lagged of dependent variable is used as an explanatory variable in dynamic panel models, fixed effect estimators will be biased. Thereby, in this study the instrumental variable approach suggested by Chernozhukov and Hansen (2006) is used to produce unbiased and consistent estimators.</p>The results show that the stock returns respond to the changes on the financial leverage ratio, the dividend yield, the market-to-book value ratio, financial beta and the total active profitability variables differently for the different parts of the stock returns’ conditional distribution. They also indicate that, at high quantiles, return fluctuations in the current period will be more effective for investors’ transaction attitudes on stocks for the next period.

Purpose The purpose of this paper is to scrutinize three different points: How safe haven properties of precious metals (gold, silver, platinum and palladium) differentiate in two recent major crises such as the Global Financial Crisis (GFC) and the COVID-19 pandemic? How safe haven properties of precious metals change by the severity and the duration of shocks? and whether precious metals have hedge properties or not in normal conditions against different stock markets. Design/methodology/approach To analyze the time-varying behavior of precious metals with respect to stock market returns, the authors used the rolling window approach. After obtaining the time-varying beta series that way, the authors regressed the beta series on different severities of stock market shocks. Findings The findings show that the number of safe haven precious metals increases in the COVID-19 pandemic period compared to the GFC. Furthermore, the number of safe haven precious metals increases as the severity of shocks increases and the duration of them extended. Finally, in the absence of an extreme market condition, only gold has strong hedge asset properties. Originality/value To the best of the authors’ knowledge, this study is the first that examines the safe haven and hedge properties of all tradable precious metals against seven major stock markets. Besides this, it presents a comparative analysis for the safe haven properties of precious metals in terms of two major crises.