Examples of research carried out by International Finance Students for their graduation projects:
- Is art an alternative investment?
- Does financial literacy affect personal finance behavior?
- Does FDI decrease female employment?
- Are crypto currency returns predictable?
- Should corporate taxes disappear for high growth?
- Does liberalization increase income inequality?
- Does FDI always increase wages?
International Finance students share their research results with the participants in the “Young Researchers in Finance” Forum, an annual event organized by the Finance Club bringing together finance professionals, academicians and students.
Examples of research carried out by our Academic Staff:
Papers published in international journals:
C. Karatas, S. Tuysuz, K.B. Kucuklerli, V. Ulusoy (2024) “Investigation of the Relationship Between Number of Tweets and USDTRY Exchange Rate with Wavelet Coherence and Transfer Entropy Analysis” forthcoming Financial Innovation
Candemir, I. and Karahan, C.C. (2024), "Testing Asset Pricing Models with Individual Stocks: An Instrumental Variables Approach" Borsa Istanbul Review, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1016/j.bir.2024.05.005
S. Tuysuz (2024) “Prepayment and Default Risk: A review” Journal of Economics, Finance and Accounting – JEFA (2024), 11(6), DOI: 10.17261/Pressacademia.2024.1896 JEFA-V.11-ISS.1-2024(6)-p.43-59
S. Tuysuz (2023) “Comparison of the accuracy of models in forecasting VaR and ES through time” Journal of Economics, Finance and Accounting – JEFA (2023), 10(3), 158-169, DOI:10.17261/Pressacademia.2023.1814 JEFA- V.10-ISS.3-2023(4)
Candemır, I. (2023). “Understanding Cross-Sectional Variability in Equity Returns Using a Conditional Asset Pricing Model”. Optimum Ekonomi ve Yönetim Bilimleri Dergisi, 10 (2) , 395-424. https://doi.org/10.17541/optimum.1285716
Yalçın, H. & Dube, S. (Forthcoming) "Impact of Economic and Market Factors on the Market Liquidity Timing Ability of Mutual Fund Managers in Turkey", Internatonal Journal of Emerging Markets.
Yay T., & Yay G.G. (2022). Joseph A. Schumpeter and Schumpeterian Paradigm on the Dynamics of Capitalism: Entrepreneur, Innovation, Growth, and Trade. Panoeconomicus, Advance online publication, 1-36. doi:10.2298/PAN200913001Y
Candemir, I. and Karahan, C.C. (2022), Determinants of Time-Varying Equity Risk Premia in an Emerging Market;, International Journal of Emerging Markets , Vol. 19 No. 6, pp. 1492-1520. https://doi.org/10.1108/IJOEM-01-2022-0168
Yalçın, H. & Dube, S. (Forthcoming) "Impact of Economic and Market Factors on the Market Liquidity Timing Ability of Mutual Fund Managers in Turkey", Internatonal Journal of Emerging Markets.
Yay T., & Yay G.G. (2022). Joseph A. Schumpeter and Schumpeterian Paradigm on the Dynamics of Capitalism: Entrepreneur, Innovation, Growth, and Trade. Panoeconomicus, Advance online publication, 1-36. doi:10.2298/PAN200913001Y
Dube, M. & Dube, S. (2021). "SomPack: Succession Planning gone Wrong", Emerald Emerging Markets Case Studies, DOI: 10.1108/EEMCS-06-2019-0172
Yay, T. (2021). Method and Scope in J. A. Schumpeter's Economics: A Pluralist Perspective, Journal of Philosophical Economics Reflections on Economic and Social Issues. XIV (1-2), 63-107. https://doi.org/10.46298/jpe.8663
Yay, T. (2021). Kültür İktisadı ve İktisat Kültürü: Ülgener-Sayar Araştırma Programının Metodolojik Temelleri Üzerine. SİYASAL: Journal of Political Sciences, 30(1), 23–43. http://doi.org/10.26650/siyasal.2021.30.1.892801.
Demiralay S., Gencer H.G., Bayracı S. (2021). How do Artificial Intelligence and Robotics Stocks co-move with traditional and alternative assets in the age of the 4th industrial revolution? Implications and Insights for the COVID-19 period. Technological Forecasting & Social Change, 171, 1-20, https://doi.org/10.1016/j.techfore.2021.120989
Tuysuz, S. (2020) “Dynamic Relation between Global Islamic and Conventional Sectoral Stock and Bonds indexes “, Int. J. of Financial Engineering
Tuysuz, S. (2020) “LGD and RR Modeling”, Risk and Decision Analysis, vol. Pre-press, p.1-25, DOI: 10.3233/RDA-202063
Yalçın, H. & Dube, S. (2020). "Analysis of Market Timing Ability of Fund Managers under Changing market Conditions", Afro-Asian Journal of Finance and Accounting.
Demiralay S., Bayracı S., Gencer H.G. (2019). Time-varying diversification benefits of commodity futures. Empirical Economics, 1-31.
Tuysuz, S. and P. Pekel (2019) “A comparison of stochastic claims reserving Methods“, EJBMR-European Journal of Business & Management Research, 4(4), DOI:10.24018/ejbmr.2019.4.4.43
Tuysuz, S. (2019) “Reaction of overnight rate to its determinants under ’normal’ situation and during the financial turmoil of 2007-2009” EJBMR-European Journal of Business & Management, 4(4), DOI: 10.24018/ejbmr.2019.4.4.36
Tuysuz, S. and C. Lubochinsky (2019) “Macroeconomic news impact on interest rates and stock index conditional to their volatility” EJBMR-European Journal of Business & Management Research, 4(4), DOI: 10.24018/ejbmr.2019.4.4.48
A. Ö. Haznedar, Gencer H. G., Demiralay S., Altay İ. (2019). The Ottoman Dissolution and the İstanbul Bourse between War and Peace: A Foreign Exchange Market Perspective on The Great War. Scandinavian Economic History Review, 1-17., Doi: 10.1080/03585522.2018.1546615
Yay, T., Yay, G.G. & Aksoy, T. (2018). Impact of institutions on entrepreneurship: A panel data analysis. Eurasian Economic Review,8(1), 131-160.
Bayracı S., Demiralay S., Gencer H.G. (2018). Stock-Bond Co-Movements and Flight-to-Quality in G7 Countries: A Time-Frequency Analysis. Bulletin of Economic Research, 70(1), 29-49., Doi: 10.1111/boer.12118
Demir, E., Lau C.,K.,M., Alıcı, A. (2017). Macro explanatory factors of Turkish tourism companies’ stock returns. Asia Pacific Journal of Tourism Research, 22:4, 370-380.
A. Perilioglu, K. Perilioglu and S. Tuysuz (2017) “A risk sensitive approach for stressed transition probability matrices”, Journal of Risk Model Validation, 11(3), p:1-24
Gencer H.G., Hürata M.Y. (2017). Risk Transmission and Contagion in the Equity Markets: International Evidence from the Global Financial Crisis. Romanian Journal of Economic Forecasting, 3, 110-129.
Gencer H.G., Demiralay S. (2016). The Contagion Effects on Real Economy: Emerging Markets during the Recent Crises. Romanian Journal of Economic Forecasting, 19(1), 104-121.
Ersan, O. Alici A. (2016). An unbiased computation methodology for estimating the probability of informed trading (PIN). Journal of International Financial Markets, Institutions & Money, 43 : 74–94.
A. Perilioglu and S. Tuysuz (2015) “Conditional Sovereign Transition Probability Matrices”, Procedia Economics and Finance, Vol. 30, p. 643-655
Dube, S., Dube, M. & Turan, A. (Nov., 2015). "Information technology in Turkey: Creating high-skill jobs along with more unemployed highly-educated workers?" Telecommunications Policy 39(10), pp 811-829.
Gencer H.G., Demiralay S. (2015). Volatility Modeling and Value at Risk (VaR) Forecasting of Emerging Stock Markets in the Presence of Long Memory Asymmetry and Skewed Heavy Tails. Emerging Markets Finance and Trade, 1-19., Doi: 10.1080/1540496X.2014.998557
Yilmaz,T. & Dube, S.(2014).“Asset Allocation&Stock Selection:Evidence from Static & Dynamic Strategies in Turkish Markets” İktisat İşletme & Finans Dergisi,29(344).
Tuysuz, S. (2013) “Conditional correlations between stock index, investment grade yield, high yield and commodities (gold and oil)”, International Journal of Economics and Finance (AEREST), September 2013
Dube, M., and Dube, S. (2013). "Criticality of Robustness Checks for Complex Simulations and Modeling", Information, 16(11), pp 7917 - 7940.
Goncu, A., A. Akgul, O. Imamoglu, M. Tiryakioglu and M. Tiryakioglu, 2012. “An Analysis of the Extreme Returns Distribution: the Case of the Istanbul Stock Exchange,” Applied Financial Economics (22), 723-732.
E. Spyromitros, S. Tuysuz (2012) “Do monetary policy transparency, independence and credibility enhance macro-financial stability?” International Journal of Economics and Finance (AEREST), Vol 4(4) April 2012
Tuysuz, S. (2012) “How have the Turkish post-2001 stabilization reforms impacted on the conditional correlation between the Turkish and the main foreign stock markets?” Applied Financial Economics, Taylor and Francis Journals, Vol 22(22), p. 1881-1898
Eren,D. & Dube, S.(2012)."Dynamic Relationships between Macroeconomic Indicators and Non-Performing Loans..." Middle Eastern Fin. & Econ.,18, 148-161.
Ucal M., A.Alıcı (2010). Is Fiscal Policy Sustainable in Turkey?. A Journal of the Society for the Study of Emerging Markets, Vol:46 Supplement 1, May-June 2010.
Y. Kuhry, S. Tuysuz (2009) “Interactions between interest rates and the transmission of monetary and economic news: the cases of US and UK”, Brussels Economic Review (review CNRS cat. 4)
Tuysuz, S. (2011) “Does the Fed’s transparency is the main factor influencing the response of U.S. interest rates to macroeconomic and monetary news?”, Middle Eastern Finance and Economics (METE), (AEREST)
Tuysuz, S. (2011) “Has the independence of the Bank of England changed the reaction of interest rates to macroeconomic and monetary news?”, International Research Journal of Applied Finance (IRJAF), Vol II, Issue 5
Tuysuz, S. (2011) “Dynamic conditional correlation between the Turkish Government bond index, the stock index, and the sub-indices”, International Research Journal of Applied Finance (IRJAF), Vol II, Issue 11
Yay, T. & Taştan, H. (2010). Invisible hand in the process of making economics or on the method and scope of economics. Panoeconomicus, LVI (1), 61-83. http://dx.doi.org/10.2298/PAN1001061Y
Yay, T. (2010). The role of the state in Adam’s Smith’s thought system and modern public finance theory: A comparative evaluation. International Journal of Economics and Finance Studies, 2(2), 87-98.
Yay, T. & Tastan H. (2009). Growth of public expenditures in Turkey during the 1950-2004 period: An econometric analysis. Romanian Journal of Economic Forecasting, 12(4), 101-118.
Dube, S., Glascock, J. & Romero, R. (2008). “Does It Pay for Acquirers to Be Friendly?” Corporate Ownership and Control, 5 (2), 327-342.
McLain, D. & Dube, S. (2007). “The Transition from Traditional to Modern Management in Turkey”. EUROO, 1-16.
Jensen, A. & Dube, S. (2007).”Trickle-Down Effect of the Sarbanes-Oxley Act on a Privately-Held Seasonal Textile Manufacturer”. J. of Business Case Studies, 3(4).
Dube, S., Francis-Gladney, L., Romero, R., & Langdon, W. (2007).”Merger Motives for U.S. Utility Acquirers.. Journal of Business and Economics Research, 5(5).
Dube, S., Glascock, J. , & Klock, M. (2007).”Is Hostility Wasteful? Evidence of the Economic Costs of Hostility From the Measurement of Long-Term, Post-Acquisition Acquirer Performance”. J. of Business and Securities Law, 7 (1-2).
Torabzadeh, K. & Dube, S. (2007).”Motives for Partial Acquisitions: Evidence from the Effects of CEO Change on the Partially Acquired U.S. Target Firms”. COO, 4(4).
Alıcı, A. (2006). Causality Between Saving and Growth: The Turkish Case. International Advances in Economic Research, 12, 1,139.
Dube, S. & Glascock, J. (2006).”Effects of the Method of Payment and the Mode of Acquisition on Performance and Risk Metrics”. IJMF, 2(3), 176-195.
Yay, T., Yay, G. G. & Tastan H. (2002). The impact of budget deficits on output and inflation in Turkey During the period 1967-1999. Yapı Kredi Economic Review, 13(2), 55-67.
Yay, T., Yay, G. G. & Yılmaz, E. (2001). Financial regulation and financial crises. Yapı Kredi Economic Review, 12(1), 3-20.
Papers presented in international conferences:
Yalçın, H. & Dube, S. (2020). "Analysis of Market Timing Ability of Fund Managers under Changing market Conditions", (accepted) Gelisim-UWE 4th International Conference on Economics and Finance, April 23, 2020.
Tuysuz, S. (2019) “Comparison of the accuracy of models in forecasting VaR and ES through time”, RSEP-Istanbul 11-13 June 2019
Tuysuz, S. (2019) “Comparison of the accuracy of models in forecasting VaR and ES through time”, - S. Tuysuz (2019) “Workshop on Market Microstructure and Behavioral Finance (WMMBF) – 17-18 May 2019 Istanbul
Tuysuz, S. (2019) “Comparison of the accuracy of models in forecasting VaR and ES through time”, RSEP-Istanbul 11-13 June 2019
Alıcı, A.,E.Demir,G.Gözgör.(2018). The Impact of Economic Crises on Female Labor Force Participation. International Atlantic Economic Society 89 th conference,11-14 October 2018, New York, USA.
Yay, T. (2018, 04/ 20-21 ). The Method and scope in economics: An Evaluation of Joseph A. Schumpeter's Economic Thought System [Keynote Speech]. 14th International Conference on Knowledge, Economy and Management, Istanbul, Turkey.
Nas, B. & Yay, T. (2017). The effects of Arab Spring on Turkish foreign trade: A Case Study. 27-29 Eylül 23rd EBES Conference, Madrid, Spain.
Tuysuz, S. (2017) “Dynamic Relation between Global Islamic and Conventional Sectoral Stock indexes and Bonds”, ISEFE, Istanbul, 28-29 October 2017
Tuysuz, S. (2017) “Dynamic Relation between Global Islamic and Conventional Sectoral Stock indexes and Bonds”, Ecomod, Slovenia, July 2017
Tuysuz, S. and P. Pekel (2017) “A comparison of stochastic claims reserving methods”, Ecomod, Slovenia, July 2017
Tuysuz, S. and E. Unal (2017) “LGD Modelling - Comparison of models”, Ecomod, Slovenia, July 2017
Tuysuz, S. (2017) “LGD and RR Modeling - Comparison of models”, CRC, Edingburg, August/September 2017
Yay, T. & Yay, G. G. (2017). The Impact of Joseph A. Schumpeter on the Developments in Economic Theory. 22-25 Mart 83rd Atlantic Economic Conference, Berlin, Germany.
Yay, T. & Yay, G. G. (2016). Joseph A. Schumpeter and Neo-Schumpeterian Paradigm on the dynamics of capitalism: Entrepreneur, Innovation, Growth and Trade [Conference presentation]. International Conference of Management, Economy and Policy, Istanbul, Turkey.
Yay, T., Yay, G. G. & Aksoy, T. (2016). Do institutions matter for entrepreneurship?. 16-19 Mart, 81st Atlantic Economic Conference, International Atlantic Economic Society. Lisbon, Portugal
Yilmaz, T. & Dube, S. (July, 2016), “A Global Feasible Market Factor for Covariance Estimation along with Dynamic Asset Allocation”,XXIV Finance Forum, Spain.
Yalcin, H. & Dube, S. (March, 2015). “Evaluation of Market Timing Ability for REITs in Turkey”, Proceedings of the LODEF 2015 Congress.
Demir, E., Lau C.,K.,M., Alıcı, A.(2015). Macro explanatory factors of Borsa Istanbul Tourism Index, World Banking Finance Symposium, Hanoi 2015.
Alıcı. A.(2013). Financial regulation and financial stability: The Turkish case, IABPAD conference, Istanbul, Turkey, July 1-4, 2013.
Alıcı, A.(2012). The impact of financial globalization on income distribution: the Turkish case. International Atlantic Economic Society 73rd conference, Istanbul, Turkey, March 28-31, 2012.
Yılmaz, T. & Dube, S. (2012). “Asset Allocation and Stock Selection: Evidence from Turkish Markets”, FMA International, European Conference, Istanbul.
Yay, T. (2011). Austrian school, competition and firm theory: competition, innovation and rivalry. 19-21 Mayıs15th Annual Meeting of the European Society for the History of Economic Thought, Boğaziçi University, Istanbul, Turkey.
Kama, Ö. & Yay, T. (2011). Institutional quality and property rights in MENA countries: An Empirical Analysis. Competition, Innovation and Rivalry. 19-21 Mayıs, 15th Annual Meeting of the European Society for the History of Economic Thought, Boğaziçi University, Istanbul, Turkey.
Yay, T. (2010). Küreselleşmenin politik iktisadı (Political Economy of Globalization) [Keynote Speech]. International 8th Knowledge, Economy & Management Congress, 28-31 October, Istanbul, Turkey.
Geyik, Ü. & Yay, T. (2010). Asimetrik merkez bankası tercihleri altında yeni bir enflasyon yanlılığı modeli (A new inflation bias model under asymmetric central bank preferences). International 8th Knowledge, Economy & Management Congress, October 28-31, Istanbul, Turkey
Yay, T. (2010). The role of the State in Adam’s Smith’s Thought System and Modern Public Finance Theory: A Comparative Evaluation. Third International Conference on Social Sciences, Social Sciences Research Society, 8-9 October, Kuşadası, İzmir.
Langdon W. L., Dube, S. & Mazumder, I. (2010). “The Use of Industrial Characteristics in the Prediction of Long Term Industrial Bond Performance”. Proceedings of the Northeast Business & Economics Association Conference.
Ucal, M. Alıcı. A. Is Fiscal Policy Sustainable in Turkey . EBES 2009 Conference, Istanbul, June 1-2 2009.
C. Lubochinsky, S. Tuysuz “Macroeconomic news impact on interest rates and stock index conditional to their volatility”, AFFI, May 2009, Brest
Boz, C. & Yay, T. (2009). From the quantity to the quality of employment: An application of capability approach to the İstanbul labour market. In A. Balcı, C.C. Aktan & F. Savasan (Eds). Turkey in Transition Politics, Economics and Society. In Selected Proceedings of the Second International Conference on Social Sciences, 4, (pp.197-205). 10-11 September, İzmir, Turkey, Social Sciences Research Society.
Yay, T. (2009). Invisible hand in the process of making economics or on the borders of economics: European society for the history of economic thought. 23-26 April 13th Annual Conference, Thessaloniki, Greece.
Yay, T. & Tastan, H. (2008). On the validity of three hypotheses on public expenditures in Turkey: 1950-2004. 4-7 Ağustos, Athens, Greece, 3rd International Symposium on Economic Theory, Policy and Application Athens Institute for Education and Research
E. Spyromitros, S. Tuysuz “Do monetary policy transparency, independence and credibility enhance macro-financial stability?” 12th International Conference on Macroeconomic Analysis and International Finance, 29-31 May 2008, Crete
Alıcı, A.(2008). “An Empirical Investigation of twin Deficits: Evidence from Turkey” International Atlantic Economic Society (IAES) 65th conference Warsaw, Poland, April 9-13, 2008.
Torabzadeh, K. & Dube, S. (2006). ”Valuation Effects of Partial Acquisitions”. Meeting of the Administrative Sciences Association of Canada , Banff, Canada.
Alıcı, A., & Ozgoker, U. (2006). Can Financial Regulations Strengthen Financial Stability in Developing Countries? The Case of Turkey. Frontiers of Regulation: Assessing Scholarly Debates and Policy Challenges Conference, University of Bath Centre for the Study of Regulated Industries (ECPR/CRI), 7-9 September 2006.
Tuysuz, S., “Effets de la transparence et de la crédibilité sur le mécanisme de transmission de la politique monétaire sur les taux d’intérêt: Le cas des Etats-Unis et du Royaume Uni ”, 23èmes Journées Internationales d’Economie Monétaire et Bancaire, Lille, 2006
Tuysuz, S., Y. Kuhry, “Interactions between interest rates and the transmission of monetary and economic news: the cases of US and UK”, Public Economic Theory, Hanoi (Vietnam), 2006
Alıcı, A.(2005). Causality Between Saving and Growth in Turkey. International Atlantic Economic Society 59th conference, 9-13 March 2005, London, England.
Alıcı, A.(2005). The Relationship Between Fiscal Policy and Current Account in Turkey. International Atlantic Economic Society 60th conference 6-9 October 2005, New York, USA.
Alıcı, A., & Ucal M. (2004). Effects of Exchange Rate Regimes on Macroeconomic Stability: Empirical Findings from the Turkish Economy, Economic Science Association (ESA) International Meeting, Amsterdam, 2004.
Tuysuz, S., “Conduite de la politique monétaire et mécanismes de transmission le long de la courbe des taux”, SESAME (Séminaire d’Etudes et de Statistiques Appliquées à la Modélisation en Economie), XIVèmes Journées, Pau, 2004
Alıcı, A., & Ucal M. (2003). Foreign Direct Investment, Exports and Output Growth of Turkey. Eurpean Trade Study Group (ETSG) 5th Annual Conference, Madrid 2003.
Yay, T., Yay, G.G. & Yılmaz E. (2001). Financial regulation in the context of financial crises. In: Economies and Business in Transition: Facilitating Competitiveness and Change in the Global Environment Proceedings. 11-15 Temmuz, Global Business and Technology Association, International Conference, İstanbul.
Yay, T., Yay, G. G. & Yılmaz, E. (2001). Finansal krizlerden kaçınmak: Finansal regülasyon. 10-13 Eylül, 5 th METU International Economics Congress, Ankara.
Other Publications
Yay, T. & Aktan, C. C. (2021). Avusturya İktisat Okulu: Metodoloji Politika Felsefe, Ankara: Astana Yayınevi
Dube, S. & Dube, M. (2017). "Basics First”, IFF Books, U.K.
Dube, S., & Dube, M. (forthcoming). "Importance of Interdepartmental Control & Potential Pitfalls",Case Study for Chapter 20,C.Wankel, Ed., Palgrave Macmillan.
Yay, G., & Yay, T., (2012). The Structure and Regulation of Turkish Banking System: 2000-2010. In T. Cetin and F. Oğuz (Eds.) Regulation and Competition in the Turkish Banking and Financial Markets (pp.49-92), Ny: Nova Science Publishers, Inc
Dube, S., & Dube, M., Case Study: "If You Can't Beat Them, Join Them?" 2010, Ivey Publishing/ Harvard Business Review.
Dube, S., & Dube, M., Teaching Note: "If You Can't Beat Them, Join Them?" 2010, Ivey Publishing/ Harvard Business Review.
Projects
Dube, S. "IS IT Green". Proje No 2013 1 IT1 LEO05 03999, European Union, Researcher, 02/03/2015 - 30/09/2015
Dube, S. "Globalization and International Business, Turkish perspective", Project Director, State University of New York Merkezi Sistemi, Albany, New York, 28/08/2005 - 29/09/2006
Yay, T. (2005). Doğu Anadolu Turizm Odaklı Bölgesel Kalkınma Projesi ve Kış Olimpiyatlar Araştırması. İstanbul Ticaret Odası. 2005-01 (Project Manager)
Yay, T. (2001). Küreselleşme Sürecinde Finansal Krizler ve Finansal Regülasyon. İstanbul Ticaret Odası. 2001-47. (Project Manager)