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Öğe Adaptive Market Hypothesis: Evidence From the Cryptocurrency Market(Univ Tehran, 2023) Karaomer, Yunus; Acaravci, Songul KakilliThis study aimed to evaluate whether the efficiency of the cryptocurrency market varies over time according to the Adaptive Market Hypothesis. It investigated the varying cryptocurrency market efficiency by applying daily historical data to Bitcoin, Ethereum, Litecoin, Ripple, and Cardano. The conformity of cryptocurrencies to the normal distribution was examined by the Jarque-Bera test and their stationarity was tested by unit root tests. The cryptocurrency daily return predictability was measured using the Automatic Portmanteau and Wild Bootstrap Automatic Variance Ratio tests. Besides, the daily returns of cryptocurrencies were analyzed using the 500-days rolling window approach to capture the time-varying nature of the cryptocurrency market efficiency. Findings are consistent with the Adaptive Market Hypothesis and indicate that the cryptocurrency market efficiency varies over time. Besides, the cryptocurrency market efficiency varies and generally corresponds to positive or negative news/events.Öğe The existence of inter-industry convergence in financial ratios: Evidence from Turkey(LLC CPC Business Perspectives, 2007) Acaravci, Songul KakilliAdjusting financial ratios to industry targets is an important reserach field in the finance literature. Empirical evidences suggest that firms do adjust their financial ratios to industry targets. Using the partial adjustment model, we employ the pooled OLS to investigate the behaviour of financial ratios of 100 firms in Turkish manufacturing industry for the period 1996 through 2004. The results indicate that the financial ratios are periodically adjusted to their industry means. But the speed of adjustment of all the financial ratios for Turkish manufacturing firms is slower than that for firms of transition countries and Western firms reported in earlier studies. The turnover ratios have lower adjustment speed than short-term liquidity ratios. The adjustment coefficients are the largest for short-term liquidity ratios. Therefore, these ratios can be adjusted in the short run more easily than the turnover ratios. © Songul Kakilli Acaravci, 2007.Öğe FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH: LITERATURE SURVEY AND EMPIRICAL EVIDENCE FROM SUB-SAHARAN AFRICAN COUNTRIES(Aosis, 2009) Acaravci, Songul Kakilli; Ozturk, Ilhan; Acaravci, AliIn this paper we review the literature on the finance-growth nexus and investigate the causality between financial development and economic growth in sub-Saharan Africa for the period 1975-2005. Using panel co-integration and panel GMM estimation for causality, the results of the panel co-integration analysis provide evidence of no long-run relationship between financial development and economic growth. The empirical findings in the paper show a bi-directional causal relationship between the growth of real GDP per capita and the domestic credit provided by the banking sector for the panels of 24 sub-Saharan African countries. The findings imply that African countries can accelerate their economic growth by improving their financial systems and vice versa.Öğe Financial development and economic growth: Literature survey and empirical evidence from sub-Saharan African countries(AOSIS (pty) Ltd, 2009) Acaravci, Songul Kakilli; Ozturk, Ilhan; Acaravci, AliIn this paper we review the literature on the finance-growth nexus and investigate the causality between financial development and economic growth in sub-Saharan Africa for the period 1975-2005. Using panel co-integration and panel GMM estimation for causality, the results of the panel co-integration analysis provide evidence of no long-run relationship between financial development and economic growth. The empirical findings in the paper show a bi-directional causal relationship between the growth of real GDP per capita and the domestic credit provided by the banking sector for the panels of 24 sub-Saharan African countries. The findings imply that African countries can accelerate their economic growth by improving their financial systems and vice versa.Öğe The impact of COVID-19 outbreak on Borsa Istanbul: an event study method(Emerald Group Publishing Ltd, 2022) Karaomer, Yunus; Acaravci, Songul KakilliPurpose - This study aims to research how the outbreak of coronavirus disease 2019 (COVID-19) impacts the selected sector price indices in Borsa Istanbul (BIST), Turkey. Design/methodology/approach - The authors use the event study method because it is a useful method as stock prices and market instantly reflect the effect of such an unusual event. Data are retrieved from the . Findings - The authors find that selected sectors are impacted by the COVID-19 outbreak. The banking and transportation sectors, on the announcement of first death, were impacted negatively, while the telecommunication and food -beverage sectors were impacted positively. The transportation and banking sectors experience an obvious downturn after the spread of COVID-19, while the food-beverage and telecommunication sectors experience an obvious upturn after the spread of COVID-19. Besides, the most adversely impacted sector is banking. Originality/value - This study bridges the research gap and adds significant insights to the existing literature. The main contribution of this study to the existing literature is the unexpected outbreak impacts on financial markets, especially on BIST. It is also expected that this study will make a significant contribution to analysts, researchers and policymakers.Öğe ROLE OF INNOVATION CAPABILITY AND APPROPRIABILITY REGIME IN INTERNATIONALIZATION: EMPIRICAL EVIDENCE FROM TURKISH FIRMS(Natl Acad Management, 2012) Ural, Tulin; Acaravci, Songul KakilliThis study aims to explain the role of the firms' innovative capabilities and the appropriability regime level (ability to profit from innovations) as potential antecedents of the firms' internationalization. For this purpose, we employ panel least squares with group dummy variables method using a sample which includes 154 firms in 8 manufacturing sectors traded at the Istanbul Stock Exchange (ISE). The research findings show that innovative capability of the firms has major impact on internationalization while appropriability regime is insignificant.Öğe STOCK RETURNS AND INFLATION NEXUS IN TURKEY: EVIDENCE FROM ARDL BOUNDS TESTING APPROACH(Acad Economic Studies, 2011) Acaravci, Songul Kakilli; Acaravci, Ali; Ozturk, IlhanThis study examines the long-run and causal relationships between stock market prices and consumer prices in Turkey. The bounds testing approach of cointegration is employed to investigate this relation by using quarterly data for 1987-2008 period. The bounds F test for cointegration test yields evidence of a long-run relationship between stock market returns and inflation at 1% significance level. The study also explores the causal relationship between these variables in terms of the three error-correction based Granger causality models. The empirical results are as follows: i) The estimated long-run coefficient of the inflation is about unity and positive. ii) Any deviation from the long-run equilibrium between stock market returns and inflation is corrected about 32% for each period. There is a strong evidence of unidirectional causality running from inflation to stock market returns. The overall results support the generalized Fisher hypothesis which implies that stocks offer a hedge against inflation.Öğe Stock returns and inflation nexus in Turkey: Evidence from ARDL bounds testing approach(Academy of Economic Studies, 2011) Acaravci, Songul Kakilli; Acaravci, Ali; Ozturk, IlhanThis study examines the long-run and causal relationships between stock market prices and consumer prices in Turkey. The bounds testing approach of cointegration is employed to investigate this relation by using quarterly data for 1987-2008 period. The bounds F-test for cointegration test yields evidence of a long-run relationship between stock market returns and inflation at 1% significance level. The study also explores the causal relationship between these variables in terms of the three error-correction based Granger causality models. The empirical results are as follows: i) The estimated long-run coefficient of the inflation is about unity and positive. ii) Any deviation from the long-run equilibrium between stock market returns and inflation is corrected about 32% for each period. iii) There is a strong evidence of unidirectional causality running from inflation to stock market returns. The overall results support the generalized Fisher hypothesis which implies that stocks offer a hedge against inflation.
