Bilgilendirme: Sürüm Güncellemesi ve versiyon yükseltmesi nedeniyle, geçici süreyle zaman zaman kesintiler yaşanabilir ve veri içeriğinde değişkenlikler gözlemlenebilir. Göstereceğiniz anlayış için teşekkür ederiz.

05. İdari Birimler / Administrative Affairs

Permanent URI for this communityhttps://hdl.handle.net/11147/18

Browse

Browsing 05. İdari Birimler / Administrative Affairs by Department "İzmir Institute of Technology. Engineering Management Program"

Filter results by typing the first few letters
Now showing 1 - 3 of 3
  • Thumbnail Image
    Article
    International Investors, Volatility, and Herd Behavior: Borsa İstanbul, 2001-2016
    (2020) Akçaalan, Ezgi; Dindaroğlu, Burak; Binatlı, Ayla Oğuş; 01.01. Units Affiliated to the Rectorate; 01. Izmir Institute of Technology
    We study herding in Borsa Istanbul between 2001 and 2016, focusing on the effects of international investors and market volatility. Herding explains 31% of total variability in the cross sectional standard deviation of beta values, controlling for market fundamentals. We perform time-series analysis of a herding index and find that herding increases following increased trading by international investors, but falls with overall trading volume on the market. Herding rises in response to increased volatility, rather than leading to it, against previous arguments. Investors do not herd during economic crises, but following important events that raise political tension in the country.
  • Thumbnail Image
    Article
    Product Design in Monopolistic Competition
    (Wiley, 2022) Dindaroğlu, Burak; 01.01. Units Affiliated to the Rectorate; 01. Izmir Institute of Technology
    We consider a model of monopolistic competition where producers can manipulate an elasticity parameter at an early stage. We interpret this as a choice of product specialization. Lower marginal costs of production lead to more generic products in all equilibria, which lead to fewer varieties under free-entry. Entry of a new firm increases overall specialization and increases prices, that is, the environment exhibits price-increasing competition. The loss of consumer surplus due to higher prices and lower consumption is compensated by the value of additional variety, hence entry also increases consumer surplus. Therefore, price-increasing competition need not be anticompetitive under endogenous specialization.
  • Thumbnail Image
    Article
    Citation - WoS: 2
    Citation - Scopus: 2
    Regional Inflation Persistence in Turkey
    (John Wiley and Sons Inc., 2021-03) Duran, Hasan Engin; Dindaroğlu, Burak; 01.01. Units Affiliated to the Rectorate; 02.03. Department of City and Regional Planning; 01. Izmir Institute of Technology; 02. Faculty of Architecture
    The purpose of the current study is to investigate the degree of inflation persistence, its geographical variation, sources of cross-regional variation, and presence of geographical/sectoral aggregation bias in national monetary policy. Our data set covers 26 NUTS-2 level Turkish regions and monthly CPI inflation over the period 2003-2019. We first estimate the degree of regional inflation persistence by autoregressive regressions, check its robustness against the presence of structural breaks (by Bai-Perron's algorithm) and nonlinearities (by Markovian Regime Switching regressions). Second, we examine the possibility of geographical and sectoral aggregation bias. Third, we investigate the cross-regional determinants of inflation persistence by panel data analysis, employing hybrid-effects spatial panel regressions. We analyze the direct and indirect effects of the determinants and test for regional spillover effects. Three main results are obtained. First, estimated persistence degrees are heterogeneous across regions. The geographical pattern is empirically robust against structural breaks and nonlinearities. We find that inflation persistence is distributed in a spatially correlated manner. Second, when sectoral and regional aggregation bias is tested, only sectoral aggregation indicates a considerable level of bias. Third, we find that the presence of large firms in the region and a higher share of agricultural output in GDP leads to lower persistence, while an increased share of industrial output, and increased trade volume leads to higher inflation persistence. Moreover, we find spatial spillovers of price variability evident in regression analysis. From a policy standpoint, it is required that structural policy programs are targeted to maintain flexibility in the regions where persistence is high (i.e., providing market entry/exit, institutional quality, policy credibility, stimulation of SMEs). Moreover, sectors that have high persistence, such as Hotels and Restaurants (persistence degree 0.55) and Health Services (0.39) should be weighted more in CPI calculations.