Duygu

Tutku

A Qualitative Look into Gendered Entrepreneurship in Turkey

Mevlüt

Res. Assist.

Kamil Ahmet

Prof.

Belkıs

Risk and Return Characteristics of Islamic Indices: An Empirical Approach

Hakan

Süleyman

In this study, the relationship between inflation and interest rates for Turkey’s economy and whether this is a long-term relationship were tested out using the Fisher hypothesis for the period of 2002:M1-2018:M6. In the study, it was tested if there is a long-term relationship from demand-pull inflation toward Individual Loan Rates (ILRs), and from cost-push-to-supply inflation toward Commercial Loan Rates (CLRs) using Fisher’s hypothesis. Subsequently, Perron (1997) structural break unit root test was performed in order to determine if there is structural breakage in the economy. According to Granger Causality test results for the period, there was a unidirectional causality for Turkey’s economy from both the Consumer Price Index (CPI) to the ILRs and from the Producer Price Index (PPI) to CLRs. In addition, the results of the ARDL bound test for co-integration showed that, there is no long-term cointegrated relationship from CPI to ILRs, while a long-term cointegrated relationship is seen from PPI toward CLRs. Therefore, this long-term relationship is not one-to-one as stated by Irving Fisher, and implies that a 1% shock to PPI affects the CLRs by 0.45% in the long term. On account of the fact that Turkey’s economy has not been able to reach its full employment level, the pass-through effect from CPI, -which measures demand-pull inflation-, toward ILRs, was not cointegrated in the long-term and thus, the Fisher effect did not occur even in the longterm. Hence, Turkey’s economy in the long-term was in conditions of underemployment, and changes in monetary variables influenced real variables due to unexpected fluctuations in the CPI. Due to the nominal interest rates being adjusted according to the expected (or, ex-ante) CPI, the real interest rates fluctuated due to the fact that the CPI was realized outside of the range of the end-of-term (or, ex-post) expectations. The reason behind the CPI being realized outside of expectations in these periods was due to the fact that this index did not reflect a pure demand inflation and was under the effect of PPI series. The pass-through effect from CPI towards PPI, -which occurs depending on external shocks such as foreign exchange rates, oil prices, and food prices-, causes the deterioration of the long-term equilibrium between the CPI and nominal interest rates and thus, this leads a reflection in real interest rates. Therefore, this result indicates that monetary variables affects real variables and in this context, the Central Bank’s monetary policies may affect real variables such as real interest rates, real wages, investments, savings and employment. It is concluded that there is a cointegrated relationship along with long-term positive direction from supply side-cost push inflation toward nominal interest rates and a 1% shock to supply-side inflation reflects itself in nominal interest rates by 0.45% in the longterm. Considering the economic structure of our country, the Turkish Lira currency has an extremely fragile structure when faced with external shocks and is dependent on foreign financing because of its lack of sufficient level of domestic saving to finance its invesments. Thus, the fagility factor of the Turkish Lira in the face of sudden portfolio outflows affects&nbsp;foreign exchange rates immediately and this means that it invites supply-side inflation to the country, and hence, the Central Bank is forced to raise interest rates to curb this expected inflation. This leads to the emergence of the Fisher effect. According to these results, in this context of the emergence of the Fisher effect on Turkey’s economy, it usually indicates that supply-side (cost-push) inflationist effects reveal themselves because external shocks are more prepotent. Consequently, while determining interest rates, it is noted that supply-side pricing will be more effective than demand-side pricing. In conclusion, taking into account PPI will be more rational. In conclusion, the production structure of Turkey’s economy is dependent on imports. In fact, Turkey’s economy for the period was composed on average of 70 % import of intermediate goods and raw materials, and 15-20 % import of invesment goods. That is to say, 85-90 % of the aggregate imports comprised input (production goods). This situation makes our country’s economy highly dependent on foreign financing and increases the Turkish economy’s sensivity to foreign currency due to the lack of a sufficient level of domestic saving to finance its invesments because of the currency mismatch (borrowing with foreign currency and earning with national currency). Therefore, the Turkish Lira becomes extremely fragile against international reserve monies ( $, €, ₤). This fragility of the Turkish Lira can be managed with policies on structural adjustment along with conjunctural policies (monetary policy, fiscal policy, and foreign exchange policy). Domestic production should be promoted by structural reforms and herewith, the Turkish economy can achieve a comparative advantage of input manufacturing in the long-term. Therefore, by reducing the high dependency on foreign financing it can also reduce the fragility of the Turkish Lira. Consequently, the Turkish economy can achieve a stable structure so that foreign exchange rates, the overall price level and interest rates can reach a more stable and predictable level.

Evaluation of the Long-Term Relationship Between Inflation and Loan Interest Rates in the Framework of the Fisher Hypothesis: Turkey Application (2002-2018)

Güler

İlhan

Bilal

Serkan

Exploring the factors that explain changes in stock returns is one of the most important research topics in finance literature, and thus scholars have introduced a wide variety of models. The most well-known is the capital assets pricing model (CAPM), which explains the change in returns with a single factor, called the market beta measuring the systematic risk of the market. The most important feature expected from any asset-pricing model is the power to explain the change in stock returns. Many researchers have found that the power of CAPM is not sufficient. Thus, alternative asset pricing models have been proposed to develop CAPM. Among these models, the three-factor asset pricing model offered by Fama and French has been tested by many researchers in both developed and developing countries. It has been proven that the performance of the model is better than CAPM. Fama and French’s threefactor model explain changes in stock returns with market, size and value factors. After three-factor models, Fama and French has been criticized about the lack of their models. With the discovery of several factors that has any information in explaining returns (such as momentum, volatility, liquidity, investment and profitability factors), the use of multi-factor models has become widespread in explaining stock returns. In line with these advances in the literature, Fama and French acknowledged that a significant portion of the change in stock returns could not be explained by the three-factor model. Thus, Fama French have introduced five-factor model by adding profitability and investment factors to three-factor model. They were based on the dividend discount model when making decisions to add only these two factors to the three factor models. The Five-factor model has been tested in various developed countries, especially in the USA, and has proved its success in explaining the changes in stock returns. However, there are deficiencies in the researches on whether this model is valid for developing countries with different dynamics from developed countries (such as higher returns and higher price fluctuations). In this paper, it is aimed to examine whether the five-factor model is valid for the Turkish stock market and to test how successful the five-factor model is in comparison with the CAPM, three-factor model and other alternative three and four factor models. For this purpose, average monthly percent excess returns for eighteen intersection portfolios formed on six Size and Value, six Size and Profitability, six Size and Investment have been analyzed during the period of 150-months between January 2005 and June 2017. Regression results of mean absolute values of intercept terms, mean adjusted R-squared values, GRS-F test statistics and its p-values were used to evaluate the relative performance of&nbsp;the models in capturing the changes in the returns of the left-hand-side intersection portfolios in the Turkish stock market. It has been found that FF5F performs better than the CAPM, the three-factor model and other alternative three - or four-factor models in the Turkish stock market. The empirical findings in the paper conform to the findings obtained in both developed and developing countries. Moreover, these findings are also similar to those obtained from other studies testing the five-factor model on BIST and using a different sample period and different portfolio sets from this paper. Future studies can be focused on to develop a more comprehensive asset pricing model by adding other factors that have been proven to explain the average returns (such as momentum factor, inverse momentum factor, liquidity factor, volatility factor) to the five-factor model. Since what is most important here is to find the model that explains more change with less factors, it will be substantial to identify unnecessary factors and to have an asset-pricing model that shows more effective results for developing countries such as Turkey.

A Comparison of the Performance of Fama-French Multifactor Asset Pricing Models: An Application on Borsa İstanbul

Çiğdem

Mustafa

As early as 2 years of age, children are aware of and affected by gender roles and these role perceptions are resistant to change. Thus, as one of the important social categorizations in human life, once gender stereotypes are created and maintained by individual level, which in turn predict the way of thinking and behaving of whole society. In contemporary consumption culture, advertisements constitute one of widely used reference points in clearly determining which behaviors are appropriate for boys and which are appropriate for girls. Therefore, the purpose of this study is to analyze gender portrayals in children’s advertisements for food and toy categories in Turkey in a holistic way and to determine the relative role of advertisements toward children in producing gender roles. Specifically, the specific objectives of this study are to investigate (1) gender portrayals of boys and girls in children’s advertisements, (2) whether girls were more likely than boys to be shown in domestic settings, and what settings were predominant for boys, (3) number of male and female spokespersons (voice-overs) used in children’s advertisements and distribution of announcers’ voices, (4) the differences between female and male spokespersons’ discourses, (5) the relationship between the primary character’s sex and the sex of the spokesperson, and finally (6) whether the behavior of character differ according to character’s sex. To address the research objective, in March 2018, a content analysis was conducted for advertisements targeted to children on five Turkish nationwide TV channels (three of them are specific to children). Based on social role, social learning, and cognitive theories those or that explain the process of gender formation, the focus of this research is on the advertisements of children between the ages of five and nine, who have not completed their cognitive development, and who are most likely to be affected by advertisements. In selecting advertisements, the time period during which 5-9 years old children mostly watch television (9-12 am on weekends) was chosen. In this process, we obtained13 food and 42 toy advertisements for a total of 55 aired ads. The coding categories of content analysis were mainly derived from the previous literature considering comparative evaluation of the results. The overall results of this study closely replicate previous studies (Browne, 1998; Johnson and Young, 2002; Martinez et al., 2013) and showed that children’s advertisements exhibited stereotyped behavior for traditional gender roles. Results showed that, in the toy category, advertisements featuring characters of only one sex portrayed traditional stereotypes for male/female roles. More than half of the toy advertisements seem to focus directly on boys or directly on girls using mainly one sex. But the current finding is not entirely congruent with the food category. In the food category, both boys and girls are shown together in more than half of the advertisements (53.84%), but this rate is only 21,42% for toy category. These findings suggest that toy category included more gendered norms when compared to food category. In line with previous findings (Smith, 1994 and Larson, 2001), in these advertisements, girls were more likely to be shown inside the home, while boys generally appeared outdoors such&nbsp;as racing tracks. Expectedly, in terms of spokespersons, findings are consistent with previous studies (Macklin and Kolbe,1984; Furnham and Bitar, 1993; Neto and Furnham, 2005),which show that in children’s advertisements male spokespersons as voice overs were mainly preferred to female ones. Another finding for voice-overs is that it was seen that adult voiceovers were predominantly preferred to child voice-overs. In addition, the findings imply that there is congruence between the sex of the targeted audience and the sex of the spokesperson. Female and male spokespersons’ discourses were also investigated, and significant differences have been observed. Accordingly, the discourse in male voice-overs’ advertisements contains more competitive and active language, while the discourse in female voice-overs contains more collaborative and passive statements. A similar pattern is also obtained between the sex and behavior of the characters. It is seen that the phenomenon of struggle and competition is highlighted in the advertisements where the boys are positioned as the main characters. On the other hand, sharing, charity and friendship cases come to the forefront in advertisements where girls are positioned as the main characters. To summarize, it is seen that in Turkey, the nature of gender role portrayals in children’s advertisements are similar to rest of the world, and the contents of the advertisements intensively include stereotyped behaviors for traditional sex roles. Since gender role perceptions are resistant to change, as Gunter (1995) emphasized, it is better not to establish them in the first place. So, considering the sensitivity of children to TV advertisement messages, advertisements directed specifically at children should be regulated both national and international levels. To the best to our knowledge, given that the limited number of current studies in Turkey focus on children’s advertisements regarding gender portrayals in Turkey, our findings constitute the original contribution of this paper. Cross-national studies can also contribute to the field by assisting policy makers and researchers in developing and monitoring a regulation frame.

The Construction of Gender through Children’s Advertisements: A Content Analysis of Children’s Adver- tisements on Turkish TV Channels

Mehmet

Assist. Prof.

IntroductionAccording to a recent global survey by Gallup, overall 85% of employees worldwide are not engaged at their work. Obviously, the low level of engagement results in lower level of innovation, lost productivity, and low profitability. An important result of this survey is that current management and leadership practices are among the major causes behind low levels of employee engagement. Moreover, it appears that employees’ perception of their leaders’ behavior and their exchange with their leaders determine their work engagement (Gallup, Inc., 2017). These findings underscore the importance of leadership style with respect to employees’ behavior, job satisfaction and performance. This paper examines how district governors’ leadership traits and behaviors are perceived by their chiefs of staff, and the relationship between the governors’ perceived leadership styles and their chiefs of staff’s job satisfaction. District governors occupy the highest level of governmental position in a district and are responsible from administering and coordinating the activities of governmental offices. Given that the performance of the governmental bureaucracy at the district level is closely related to the job engagement (i.e., behavior and attitudes) of employees, a district governor’s leadership style and capacity to influence employees have an enormous impact on the public welfare. So, how does the leadership style of a district governor affect employees’ job satisfaction? Despite the abundance of scholarship on leadership, effective leadership style and behaviors remain largely elusive. On the other hand, a plethora of leadership models enables us to examine the linkage between leadership style and employees’ behavior and attitudes. An important consequence of leadership behavior with respect to employees’ attitudes is job satisfaction (Braun et al., 2013; Lok and Crawford, 2003). An increase in job satisfaction is expected to lead to higher level of motivation and hence higher job performance (Riketta, 2002). Despite this, there is a dearth of research on how the leadership styles of district governors in Turkey affect employees’ job attitudes and behaviors. With few exceptions, most research on district governorships have been exploratory in nature. In this paper, drawing on leadership models of Avoilo and Bass (1988), Avolio, Bass and Jung (1999), and Bass (1985), we develop and test a conceptual framework that links a chief of staff’s job satisfaction to a governor’s leadership behaviors at district governorships. We examine four leadership behaviors or styles: transformational leadership, reward oriented transactional leadership, management by exception oriented transactional leadership and passive-avoidant leadership. Data and Method To analyze our framework, we collected data by surveying chiefs of staff employed by district governorships across Turkey. A questionnaire was distributed to all attendants of a county-wide chiefs of staff meeting that was held in the city of Antalya in 2015. Of all participants, 209 participated in the survey. However, due to missing answers on some items, our analyses were based on a final sample of 111 observations. Our dependent variable is perceived job satisfaction. To measure job satisfaction, we use the measure developed by Weis et al. (1967). In our analyses, we use two versions of this measure. One version is based on the simple average of the answers to all items in the scale. The other version is based on the rounded (up or down) averages of the answers. So, while the first measure can be considered a continuous one, the second measure is ordinal. Our main independent variables are those that measure leadership behaviors. To measure leadership behaviors, we use the multifactor leadership questionnaire developed by Avolio et al., (1999). Our questionnaire consists of 33 items, which load onto four distinct factors in our confirmatory factor analysis. Based on related literature, we label these factors, which we take as our main independent variables, as follows: transformational leadership, reward oriented transactional leadership, management by exception oriented transactional leadership, and passive-avoidant leadership. In our analyses, we control for several individual characteristics of chiefs of staff. We use both the ordinary least squares and ordered probit regression estimators to analyze our data. Because regression errors are not homoscedastic, we use the heteroskedasticity-robust estimate of the variance-covariance matrix in both regressions.&nbsp; Results About 27% of the participants in our sample report that they are satisfied with their jobs. Our regression results show that there is a positive and significant relationship between transformational leadership behavior and job satisfaction, even after holding several individual level factors constant. Similarly, reward oriented transactional leadership behavior appears to be positively and significantly related to job satisfaction. On the other hand, both management by exception oriented transactional leadership and avoidant leadership are negatively related to job satisfaction, although the coefficient on avoidant leadership is marginally significant, when two-tailed test is used. These results hold for both measures of job satisfaction, though the results are stronger when the ordinal measure, and hence the ordered probit regression, is used. Overall, our results indicate that leadership behavior has a significant impact on employees’ job satisfaction. In addition, our results suggest that even though leaders, such as district governors, in government bureaucracy have limited authority to transform the organizations they manage, their employees are more likely to be satisfied with their jobs when they perceive their leaders to be charismatic, transformative and considerate.

Does Perceived Leadership Style of District Governors Affect Employees’ Job Satisfaction? An Empirical Examination

COMMUNICATION STATEMENT

Bitcoin Mining in Turkey as an Example of Speculative Entrepreneurship

Asuman

Assoc. Prof.

Comparison of the Companies on the BIST Sustainability  Index with Other Listed Companies in the Context of  Earnings Manipulation

Yeliz

A Meta Analysis of the Relationship between  Organizational Justice and Job Satisfaction: The Case of  Turkey

Neriman

Content Analysis of Audit Reports in Stock Indices EURONEXT 100 vs BIST 100

Samet

Lecturer

Malik

Can Eye Movements Be a Predictor of Implicit  Attitudes? Discrimination Against Disadvantaged  Individuals During the Recruitment Process

Ozan

Linking Leaders’ Humor Styles and Employees’  Organizational Creativity: Moderating Role of  Organizational Tenure

Volkan

Recommendation of Active Employment Policy Based  on Entrepreneurship and Social Innovation: Social  Entrepreneurship Support Model for Youth in Turkey

Remzi

Aviral

Analysis of the Frequency-Based Relationship between  Inflation Expectations and Gold Returns in Turkey

Yaşar

Asiye

Does Tax Planning Affect R&D Expenditures? A Study of  Borsa Istanbul (BIST) Manufacturing Sector

Esme

Ayfer

Metin

Yüksel

Figen

Will Outbreaks Increase or Reduce Income Inequality?  the Case of COVID-19

Ezgi

Ceyda

Ready or Not, Here Comes the Digitalization:  Assessment of Workforce Readiness and Change  Perception

Gamze

Serdar

Research on the Role of Self-Efficacy in the Effect of  Workplace Envy on Intention to Quit

The Dark Side of Firm Diversity: An Empirical  Examination of the Impact of Firm Diversity on Resource  Allocation Efficiency in Multidivisional Firms

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Gaye

Ömür

Esin

Leader Behavior, Job Performance, and Service Quality:  Ethical Perspective From Banking Sector

Abdulvahid

İbrahim

Ahmet

Behavioral Tendencies, Stock Market Participation, Principal Component Analysis, Chi-Square Test, Logistic Regression Analysis

The Relationship between Behavioral Tendencies and Stock Market Participation: A Study for Accounting and Finance Academics

Selim

Hatice

Evaluation and Classification of Behavioral Biases  According to Thinking Styles, Risky Investment  Intention, and Subjective Financial Literacy

Öncü

Ferda

Scale Adaptation of Innovation-Outsourcing in Companies

Elif

Uğur

Retaining Employees through Organizational Social  Climate, Sense of Belonging and Workplace Friendship:  A Research in the Financial Sector

Öğretim Görevlisi Dr.

Onur

The Mediation Role of Supply Chain Practices and  Logistics Integration on the Effect of Lean Supply Chain  Strategy on Operational Performance

Serap

Hakkı

A Research on the Relationship of Social Intelligence  and Cultural Intelligence with Leadership Styles

Saniye

Investigation of the Mediating Effect of Strategic Posture  on the Relationship between Environmental Conditions  and Firm Performance on the Logistics Sector

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Fatma

Sevtap

Tuğba

Öğretim Görevlisi

Do We Know Organic Food Consumers? The Personal and Social Determinants of Organic Food Consumption

Enflasyon ve Kredi Faizleri Arasındaki Uzun Dönemli İlişkinin Fisher Hipotezi Çerçevesinde Değerlendirilmesi: Türkiye Uygulaması (2002-2018)

Seniye

Oktay Zihni

Endüstri 4.0 Yolculuğunda Trendler ve Robotlar

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Seda

Atılhan

The survival of organizations operating in an ever-changing and complex environment significantly depends on the positive perceptions of stakeholders regarding the organization, or, in other words, on organizations’ abilities to manage their corporate reputations and make them part of the strategic management processes. The reason for this is that awareness of a company’s reputation provides stakeholders with the opportunity to compare the products, jobs, strategies and image of said organization with its rivals. Within this context, important duties fall to the strategic leaders who play an active role in the strategic management process for the effective and careful management of the corporate reputation. First of all, strategic leaders should aim to change the perceptions regarding reputation of the employees who are perfectly placed to influence the perceptions of other stakeholders. However, the existence of strategic leaders may not always create a positive perception among employees. For this reason, employees should be made aware that the organization performs CSR activities. With CSR, organizations provide a service to society, improve the quality of life, manage its economic-legal-ethical-volunteer activities in accordance with the expectations of society and try to find solutions to social problems. Therefore, stakeholders can reach a general conclusion about the organization based on its CSR activities, and they may develop certain expectations for the future. In this context, the aim of this study is to examine the role of CSR activities in the impact of strategic leadership behaviors of managers on the corporate reputation perception of employees. The survey method was used in this study. The study group consisted of 517 employees in three private hospitals operating in Trabzon in 2016. Firstly, strategic leadership, corporate reputation and CSR scales were subjected to explanatory and confirmatory factor analyses.&nbsp;Secondly, correlation analysis was performed across the variables. The correlation analyses showed that there is a positive and significant relationship between strategic leadership and corporate reputation, between strategic leadership and CSR and between CSR and corporate reputation at 99% confidence level in general. Thirdly, a three-stage regression analysis, as proposed by Baron and Kenny (1986: 1177), was carried out to explain the mediating role of CSR in the impact of strategic leadership behaviors on the corporate reputation perception of employees. At the first stage, it was seen that the independent variable (SL) had a significant impact on the dependent variable (CR) (β=.552; p&lt;.001). At the second stage, the impact of the independent variable (SL) on the mediator variable (CSR) was examined (β=.589; p&lt;.001). At the third stage, the impact of the mediator variable (CSR) on the dependent variable (CR) was examined (β=.719; p&lt;.001). Finally, the independent variable (SL) was included in the model with the mediator variable (CSR) and attempts were made to explain the dependent variable (CR). When the last step was examined, it was observed that there was no insignificance&nbsp;in the association between strategic leadership and corporate reputation, but the impact strength decreased (β=.196; p&lt;.001) and that the impact of CSR on corporate reputation continued (β=.603; p&lt;.001. This finding shows that CSR plays a partial mediation role in the impact of strategic leadership on corporate reputation. The Sobel test was performed to determine the significance level of the mediation impact and this was confirmed given that the result was significant (z=13,574; p&lt;.001). The study was limited to three private hospitals in Trabzon. Similar studies could be conducted in different geographical regions and the possible impacts of regional differences could be examined in terms of the research subject. In addition, this study, which was conducted in the health sector, might equally be applied to organizations operating in different industries. In this study, the variables that make up the research subject were evaluated from the perspective of the employees. Other stakeholder groups that organizations interact with could be included in the study to compare evaluations of stakeholder groups.

Yöneticilerin Stratejik Liderlik Davranışlarının Kurumsal İtibar Algısı Üzerine Etkisinde Kurumsal Sosyal Sorumluluğun (KSS) Rolü

Esra

Ünal

A market in which prices always “fully reflect” the available information is called “efficient”. According to Fama (1970), there are three types of efficiency. First, weak form tests, in which the information set is just historical prices. Second, semi-strong form tests, in which the concern is whether prices efficiently adjust to other information that is obviously publicly available (i.e., announcements of annual earnings, stock splits, etc.). Third, strong form tests, concerned with whether the given investors or groups have monopolistic access to any information relevant to pricing formation. In the relevant literature, there are several studies which have addressed Efficient Market Hypothesis by testing different markets. Some of these studies focused on stock markets, foreign exchange markets, several commodity markets, and crypto currency markets. Additionally, a number of researchers have examined the housing markets as well. Housing wealth accounts for the highest proportion of non-financial wealth owned by households. Therefore, the house is an investment good as well as a consumer good. Houses may provide wealth stock, an increase in loan facilities and rent gains. Hence, house prices may affect the wealth of homeowners and so it becomes significant to analyze whether historical prices fully reflect all available information and whether making profit above the average price is possible or not. The statistics on the Turkish housing market provided by the Turkish Statistical Institute (i.e., home ownership ratio, change in the number of households, number of first-time buyers) indicate that households’ demand may reflect an investment motive other than buying just for consumption. To the best of our knowledge, no previous study has investigated the efficiency of the Turkish housing market and in this context, our study fills the gap in the literature. The key research question of this study is whether or not the Turkish housing market, which has been one of the prominent sectors of the Turkish economy in recent years, is an efficient market. We aim to answer this question by testing the Efficient Market Hypothesis in weak form for the Turkish housing market. With this purpose, we utilized both traditional unit root tests and unit root tests with structural breaks. Our dataset consists of the House price index, hedonic house price index, new housing price index and existing housing price index series, provided by the Central Bank of the Republic of Turkey (CBRT). Our sample covers the 2010M01-2018M07 period.&nbsp;&nbsp;We employed the traditional unit root test of Augmented Dickey-Fuller (ADF) and Kwiatkowski, Phillips, Schmidt and Shin (KPSS) and unit root tests with two structural breaks of Lee- Strazicich (LS) and Clemente, Montañés and Reyes (CMR). The CMR unit-root test classifies structural breaks into two types. In a model with additive outliers (AO model), changes are assumed to take place rapidly, allowing for a break in the slope. In a model with innovative outliers (IO model), changes are assumed to take place gradually and allow for a break both in intercept and slope. In both LS and CMR unit root tests structural breaks are determined as endogenous. Unit root tests were applied to the natural logarithm of the series. The results of both the traditional unit root tests and unit root tests with structural breaks, indicate the presence of unit root in all series, that is, all unit root tests’ results are consistent with&nbsp;each other. Structural break dates were different in the LS and CMR tests and also the dates in the AO model varied from the IO model. A possible explanation for this difference may be related to different assumptions of the models. There are various factors that cause structural breaks in the series which affect housing supply and demand. For instance, financial wealth, construction costs, access to housing (mortgage) credits, volatility of interest rates and households’ expectations on future prices and interest rates may affect housing supply and demand which thus dominates price variations in the housing market. Consequently, the overall results imply that prices in the Turkish housing market follow a random walk This evidence suggests that the Turkish housing market is efficient in its weak form. This is an important issue for future research. A further study with more focus on testing the semistrong form and strong form of efficiency is therefore suggested.

Türkiye Konut Piyasasında Etkinlik Analizi

Canan

Reklamlarla Marka Kişiliği Geliştirmek: Arketipler Tüketicileri Yakalayabiliyor Mu?

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Dear colleagues,

Welcome to the official journal of the School of Business of Istanbul University. Formerly known as Istanbul University Journal of the School of Business, our peer reviewed journal begun its publication life in 1972. The online journal publishes biannually and has been renamed as Istanbul Business Research (IBR), beginning with V. 47 (1) 2018.

Dear authors,

Thank you for your interest in publishing with us. We would like to mention that IBR accepts articles written only in English, since being indexed in Web of Science Emerging Science Citation Index (ESCI) beginning with V. 46 (1) 2017. Thus, all communication regarding articles must be done in English and only via Dergipark system for our records. We reserve the right to terminate article processing in case of a failure to comply.


Many thanks for your interest in IBR.
Best,
IBR Editorial Team

Istanbul Business Research

CİLT 47, SAYI 2, 2018