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Papers by İhsan Uğur Delikanlı

Springer eBooks, 2018

This chapter reveals the background of the Multilateral Development Banks (MDBs) looking at their... more This chapter reveals the background of the Multilateral Development Banks (MDBs) looking at their institutional emergence, role, and evolution, dealing with the broader issues of roots, categorization, proliferation, and challenges. It groups the 25 MDBs into Global, Regional, and Sub-regional, in order to facilitate the scope of analysis. The nature of MDBs as complex public institutions is outlined, revealing common misconceptions, providing insight on what MDBs are and are not but could become. The review delves into a number of specific MDB conceptual features, pointing out converging as well as diverging forces—ranging from the wider issues of multilateralism and development to the more specific political and extraterritorial dimensions.

This chapter has a very central role as it offers a novel set of seven Multilateral Development B... more This chapter has a very central role as it offers a novel set of seven Multilateral Development Bank (MDB) governance principles, developed by the authors. They cover all governance aspects, ranging from the multiple roles of boards and rating agencies to the overshadowed importance of attracting, motivating, and nurturing the right mix of human capital, genuinely dedicated to the global development agenda. These seven MDB-specific governance principles are developed beyond the Basel governance principles, to reflect the complexity of MDBs. The conclusion includes a summary on recent developments as well as an assessment of the level of adherence to the proposed principles—outlining specific areas of improving MDB governance, elaborated in the concluding Chap. 7 (The Future).

Springer eBooks, 2018

The use of general descriptive names, registered names, trademarks, service marks, etc. in this p... more The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use.

Ankara Üniversitesi SBF Dergisi, 2011

Finansal tablolari denetime tabi tutulacak kuruluslarda uygulanacak denetim stratejileri denetcil... more Finansal tablolari denetime tabi tutulacak kuruluslarda uygulanacak denetim stratejileri denetciler tarafindan ongorulecek denetim riskinin duzeyine gore belirlenmektedir. Denetim riski ise denetlenecek kurulusun yapisal kosullari, ic kontrol ve muhasebe sistemlerinin yeterliligi, uygulanacak denetim tekniklerine karsin ortaya cikarilamayacak hata ve hileler ile karsilasma olasiligi birlikte dikkate alinarak belirlenmektedir. Bu calismada, finansal kuruluslara iliskin yapilacak finansal tablo denetimlerinin uygunluk denetimini de kapsayacagi gorusunden hareketle denetimlerde esas alinacak duzenlemelerin ilke bazli ya da kural bazli yaklasimla hazirlanmis olmasinin denetim stratejisinin planlanmasina etkisi sorgulanmistir. Denetim riskinin alt bilesenleri olan kontrol riski ve bulgu riski arasindaki ters yonlu gelisim dikkate alinarak ilke bazli duzenleme yaklasiminin bulgu riskini, kural bazli duzenleme yaklasiminin ise kontrol riskini arttiracagi sonucuna varilmistir.

Business and Economics Research Journal, Apr 10, 2020

gayrimenkul yatırım ortaklıklarının (GYO) pay senetlerindeki yabancı yatırımcı pay sahipliği oran... more gayrimenkul yatırım ortaklıklarının (GYO) pay senetlerindeki yabancı yatırımcı pay sahipliği oranında meydana gelen değişimin söz konusu pay senetlerinin getirisine, volatilitesine ve likiditesine etkisi panel regresyon analizi yoluyla incelenerek taban genişlemesi hipotezinin geçerliliği ampirik olarak test edilmiştir. Araştırma sonucunda, yabancı sahiplik oranındaki ani değişimler ile pay senetlerinin getirisi, likiditesi ve volatilitesi arasında kısa vade için (üç aya kadar) istatistiksel olarak anlamlı ilişkiler tespit edilmiştir. Bu sonuçlara göre, taban genişlemesi hipotezinin uzun vadede geçerli olmadığı bulgusuna ulaşılmıştır. Ayrıca, kısa vade için ortaya çıkan anlamlı ilişki nedeniyle fiyat baskısı hipotezinin geçerli olabileceği iddia edilse bile, bu durumun yabancı yatırımcıların işlemlerinin sonucu olarak değil, yabancı yatırımcıların pay sahipliğindeki değişimin bir "bilgi içermesi" ve bu bilginin piyasada öğrenildiğinde yerli yatırımcıların piyasaya ilgi gösterip daha fazla işlem yapmasından kaynaklandığı anlaşılmıştır.

Marmara Üniversitesi iktisadi ve idari bilimler dergisi, Dec 31, 2020

This paper aims to empirically test the impact of Turkey's sovereign credit rating downgrades by ... more This paper aims to empirically test the impact of Turkey's sovereign credit rating downgrades by three major credit rating agencies on the Borsa İstanbul equity market prior to the official announcement, and to ascertain whether any significant impact found is due to market players' accurate forecasting or information leakages. In this paper, the effects of nine downgrade announcements between 2016 and 2018 are analyzed using the Event Study method. In eight of the nine events, statistically significant negative cumulative abnormal returns were estimated during the five trading days before the announcement. Evidence suggests that three of the eight events reflected information leakage to the market, and five indicated sound forecasting by market players alongside some information leakage. These results reveal that it is necessary to take preventive measures against information leakage before the announcement of the ratings assessments.

The aim of this study is to assess the practice following the removal of share blockage to attend... more The aim of this study is to assess the practice following the removal of share blockage to attend the general meeting and to exercise voting rights under Turkish Commercial Code numbered 6102 and Capital Markets Law numbered 6362, from the point of Borsa Istanbul listed companies. In this regard, it is examined in details at which point the ownership of the shares and share ownership rights are transferred to the transferee after the shares are traded at the stock exchange as well as process for shareowners to attend the general meeting and to exercise their voting rights in the light of electronic general meeting and the state of the shares that are dematerialized and registered in the books of Central Registry Agency (MKK). It is also explained that although removing share blockage is a big step for exercising rights such as attending the general meeting and voting, present practice is not flawless at all. Main problems are the risk of shareowner list provided to the issuers being outdated since the records are kept by MKK members; the fact that some shareowners can’t attend the general meeting despite the removal of share blockage while the possibility of unauthorized persons to attend the general meeting. Suggested solutions to the said problems are also stated in this article.

Small Enterprise Research, 2021

ABSTRACT This paper aims to analyse the factors affecting SMEs’ capital structure decisions with ... more ABSTRACT This paper aims to analyse the factors affecting SMEs’ capital structure decisions with a comparative analysis covering SMEs of different sizes in Turkey from 2007 to 2018. According to the study results, no significant difference is observed based on firm size. Secondly, as SMEs’ assets grow and efficiency increases, their financial debt also rises. Asset growth leads to long-term debt, while efficiency increase generates short-term borrowing. However, as profitability increases, long-term borrowing decreases. The findings show that SMEs try to meet their financing needs with internal resources, acting in alignment with the pecking order theory. Thirdly, no relationship is identified between financial debt and SMEs’ liquidity strength, risk, and asset structure. This finding likely indicates that SMEs do not act with financial stress or agency costs in mind. That is, they do not act in alignment with the trade-off theory.

Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, 2021

This paper aims to empirically test the impact of Turkey’s sovereign credit rating downgrades by ... more This paper aims to empirically test the impact of Turkey’s sovereign credit rating downgrades by three major credit rating agencies on the Borsa İstanbul equity market prior to the official announcement, and to ascertain whether any significant impact found is due to market players’ accurate forecasting or information leakages. In this paper, the effects of nine downgrade announcements between 2016 and 2018 are analyzed using the Event Study method. In eight of the nine events, statistically significant negative cumulative abnormal returns were estimated during the five trading days before the announcement. Evidence suggests that three of the eight events reflected information leakage to the market, and five indicated sound forecasting by market players alongside some information leakage. These results reveal that it is necessary to take preventive measures against information leakage before the announcement of the ratings assessments.

Multilateral Development Banks, 2018

This chapter reveals the background of the Multilateral Development Banks (MDBs) looking at their... more This chapter reveals the background of the Multilateral Development Banks (MDBs) looking at their institutional emergence, role, and evolution, dealing with the broader issues of roots, categorization, proliferation, and challenges. It groups the 25 MDBs into Global, Regional, and Sub-regional, in order to facilitate the scope of analysis. The nature of MDBs as complex public institutions is outlined, revealing common misconceptions, providing insight on what MDBs are and are not but could become. The review delves into a number of specific MDB conceptual features, pointing out converging as well as diverging forces—ranging from the wider issues of multilateralism and development to the more specific political and extraterritorial dimensions.

Springer eBooks, 2018

This chapter reveals the background of the Multilateral Development Banks (MDBs) looking at their... more This chapter reveals the background of the Multilateral Development Banks (MDBs) looking at their institutional emergence, role, and evolution, dealing with the broader issues of roots, categorization, proliferation, and challenges. It groups the 25 MDBs into Global, Regional, and Sub-regional, in order to facilitate the scope of analysis. The nature of MDBs as complex public institutions is outlined, revealing common misconceptions, providing insight on what MDBs are and are not but could become. The review delves into a number of specific MDB conceptual features, pointing out converging as well as diverging forces—ranging from the wider issues of multilateralism and development to the more specific political and extraterritorial dimensions.

This chapter has a very central role as it offers a novel set of seven Multilateral Development B... more This chapter has a very central role as it offers a novel set of seven Multilateral Development Bank (MDB) governance principles, developed by the authors. They cover all governance aspects, ranging from the multiple roles of boards and rating agencies to the overshadowed importance of attracting, motivating, and nurturing the right mix of human capital, genuinely dedicated to the global development agenda. These seven MDB-specific governance principles are developed beyond the Basel governance principles, to reflect the complexity of MDBs. The conclusion includes a summary on recent developments as well as an assessment of the level of adherence to the proposed principles—outlining specific areas of improving MDB governance, elaborated in the concluding Chap. 7 (The Future).

Springer eBooks, 2018

The use of general descriptive names, registered names, trademarks, service marks, etc. in this p... more The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use.

Ankara Üniversitesi SBF Dergisi, 2011

Finansal tablolari denetime tabi tutulacak kuruluslarda uygulanacak denetim stratejileri denetcil... more Finansal tablolari denetime tabi tutulacak kuruluslarda uygulanacak denetim stratejileri denetciler tarafindan ongorulecek denetim riskinin duzeyine gore belirlenmektedir. Denetim riski ise denetlenecek kurulusun yapisal kosullari, ic kontrol ve muhasebe sistemlerinin yeterliligi, uygulanacak denetim tekniklerine karsin ortaya cikarilamayacak hata ve hileler ile karsilasma olasiligi birlikte dikkate alinarak belirlenmektedir. Bu calismada, finansal kuruluslara iliskin yapilacak finansal tablo denetimlerinin uygunluk denetimini de kapsayacagi gorusunden hareketle denetimlerde esas alinacak duzenlemelerin ilke bazli ya da kural bazli yaklasimla hazirlanmis olmasinin denetim stratejisinin planlanmasina etkisi sorgulanmistir. Denetim riskinin alt bilesenleri olan kontrol riski ve bulgu riski arasindaki ters yonlu gelisim dikkate alinarak ilke bazli duzenleme yaklasiminin bulgu riskini, kural bazli duzenleme yaklasiminin ise kontrol riskini arttiracagi sonucuna varilmistir.

Business and Economics Research Journal, Apr 10, 2020

gayrimenkul yatırım ortaklıklarının (GYO) pay senetlerindeki yabancı yatırımcı pay sahipliği oran... more gayrimenkul yatırım ortaklıklarının (GYO) pay senetlerindeki yabancı yatırımcı pay sahipliği oranında meydana gelen değişimin söz konusu pay senetlerinin getirisine, volatilitesine ve likiditesine etkisi panel regresyon analizi yoluyla incelenerek taban genişlemesi hipotezinin geçerliliği ampirik olarak test edilmiştir. Araştırma sonucunda, yabancı sahiplik oranındaki ani değişimler ile pay senetlerinin getirisi, likiditesi ve volatilitesi arasında kısa vade için (üç aya kadar) istatistiksel olarak anlamlı ilişkiler tespit edilmiştir. Bu sonuçlara göre, taban genişlemesi hipotezinin uzun vadede geçerli olmadığı bulgusuna ulaşılmıştır. Ayrıca, kısa vade için ortaya çıkan anlamlı ilişki nedeniyle fiyat baskısı hipotezinin geçerli olabileceği iddia edilse bile, bu durumun yabancı yatırımcıların işlemlerinin sonucu olarak değil, yabancı yatırımcıların pay sahipliğindeki değişimin bir "bilgi içermesi" ve bu bilginin piyasada öğrenildiğinde yerli yatırımcıların piyasaya ilgi gösterip daha fazla işlem yapmasından kaynaklandığı anlaşılmıştır.

Marmara Üniversitesi iktisadi ve idari bilimler dergisi, Dec 31, 2020

This paper aims to empirically test the impact of Turkey's sovereign credit rating downgrades by ... more This paper aims to empirically test the impact of Turkey's sovereign credit rating downgrades by three major credit rating agencies on the Borsa İstanbul equity market prior to the official announcement, and to ascertain whether any significant impact found is due to market players' accurate forecasting or information leakages. In this paper, the effects of nine downgrade announcements between 2016 and 2018 are analyzed using the Event Study method. In eight of the nine events, statistically significant negative cumulative abnormal returns were estimated during the five trading days before the announcement. Evidence suggests that three of the eight events reflected information leakage to the market, and five indicated sound forecasting by market players alongside some information leakage. These results reveal that it is necessary to take preventive measures against information leakage before the announcement of the ratings assessments.

The aim of this study is to assess the practice following the removal of share blockage to attend... more The aim of this study is to assess the practice following the removal of share blockage to attend the general meeting and to exercise voting rights under Turkish Commercial Code numbered 6102 and Capital Markets Law numbered 6362, from the point of Borsa Istanbul listed companies. In this regard, it is examined in details at which point the ownership of the shares and share ownership rights are transferred to the transferee after the shares are traded at the stock exchange as well as process for shareowners to attend the general meeting and to exercise their voting rights in the light of electronic general meeting and the state of the shares that are dematerialized and registered in the books of Central Registry Agency (MKK). It is also explained that although removing share blockage is a big step for exercising rights such as attending the general meeting and voting, present practice is not flawless at all. Main problems are the risk of shareowner list provided to the issuers being outdated since the records are kept by MKK members; the fact that some shareowners can’t attend the general meeting despite the removal of share blockage while the possibility of unauthorized persons to attend the general meeting. Suggested solutions to the said problems are also stated in this article.

Small Enterprise Research, 2021

ABSTRACT This paper aims to analyse the factors affecting SMEs’ capital structure decisions with ... more ABSTRACT This paper aims to analyse the factors affecting SMEs’ capital structure decisions with a comparative analysis covering SMEs of different sizes in Turkey from 2007 to 2018. According to the study results, no significant difference is observed based on firm size. Secondly, as SMEs’ assets grow and efficiency increases, their financial debt also rises. Asset growth leads to long-term debt, while efficiency increase generates short-term borrowing. However, as profitability increases, long-term borrowing decreases. The findings show that SMEs try to meet their financing needs with internal resources, acting in alignment with the pecking order theory. Thirdly, no relationship is identified between financial debt and SMEs’ liquidity strength, risk, and asset structure. This finding likely indicates that SMEs do not act with financial stress or agency costs in mind. That is, they do not act in alignment with the trade-off theory.

Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, 2021

This paper aims to empirically test the impact of Turkey’s sovereign credit rating downgrades by ... more This paper aims to empirically test the impact of Turkey’s sovereign credit rating downgrades by three major credit rating agencies on the Borsa İstanbul equity market prior to the official announcement, and to ascertain whether any significant impact found is due to market players’ accurate forecasting or information leakages. In this paper, the effects of nine downgrade announcements between 2016 and 2018 are analyzed using the Event Study method. In eight of the nine events, statistically significant negative cumulative abnormal returns were estimated during the five trading days before the announcement. Evidence suggests that three of the eight events reflected information leakage to the market, and five indicated sound forecasting by market players alongside some information leakage. These results reveal that it is necessary to take preventive measures against information leakage before the announcement of the ratings assessments.

Multilateral Development Banks, 2018

This chapter reveals the background of the Multilateral Development Banks (MDBs) looking at their... more This chapter reveals the background of the Multilateral Development Banks (MDBs) looking at their institutional emergence, role, and evolution, dealing with the broader issues of roots, categorization, proliferation, and challenges. It groups the 25 MDBs into Global, Regional, and Sub-regional, in order to facilitate the scope of analysis. The nature of MDBs as complex public institutions is outlined, revealing common misconceptions, providing insight on what MDBs are and are not but could become. The review delves into a number of specific MDB conceptual features, pointing out converging as well as diverging forces—ranging from the wider issues of multilateralism and development to the more specific political and extraterritorial dimensions.