Prof.Dr. Suat Teker - Academia.edu (original) (raw)

Conference Papers by Prof.Dr. Suat Teker

There is a widely heralded need for improved corporate governance practices in order to stave off... more There is a widely heralded need for improved corporate governance practices in order to stave off potential turbulences in financial markets. Corporate governance index enables investors to monitor the compliance level of firms with corporate governance principles. This study attempts to examine whether the market players in Borsa İstanbul recognise the value of getting a corporate governance score in the period of 2007 and 2013. The initial evidence supports that the market players value the scoring and the market price of firms announcing the scoring shows a sharp increase in the first announcement day and this dies out over the next 10 days.

Papers by Prof.Dr. Suat Teker

Dünya çapındaki serbestleşme, liberalleşme, özelleştirme, ticarileşme ve rekabet yapıları gibi re... more Dünya çapındaki serbestleşme, liberalleşme, özelleştirme, ticarileşme ve rekabet yapıları gibi reel sektördeki değişim ve gelişmeler ve bunların sistemi etkilemesi nedeniyle, belirsizlik ve riskler artmaktadır. Kurumların başarısı büyük ölçüde riskleri belirleme, önleme, azaltma ve yönetme kapasitelerine bağlıdır. Kurumsal risk yönetimi bu gerekler için etkin bir yapı sunmaktadır. Çalışmanın ilk kısmında kurumsal risk yönetimi hakkında teorik bilgiler sunulmuş, dünya’da kullanılan risk yönetimi ile ilgili standartlar ve sonrasında enerji sektöründe yapılan bir anket yardımıyla Türkiye’deki kurumsal risk yönetim uygulamalarının bir profili çizilmeye çalışılmıştır.Development and changes in the industrial sector such as deregulation, liberalization, privatization and commercialization, and competitive structure, have caused increases in uncertainties and risks. The success of an enterprise depends upon its capacity to anticipate, avoid, accept, mitigate and exploit risks. Their surviv...

Journal of Economics, Management and Trade

This analytical study examines the evolution of digital payment systems and the use by financial ... more This analytical study examines the evolution of digital payment systems and the use by financial institutions and fintech companies in line with the changing user needs, along with the evolutionary developments in information technologies. It also makes a comparative analysis of digital payment platforms that are popularly used all over the world, e.g. PayPal, GooglePay, Wise. The introduction of the first ATM in 1967, the first contactless credit card payment in 1999, the introduction of blockchain in 2009, the emergence of GoogleWallet in 2011 and the introduction of Visa Click-to-pay in 2020 may be defined as the milestones of digital payment systems. Digital payment systems can be broadly classified as smart cards, online payments, mobile applications, blockchain transfers and biometric authentication. All payment systems in the world are generally shaped according to user needs. The exponential growth of e-commerce and the increasing influence of market regulators also contribu...

Pressacademia

Purpose- The purpose of this study is to serve as an extensive outlook about digital transformati... more Purpose- The purpose of this study is to serve as an extensive outlook about digital transformation. Its content comprises the elements of digital transformation, the ways of adapting to digital transformation, reasons for failure, means of digital transformation, and insights and discussions on new business environment. Methodology- In this study, a comprehensive literature review is followed to learn about the current business circumstances regarding digital transformation and have a deep understanding on the previous studies conducted about digital transformation. Findings- The literature review reveals that digital transformation has provided positive impract on businesses at different levels. Although challenges against digital transformation may arise, they can be tackled if the nature of digital transformation is understood well. The success of digital transformation is dependent on numerous factors from different aspect which should be studied carefully before and during the...

Pressacademia

Purpose- This empirical study aims to measure the sectoral market risk premiums in the Turkish st... more Purpose- This empirical study aims to measure the sectoral market risk premiums in the Turkish stock market for the period of 2016 and 2021 and also estimate the sectoral market risk premiums for the years 2022, 2023 and 2024. Capital Asset Pricing Model (CAPM) is the most widely used and popular method in the analysis of investment projects, stock valuation, firm valuation, mergers and acquisitions, initial public offerings, and secondary public offerings. The market risk premium in CAPM is defined as the the difference in between expected market returns and interest rates. The determination of market risk premium is one of the most important inputs in the application of the CAPM. This study intends to calculate the market risk premiums and volatilities for the sectors of Borsa Istanbul for the periods of pre-Covid (2016-2017-2018) and in the Covid-19 era (2019-2020-2021). Methodology- The monthly data from the Reuters Database are collected for the BIST100 and 17 different sectora...

A long time ago many financially developed countries adopted accounting standards for financial r... more A long time ago many financially developed countries adopted accounting standards for financial reporting. It may be strongly argued that standardization in financial reporting is one of the fundamental elements of improving financial markets. Turkey first adopted standards for bank reporting in 1986. However, financial reporting standards for nonfinancial firms have been established only in very recent years (1995). Yet, in spite of the improvements, it is hardly possible to say that newly adopted standards are sufficient for accurate comparisons of financial reports. That is to say, the treatment of new financing tools (e.g. leasing, factoring, forfeiting) and off-balance sheet activities (e.g. forwards, futures, swaps, assurances, guarantees) are still not completely standardized. Having understood the needs, improvements in the standards of accounting will help improve the Turkish financial markets and eventually economic growth.Finansal yapıları gelişmiş ülkeler uzun zaman önce...

LAHSS-19, MEEIS-19 Nov. 12-14, 2019 Paris (France), 2019

Cryptocurrency is a recent and popular topic that attracts the interest of investors and fund man... more Cryptocurrency is a recent and popular topic that attracts the interest of investors and fund managers. Beyond the market discipline, researchers question the interaction between cryptocurrecies and macroeconomic variables. This study we focus on how the changes in gold and oil prices effect the daily price movements of different cryptocurrencies. The daily database includes prices of the cryptocurrencies of Bitcoin, Tether, Ethereum Litecon and EOS for the period between August 1, 2017 and April 3, 2019. Initially the stationarity of the series is tested by Ng and Perron (2001) method. The existence of the cointegration relationship between the series is tested by Johansen (1988) technique. The presence of causality relationships between the series is investigated with the Dolado and Lütkepohl (1996) causality test. The paper explains the details of the empirical findings.

Bank for International Settlements (BIS) proposes that all banks calculate and report amount of m... more Bank for International Settlements (BIS) proposes that all banks calculate and report amount of market risk they incur and allocate sufficient amount of capital starting form beginning of year 2002. BIS also suggests that value-at-risk (VaR) models in computing market risk should be used. The Turkish Bank Regulation and Supervision Agency already required all Turkish banks to compute and periodically report market risk and reserve adequate amount of capital starting from February, 2002. This study mimics an average trading marketable securities portfolio of four largest Turkish Banks subject to market risk. The publicly available quarterly financial reports of year 2001 of Isbank, Garanti, Yapı Kredi and Akbank are examined and a mimicking portfolio composition is determined as bond investments of 60 % in Turkish currency (TRL), 20 % in American dollar (USD) and 20 % in Euro (EUR). The VaR amounts of mimicking portfolio are computed by applying Historical Simulation, Monte Carlo Sim...

Pressacademia, 2021

Purpose-Financial inclusion is defined as a process that ensures the ease of access, availability... more Purpose-Financial inclusion is defined as a process that ensures the ease of access, availability and usage of the formal financial system for all members of an economy by emphasizing the use of accessibility, availability of financial services. A financial sector is measured and compared on four main features; debt is the size of financial institutions, access is the access and use of financial services by the users, efficiency is the efficiency in the provision of financial services, stability is the stability in the provision of financial services. Financial inclusion, in short, is adults' access and use of financial services. The purpose of this paper is to measure the level of financial inclusion of Turkey for the period of 2000-2017. Methodology-The World Bank data covering 2000-2017 period is extracted for Turkey. The whole financial system of Turkey is defined to be a combination of banks, nonbanks financial institutions and exchange markets. The related indicators for each of the subsections of the Turkish financial system are determined for banks, nonbanks and exchange markets providing a continued data stream. Thus, 32 indicators for banks, 6 indicators for nonbanks and 16 indicators for exchange markets are determined for the financial inclusion index for Turkey. All indicators are in percentages. All individual indicators are summed for the computation of subsectional index and then the growth rate in each subsectional index is computed. Finally, the growth rates of each subsectional index are summed and weighted considering the subsectional asset sizes or trading volume.

Pressacademia, 2021

Purpose-Capital Asset Pricing Model (CAPM) is the most widely used and popular method in analysis... more Purpose-Capital Asset Pricing Model (CAPM) is the most widely used and popular method in analysis of investment projects, stock valuation, firm valuation, mergers and acquisitions, initial public offerings and secondary public offerings. The determination of market risk premium is one of the most important inputs in the application of this model. The determination of market risk premium for the Turkish market has not deeply studied in the literature so far. This study intends to calculate the market risk premium for the Turkish Stock Market with a special emphasis on the Covid-19 era. Methodology-The monthly data from the Reuters Database are collected for the BIST100 and 17 different sectoral indexes for the years of 2019 and 2020. Moreover, the monthly average short term interest rates on the Turkish Treasury Bonds are obtained from the database of Central Bank of Turkey for the years of 2019 and 2020. Based upon the historical observations, the market risk premium is defined as the difference in between the market index returns (BIST100 and 17 sectoral indexes) and the average short term interest rates on monthly basis. Findings-The market risk premiums measured on BIST100 index are about 10% in 2019 and 20% in 2020. The market risk premium is doubled in the Covid era. The volatilities of BIST100 index are 7.86% in 2019 and 8.15% in 2020. The volatility of market risk premiums are also significantly increased in the Covid era. Conclusion-Covid era has significantly increased the market risk premiums and volatilities of the Turkish market. The results of this study may be used as a reference study for local and international financial institutions, valuation industry and trade firms and academics for an approximation of market risk premium in the Covid era.

Pressacademia, 2021

Purpose-Technological developments in mobile telecommunications have evolved immensely after the ... more Purpose-Technological developments in mobile telecommunications have evolved immensely after the transition from analog technologies that were widely used in 1980s to digital technologies connecting to globe with wireless cellular technologies. This study intends to review telecommunication technologies starting 1970s (1G technology) through 2020s (5G technology) and analyze the expected effects of 5G technology on the future of banking sector. In addition, it is envisioned how 5G technology will shape the future of the banking industry. Methodology-The study is conducted by having a comparative review of digital technology developments in the last 50 yearsThis study examines the effects of developments in communication technologies on the banking sector and banking services. The research design of this study is the relationship between the advancements in telecommunication technologies and the future of banking sector. The following section cover the comparison of 1G-2G-3G-4G-5G Technologies. Findings-5G banking featuring video communication, data protection and digital wallets will create a permanent shift for banking customers and their habits. Globally, bank customers are adopting to digital apps as their primary touchpoint for their banks and this transformation will change the structure of bank branches as well as financial services industry. As a result of the analysis, it has been observed that an important innovation and structural transformation period has been entered in the banking sector with the use of 3G and 4G compared to the year before 2000, which we define as traditional banking era. Conclusion-With the wide use of 5G technology after year 2022, the banking sector is expected to enter a new and disruptive restructuring and service innovation. 5G is expected to carry the banking industry to another level where automation and machine-to-machine communication act as a game changer.

Pressacademia, 2021

Purpose-The dynamics of the startup ecosystem exhibit variety from a country to another. A simila... more Purpose-The dynamics of the startup ecosystem exhibit variety from a country to another. A similar alteration applies for the characteristics of angel investors as they are an integral part of the startup ecosystem. Thus, it is required to have a closer look to the most recent local statistics to understand how the trends are swiftly changing in Turkey. This study distinguishes itself from the majority of the literature that it comes with suggestions for improving particularly the Turkish angel investor ecosystem. Methodology-In the study, a comprehensive literature review is conducted to learn about the current circumstances of the European angel investor ecosystem and have a deep understanding about the Turkish angel investor ecosystem so that further improvements could be developed. Findings-At the end of the literature review, seven major points open for the improvement of Turkish angel investor ecosystem are spotted. The issues present in the ecosystem such as the absence of strong connection among angel investors, the shortfall of angel investors' skills in certain fields, the insufficient technical knowledge of some entrepreneurs, the reservations caused by geographical remoteness, the underrepresentation of female angel investor, the lack of knowledge about the benefits of angel investing to both parties, the hardships in reaching out to early adopters are of utmost importance to be addressed. Conclusion-In angel investing context, Turkey has a significant potential to be uncovered but needs to resolve the mentioned issues. It requires notable attention both from public and private sectors. This aim could be achieved through facilitating the networking practices among angel investors, nourishing the soft skills of angel investors, encouraging knowledge sharing, benefiting technological advancements to eliminate the problems caused by geographical remoteness, incentivizing participation of more female angel investors, raising awareness about the possible benefits of angel investment to both sides, and easing the access to early adopters.

Pressacademia, 2021

Purpose-In the New World order, we are experiencing a period in which we meet cryptocurrencies th... more Purpose-In the New World order, we are experiencing a period in which we meet cryptocurrencies that are physically non-existent and can be transferred without public control, without the need for intermediaries. Everything that has financial value in essence is the subject of accounting. Since crypto currencies also have a financial value, they must be recorded, accounted and taxed. This study examines how crypto assets can be defined and reflected in accounting records in accordance with the definitions. Methodology-Since the concept of crypto money has started to enter commercial life in recent years, the literature resources are very limited, and there are many issues that have not yet become certain in terms of legislation, the approaches developed for the accounting of crypto currencies in this study are a suggestion. Findings-In the analysis made on the basis of current literature reviews, crypto currencies can be defined as money, other liquid assets, marketable securities, inventory or other intangible assets. The accounting transactions in accordance with these definitions are explained with the help of a hypothetical example. Conclusion-The opinion is that it would be appropriate to define crypto currencies as marketable securities in line with today's intensive usage area and acquisition purpose.

Bu calisma, gelismis ve gelismekte olan ulkelerin sermaye piyasalari yapilanmalarini karsilastirm... more Bu calisma, gelismis ve gelismekte olan ulkelerin sermaye piyasalari yapilanmalarini karsilastirmaktadir. Gelismekte olan ulkelerin performanslari son yillarda tum ulkeler tarafindan dikkatle izlenmektedir. Turkiye de son yillarda gosterdigi basarili ekonomik gelismesiyle, dikkatle izlenen ulkeler arasina girmeyi basarmistir. Calismaya konu olan ulkeler oncelikle; gelismis ulkeler, ileri gelismekte olan ulkeler ve gelismekte olan ulkeler olarak siniflandirilmistir. Sonrasinda, bu gruplamaya giren ulkelerin nufus, GSYIH, banka varlik toplamlari, bankalar mevduat ve krediler toplamlari ve borsa degerleri gibi makro degiskenlerinin 1995, 2000, 2005 ve 2010 yili verileri cesitli kaynaklardan elde edilmistir. Bu verilerin toplam degerleri, beser yillik donemlerdeki buyume hizlari, kisi basina dusen miktarlari ve bu miktarlardaki beser yillik donemlerdeki buyume hizlari analiz edilerek, gruplanan ulkeler arasindaki farkliliklar tanimlanmistir. Son olarak, kisi basina dusen ekonomik buyukl...

International Journal of Economics and Management Studies, 2020

As bitcoin is a topic of high interest for academic and professsional life over recent years, a n... more As bitcoin is a topic of high interest for academic and professsional life over recent years, a number of literature has examined its the price movements, volatility and predictions. Bitcoin is the first and perhaps the most popular cryptocurrency with a high volatility pattern compared to the other cryptocurrencies. This paper examines the models that explains the volatility of Bitcoin prices. The daily data for the Bitcoin prices are used through a period of July 31, 2017 to April 3, 2019, a total number of observations of 484. Initially, unit root tests are implemented. Then, the heteroskedasticity problem is tested among variables. Based on results of the heteroskedasticity test, it is decided to use ARCH models. Then, ARCH, GARCH, TGARCH and EGARCH results are tested to find out the best fit model that explains the bitcoin price movements.

Turk Emeklilik Sigorta Kurumlarinin devlete ait olmasi ve “elde edilen sigorta prim gelirlerinden... more Turk Emeklilik Sigorta Kurumlarinin devlete ait olmasi ve “elde edilen sigorta prim gelirlerinden emekli maasi odenmesi” yapisi nedeniyle, hizla buyuyen Turk ekonomisi uzerinde onemli bir baski yaratmaktadir. Mevcut emeklilik sistemi, Ulusal Milli Gelir’in %4’u kadar bir butce acigi yaratmaktadir. Turkiye Buyuk Millet Meclisi, Turkiye vatandaslarinin emeklilik primlerini yatirabilecegi ozel emeklilik planlari yasasini Nisan 2001’de onaylamistir. Adi gecen yasanin sadece saglikli bir sosyal guvenlik sistemi yaratmak ve calisanlara saglayacagi faydalarin otesinde, Turk sermaye piyasalarindaki oynakligi azaltarak piyasalarin derinlesmesine de katkida bulunmasi beklenmektedir. Bu calisma, gelismis ve gelismekte olan ulkelerin sosyal guvenlik sistemlerinin karsilastirmali bir analizini yaparak, anahtar parametreleri belirlemekte ve Latin ulkelerini referans alarak gelismekte olan Turk ozel emeklilik sistemin gelecegine ait ongorulerde bulunmaktadir

Journal of Applied Finance and Banking, 2012

Due to its known weaknesses Value at Risk (VaR) has been modified to have a better market risk me... more Due to its known weaknesses Value at Risk (VaR) has been modified to have a better market risk measurement model. 2007-2008 global financial crisis has increased the necessity to incorporate market liquidity into widely used models. This is to raise the required regulatory capital for trading portfolios since large marked-to-market losses have been observed to hit the global financial system. In line with the new coming regulations, this study applies a Monte-Carlo based approach on Turkish Banksâ€™ hypothetical trading portfolios to measure their total market risk. The results of designed risk measurement process are reported for VaR and Expected Shortfall (ES) models in comparative to their liquidity adjusted values. Finally, the results imply that the capital adequacy ratios of Turkish banks indicate a solid loss absorbency capacity although liquidity-adjusted market risk is relatively higher than the currently measured one. Nevertheless, possible deteriorations due to sudden ext...

Pressacademia, 2021

Purpose-This research aims to explore the COVID-19 pandemic's effect on global wealth distributio... more Purpose-This research aims to explore the COVID-19 pandemic's effect on global wealth distribution and wealth accumulation for the rich Methodology-An analytical appproach is employed. The study covers the followings; the pandemic's timeline and related statistics, the pandemic's effect on wealthy individuals, the pandemic's effect on global poverty and the pandemic's effect on society. Findings-Year 2020 can be considered as a year of global catastrophe. The unemployment rate and poverty have risen while world GDP declined by 4.3%. The previously depicted changes in the pattern of global wealth distribution have and will have numerous repercussions for the World's social order as shown by a deterioration in the global democracy index of about 2%, s deterioration in the quality of education especially concentrated in less developed countries affecting 1.6 billion students, a rise in food insecurity in the developing world due to poverty and supply chain disruptions, a global decline in human rights especially due to lockdown restrictions, a global decline in gender equality with drastic rises in domestic violence, a global increase in popularity of xenophobic far right movements. Conclusion-Wealth inequality in the world rose drastically during the pandemic. UHNWI and billionaire wealth reached all time high representing a higher percentafe of global GDP than ever. Wealth inequality is forecasted to rise further in the coming years. As inequality increased, major social issues are expected to rise, e.g. democracy is in decline, extremism is on the rise, human rights are in decline, and food security is in decline. As inequality continues to rise, it is expected that social cohesion will continue to deteriorate for the globe. The number of billionaires increased from 2604 in 2018 to 3288 in 2020 while the wealth of billionaires accumulted to 11.4 trillion USD in 2020 from 8.6 trillion USD in 2018. The wealth of 10 richest people increased by 52% in the period of 2019-2020. As a final word, the poor got poorer and rich got richer during the pandemic.

International Journal of Economics and Financial Issues, 2018

The paper examines interaction between selected macroeconomic determinants such as exchange rates... more The paper examines interaction between selected macroeconomic determinants such as exchange rates, stock exchange market indexes, gold prices, money supply and inflation rates. Considering a nonlinear relationships in various macroeconomic indicators, a Threshold Vector Autoregression (TVAR) model is implemented. The data covers a period from 2003:01 to 2017:07. The results of the analysis points out the relationship between those macroeconomic indicators above and below the specific threshold value for exchange rate. The estimations indicate that policy maker may use monetary variables as policy variable for the stability of this system if they do not ignore the level of exchange rate.

Pressacademia, 2020

Purpose-In this study, the classical discounted cash flows (DCDF) model is revisited and the inpu... more Purpose-In this study, the classical discounted cash flows (DCDF) model is revisited and the input factors of the model are analysed in details. Methodology-A model analysis approach is used in this research. The fundamental assumptions and the input factors (cash flows, time period, risk, discount rate, etc.) of DCF model are questioned. Findings-NPV and IRR are two methods using discounted cash flows and oftenly applied for capital budgeting decisions. The assumptions used in the DCF analysis are very strong and not fitting well in the reality of practical life. Economic life of the project may be much longer or shorter than projected in the analysis. The computation of discount rate bases on subjective interpretations (weights of capital components, cost of debt, opportunity cost of equity). Estimation of cash flows is the most critical input of the analysis but generally the least weighted factor (CF or FCF, inclusion of only relevant cash flows, depreciation and interest expenses, installments, credit sales and purchases, etc.). Risk adjustment can be made either on the discount rate or expected cash flows. Moreover, the analysis of international capital investments makes the issue more complicated. Also, the inclusion of real options adds an economic value to the analysis. Conclusion-DCF is not straight forward a capital budgeting model anyone can easily use. The application of DCF requires expertise and a picky view on details. Nevertheless, the acceptance of capital investments utilizing DCF method can not be independent of overall company strategic goals.

Journal of Economics, Management and Trade

Pressacademia

LAHSS-19, MEEIS-19 Nov. 12-14, 2019 Paris (France), 2019

Pressacademia, 2021

International Journal of Economics and Management Studies, 2020

Journal of Applied Finance and Banking, 2012

Pressacademia, 2021

International Journal of Economics and Financial Issues, 2018

Pressacademia, 2020

Purpose-This paper aims to be an exploratory study that ascertains the impacts of COVID-19 on bus... more Purpose-This paper aims to be an exploratory study that ascertains the impacts of COVID-19 on business life and ushers further research on the subject. Methodology-Internet-based research is conducted to collect the fundamental information on the impacts of COVID-19 on business life as secondary data. Findings-It is imminently possible that COVID-19 will be a milestone in business life due to changing many things; such as working conditions, working hours, working locations, brand strategy, innovation involvement and even changing the product itself. Conclusion-This article is intended to be one of the first steps of a guide for the business owners to take appropriate action and adapt to the new normal in the future not to fall behind in the harsh conditions of the demanding markets.