Browsing by Author "Hacihasanoglu, Erk"

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Citation - WoS: 27
Citation - Scopus: 29
Dynamic Integration and Network Structure of the EMU Sovereign Bond Markets
(Springer, 2019) Sensoy, Ahmet; Duc Khuong Nguyen; Rostom, Ahmed; Hacihasanoglu, Erk
In this paper, we propose a novel concept of correlation-based stable networks to empirically investigate the dynamic integration and network structure of the European Monetary Union (EMU) sovereign bond markets. The obtained results uncover a high degree of market integration between sample markets over the period preceding the recent financial crises, while segmentation is found afterwards. The stable network analysis shows, for its part, the existence of two different network structures before and after the onset of the European debt crisis, where the in-crisis network structure is characterized by two groups of countries with respect to their fiscal performance. In particular, Belgium is the unique vertex connecting the two groups, making it the channel for shock transmission in the event of worsening debt crisis in the EMU.
Citation - WoS: 1
Citation - Scopus: 1
An Analysis of Annual Reports From the Sustainable Development Goals Perspective
(Emerald Group Publishing Ltd, 2024) Hacihasanoglu, Erk; Unlusoy, Oemer Faruk; Madenoglu, Fatma Selen
PurposeThe sustainable development goals (SDGs) are introduced to guide achieving the sustainable goals and tackle the global problems. United Nations members may perform activities to achieve the predetermined goals and report on their SDG activities. The comprehension and commitment of several stakeholders are essential for the effective implementation of the SDGs. Countries encourage their stakeholders to perform and report their activities to meet the SDGs. The purpose of this study is to investigate the extent to which corporations' annual reports address the SDGs to assess and comprehend their level of commitment to, priority of and integration of SDGs within their reporting structure. This research makes it easier to evaluate corporations' sustainability performance and contributions to global sustainability goals by looking at the extent to which they address the SDGs.Design/methodology/approachIn the study, it is revealed to what extent the reports meet the SDGs with the multilabel text classification approach. The SDG classification is carried out by examining the report with the help of a text analysis tool based on an enhanced version of gradient boosting. The implementation of a machine learning-based model allowed it to determine which SDGs are associated with the company's operations without the requirement for the report's authors to perform so. Therefore, instead of reading the texts to seek for "SDG" evidence as typically occurs in the literature, SDG proof was searched in relevant texts.FindingsTo show the feasibility of the study, the annual reports of the leading companies in Turkey are examined, and the results are interpreted. The study produced results including insights into the sustainable practices of businesses, priority SDG selection, benchmarking and business comparison, gaps and improvement opportunities identification and representation of the SDGs' importance.Originality/valueThe findings of the analysis of annual reports indicate which SDGs they are concerned about. A gap in the literature can be noticed in the analysis of annual reports of companies that fall under a particular framework. In addition, it has sparked the idea of conducting research on a global scale and in a time series. With the aid of this research, decision-making procedures can be guided, and advancements toward the SDGs can be achieved.
Citation - WoS: 9
Citation - Scopus: 12
Not All Emerging Markets Are the Same: A Classification Approach With Correlation Based Networks
(Elsevier Science inc, 2017) Sensoy, Ahmet; Ozturk, Keyser; Hacihasanoglu, Erk; Tabak, Benjamin M.
Using dynamic conditional correlations and network theory, this study brings a novel interdisciplinary framework to define the integration and segmentation of emerging countries. The individual EMBI+ spreads of 13 emerging countries from January 2003 to December 2013 are used to compare their interaction structure before (phase 1) and after (phase 2) the global financial crisis. Accordingly, the unweighted average of dynamic conditional correlations between cross country bond returns significantly increases in phase 2. At first glance, the increased co-movement degree suggests an integration of the sample countries after the crisis. However, using correlation based stable networks, we show that this is not enough to make such a strong conclusion. In particular, we reveal that the increased average correlation is more likely to be caused by clusters of countries that exhibit high within-cluster co-movement but not between-cluster co-movement. Potential reasons for the post-crisis segmentation and important implications for international investors and policymakers are discussed. (C) 2016 Elsevier B.V. All rights reserved.