Scopus İndeksli Yayınlar Koleksiyonu
Permanent URI for this collectionhttps://hdl.handle.net/20.500.12573/395
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Book Part Rule of Law, International Trade, and Corporate Financing Decisions in Europe: Evidence From the COVID-19 Pandemic(IGI Global, 2022-11-18) Polat, Ali YavuzThis chapter investigates whether the institutional environment that the firms operate has an impact on their leverage choice. Namely, rule of law is used as an institutional variable. Considering that better implementation of rule of law impacts positively firms' export performance, total exports in each country are also used as the other main explanatory variable. The findings show that both institutional variables and exports negatively and significantly affect the leverage level. This implies that firms in favorable institutional environment tend to borrow less, which results with lower leverage. Moreover, this study finds that the COVID-19 pandemic period as an unprecedented shock to economies pushed the leverage levels higher. Regarding the implications of the findings, firms' capacity to access external finance especially during a significant crisis period depends on the institutional environment. Namely, the effective implementation of rule of law should be first priority for the policy makers. © 2023 Elsevier B.V., All rights reserved.Article Citation - Scopus: 23Oil Price Shocks During the COVID-19 Pandemic: Evidence From United Kingdom Energy Stocks(Asia-Pacific Applied Economics Association, 2021-05-25) Muğaloğlu, Erhan; Polat, Ali Yavuz; Tekin, Hasan; Dogan, AbdullahWe investigate the dynamic relationship between global oil prices, the stock market, and oil and gas stock (FTSE-OG) returns in the UK through a structural vector autoregressive (VAR) framework during the COVID-19 pandemic. The structural VAR results suggest that the impact of structural shocks related to the global oil price on FTSE-OG index returns becomes less important and loses its explanatory power during the pandemic. However, stock market shocks increase their explanatory power in the variations of FTSE-OG index returns. © 2023 Elsevier B.V., All rights reserved.Article Citation - Scopus: 9Adjustment Speed of Debt Maturity: Evidence From Financial Crises in East Asia(Bank Indonesia Institute, 2021-04-14) Tekin, Hasan; Polat, Ali YavuzWe investigate the change in adjustment speed of debt maturity for East Asian firms between 1990 and 2017 by including two exogenous shocks: the Asian Financial Crisis 1997-1998 (AFC) and the Global Financial Crisis 2007-2009 (GFC). We employ the least square dummy variable correction and find that East Asian firms have a slower adjustment of long-term debt over time. Besides, the decrease in adjustment speed of long-term debt after the GFC is more compared to the decrease after the AFC. Further analysis shows the optimal debt maturity differs across countries and industries. Another important implication of our results is that firms in high governance countries are more likely to close the gap between the actual and target debt maturity in time. Overall, debt holders and investors should consider financial uncertainties. © 2025 Elsevier B.V., All rights reserved.Article Citation - Scopus: 3Subprime Mortgages and Lending Bubbles(Bank Indonesia Institute, 2018) Polat, Ali YavuzWe consider a model with two types of households: the poor with no initial endowment and the rich with positive endowment, and two types of assets: properties in a poor area and properties in a rich area. In the model, poor agents need credit to buy an asset, whereas the rich can draw from their endowment. We show that credit-fueled housing bubbles sometimes may improve welfare, making the poorer individuals better off. More precisely, there exist two types of equilibria in both property markets: one is a bubble equilibrium, and the other is an equilibrium where asset prices are stable over time. While the poor always obtain a positive surplus in the bubble equilibrium, this is not necessarily true for the rich. Our results suggest that there may be scope for market interventions aimed at sustaining the value of assets held by credit-constrained agents after the burst of a credit bubble. © 2025 Elsevier B.V., All rights reserved.