Scopus İndeksli Yayınlar Koleksiyonu
Permanent URI for this collectionhttps://hdl.handle.net/20.500.12573/395
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Article Citation - WoS: 9Citation - Scopus: 12Not All Emerging Markets Are the Same: A Classification Approach With Correlation Based Networks(Elsevier Science inc, 2017-12) 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.Article Citation - WoS: 9Citation - Scopus: 25Do Market Differences Matter on Dividend Policy?(Elsevier, 2021-06) Tekin, Hasan; Polat, Ali YavuzWe investigate the dividend policies of firms in the United Kingdom to understand whether firms in different markets use dividends as a signaling or disciplining device. The sample consists of 1247 firms from the highly regulated Main Market (MAIN) and relatively unregulated Alternative Investment Market (AIM) for the period 2002-2017. We find that firms in AIM pay lower dividends than their MAIN counterparts. However, during turbulence, AIM firms decrease dividends lower than MAIN firms. In line with the signaling hypothesis, AIM firms with increased profitability are more likely to increase dividends. These results suggest that AIM firms depend more on the signaling feature of the dividends, whereas MAIN firms use dividends as a disciplining device to limit managerial discretion. Specifically, we find that AIM firms facing bigger agency problems pay lower dividends compared to other AIM firms, in line with the outcome view of agency theory. Copyright (C) 2020, Borsa Istanbul Anonim Sirketi. Production and hosting by Elsevier B.V.