Polat, Ali Yavuz
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Polat, Ali Yavuz
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Email Address
Main Affiliation
01. Abdullah Gül University
Yönetim Bilimleri Fakültesi
Ekonomi
Yönetim Bilimleri Fakültesi
Ekonomi
Status
Former Staff
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ORCID ID
Scopus Author ID
Turkish CoHE Profile ID
Google Scholar ID
WoS Researcher ID
Sustainable Development Goals
13
CLIMATE ACTION
0
Research Products
17
PARTNERSHIPS FOR THE GOALS
1
Research Products
8
DECENT WORK AND ECONOMIC GROWTH
0
Research Products
9
INDUSTRY, INNOVATION AND INFRASTRUCTURE
0
Research Products
12
RESPONSIBLE CONSUMPTION AND PRODUCTION
0
Research Products
16
PEACE, JUSTICE AND STRONG INSTITUTIONS
1
Research Products
11
SUSTAINABLE CITIES AND COMMUNITIES
0
Research Products
1
NO POVERTY
0
Research Products
6
CLEAN WATER AND SANITATION
0
Research Products
10
REDUCED INEQUALITIES
9
Research Products
14
LIFE BELOW WATER
0
Research Products
15
LIFE ON LAND
0
Research Products
5
GENDER EQUALITY
0
Research Products
4
QUALITY EDUCATION
0
Research Products
7
AFFORDABLE AND CLEAN ENERGY
0
Research Products
3
GOOD HEALTH AND WELL-BEING
2
Research Products
2
ZERO HUNGER
0
Research Products
This researcher does not have a Scopus ID.
This researcher does not have a WoS ID.
Scholarly Output
18
Articles
15
Views / Downloads
1482/444
Supervised MSc Theses
1
Supervised PhD Theses
0
WoS Citation Count
56
Scopus Citation Count
138
WoS h-index
5
Scopus h-index
8
Patents
0
Projects
0
WoS Citations per Publication
3.11
Scopus Citations per Publication
7.67
Open Access Source
13
Supervised Theses
1
| Journal | Count |
|---|---|
| Bulletin of Monetary Economics and Banking | 2 |
| Journal of Economic Studies | 2 |
| Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi | 2 |
| Economics and Business Letters | 1 |
| Energy Research Letters | 1 |
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18 results
Scholarly Output Search Results
Now showing 1 - 10 of 18
Article Citation - Scopus: 22Oil Price Shocks During the COVID-19 Pandemic: Evidence From United Kingdom Energy Stocks(Asia-Pacific Applied Economics Association, 2021) 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) 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 - WoS: 6Citation - Scopus: 14Is Saving Vital? Evidence from the Financial Crisis(Univ Oviedo, 2020) Tekin, Hasan; Polat, Ali YavuzWe use a sample of 8,561 firm-years from the highly regulated Main Market (MAIN) and relatively unregulated Alternative Investment Market (AIM) in the United Kingdom to analyse the impact of financial restrictions on optimal cash holdings in the context of financial crises. Employing system generalised methods of moments, we find that AIM firms have a faster adjustment speed of cash as confirmed by precautionary and transaction motives over 2002-2017. However, AIM firms decrease (increase) their adjustment speed of cash more than MAIN firms during (after) the financial crises.Master Thesis Ekonomik Belirsizlik ve COVID-19 Salgınının Türkiye'de Eğitim Durumuna Göre İşgücüne Etkisinin Analizi: Svar Yaklaşımı(Abdullah Gül Üniversitesi, Sosyal Bilimleri Enstitüsü, 2022) Kılıç, Edanur; Kılıç, Edanur; Polat, Ali YavuzThe economic downturns affect the fluctuations in the labor force participation rate. The pandemic brings about many changes in different areas and the labor force participation rate is one of them. This study analyses the impact of economic uncertainty innovations on the labor force participation rate in Turkey for the period January 2011 to November 2019. We also consider different educational attainment, which consists of five categories, because finding a job gets hard in recent years and there is no academic study on whether education level matters or not in Turkey. We obtain an economic uncertainty index to analyze the effect of Covid-19 and generate multivariate models (SVAR) to determine the relationship between uncertainty and labor force participation rate. We examine labor force statistics at different educational attainment levels to understand whether there are any changes or not. Thus, the main research question is that 'How is the impact of uncertainty shocks on labor force participation rate in different levels of education in Turkey?'. The results show that the labor force participation rate decreases, while the unemployment rate increases in such an economic downturn.Article Citation - WoS: 8Citation - Scopus: 10The Ascent of Geopolitics: Scientometric Analysis and Ramifications of Geopolitical Risk(Taylor & Francis Ltd, 2023) Aysan, Ahmet Faruk; Polat, Ali Yavuz; Tekin, Hasan; Tunali, Ahmet SemihIn recent years, geopolitical risk (GPR) has been a crucial factor in investment decisions and stock markets. Therefore, we explore the research on the GPR by employing bibliometric and scientometric analytical techniques. We find 366 scientific contributions in December 2021 from the Scopus database by searching 'Geopolitical risk' in abstracts, keywords, and titles. Our findings show that GPR research has gained momentum in the last three years. Specifically, the journal Defence and Peace Economics has one of the highest numbers of research and citation on GPR. Authors in Asia also dominate the GPR literature. Overall, this study contributes to the literature by presenting the existing research that may give new insights for prospective studies in GPR.Article Citation - WoS: 17Citation - Scopus: 20Assessing the Impact of COVID-19 Pandemic in Turkey With a Novel Economic Uncertainty Index(Emerald Group Publishing Ltd, 2021) Mugaloglu, Erhan; Polat, Ali Yavuz; Tekin, Hasan; Kilic, EdanurPurpose This study aims to measure economic uncertainty in Turkey by a novel economic uncertainty index (EUI) employing principal component analysis (PCA). We assess the impact of Covid-19 pandemic in Turkey with our constructed uncertainty index. Design/methodology/approach In order to obtain the EUI, this study employs a dimension reduction method of PCA using 14 macroeconomic indicators that spans from January 2011 to July 2020. The first principal component is picked as a proxy for the economic uncertainty in Turkey which explains 52% of total variation in entire sample. In the second part of our analysis, with our constructed EUI we conduct a structural vector autoregressions (SVAR) analysis simulating the Covid-19-induced uncertainty shock to the real economy. Findings Our EUI sensitively detects important economic/political events in Turkey as well as Covid-19-induced uncertainty rising to extremely high levels during the outbreak. Our SVAR results imply a significant decline in economic activity and in the sub-indices as well. Namely, industrial production drops immediately by 8.2% and cumulative loss over 8 months will be 15% on average. The losses in the capital and intermediate goods are estimated to be 18 and 25% respectively. Forecast error variance decomposition results imply that uncertainty shocks preserve its explanatory power in the long run, and intermediate goods production is more vulnerable to uncertainty shocks than overall industrial production and capital goods production. Practical implications The results indicate that monetary and fiscal policy should aim to decrease uncertainty during Covid-19. Moreover, since investment expenditures are affected severely during the outbreak, policymakers should impose investment subsidies. Originality/value This is the first study constructing a novel EUI which sensitively captures the critical economic/political events in Turkey. Moreover, we assess the impact of Covid-19-driven uncertainty on Turkish Economy with a SVAR model.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.Article Citation - WoS: 2Citation - Scopus: 3Investor Bias, Risk and Price Volatility(Emerald Group Publishing Ltd, 2023) Polat, Ali YavuzPurposeThis study proposes a framework based on salience theory and shows that focusing on one type of risk (idiosyncratic or systemic) can explain overpricing of securities ex ante, and resales at low prices during crisis periods.Design/methodology/approachThe author consider an overlapping generations (OLG) model where each generation lives for two periods and there is no population growth. Agents (investors) start their lives with an endowment W > 0 and have mean-variance utility. They invest their endowment when young and consume when old. Each period, the young investors optimally choose their portfolio from different risky assets acquired from the old generation, all assumed to be in fixed supply.FindingsThe author show that investor salience bias can explain excess volatility of asset prices and the resulting fire-sales in periods of financial turmoil. A change in salience - from one component (idiosyncratic) to the other (systemic) - will generate excess volatility. Interestingly, higher risk aversion generally exacerbates the excess volatility of prices. Moreover, the model predicts that if a big systemic shock hits the financial system, due to salience bias the price of systemic assets falls sharply. This relates to the observed fire-sales of assets during the global financial crisis.Practical implicationsThe proposed model and results suggest that there may be a scope for intervention in financial markets during turbulences. In terms of ex ante policies the study suggests that investors and regulator should use better risk assessment technologies.Originality/valueThis is the first study constructing a tractable model based on the argument that investor salience may exacerbate the excess volatility of prices during financial downturns. The author relate salience to two types of risk; idiosyncratic and systemic and assume that investors' risk perception is biased towards the type of risk that is currently salient based on prior beliefs or past data. The author show that the diversification fallacy of the precrisis period, where seemingly safe assets were overpriced, can be explained by agents overweighing idiosyncratic risk and ignoring systemic risk.Article Agency Theory: A Review in Finance(2020) Polat, Ali Yavuz; Tekin, HasanTemsil ve risk paylaşımı problemleri büyük firmalarda sahiplik ve kontrolün ayrılmış olmasından dolayı, müvekkil (sahipler) ve vekil (yöneticiler) arasında çıkar çatışması olduğunda ortaya çıkmaktadır. Bu problemler temel olarak bilgi asimetrisinden kaynaklanmaktadır. Bu da müvekkil için vekalet maliyeti ortaya çıkarmaktadır. Halihazırdaki önemli teorilerden biri olan Vekil Teorisi vekalet ilişkilerindeki maliyetleri minimize etmeye odaklanmaktadır. Bu çalışma müvekkil-vekil ilişkilerini daha iyi anlamak için, kurumsal finans alanındaki hissedar-yönetici ve tahvil sahibi-hissedar ilişkilerine odaklanarak, müvekkil-vekil ilişkilerini kritik bir şekilde değerlendirmektedir.Article The Global Financial Crisis and Capital Structure Decisions of Turkish SMEs: A Review(2020) Tekin, Hasan; Polat, Ali YavuzKüresel finansal krizle birlikte belirsizlikler artmış, böylece, sermaye yapısı kararları Türkfirmaları, özellikle küçük ve orta ölçekli (KOBİ) firmalar için çok önemli hâle gelmiştir. KOBİ’ler dahayüksek bilgi asimetrisi, işlem maliyetleri ve riskle karşı karşıya olduğundan, finansal piyasalardaki kargaşa sırasında finansmana erişimde daha fazla güçlükle karşılaşırlar. Bu incelemede, Türk firmalarının sermaye yapısı kararlarından elde edilen bulguları karşılaştırmalı olarak analiz ediyoruz.Tahmin edilebileceği gibi, ciddi kriz koşullarında KOBİ’lerin Borsa İstanbul’da listelenen firmalardandaha fazla önlem almasını bekliyoruz.