Business and Economics Research Journal

21-29

Authors: Feyyaz Zeren, Filiz Konuk

In this study, the nexus between trading volume stock prices has been examined using panel causality test developed by Dumitrescu-Hurlin (2012) in OECD countries. As a result of a study which 12 countries are tested and monthly data of total 100 terms, it has stated that the causality from stock market index to trading volume. While this study shows that the positive or negative changes in the stock prices create trading volume on stock markets, it is clearly seen that trading volume doesn’t affect the stock prices. In this situation, it can be said that positive feedback hypothesis is valid for markets in this analysis. According to these findings efficient market hypothesis is valid for these stock markets.

47-69

Authors: Yener Coşkun, A. Öznur Ümit

The paper asks whether the return of Borsa Istanbul100 index has long term relations with U.S. Dollar to Turkish Lira (TL) exchange rate, London Bullion Market Association (LMBA) gold fixing price, interest rate on TL saving deposit, and real house price index over the period of 2000:01-2014:07 in Turkey. We first test stationary of time series through Augmented Dickey Fuller, Phillips-Perron, Zivot-Andrews, and Lee-Strazicich unit root tests. Then, we perform Johansen cointegration test and multiple structural breaks cointegration test of Maki (2012). Johansen cointegration test suggests that there is a long term relationship among the variables, but Maki cointegration estimation do not provide evidence for the existence of cointegration. According to the latter result, we may argue that TL/FX saving deposits, gold, and housing markets in Turkey, having probably different investment dynamics and investor profile, may not integrate or compete with stock market under the impacts of structural breaks. This outcome may also imply that the policies on the development of stock market and contributions of stock market to the growth may have some structural limitations.

89-105

Authors: İsmail Tuna, Süleyman Serdar Karaca

The firms increase their capital on three ways; external sources (right), internal sources (bonus) and the use of both external and internal sources (right and bonus).The decision of capital increase causes “anomalies” referred as the state of alienation from the normality in capital markets. The aim of the study is to submit an emprical study about industrial corporations which exist within Borsa Istanbul (BIST) Industrial Index in order to determine the firm specific factors causing anomalies and affecting capital increase decisions. By using the financial ratios belonging to 126 firms that take part in industrial index between the years 2003-2013, three models have been established with 14 dependent variables and 3 qualitative dependent variables (no capital increase-capital increase through rights issues is present-capital increase through bonus issues is present, no capital increase-capital increase is present). These three built models have been tested through the panel logit method in binary choice model way. According to the analysis results, odds ratio has been used to construe the effect size. As a result of the study, it was determined that Paid Capital/Equity and Fixed Assets/Total Assets variables have a positive effect on capital increase decision and its procedure in all three models.

123-138

Authors: Recep Akdağ

Water demand forecasting is currently being used in many fields such as the investment planning, the design of the water systems (treatment plants, storage, transmission and distribution lines), the operation of existing systems at optimal capacity, calculation of operation and investment costs, and determination of urban water management policies (pricing policy, water conservation, etc.). Therefore, it can be said that an accurate water demand forecast has a key role in the planning, design, operation, and management of water systems. In this study, it is aimed to forecast Diyarbakir city centre drinking water demand by using Artificial Neural Networks method and Winters’s Seasonal Exponential Smoothing and Box-Jenkins methods based on time series analysis, and to compare forecasts obtained. For this purpose, firstly the data related to the variables affecting the water demand of Diyarbakir city centre for the time interval of 2003 – 2013 has been collected and analyzed. Then, a drinking water demand forecast has been made on the basis of this data by using Artificial Neural Network, Winters’s Seasonal Exponential Smoothing, and Box-Jenkins methods. The forecasts obtained from these three methods have been compared according to Productivity, The Mean Square Error, The Root Mean Square Error and The Mean Absolute Percentage Error criteria. In comparison results, it was seen that, in all performance criteria, Artificial Neural Networks method has better forecast results than those methods based on time series analysis.

161-180

Authors: Hakan Yazarkan, Ceyda Yerdelen Kaygın

The aim of this study is to question judges’ approach from different perspective to forensic accounting profession which emerged to fight financial crime that increased and diversified as a result of abusing information and technology in the world. In the study litigation support dimension of forensic accounting has focused and tried to associate it with expert practices’ current situation which is substitution of it in Turkey. According to the aim the study was carried out with the help of the Civil and Tax Court judges who are responsible for conducting financial dispute case in Turkey and who are the most likely to benefit from the forensic accountancy profession. Data was gathered from a total of six judges, three civil courts judges and three tax court judges, via semi-structured interviews. Interviews were conducted with staff from Ordu courthouse. Obtained data were analyzed by content analysis. According the results it has revealed that judges have no enough information about forensic accounting. They apply to experts very frequently for financial cases but according to them experts do not meet adequately their expectations and they don’t have all qualifications that they must carry. In addition, it has determined that forensic accounting profession is necessary in our judicial system and by implementation of the profession problems resulting from experts like poor quality reporting and long duration of the cases will be decreased.