Society for the Study of Emerging Markets EuroConference 2010 Challenges and Opportunities in Emerging Markets **** PROGRAM **** July 16-18, 2010 Milas, Turkey
16-Jul
8:30-10:15 am
Room 1
EMERGING MARKETS AND GROWTH Chair: Guzin Gulsun Akin, Bogazici University Prochniak, Mariusz, Warsaw School of Economics
Economic Growth Determinants in the 10 Central and Eastern European Countries, 1993-2009
Arslan, Yavuz, Central Bank of Turkey
Evren Ceritoglu, Central Bank of Turkey
Quality Growth versus Inflation in Turkey
Ozdemir, Durmus, Istanbul Bilgi University
Can Erbil, Brandeis University
Does Financial Liberalization Trigger Long-run Economic Growth? Evidence from Turkey and Other Recent EU Members
Caporale, Guglielmo Maria, Brunel University
John Beirne, European Central Bank; Marianne Schulze-Ghattas, London School of Economics; Nicola Spagnolo, Brunel University
Volatility Spillovers and Contagion from Mature to Emerging Stock Markets
16-Jul
8:30-10:15 am
Room 2
OPENNESS, FREEDOM AND ECONOMIC GROWTH Chair: El-hadj Bah, The University of Auckland Goel, Rajeev K., Illinois State University
Iikka Korhonen, Bank of Finland
Economic Growth in BRIC Countries: An Empirical Investigation
Erdal, Fuat, Istanbul Technical University
Asli Yenipazarli, Adnan Menderes University
Economic Freedom and Economic Growth: A Time Series Analysis
Ural, Mert, Dokuz Eylul University
Hakan Kayaoglu, Dokuz Eylul University
The Effects of Financial Openness and Financial Deepening on Economic Growth in the Context of Crises: The Turkish Case
Bah, El-hadj, The University of Auckland 16-Jul
Structural Transformation Paths Across Countries
8:30-10:15 am
Room 3
FDI AND FOREIGN DEBT Chair: Ozlem Olgu Akdeniz, Koc University Doytch, Nadia, University of New Haven
Measuring the Impact of Inward Sectoral FDI on Air and Water Pollution - A Panel Data Study
Eren, T. Mesut, Istanbul Kultur University
Cuneyt Yenigun, Istanbul Kultur University
Dissimilar effects of the EU Originated FDI’s in Poland and Turkey
Akcay, Asli Önay, Dokuz Eylul University
The Structural Transformation of Turkish Economy In the Process of External Debt Accumulation
Akdeniz, Ozlem Olgu, Koc University
Towards the European Union: Does Foreign Investment Enhance Performance of Turkish Banks?
16-Jul
8:30-10:15 am
Room 4
FIRM PERFORMANCE Chair: Jose Eduardo Gomez-Gonzales, Central Bank of Colombia Jensen, Camilla, Kadir Has University
Firm Performance and Joint Venturing
Gomez-Gonzalez, Jose Eduardo, Central Bank of Colombia
Carlos Leon, and Karen Leiton, Central Bank of Colombia
Does the Use of Foreign Currency Derivatives Affect Firms’ Market Value?: Evidence from Colombia
Hashimzade, Nigar, University of Reading
Yulia Rodionova, De Montfort University
Gender Bias in Hiring, Diversity and Firm Performance: Evidence from International Data
Bayraktar, Erkan, Bahcesehir University
Ekrem Tatoglu, Bahcesehir University; Selim Zaimfor, Fatih University
The Impact of Knowledge Management on Organizational Performance: Evidence from An Emerging Market SMEs
16-Jul
10:30 am-12:15 pm
Room 1
BANKING AND TELECOMMUNICATIONS Chair: T. Mesut Eren, Istanbul Kultur University Akin, Guzin Gulsun, Bogazici University
Ahmet F. Aysan, Gultekin Gollu, and Levent Yildiran, Bogazici University
Two-Sided Markets: Effects of Credit Card Interest Rate Regulations on Non-Interest Revenues of Banks
Polasik, Michal, Nicolaus Copernicus University
Piotr Fiszeder, Nicolaus Copernicus University
The Usage of Payment Methods by Polish Customers at Points-OfSale: Empirical Evidence Based on Count Data Models
Tasdemir, Sinem Tuba, METU
F.N. Can Simga Mugan,and Hande Ayaydin Haciomeroglu, METU
Foreign Bank Participation in Emerging Markets: Lessons from Citibank Case in Turkey
Tatoglu, Ekrem, Bahcesehir University
16-Jul
Mehmet Demirbag, University of Sheffield; Mohammed Al-Kaabi, Qtel International, Qatar 10:30 am-12:15 pm
Strategic Motives and Location Choice of Emerging Market MNEs: A Case Study of Qatar Telecom
Room 2
REGIONAL INTEGRATION AND TRADE Chair: Haluk Erlat, METU Gultekin-Karakas, Derya, Istanbul Technical University
Sevil Acar-Aytekin, Istanbul Technical University
The Sectoral Transformation of the Turkish Free Zones
Srivastava, Ravikesh, FORE School of Management, New Delhi
Neha Chakravarty, FORE School of Management, New Delhi
Regional Integration to Boost Trade in South Asia: A New Frontier of Growth
Spatafora, Nikola, IMF
Irina Tytell, IMF
Commodity Terms of Trade: The History of Booms and Busts
Erlat, Guzin, METU
Haluk Erlat, METU
How do we Measure Product Quality in Intra-Industry Trade: The Turkish Case
16-Jul
10:30 am-12:15 pm
Room 3
TRADE AND CAPITAL FLOWS Chair: Ramazan Sari, METU Özgüzer, Gül Ertan, Izmir University of Economics and Catholic University of LouvainIRES
Luca Pensieroso, Catholique University of Louvain
Worthy Transfers? A Dynamic Analysis of Turkey's Accession to the European Union
Artal-Tur, Andrés, Technical University of Cartagena
Francisco Requena-Silvente, and Juana Castillo-Giménez, University of Valencia; Carlos Llano-Verduras, Autonoma University of Madrid
Extending the Heckscher-Ohlin-Vanek Model in a Regional Setting: The Role of Intermediates, Technological Differences and Space
Pekcan, Ahmet, Hacettepe University
Suleyman Ic, Gaziantep University; Mehmet Aygun; Yüzüncü Yıl University
Firm-Level Determinants of Export Performance: Evidence From Turkish Capital Market
Gursoy, Bilge, Kadir Has University
Cengiz Ceylan, Kadir Has University
The Causal Relationship Between Budget Deficits and Current Account Deficits: The Case of Turkey
16-Jul
10:30 am-12:15 pm
Room 4
BANKING, FINANCING AND FINANCIAL DISTRESS Chair: Ahmet Faruk Aysan, Bogazici University Gunay, E. Nur Ozkan, Bogazici University
Risk Management and Performance in Emerging Market Banks During the Post-Crisis Period: The Case of Turkey
Aysan, Ahmet Faruk, Bogazici University
Cagri Husnu Dalgic, and Murat Demirci, Bogazici University
Macroeconomic, Sector Specific and Bank Specific Determinants of Net Interest Rate Margin: What Matters More For An Emerging Market Economy?
Duran, Selman, Beykent University
Cemal Zehir, Bogazici University
The Effects of Foreign Portfolio Investment on Business Finance in the Emerging Economies: An Empirical Assessment on Turkey Between 2003-2007
Jakubik, Petr, European Central Bank
16-Jul
Household Response to the Economic Crisis: Feedback Effect on the Economy
1:45 pm- 3:30 pm
Room 1
CAPITAL STRUCTURE AND RISK Chair: Natalia Isachenkova, Kingston University London Chazi, Abdelaziz, American University of Sharjah
Narjess Boubakri, American University of Sharjah; Fernando Zanella, United Arab Emirates University
Crnigoj, Matjaz, Institute for Economic Research, Ljubljana
Corporate Dividend Policy in an Emerging Market and a Tax-Free Environment: Evidence from the UAE
Risk Averse Insiders with Specific Objective Function and Capital Structure
Hernadi, Peter, Budapest University of Technology and Economics
Mihaly Ormos, Budapest University of Technology and Economics
Capital Structure and its Choice in Central and Eastern Europe
Isachenkova, Natalia, Kingston University London
Yulia Rodionova, De Montfort University
Financing Choices: A Panel Study of Entrepreneurial Firms In HighTech Industries
16-Jul
1:45 pm- 3:30 pm
Room 2
CORPORATE GOVERNANCE, BANKING AND RISK Chair: Mustafa Disli, University College Ghent Aysan, Ahmet Faruk, Bogazici University
G. Gulsun Akin, Denada Borici, and Levent Yildiran, Bogazici University
A Reassessment of Competition in the Credit Card Market by Introducing Liquidity Cost Measures: Evidence from an Emerging Economy
Sendeniz-Yuncu, Ilkay, Ieseg School of Management
Steven Ongena, CentER-Tilburg University and CEPR
Which Firms Engage Small, Foreign, or State Banks? And Who Goes Islamic? Evidence from Turkey
Disli, Mustafa, University College Ghent
Olivier De Jonghe, Ghent University, Jos Meir, University College Ghent; Koen Schoors, Ghent University
Corporate Governance and Banks’ Risk/Return Tradeoff: Pre- and Post-Crisis Evidence from Turkey
Lazaretou, Sophia, Bank of Greece
Panayotis Kapopoulos, Emporiki Bank, Greece
Greek Banking System Exposure in SEE: Sovereign Risk and Public Debt Dynamics
16-Jul
1:45 pm- 3:30 pm
Room 3
BANK LENDING, COMPETITION AND CAPITAL STRUCTURE Chair: Deniz Igan, IMF Onay, Ceylan, Bogazici University
Gulnur Muradoglu, and Kate Phylaktis, Cass Business School
Capital Structure and Debt Maturity in Europe: The Role of FDI in European Integration
Igan, Deniz, IMF
Burcu Aydin, IMF
Bank Lending in Turkey: Effects of Monetary and Fiscal Policies
Gabrisch, Hubert, Halle Institute for Economic Research, Germany Triantopoulos, Christos, Athens University of Economics and Business
Who Owns Domestic Banks and Does it Matter?
Maria- Eleni Agoraki, Athens University of Economics and Business
Democracy, Financial Regulation and Bank Competition in Emerging Banking Systems
16-Jul
1:45 pm- 3:30 pm
Room 4
WAGES, EMPLOYMENT AND EMIGRATION Chair: Utku Utkulu, Dokuz Eylul University Aliev, Umid, Leeds University Business School
Virginie Perotin, Leeds University Business School
Wage Determination in Oligopsonistic Labour Markets: Evidence From Russia and Central Asia
Duman, Alper, Izmir University of Economics
Union Wage Premium in Turkey
Turan, Gungor, Epoka University
The Labor Market Impact of Albanian Emigration to the EU after Full Membership: A Survey of Theoretical and Empirical Literature
Arabaci, Ozer, Uludag University 16-Jul
Kadir Yasin Eryigit, Uludag University 3:45 pm- 5:30 pm
A Threshold Regression Estimation of Phillips Curve: Evidence from Turkey
Room 1
CONFLICT, DEVELOPMENT AND GROWTH Chair: Oliver Gloede, Leibniz University Hannover Gloede, Oliver, Leibniz University Hannover
Ornsiri Rungruxsirivorn, Leibniz University Hannover
Financial Development and Household Welfare: Microevidence from Thai Households
Peyton, Kyle L., The University of Melbourne
Ari Belasen, Southern Illinois University Edwardsville
Can Human Development Investment Reduce Corruption Perceptions?
Akdede, Acit Hadi, Adnan Mendres University
Ibrahim Cetinkaya, Adnan Mendres University
The Effects of Economic and Political Factors on International Terrorism
Hacioglu, Umit, Beykent University
Cuneyt Yenigun, Istanbul Kultur University
The New Challenge for Inter-Ethnic Peace in Post-Conflict Economies: Cargo Cult Investments
16-Jul
3:45 pm- 5:30 pm
Room 2
SOVEREIGN RISK AND FDI Chair: Rogelio Ladron De Guevara Cortes, University of Veracruz Alsakka, Rasha, Bangor Business School
Owain ap Gwilym, Bangor Business School
The Extent and Causes of Sovereign Split Ratings
Borri, Nicola, LUISS University
Adrien Verdelhan, MIT-Sloan
Sovereign Risk Premia
Ozturk, Huseyin, Undersecretariat of Turkish Treasury
Derya Gultekin-Karakas, and; Mehtap Hisarciklilar, Istanbul Technical University
Sovereign Risk Ratings: Biased Towards Developed Countries?
Bayan Salim, Ishik University
Ahmet Dinc, and Fatih Cura, Ishik University
Causes of Global Financial Crisis and its impact on Foreign Direct Investment to Iraq
16-Jul
3:45 pm- 5:30 pm
Room 3
INFLATION TARGETING Chair: Bushra Naqvi, CES-Université Paris 1 Naqvi, Bushra, CES-Université Paris 1
Syed Kumail Abbas Rizvi, CESUniversité Paris 1
Lucotte, Yannick, Laboratoire d'Economie d'Orléans
Inflation Targeting Framework: Is the Story Different for Asian Economies? The Choice of Adopting Inflation Targeting in Emerging Market Economies: Do Institutions Matter?
Ertugrul, H. Murat, Undersecretariat of Turkish Treasury
Onur Tas, TOBB ETU
Effect of Inflation Targeting on Inflation Volatility
Ozdemir Koc, Selin, Marmara University
Isik Akgul, Marmara University
Threshold Level of Inflation and the Fisher Effect: The Case of Turkey
16-Jul
3:45 pm- 5:30 pm
Room 4
CENTRAL BANK ISSUES Chair: Janusz Brzeszczynski, Heriot-Watt University, Edinburgh Ayhan, Berkay, METU Brzeszczynski, Janusz, Heriot-Watt University, Edinburgh
Re-thinking Central Banking Within the Post-Crisis Global Architecture Ali M. Kutan, Southern Illinois University Edwardsville
Rossi, Jr., José Luiz, Insper Institute of Research and Education Ozdemir, Kazim Azim, Central Bank of Turkey
Institutional Change, Central Bank Communication and Market Reaction: An Episode of Early Years of a Central Bank
An Analysis of Nonlinearity of the Brazilian Central Bank Reaction Function
Mesut Saygili, Central Bank of Turkey
Economic Uncertainty and Money Demand Stability in Turkey
17-Jul
8:30-10:15 am
Room 1
ENERGY ISSUES Chair: Serdar Celik, Southern Illinois University Edwardsville Umutlu, Zarife Göknur, Hacettepe University and VU University Amsterdam
Andre Dorsman, Nyenrode Business University and VU University Amsterdam; Mehmet Baha Karan, and Erdinc Telataror, Hacettepe University
Market Coupling of Electricity Markets
Acaravci, Ali, Mustafa Kemal University
Ilhan Ozturk, Cag University
Electricity Consumption and Economic Growth Nexus: A Multivariate Analysis for Turkey
Celik, Serdar, Southern Illinois University Edwardsville
William A. Retzlaff,and Susan Morgan, Southern Illinois University Edwardsville; Ayla Ogus Binatli, Izmir University of Economics; Cemil Ceylan, Istanbul Technical University
Energy Evaluation and Economic Impact Analysis of Green Roofs Applied to a Pilot Region in Aegean Coast of Turkey
Sari, Ramazan, METU
Ugur Soytas, METU; Erk Hacihasanoglua, Central Bank of Turkey
Do Global Risk Perceptions Influence World Oil Prices?
17-Jul
8:30-10:15 am
Room 2
REGIME SHIFTS AND VOLATILITY Chair: Viviana Fernandez, Pontificia Universidad Catolica de Chile Yazgan, Ege, Istanbul Bilgi University
Burak Saltoglu, Bogazici University
The Role of Regime Shifts in the Term Structure of Interest Rates: Further Evidence from an Emerging Market
Cagli, Efe Caglar, Dokuz Eylul University
Pinar Evrim Mandaci, and Hakan Kahyaoglu, Dokuz Eylul University
Volatility Shifts and Persistence in Variance - Evidence from the Sector Indices of Istanbul Stock Exchange
Mugan, Fatma Naciye Can, METU
Ugur Soytas , METU; Erk Hacihasanoglu, Central Bank of Republic of Turkey
Do Global Risk Perceptions Play a Role in Emerging Market Equity Returns and Volatilities?
Fernandez, Viviana, Pontificia Universidad Catolica de Chile
Brian M. Lucey, Trinity College Dublin
Emerging Markets Variance Shocks: Local or International in Origin?
17-Jul
8:30-10:15 am
Room 3
PENSION REFORMS AND PRIVATIZATION Chair: Fatma Dogruel, Marmara University Yang, Zaigui, Central University of Finance and Economics, China
Urban Public Pension, Altruism and Endogenous Growth in China
Karayel, Ayfer, Galatasaray University
The 2008 Turkish Pension Reform : Impact on Retirement Incomes
Aydede, Yigit, Saint Mary's University
An Assessment on Parametric Reforms of PAYEG and Saving: Evidence from Turkey
Dogruel, Fatma, Marmara University
17-Jul
A. Suut Dogruel, Marmara University
8:30-10:15 am
Effects of Privatization on Regional Distribution of Manufacturing in Turkey
Room 4
GLOBAL TRADE AND FINANCIAL FLOWS Chair: Guzin Erlat, METU Azer, Ozlem Arzu, Arel University
A Global Outlook for the Future of International Trade
Haltmaier, Jane T. The Federal Reserve Board
The Collapse of Global Trade: Why was it so Severe and What Kind of Recovery Can We Expect?
Genc, Ismail Hakki, American University of Sharjah
Ali Termos, American University of Beirut; George Naufal, American University of Sharjah
Kayikci, Fazil. Yildiz Technical University
17-Jul
A Tacit Monetary Policy of the Gulf Countries: Is There a Remittances Channel?
Determinants of the Current Account Balance in Turkey
10:30 am-12:15 pm
Room 1
BUSINESS CYCLES Chair: Sumru Altug, Koc University Altug, Sumru, Koc University
Meltem Poyraz, Koc University
Interest Rate Shocks, Labor Market Search, and Emerging Market Business Cycles
Kilinc, Mustafa, Central Bank of Turkey
Harun Alp, Yusuf Soner Baskaya, and Canan Yuksel, Central Bank of Turkey
Stylized Facts for Business Cycles in Turkey
Male, Rachel, Queen Mary, University of London
Developing Country Business Cycles: Characterising the Cycle
Pyun, Ju Hyun, University of California, Davis
Does Business Cycle De-Synchronization Increase Financial Integration?
17-Jul
10:30 am-12:15 pm
Room 2
CONSUMER CREDIT, CAPITAL STRUCTURE AND CREDIT CYCLE Chair: Paolo Saona Hoffmann, Saint Louis University - Madrid Campus Gerek, Caner, Bahcesehir University
Gulsun Akin, Ahmet Faruk Aysan, and Levent Yildiran, Bogazici University
Do Credit Card Revolvers Use More Consumer Credit?
Saona Hoffmann, Paolo, Saint Louis University - Madrid Campus
Growth Opportunities as Determinants of the Partial Adjustment to the Target Debt Ratio. Evidence from Chilean Firms
Hisa, Yuko, Yokohama City University
Turnover and Ownership Structure in Turkey
Tsai, Bi-Huei, National Chiao Tung University
Application of Multinominal Logit Model and Credit Cycle Index in Financial Distress Prediction
17-Jul
10:30 am-12:15 pm
Room 3
POLICY CHALLENGES IN DEVELOPING AND EMERGING ECONOMIES Chair: Hany Mohamed Eldemerdash, Newcastle University Eldemerdash, Hany Mohamed, Newcastle University Boakye, Said, Ministry of Finance and Economic Planning, Ghana
Sara Maioli, and Hugh Metcalf, Newcastle University
Twin Deficits: New Evidence from a Developing Country Perspective
The Transmission Mechanism of Government Spending in Ghana: Empirical Analysis and Policy Implications
Jaklič Andreja, University of Ljubljana
Stare Metka, University of Ljubljana
Health Expenditures Risk, Purchase of Private Health Insurance, and Precautionary Saving in Turkey
Ceritoglu, Evren, Central Bank of Turkey
17-Jul
Towards Explaining Growth of Private and Public Services in the Emerging Market Economies
10:30 am-12:15 pm
Room 4
DOLLARIZATION AND ILLICIT MONEY FLOWS Chair: Ibrahim Hakan Yetkiner, Izmir University of Economics Aslanidi, Olga, CERGE-EI
Dollarization in Transition Economies: New Evidence from Georgia
Tas, Bedri Kamil Onur, TOBB ETU
Selahattin Togay, Gazi University
Effect of Dollarization on Macroeconomic Performance and MoneyPrice Relationship in Ecuador
Ozsoz, Emre, SUNY and Fordham University
Ali M. Kutan, Southern Illinois University Edwardsville, Erick W. Rengifo, Fordham University
Evaluating the Effects of Deposit Dollarization in Financial Intermediation
Brada, Josef, Arizona State University
Z. Drabek, WTO; M. Fabricio Perez, Wilfrid Laurier University
Illicit Money Flows as Motives for FDI
17-Jul
1:45 pm-3:30 pm
Room 1
POLITICAL AND SOCIAL ECONOMY Chair: Aleksandra Gregoric, Copenhagen Business School Akarca, Ali T., University of Illinois at Chicago
Cem Başlevent; Istanbul Bilgi University
A Cluster Analysis of Regional Voting Patterns in Turkey From 1999 to 2009
Touzé, Vincent, Sciences Po-OFCE
Frédéric Gannon, University of Le Havre; Gilles Le Garrec, Sciences Po – OFCE
A Theoretical Analysis of the World Economic Equilibrium Sustained by Demographic and Technological Differences
Gregoric, Aleksandra, Copenhagen Business School
Marko Simoneti, University of Ljubljana
Agent's Response to Inefficient Judiciary: Social Norms and the Law in Transition
Unay, Sadik, Balikesir University
Domestic Transformation and Raison du Monde: Turkey's Nascent Competition State
17-Jul
1:45 pm-3:30 pm
Room 2
SPILLOVERS Chair: David Denaux, Kennesaw State University Hoffmaister, Alexander, IMF
Jorge Roldós, and Anita Tuladhar, IMF
Yield Curve Dynamics and Spillovers in Central and Eastern European Countries
Hatipoglu, Ozan, Bogazici University
Onur Uyar, Bogazici University
Do Bubbles Spill Over? Evidence From Emerging Markets
Denaux, Zulal Sogutlu, Valdosta State University
Hakan Berument, Bilkent University; Yeliz Yalcin, Gazi University
The Effects of Developed Stock Markets on the Components of Istanbul Stock Exchange
Ansgar, Belke, University of Duisburg-Essen
Joscha Beckmann, University of Duisburg-Essen; Michael Kühl, University of Goettingen
Global Integration of Central and Eastern European Financial Markets – The Role of Economic Sentiments
17-Jul
1:45 pm- 3:30 pm
Room 3
FINANCIAL MARKETS AND RISK Chair: Christian Dreger, DIW Berlin Orlowski, Lucjan, Sacred Heart University Faelten, Anna, Cass Business School
Proliferation of Risk and Policy Responses in the EU Financial Markets Maria Carapeto, Scott Moeller, and Alexandra Smolikova, Cass Business School
Eryar, Deger, Izmir University of Economics Dreger, Christian, DIW Berlin
M&A Maturity Index: Evidence From Seven Emerging Markets
Real Exchange Rate Volatility in the Presence of Financial Fragility and Central Bank Intervention in Turkey Jarko Fidrmuc, University of Munich
Drivers of Exchange Rate Dynamics in Selected CIS Countries: Evidence from a FAVAR Analysis
17-Jul
1:45 pm- 3:30 pm
Room 4
STOCK MARKET FLUCTUATIONS Chair: Zuzana Fungacova, Bank of Finland Cakan, Esin, University of New Haven
Dynamic Linkages Between Exchange Rates and Stock Prices: Evidence from Emerging Markets
Akin, Cigdem, Johns Hopkins University
Stock Market Fluctuations, Housing Wealth and Consumption Behavior in Turkey
Sun, David S., Taiwan Academy of Banking and Finance
William T. Lin, Tamkang University; Shih-Chuan Tsai, National Taiwan Normal University
What Causes Herding: Information Cascade or Search Cost
Fungacova, Zuzana, Bank of Finland
Christophe J. Godlewski, and Laurent Weill, University of Strasbourg & EM Strasbourg Business School
Stock Market Response to Debt Financing Arrangements in Russia
17-Jul
3:45 pm- 5:00 pm
Room 1
LIQUIDITY AND EFFICIENCY Chair: Mehmet Baha Karan, Hacettepe University Chang, Matthew Chihung, Hsuan Chuang University
Woon K. Wong, Bristol Business School
Are the Depths on Limit Order Books in Electronic Continuous Auction Markets Informative?
Bektas, Ceren, Hacettepe University
Mehmet Baha Karan, and Ozgur Arslan, Hacettepe University
Price Efficiency in Option Markets: An Empirical Study on Izmir Derivatives Exchange
Ergeneli, Azize, Hacettepe University
Selin Metin Camgöz, Hacettepe University; Hakan Özerol, Platon Training and Consulting; Mehmet Baha Karan, Hacettepe University
Are Demographic Variables and Trading Strategies Predictive in Determining the Performance of Individual Investors?
17-Jul
3:45 pm- 5:00 pm
Room 2
EMERGING MARKETS Chair: Necati Tekatli, Central Bank of Turkey Hisa, Shoichi, Yokohama City University
Trade Patterns and Transport and ICT Infrastructure in East Asia
Sousa, Ricardo Magalhães; University of Minho, NIPE, London School of Economics, and FMG
Tuomas A. Peltonen, and Isabel S. Vansteenkiste, European Central Bank
Fundamentals, Financial Factors and The Dynamics of Investment in Emerging Markets
Zhou, Tim Mi, Bangor Business School
Philip Molyneux, and John Goddard, Bangor Business School
Bank Mergers and Acquisitions in Emerging Markets: Evidence from Asia and Latin America
17-Jul
3:45 pm- 5:00 pm
Room 3
STOCK MARKET INVESTMENT AND GROWTH Chair: Ozgur Arslan, Hacettepe University Meng, Lei, IESEG School of Management
Renaud Beaupain, and Marie Marticou, IESEG School of Management
Grass-Root Stock Market Investment and Long-Term Commonality in Liquidity: Evidence From Shanghai Stock Exchange
Jalloh, Mohamed, Fourah Bay College University of Sierra Leone
Stock Market Capitalization and Economic Growth in Sub-Sahara Africa : An Examination of The Empirical Evidence
Yoshida, Yushi, Kyushu Sangyo University
Is This Time Different for Asia? Evidence From Stock Markets
17-Jul
3:45 pm- 5:00 pm
Room 4
MARKET BUILDING AND ENTREPRENEURS Chair: Adnan Kasman, Dokuz Eylul University Spechler, Martin, Indiana University/ Purdue University
Establishing Sustainable Development in Central Asia as an Emerging Market
Ozcan, Gul Berna, Royal Holloway, University of London
Market Building, Social Stratification, and New Entrepreneurs in Central Asia
Lin Xiong, The Robert Gordon University; Xiong Xiong, Tianjin University
Talavera, Oleksandr, University of East Anglia
18-Jul
8:30-10:15 am
Social Capital and Access to Bank Financing: The Case of Chinese Entrepreneurs
Room 1
PORTFOLIO RISK, PRICING AND PERFORMANCE Chair: K. Ali Akkemik, Baskent University Celik, Saban, Yasar University
Banu Esra Aslanertik, Dokuz Eylul University
The Linkages Between Value Based Performance Measurements and Portfolio Performance Measurements: Evidence from Turkey
Ladron de Guevara Cortes, Rogelio, University of Veracruz
Salvador Torra Porras; University of Barcelona
Statistical Approach to the Arbitrage Pricing Theory on the Mexican Stock Exchange: Latent Variables Analysis Techniques for Extracting Systematic Risk Factors
Chae, Joon; Seoul National University
Jee-Hyun Kim, Seoul National University; Hyung-Chul Ku, Korea Venture Investment Corporation
Risk and Reward in Venture Capital Funds
Akkemik, K. Ali, Baskent University
Sukru Ozen, Baskent University
Macroeconomic and Institutional Determinants of Speculative Tendencies of the Non-financial Firms: Case Study of Turkey
18-Jul
8:30-10:15 am
Room 2
FINANCIAL MARKETS Chair: Ahmet Faruk Aysan, Bogazici University Yildiran, Levent, Bogazici University
G. Gulsun Akin, and Ahmet Faruk Aysan, Bogazici University; Gazi Ishak Kara, UNC-Chapel Hill
Non-Price Competition in Credit Card Markets Through Bundling and Bank Level Benefits
Labidi, Chiraz, United Arab Emirates University
Thouraya Triki, African Development Bank
IPO Pricing in the MENA Region
Aydin, Halil Ibrahim, Central Bank of Turkey
Ahmet Degerli, and Pinar Ozlu, Central Bank of Turkey
Recovering Risk-Neutral Densities from Exchange Rate Options: Evidence in Turkey
Binatli, Ayla Ogus, Izmir University of Economics
18-Jul
Sengul Dagdeviren; ING Bank, Turkey; Niloufer Sohrabji; Simmons College
8:30-10:15 am
Misalignment Under Different Exchange Rate Regimes: The Turkish Experience
Room 3
POLICY ISSUES IN EMERGING ECONOMIES Chair: A. Suut Dogruel, Marmara University Sunel, Enes, University of Maryland
On Inflation, Wealth Inequality and Welfare in Emerging Economies
Dogruel, A. Suut, Marmara University
B. Can Karahasan, Istanbul Bilgi University
A Cross Country Assessment of Business Environment in the Central and Eastern Europe
Altug, Sumru, Koc University
Melike Bildirici, Yildiz Technical University
Dating Business Cycles in Developed and Emerging Market Economies
Yetkiner, Ibrahim Hakan, Izmir University of Economics
Özgül Bilici, Manheim University
The Determining Role of EU in Turkey's Trade Flows: A Gravity Model Approach
18-Jul
8:30-10:15 pm
Room 4
RISK, STRESS AND INNOVATION IN FINANCIAL MARKETS Chair: Saadet Kasman, Dokuz Eylul University Elekdag, Selim, Central Bank of Turkey
Ravi Balakrishnan, Stephan Danninger and Irina Tytell, IMF
Liebenau, Jonathan, London School of Economics
The Transmission of Financial Stress from Advanced to Emerging Economies Innovation in Banking Payment Systems Technology & Policy in Emerging Markets
Brzoza-Brzezina, Michal, National Bank of Poland and Warsaw School of Economics
Krzysztof Makarski, National Bank of Poland and Warsaw School of Economics
Credit Crunch in a Small Open Economy
Demirtas, K. Ozgur, Baruch College, City University of New York
Duygu Zirek, Baruch College, City University of New York
Aggregate Earnings and Expected Stock Returns in Emerging Markets
18-Jul
10:30-12:15 pm
Room 1
MONETARY TRANSMISSION CHANNELS Chair: Kivilcim Metin Ozcan, Bilkent University Abdel-Baki, Monal, The American University, Cairo
The Effects of Bank Reforms on the Monetary Transmission Mechanism in Emerging Market Economies: Evidence from Egypt
Ozlu, Pinar Ozbay, Central Bank of Turkey
Cihan Yalcin, Central Bank of Turkey
The Trade Credit Channel of Monetary Policy Transmission: Evidence from Non-Financial Firms in Turkey
Yuksel, Ebru, Hacettepe University
Kivilcim Metin Ozcan, Bilkent University
Interest Rate Pass-Through in Turkey: Asymmetric Threshold Cointegration Analysis
Wrobel, Ewa, National Bank of Poland
Tarak Jardak, Banque Centrale de Tunesie
The Monetary Transmission Mechanism in Tunisia: Recent Developments
18-Jul
10:30-12:15 pm
Room 2
FINANCIAL AND BANKING CRISES Chair: Taufiq Choudhry, University of Southhampton Ben Lakhal, Rabeb, University of Tunis
Abdelwahed Trabelsi, University of Tunis
Choudhry, Taufiq, University of Southhampton
Time-Varying Beta and the Asian Financial Crisis: Evidence from the Asian Industrial Sectors
Tekatli, Necati, Central Bank of Turkey
Hakan Tasci, UNC-Chapel Hill
Ganioglu, Aytul, Central Bank of Turkey
18-Jul
Stock Market Integration and the Financial Crisis: Evidence from Emerging Markets
Financial Market Drift in Industrialized and Emerging Economies after Euro and Asian Crisis The Link between Financial Liberalization and Banking Crises
10:30-12:15 pm
Room 3
EMERGING MARKETS AND TRANSITION ECONOMIES Chair: Petr Jakubik, European Central Bank Gersl, Adam, Czech National Bank
Petr Jakubik, European Central Bank
Relationship Lending in Emerging Markets: The Case of the Czech Republic
Castiglione, Concetta, Trinity College Dublin
Ladislava Grochová, Mendel University of Agriculture and Forestry; Davide Infante, University of Calabria
Does Advertising Influence the Demand for the Beer? An Empirical Evidence for the Czech Republic
Frensch, Richard, Osteuropa-Institut Regensburg and University of Regensburg
Achim Schmillen, OsteuropaInstitut Regensburg and University of Regensburg
The Penn Effect and Transition - The New EU Member States in International Perspective
Kabaca, Serdar, University of British Columbia 18-Jul
The Volatility of Labor Income Share in Emerging Markets
10:30-12:15 pm
Room 4
CHALLENGES AND REFORMS IN EMERGING ECONOMIES Chair: Martin Spechler, Indiana University/Purdue University Akbostanci, Elif, METU
Serap Turut-Asik, and G. Ipek Tunc, METU
Mina, Wasseem, United Arab Emirates University
Role of Environment in Bilateral Trade Flows: A Gravity Model for Turkey Reforming Institutions and FDI Flows to the MENA Region
Kasman, Adnan, Dokuz Eylul University
Saadet Kasman, Dokuz Eylul University
Total Factor Productivity and Convergence: Evidence From Old and New EU Member Countries’ Banking Sectors
Bayraktar, Nihal, Penn State University and The World Bank
Blanca Moreno-Dodson, The World Bank
How Can Public Spending Help You Grow? An Empirical Analysis for Developing Countries
