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Full Text: YesSubject: search.filters.subject.Finance

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Now showing 1 - 5 of 5
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    PublicationOpen Access
    Do physiological and spiritual factors affect economic decisions?
    (Wiley, 2021) Özbaş, Oğuzhan; Silva, Rui C.; Department of Business Administration; Demiroğlu, Cem; Ulu, Mehmet Fatih; Faculty Member; Faculty Member; Department of Business Administration; College of Administrative Sciences and Economics; 18073; N/A
    We examine the effects of physiology and spiritual sentiment on economic decision-making in the context of Ramadan, an entire lunar month of daily fasting and increased spiritual reflection in the Muslim faith. Using an administrative data set of bank loans originated in Turkey during 2003 to 2013, we find that small business loans originated during Ramadan are 15% more likely to default within two years of origination. Loans originated in hot Ramadans, when adverse physiological effects of fasting are greatest, and those approved by the busiest bank branches perform worse. Despite their worse performance, Ramadan loans have lower credit spreads.
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    PublicationRestricted
    Essays on economics
    (Koç University, 2019) Gülek, Ahmet; Çakmaklı, Cem; 0000-0002-4688-2788; Koç University Graduate School of Social Sciences and Humanities; Economics; 107818
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    PublicationRestricted
    Financial constraints, asset tangibility and firm investment: a case study for Russian manufacturing firms
    (Koç University, 2018) Kılıç, İhsan Furkan; Altuğ, Sumru; 0000-0003-2788-5235; Koç University Graduate School of Social Sciences and Humanities; Economics
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    PublicationRestricted
    Fractional brownian motion in finance from arbitrage point of view
    (Koç University, 2007) Akçay, Zeynep; Çağlar, Mine; 0000-0001-9452-5251; Koç University Graduate School of Sciences and Engineering; Mathematics; 105131
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    PublicationOpen Access
    The case against active pension funds: evidence from the Turkish Private Pension System
    (Elsevier, 2015) Yalçın, Atakan; Department of Business Administration; Gökçen, Umut; Department of Business Administration; College of Engineering
    Using data on private Turkish pension funds we show that most active managers are not able to provide performance beyond what could be achieved by passive indexing. The average fund beats its benchmark by only 26 basis points, before fees. We also observe herding behavior among managers' asset allocation decisions which can potentially explain their lack of overperformance. Our results strongly support the need for low-cost index funds in emerging market countries that are reforming their pension schemes. We further recommend regulatory oversight on the "activeness" of funds and introduction of default plans with more balanced asset allocations.