1 Bilgiye Erişim Merkezi`ne Yeni Gelen Yayınlar Katar, Gözde

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Bilgiye Erişim Merkezi’ne Yeni Gelen Yayınlar
Katar, Gözde. – Yabancı sermayeli kuruluşlarda pazarlama-satış dağıtım
giderlerinin analizi (Yüksek Lisans Tezi). – İstanbul: Marmara Üniversitesi Sosyal
Bilimler Enstitüsü, 2006.
ÖZ
Tezin birinci bölümünde yabancı sermaye hakkında genel bilgiler verilerek, 1923
yılından günümüze kadar Türkiye’deki doğrudan yabancı yatırımların genel
görünümüne ve yabancı sermaye ile ilgili mevzuata yer verilmiştir.
İkinci bölümde; yabancı sermayeli şirketler üzerinde durulmuş, bu şirketlerin kuruluş
işlemleri, muhasebe kayıtları, vergilendirmeleri açıklanmıştır.
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Üçüncü bölümde; pazarlama maliyetleri konusu işlenmiş, maliyet, pazarlama ve reklam
kavramları açıklanarak tekdüzen hesap planına göre parlama satış dağıtım giderleri
incelenmiştir.
Son bölümde ise; yabancı sermayeli şirketlerin deterjan ve kozmetik sektörü ve diğer
sektörler ayrımı altında pazarlama satış dağıtım giderlerinin analizi yapılmıştır.
Resmi Gazete
YÜRÜTME VE İDARE BÖLÜMÜ
BAKANLAR KURULU KARARI
2009/15309
İstanbul Arel Üniversitesi Rektörlüğüne Bağlı Olarak Sağlık Bilimleri Yüksekokulu Kurulması Hakkında Karar
BAKANLIKLARA VEKÂLET ETME İŞLEMİ
—
Devlet Bakanı Mehmet Zafer ÇAĞLAYAN’a, Devlet Bakanı Mehmet AYDIN’ın Vekâlet Etmesine Dair Tezkere
—
Dışişleri Bakanlığına, Enerji ve Tabii Kaynaklar Bakanı Taner YILDIZ’ın Vekâlet Etmesine Dair Tezkere
ATAMA KARARLARI
—
Devlet, Maliye, Ulaştırma, Sanayi ve Ticaret ile Çevre ve Orman Bakanlıklarına Ait Atama Kararları
SINIR TESPİT KARARI
—
Antalya İli Alanya İlçesine Bağlı Cikcilli, Oba, Çıplaklı, Tosmur ve Kestel Belediyeleri ile Asmaca, Paşaköy ve Mahmutseydi
Köylerinin Tüzel Kişiliklerinin Kaldırılarak Alanya Belediyesi Sınırları İçine Katılması Hakkında Karar
YÖNETMELİKLER
— Acıbadem Üniversitesi Satın Alma ve İhale Yönetmeliği
— Gazi Üniversitesi Engelli Bireyler İçin Görsel Sanatlar Eğitimi Uygulama ve Araştırma Merkezi Yönetmeliği
— İstanbul Üniversitesi Kimsesiz Çocuklar Araştırma ve Uygulama Merkezi Yönetmeliğinin Yürürlükten Kaldırılmasına Dair
Yönetmelik
— Marmara Üniversitesi Çocuk Koruma Uygulama ve Araştırma Merkezi Yönetmeliği
— Muğla Üniversitesi Ön Lisans ve Lisans Eğitim-Öğretim ve Sınav Yönetmeliğinde Değişiklik Yapılmasına Dair Yönetmelik
— Uludağ Üniversitesi Üniversite-Sanayi İşbirliği Geliştirme Uygulama ve Araştırma Merkezi Yönetmeliği
— Zonguldak Karaelmas Üniversitesi Lisans Eğitim-Öğretim ve Sınav Yönetmeliği
— Zonguldak Karaelmas Üniversitesi Devlet Konservatuvarı Lisans Eğitim-Öğretim ve Sınav Yönetmeliği
— Zonguldak Karaelmas Üniversitesi Meslek Yüksekokulları Eğitim-Öğretim ve Sınav Yönetmeliği
— Zonguldak Karaelmas Üniversitesi Sağlık Yüksekokulu Eğitim-Öğretim ve Sınav Yönetmeliği
— Zonguldak Karaelmas Üniversitesi Önlisans Lisans Eğitim-Öğretim ve Sınav Yönetmeliğinin Yürürlükten Kaldırılmasına Dair
Yönetmelik
— Zonguldak Karaelmas Üniversitesi Yaz Okulu Eğitim-Öğretim ve Sınav Yönetmeliği
— Zonguldak Karaelmas Üniversitesi Tıp Fakültesi Eğitim-Öğretim ve Sınav Yönetmeliğinde Değişiklik Yapılmasına Dair
Yönetmelik
— Zonguldak Karaelmas Üniversitesi Lisansüstü Eğitim-Öğretim ve Sınav Yönetmeliğinde Değişiklik Yapılmasına Dair
Yönetmelik
TEBLİĞLER
— Mecburi Standardın Yürürlükten Kaldırılmasına Dair Tebliğ (No:ÖSG-2009/21)
— Mecburi Standardın Yürürlükten Kaldırılmasına Dair Tebliğ (No:ÖSG-2009/22)
— 2009 Yılı Temmuz Ayına Ait Yatırım Teşvik Belgeleri Listesi
— 2009 Yılı Temmuz Ayında Yabancı Sermayeli Firmalara Verilen Belgeler ve Yararlandırılan Teşvik Unsurları Listesi
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Yabancı Kitap Ve Süreli Yayınlar
Journal of Financial Economics
Volume 93, Issue 1, Pages 1-158 (July 2009)
Do firms have leverage targets? Evidence from acquisitions
Pages 1-14
Jarrad Harford, Sandy Klasa, Nathan Walcott
Abstract
In the context of large acquisitions, we provide evidence on whether firms have target
capital structures. We examine how deviations from these targets affect how bidders
choose to finance acquisitions and how they adjust their capital structure following the
acquisitions. We show that when a bidder's leverage is over its target level, it is less
likely to finance the acquisition with debt and more likely to finance the acquisition
with equity. Also, we find a positive association between the merger-induced changes
in target and actual leverage, and we show that bidders incorporate more than twothirds of the change to the merged firm's new target leverage. Following debt-financed
acquisitions, managers actively move the firm back to its target leverage, reversing
more than 75% of the acquisition's leverage effect within five years. Overall, our results
are consistent with a model of capital structure that includes a target level and
adjustment costs.
Article Outline
1. Introduction
2. Hypotheses and testable predictions
3. Sample and methodology
3.1. Sample construction and description
3.2. Measurement of the leverage deviation
4. Empirical findings
4.1. Bidder and target firm characteristics
4.2. The choice between cash and equity
4.3. Explaining the change in leverage resulting from large acquisitions
4.4. Evolution of leverage deviations and financial deficits around acquisitions
4.5. Explaining the post-acquisition change in the leverage deviation
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5. Conclusion
Appendix A. Appendix
References
The price of sin: The effects of social norms on markets
Pages 15-36
Harrison Hong, Marcin Kacperczyk
Abstract
We provide evidence for the effects of social norms on markets by studying “sin”
stocks—publicly traded companies involved in producing alcohol, tobacco, and
gaming. We hypothesize that there is a societal norm against funding operations that
promote vice and that some investors, particularly institutions subject to norms, pay a
financial cost in abstaining from these stocks. Consistent with this hypothesis, we find
that sin stocks are less held by norm-constrained institutions such as pension plans as
compared to mutual or hedge funds that are natural arbitrageurs, and they receive less
coverage from analysts than do stocks of otherwise comparable characteristics. Sin
stocks also have higher expected returns than otherwise comparable stocks, consistent
with them being neglected by norm-constrained investors and facing greater litigation
risk heightened by social norms. Evidence from corporate financing decisions and the
performance of sin stocks outside the US also suggest that norms affect stock prices and
returns.
Article Outline
1. Introduction
2. Background on and selection of sin stocks
3. Data
3.1. Variables in ownership regressions
3.2. Variables in analyst coverage regressions
3.3. Variables in time-series return regressions
3.4. Variables in cross-sectional return regressions
3.5. Variables in valuation regressions
3.6. Variables in corporate financing decision regressions
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4. Results
4.1. Institutional ownership
4.2. Analyst coverage
4.3. Implications for stock prices
4.4. Robustness checks
4.5. Reconciling magnitudes from return and valuation regressions
4.6. Calibrations with Merton model
4.7. Further tests
4.8. International stocks
5. Conclusion
Appendix A. Appendix
References
Price-based return comovement
Pages 37-50
T. Clifton Green, Byoung-Hyoun Hwang
Abstract
Similarly priced stocks move together. Stocks that undergo splits experience an increase
in comovement with low-priced stocks and a decrease in their comovement with highpriced stocks. Price-based comovement is not explained by economic fundamentals,
firm size, or changes in liquidity or information diffusion. The shift in comovement
following splits is greater for large stocks, high-priced stocks, and when investor
sentiment is high. In the full cross-section, price-based portfolios explain variation in
stock-level returns after controlling for movements in the market and industry portfolios
as well as portfolios based on size, book-to-market, transaction costs, and return
momentum. The results suggest that investors categorize stocks based on price.
Article Outline
1. Introduction
2. Data and descriptive statistics
3. Price-based comovement: evidence from stock splits
3.1. Univariate and bivariate tests
3.2. Matching firms
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3.3. Announcement vs. effective date
4. Price-based return comovement: all stocks
5. Sources of price-based return comovement
5.1. Determinants of comovement following splits
5.2. Additional evidence
6. Conclusions
References
The underpricing of private targets
Pages 51-66
John W. Cooney, Thomas Moeller, Mike Stegemoller
Abstract
We examine acquisitions of private firms with valuation histories and find a positive
relation between acquirer announcement returns and target valuation revisions. Similar
to other studies, acquirer announcement returns are positive, on average. However,
positive acquirer announcement returns are mainly driven by targets that are acquired
for more than their prior valuation. This relation is consistent with pricing effects
associated with target valuation uncertainty and behavioral biases in negotiation
outcomes.
Article Outline
1. Introduction
2. Data description
2.1. Sample selection
2.2. Calculation of the IPO valuation and target's valuation revision
2.3. Descriptive statistics
3. Results
3.1. Univariate analysis
3.2. Determinants of valuation revision
3.3. Regression analysis
4. Robustness and alternative explanations
4.1. Nasdaq bubble, target size, and positive versus negative valuation revisions
4.2. Additional robustness tests
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4.3. Sample selection bias
5. Evidence from venture capital valuations
6. Conclusions
Appendix A. Calculation of the IPO valuation and acquisition price for NOMOS
Corporation
Appendix B. List of acquisitions of withdrawn IPOs
References
Informed traders and limit order markets
Pages 67-87
Ronald L. Goettler, Christine A. Parlour, Uday Rajan
Abstract
We consider a dynamic limit order market in which traders optimally choose whether to
acquire information about the asset and the type of order to submit. We numerically
solve for the equilibrium and demonstrate that the market is a “volatility multiplier”:
prices are more volatile than the fundamental value of the asset. This effect increases
when the fundamental value has high volatility and with asymmetric information across
traders. Changes in the microstructure noise are negatively correlated with changes in
the estimated fundamental value, implying that asset betas estimated from highfrequency data will be incorrect.
Article Outline
1. Introduction
2. Model
2.1. Numerical parameterization of the trading game
3. Information acquisition and trading behavior
3.1. Information acquisition
4. Trading behavior and learning
4.1. Liquidity supply
4.2. Aggressiveness of quotes
4.3. Liquidity demand, or transactions
4.4. Benefiting from trade
4.5. Learning by uninformed traders
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5. Microstructure noise and implications
5.1. Volatility of microstructure noise
5.2. Correlations in changes in microstructure noise and fundamental value
5.3. Quantifying the cross-sectional asset pricing implications
6. Conclusion
Appendix A. Appendix
A.1. Model description: trading game
A.2. Details of the numerical algorithm
A.3. Convergence criteria
References
Payout policy and cash-flow uncertainty
Pages 88-107
J.B. Chay, Jungwon Suh
Abstract
The importance of cash-flow uncertainty in payout policy has received little attention in
empirical studies, while survey studies such as [Lintner, J., 1956. Distribution of
incomes of operations among dividends, retained earnings, and taxes. American
Economic Review 46, 97–113.] and [Brav, A., Graham, J., Harvey C., Michaely, R.,
2005. Payout policy in the 21st century. Journal of Financial Economics 77, 483–527.]
indicate its importance. With worldwide firm-level data, we present evidence that cashflow uncertainty is an important cross-sectional determinant of corporate payout policy.
Our results show that across countries, cash-flow uncertainty, as proxied by stock return
volatility, has a negative impact on the amount of dividends as well as the probability of
paying dividends. The impact of cash-flow uncertainty on dividends is generally
stronger than the impact of other potential determinants of payout policy—such as the
earned/contributed capital mix, agency conflicts, and investment opportunities. We also
find that the effect of cash-flow uncertainty on dividends is distinct from the effect of a
firm's financial life-cycle stage.
Article Outline
1. Introduction
2. Hypotheses and proxy variables
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2.1. Cash-flow uncertainty
2.2. Earned/contributed capital mix
2.3. Agency conflicts
2.4. Investment opportunities
2.5. Control variables
3. Data
4. Empirical results
4.1. Correlations between dividend payouts and four key factors
4.2. Multiple Tobit regressions on dividend payouts
4.3. Logit regression on the probability of paying dividends
4.4. Results for additional countries
4.5. Cash-flow uncertainty and TOTALP
4.6. Predictive power of cash-flow uncertainty for changes in dividend policy
4.7. Alternative proxy for cash-flow uncertainty
4.8. Cash-flow uncertainty and life-cycle stage
5. Concluding remarks
Appendix A. Appendix
References
Affiliated mutual funds and analyst optimism
Pages 108-137
Simona Mola, Massimo Guidolin
Abstract
This paper extends the literature on analyst optimism. Our analysis of a large sample of
recommendations issued from 1995 through 2006 indicates that sell-side analysts are
likely to assign frequent and favorable ratings to a stock after the analysts’ affiliated
mutual funds invest in that stock. Controlling for a number of variables, including the
ties between analysts and investment banks, we find that the greater the portfolio weight
of a stock in the fund family, the more optimistic the stock ratings from affiliated
analysts become. Since 2002, analysts’ optimism on stocks held by affiliated mutual
funds has declined. However, an analyst's decision of upgrading a stock to a “strong
buy” rating is still significantly associated with the portfolio weight of that stock in the
fund family.
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Article Outline
1. Introduction
2. Hypotheses and research design
3. Data and sampling procedures
4. Univariate analysis
4.1. Hypotheses 1 and 2: frequency and optimism of analyst coverage and mutual fund
affiliation
4.2. Hypothesis 3: frequency and optimism of analyst coverage and portfolio weights
5. Multivariate analysis
5.1. Multivariate duration analysis
5.2. Multivariate probit analysis
5.3. Simultaneity issues
6. Value of analyst optimism
6.1. Short-term value of analyst optimism
6.2. Long-term value of analyst optimism
7. Conclusions
References
It pays to have friends
Pages 138-158
Byoung-Hyoun Hwang, Seoyoung Kim
Abstract
Currently, a director is classified as independent if he or she has neither financial nor
familial ties to the CEO or to the firm. We add another dimension: social ties. Using a
unique data set, we find that 87% of boards are conventionally independent but that
only 62% are conventionally and socially independent. Furthermore, firms whose
boards are conventionally and socially independent award a significantly lower level of
compensation, exhibit stronger pay-performance sensitivity, and exhibit stronger
turnover-performance sensitivity than firms whose boards are only conventionally
independent. Our results suggest that social ties do matter and that, consequently, a
considerable percentage of the conventionally independent boards are substantively not.
Article Outline
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1. Introduction
2. Motivation, hypotheses, and identification of social ties
2.1. Measuring and identifying social ties
2.2. Hypothesis development
3. Data description
3.1. Sources
3.2. Regression variables
3.2.1. Executive compensation
3.2.2. Board independence
3.2.3. Other regression variables
3.3. Breakdown of social ties
3.4. Board characteristics and the determinants of the incidence of socially linked
directors
4. Empirical results
4.1. Level of CEO compensation
4.2. Subsequent operating performance
4.3. Other channels of monitoring
4.3.1. Board independence and pay-performance elasticity
4.3.2. Board independence and CEO turnover
4.3.3. Audit-committee independence and CEO bonus
4.4. Additional analyses
4.4.1. Alternative classifications of conventionally and socially independent boards
4.4.2. Additional sensitivity tests
4.4.3. Missing data
5. Contribution and discussion
6. Conclusion
Appendix A. Academic disciplines
Appendix B. Description of variables
Appendix C. Correlation matrix
References
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