IFC – 2012

IFC – 2012
INTERNATIONAL ISTANBUL FINANCE CONGRESS
Okan University, Tuzla Campus, June 13-14, 2012, İstanbul.
JUNE 13, 2012 / WEDNESDAY
Faculty of Arts and Sciences Building – MEVLANA HALL
09:30 – 10:00
10:00 - 10:45
Registration and Coffee
OPENING SPEECHES
Prof. Suat Teker, Congress President
Prof. Şule Kut, Rector, Okan University
Bekir Okan, Chair, Board of Trustees of Okan University
Ali Babacan, Deputy Prime Minister
10:45 - 11:30
Keynote Speakers
Martin Spurling, CEO, HSBC Bank
“Established International Financial Centers as Role Models to Istanbul”
Hasan Rahvalı, CEO, Ağaoğlu Group
“What should we change to be an International Financial Center?
What does Istanbul Finance Center change?”
11:30 – 13:00
DISCUSSION PANEL I
“Responsibilities and Preperations of Institutions towards
Istanbul Financial Center Project”
Chair - Prof. Suat Teker, Okan University
Prof. Vedat Akgiray, President, Capital Markets Board of Turkey
Dr. İbrahim Turhan, Chairman & CEO, İstanbul Menkul Kıymetler Borsası
Murat Ulus, President, Settlement and Custody Bank of ISE
Prof. Murat Karagöz, Dean, School of Business, Fatih University
13:00 – 14:30
LUNCH
14:30 – 16:00
DISCUSSION PANEL II
“Macroeconomic Expectations in near Coming Years and Their Effects
on Istanbul Financial Center Project”
Chair - Prof. Taner Berksoy, Okan University
Tanıl Küçük, President, Istanbul Chamber of Industry
Prof. Ege Yazgan, Bilgi University
Prof. Burak Saltoğlu, Boğaziçi University
16.00 – 16.30
Coffee Break
16.30 – 18.00
DISCUSSION PANEL III
“Trading and Innovating Financial Products and Services in Financial
Markets and Their Effects on Istanbul Financial Center Project”
Chair - Prof. Ozer Ertuna, Okan University
Çetin Ali Dönmez, Director, Izmir Futures and Options Exchange
İbrahim Peker, Vice President, Capital Markets Board
Aydın Seyman, Vice President, Istanbul Stock Exchange
Assoc. Prof. Yakup Ergincan, Director, Central Registry Agency
Ayşe Epikman, Partner, Deloitte & Touche
19.00
GALA DINNER
JUNE 14, 2012 / THURSDAY
Faculty of Fine Arts Building
PARALLEL SESSIONS / BLOCK I
09:00 – 10:30
SESSION I
(Osman Hamdi Hall)
JUNE 14, THURSDAY
SESSION IV
SESSION II
SESSION III
(Mimar Sinan Hall)
(Muhsin Ertuğrul Hall)
(Room 303)
Chair – Özer Ertuna
Chair – Mehmet Şükrü Tekbaş
Chair – Sudi Apak
Chair – Dilek Teker
Trade liberalization and its
implicationon measuring
effects of technology
transfer on economy of
Pakistan by using new
growth theories
Faiz Muhammad Shaikh,
Anwar Ali Shah Syed,
Ashi Zeeshan
The social costs and benefits of
too-big-to-fail banks: a bounding
exercise
Amanda Heitz, John H. Boyd
Human resource empowerment
and its role in the sustainable
tourism
Hamid Nabilou, Fateme Tohidy
Ardahaey, Alireza Farajnia
Taxation and corporate
finance: what effects of fiscal
measures on financial and
economic return? The case of
Tunisian firms after the
finance law of 2007
Hedia Teraoui, Amira Kaddour
Anticipation of the financial crisis:
Evidence from insider trading in
banks
Özlem Akın, José-LuisPeydró
Determinants of corporate cash
holding and global financial
crisis: Nigerian experience
Sunday Emmanuel Ogundipe
Optimal tax burden and
budget system – The factor of
macroeconomical stabilization
George Abuselidze
Real option valuation in
investment projects
Oktay Taş,
Hüseyin Yiğit Ersen
Economic performance in bankbased and market-based financial
systems: do non-financial
institutions matter?
Mehmet Uzunkaya
An evaluation of Intratrade potential in
economic community of
west african states
Anokye Mohammed Adam,
Daniel Agyapong
Understanding the major causes of
Islamic finance under development
in Tunisia
Khemaies Bougatef, Hedia Teraoui,
Amira Kaddour
Regionalization of finance:
Can it explain the location
choice of firms?
Burhan Can Karahasan
Financial time series forecasting: A
comprehensive analysis of
univariate nonlinear and linear
models’ performance
Oleg Stepanov, Petr Parshakov
SESSION V
SESSION VI
SESSION VII
SESSION VIII
(Room 305)
(Room 306)
(Room 310)
(Room 312)
The impact of contribution of
people in the development of
tourism industry in Iran
Hamid Nabilou, Fateme Tohıdy
Ardahaey, Farhad Amırı
Classification of financial crises
and their occurrence ıntensity ın
global financial markets
Evaldas Račıckas
A proposal for the
international contractors
industry in the application of
corporate and project level risk
management from the
financial perspective
Cem Berk
Does democratic transition
spurs financial development
Abdelkader Boudriga, Wafa
Ghardallou, Imen Khouja
Ammar, Myriam Trabelsi – El
Gharbi
Chair – Ümit Erol
Chair – Niyazi Berk
Chair – Halil Seyidoğlu
Chair – Mehmet Baha Karan
Bankruptcy prediction in
the current crisis: Using of
genetic algorithms
Hicham Ganga, Fernando
Fernández Rodríguez,
Eduardo Acosta González
Futures on hazelnuts
Ahmet Hakan Özkan
Türkiye’de kadın istihdamı ve
2000 sonrası yapısal dönüşüm
Melike Elif Bildirici, Elçin Aykaç
Alp, Fulya Özaksoy, Barış Akgül
Türkiye için getiri eğrileri
kullanılarak enflasyon telafisi
tahmin edilmesi
Eda Gülşen, Murat Duran,
Refet Gürkaynak
The scientometric study of
the global financial
research
Özcan Konur
The determinants of
innovative capacity:
evidence from Turkey
Aysa İpek Erdoğan
A critical assessment of
the uspto policies toward
small entity patent
applications
Nasser Arshadi,G. Harley
Blosser, Sanjay Agrawal
Participation banks from the
perspective of religious
entrepreneurs
Fatih Savaşan, Temel Gürdal,
Mehmet Saraç
Establishment of a national
emission trading system in Turkey:
EU-ETS as a model for
harmonization with the EU
Nilüfer Suner
Private equity financing: A
literature screening for a potential
panacea to fund the growth of
Turkish companies
Tayfun Özkan
Theory of hedging, hedge ratio and
hedge efficiency: an empirical
investigation of hedging in indian
derivatives market
Sanjay Kumar Thakur, Svd
Nageswara Rao
1995-2008 yılları arasında
Avrasya ekonomilerine yapılan
DYY’nin dünya trendi ile
karşılaştırılması
Hayri Tuzla, Suat Teker,
İsmail Önden
Türkiye’deki yeni anayasa
sürecine iktisadi bir bakış:
Anayasal iktisat’ın kabulleri,
Türkiye’de kabul edilebilir mi?
İsmail Cem Karadut,
Barış Alpaslan
Yükselen piyasalar ayrışıyor mu?
Ayşe Gül Bölükbaşı, Dina Çakmur
Yıldırtan, Selin Sarılı
Türkiye’de yetersiz eğitim ve
yoksulluk ilişkisi: İller bazında
ekonometrik bir analiz
Tahsin Bakırtaş, Orhan
Kandemir
Sistemik risk ve Türkiye örneği
Çiğdem Boz, Esra Yavaş
Faiz oranı getiri volatilitesinin
asimetrik GARCH modelleri ile
öngörüsü
Ebru Çağlayan, Tuğba Dayıoğlu
10.30 – 11.00
Coffee Break
PARALLEL SESSIONS / BLOCK II
11:00 – 12:30
JUNE 14, THURSDAY
SESSION IX
SESSION X
SESSION XI
(Osman Hamdi Hall)
(Mimar Sinan Hall)
(Muhsin Ertuğrul Hall)
Keynote Speaker
Chair – Özcan Konur
Chair – Mehmet Uzunkaya
Prof. Berch Berberoğlu,
Nevada University
“İstanbul as a Global Financial Center in
the 21st Century”
Are the financial development and
economic growth related in emerging
markets?
Ercan Ekmekçioğlu
Are swap and bond markets alternatives to
each other in Turkey?
Murat Duran, Doruk Küçüksaraç
Dynamic specialization and convergence
of Mediterranean countries
Nabil Alimi
Idiosyncratic volatility and cross sectional
returns in the Chinese stock market
Gilbert V. Nartea, Ji Wu,
Lee J. Yao
Firm characteristics and capital structure
choice: Evidence from Turkish SMEs
Ali Uyar, Mustafa Kemal Güzelyurt
The effect of international cross-listings on
stock risk
Mehmet Uzunkaya
The scientometric study of the financial
research in Turkey
Özcan Konur
Specification errors of asset pricing models
for a market characterized with large
capitalisation firms
Nader Shahzad Virk, Hilal Anwar Butt
Analysis of Financial Crisis Contagion
Indicators
Evaldas Račickas, Asta Vasiliauskaitė
SESSION XII
(Room 303)
SESSION XIII
SESSION XIV
(Room 305)
(Room 306)
Chair – Mustafa İbicioğlu
Chair – Elçin Alp
Chair – Burhan Can Karahasan
Portföy hareketlerini belirleyen
faktörler ve Türkiye örneği
Murat Nişancı, Burhan Kabadayı, Ömer
Selçuk Emsen
Credit crunch or not? Case of Turkey
during the global economic crisis
Barış Soybilgen, Zümrüt İmamoğlu, Kerim
Gökay
Uluslararası finans merkezlerinin ayırdedici
özelliklerinin araştırılması
İhsan Erdem Kayral, Mehmet Baha Karan
Yurtdışı yerleşiklerin hisse senedi
piyasası üzerindeki etkisi: İMKB’de
endeks bazında uygulamalar
Mustafa İbicioğlu
Modeling the effects of investor
sentiment and conditional volatility in
international stock markets
Utku Uygur, Oktay Taş
Geçen yüzyıldan bu yüzyıla finansal
düşüncenin seyir defteri-literatür
inceleme
Ali Koray Kayalıdere, İbrahim Emre Kara
The impact of the financial crises on the
investment decisions of the indiviuals:
The case of Turkey
Ahmet Hakan Özkan
Is ‘Good Cholesterol’ bad for current
account balances of developing
countries? The case of Turkey
Aylin Soydan, Yunus Bektasoglu
12.30 -13.30
LUNCH BREAK
OECD’nin zarar verici vergi rekabeti
çalışmaları kapsamında finans merkezleri ve
Türkiye değerlendirmesi
Semih Öz
İstanbul Finans Merkezi’nin bölgesel emlak
fiyatlarına beklenen etkisi
İsmail Önden, Haluk Hekimoğlu, Suat Teker
Hileli finansal tabloların tespitinde veri
madenciliğinin kullanımı: Finans sektöründe
ampirik bir araştırma
İlker Kıymetli Şen, Serkan Terzi
PARALLEL SESSIONS / BLOCK III
13:30 – 15:00
SESSION XV
(Osman Hamdi Hall)
SESSION XVI
(Mimar Sinan Hall)
JUNE 14, THURSDAY
SESSION XVII
(Muhsin Ertuğrul Hall)
Chair – Özer Ertuna
Chair – Mehmet Baha Karan
Chair – Taner Berksoy
The use of GARCH and filtered historical
simulation for estimating value at risk
Mehdi Ebrahimi Mend, Mohammad
HosseinVadeei, Samira Mostafavimendi
The impact of oil price on the volatility
of emerging stock market
Hawatı Janor, Aisyah Abdul Rahman
Ehsan Housseınıdoust, Hafızı Abdul Majıd
Do Turkish REITs provide hedge against
rising inflation? Murat Duran
Liquidity and Asset Prices: An Empirical
Investigation of the Finnish Stock
Market
Hilal Anwar Butt, Nadir Shahzad Virk
A Portfolio Construction Tool Using an
Argumentation Based Decision Making
Framework
Konstantina Pendaraki, Nikolaos I.
Spanoudakis
Modeling finance-growth nexus using a
piecewise linear approach does access to
finance matter ?
Walid Abdmoulah, Riadh Ben Jelili
Comovement between stock and bond
markets in Turkey
Cumhur Ekinci, Evrim Hilal Erdamar
Long-run relation between interest rates
and inflation: Evidence from Turkey
Dilek Teker, Elçin Alp, Oya Kent
An empirical analysis of trading volume
and return volatility relationship on
Istanbul Stock Exchange National - 100
index
Ece Oral
The impact of frequency on data
frequency performance measures
Petr Parshakov, Anton Semushin
Emerging market betas and the cross
section of hedge fund returns
Mustafa Onur Çağlayan, Sevan Ulutaş
Integrating liquidity risk into market risk
analysis: Evidence from Turkish banks
Cihan Aktaş, Orcan Çörtük, Suat Teker,
Burcu Deniz Yıldırım
Exchange rate behaviour: Implications for
West Africa monetary zone membership
Anokye Mohammed Adam, Daniel Agyapong
The relationship between central bank
transparency and the quality of inflation
forcasts: Is it u-shaped?
Emna Trabelsi
International portfolio movements: Panel
data analysis
Burhan Kabadayı, Ömer Selçuk Emsen,
Murat Nişancı
SESSION XVIII
SESSION XIX
SESSION XX
(Room 303)
(Room 305)
(Room 306)
Chair – Mehmet Şükrü Tekbaş
Determinants of target selection and
acquirer returns: Evidence from crossborder acquisitions
Sung C Bae, Kiyoung Chang, Doseong Kim
Foreign direct investment and export
decision relationship in the large Turkish
firms
Gonca Atıcı, Guner Gursoy
The impact of macroeconomic factors on
underpricing of initial public offerıngs
before and after the recent global
financial crisis: Evidence from Istanbul
Stock Exchange
Hakan Mustafa Güntürkün,
Şevin Gürarda, Hilal Hümeyra Erdoğan
Global imbalances in currrent account
balances
Melike Bildirici, Fazıl Kayıkçı
Central bank and private sector’s welfare
under partial transparency versus
publicity: A 2- player monetary policy
game
Emna Trabelsi
15.00 – 15.30
Coffee Break
Chair – Oktay Taş
Workshop
Valuation of technology-based projects
and companies: The case of activision
blizzard
César Serradas, João Zambujal Oliveira
Prof. Burç Ülengin,
Istanbul Technical University
“Research Methods for Financial Issues”
Factoring as a financing option in
Turkey: A comparatıve study
Haşmet Sarıgül
Financial crisis and financial market
complexity: Does bailing out affects
moral hazard? A qualitative analysis of
international financial sector’s behavior
Amira Kaddour, Jameleddine Chichti
Working capital financing and forms of
business among SMEs in developing
market
Hawati Janor, Shailender Singh
PARALLEL SESSIONS / BLOCK IV
15:30 – 17:00
JUNE 14, THURSDAY
SESSION XXI
SESSION XXII
SESSION XXIII
(Osman Hamdi Hall)
(Mimar Sinan Hall)
(Muhsin Ertuğrul Hall)
Chair – Sudi Apak
Chair – Ümit Erol
Chair – Melike Bildirici
Effects of M&As of stock exchanges on
trading volume
Banu Yobaş, Burç Ülengin
Corporate debt capacity and the cost of
corporate debt for companies in Euro area
and Turkey
Metin Coşkun, Gülşah Kulalı
Vadeli işlem ve opsiyon borsası’nda fiyat
oluşumu üzerine bir inceleme
Erhan Pişkin
Unearthing economic growth
performances of five asian tigers by using
Anova Methodology
Hüseyin Çetin
Determinants of adjustment speed to
target capital structure: The case of
Nigerian non-financial quoted companies
Sunday Emmanuel Ogundipe
Innovation’s uncertain terrain – can
clusters foster up innovation?!
Anita Popovska
Cocoa, the lone ranger: complacency
behavior of cocoa prices in the financial
markets
Caner Özdurak
Determination of the optimal weights in a
currency portfolio with Sharpe ratio
maximizing approach
Celal Barkan Güran, Oktay Taş
Interest rate pass-through and
asymmetric adjustment in the Turkish
financial sector
Seval Mutlu Çamoğlu
Economic crises and the effects on the
global economic system
Oğuz Kaymakcı, Okan Öztutkan,
Dilek Demirocak
Avrupa borç krizinde domino etkisi
mümkün mü? Kredi riski kanalında
finansal bulaşmaya ampirik bir yaklaşım
Mevlüt Camgöz, Selçuk Sevgi
Türkiye’de işsizliğin 1980 sonrası yapısal
dönüşümü
Melike Bildirici, Özgür Ömer Ersin, Yusuf
Yalçınkaya, Ceren Türkmen
Enflasyon ve paranın zaman değeri
altında ekonomik sipariş miktarı
modellerinin değerlendirilmesi
Harun Sulak
Where to locate the decision of
investments in system analysis
Ahmet Hakan Özkan, Abdullah Aktel
SESSION XXIV
SESSION XXV
SESSION XXVI
(Room 303)
(Room 305)
(Room 306)
Chair – Burhan Can Karahasan
Chair – Oktay Taş
Chair – Elçin Alp
Para ve makro ihtiyat politikaları
birbirinin tamamlayıcısı olabilir mi?
Çiğdem Boz, Abdullah Barış Haznedaroğlu
Türkiye’de faizsiz bankacılık sektörünün
son 10 yılı ve beklentiler
Veli Sırım
Basel III'e geçiş sürecinin Türk finans
sektörü üzerindeki etkileri Volkan Dayan
Devletin değişen rolü bağlamında
Türkiye’de 1980 sonrasında uygulanan
vergi teşvik uygulamaları
Fevzi Engin
Risk yönetim aracı ve finansman
alternatifi olarak sendikasyon kredileri
Hüseyin Ali Kutlu, N.Savaş Demirci,
Mehmet Güner
2008 küresel finans krizi ve uluslararası
para fonu: Küresel finansal düzenin
kurumsal sorgusu
İsmail Hakkı İşcan
Mevduat bankaları ile katılım bankalarının
etkinliğinin karşılaştırılması
Hakan Aslan, İlyas Akhisar
Türkiye’de istihdamın yapısal dönüşümü
Melike Elif Bildirici, Elçin Aykaç Alp, Barış
Akgül, Fulya Özaksoy
17.00
Closings
Türkiye'de faaliyet gösteren ulusal ve
yabancı sermayeli bankaların sermaye
yeterlilik oranı açısından değerlendirilmesi
Altan Gökçe, Hakan Sarıtaş
Türkiye’de işsizliğin kalıcılık etkisi: 19802010 döneminin bir analizi
Melike Bildirici, Özgür Ömer Ersin,
Ceren Türkmen, Yusuf Yalçınkaya
Finans piyasalarındaki döviz kuru
oynaklığının turizm talebine etkisi: Türkiye
örneği Çiğdem Demir, Boran Toker
Gelişen uluslararası rekabet koşullarında
KOBI’lerin inovasyon faaliyetlerini
gerçekleştirmede yabancı sermaye
yatırımlarının etkileri Bedriye Tunçsiper,
Ömer Faruk Biçen, Çağatay Tunçsiper