Risk-Adjusted Performances of World Equity Indices

This article investigates whether equity indices of twenty-four emerging and twenty-eight developed markets compensate their investors equally after adjusting for total or downside risk, and examines the predictive power of reward-to-risk ratios for expected market returns. We find that when all fifty-two markets are ranked based on their alternative reward-to-risk ratios, almost all of the countries in the top (bottom) quartile are emerging (developed) markets. The pooled means of the reward-to-risk ratios are also significantly higher for emerging markets. Both portfolio and regressions analysis reveal that there is a significantly positive relation between various reward-to-risk metrics and expected market returns.     

Liquidity and equity returns in Borsa Istanbul

We investigate the relationship between expected returns and liquidity measures in Borsa Istanbul. To do so, we gather a wide range of illiquidity measures that can be applied to the market. Firm-level cross-sectional regressions indicate that there is a positive relationship between various illiquidity measures and one- to six-month ahead stock returns. Findings of the article are robust after using different sample periods and controlling for well-known priced factors, such as market beta, size, book-to-market ratio and momentum. The portfolio analysis reveals that stocks that are in the highest illiquidity quintile earn 7.2%–19.2% higher risk-adjusted annual returns than those in the lowest illiquidity quintile. The illiquidity premium is stronger for small stocks and stocks with higher return volatility and it increases (decreases) during periods of extremely low (high) market returns.     

The relationship between Turkey’s foreign debt and economic growth: an asymmetric causality analysis

Tackling foreign debt that arises as a result of limited and ineffective use of resources is an item that remains on the agenda particularly for developing countries. In this study, we examine the foreign debt debates to date in terms of economic growth and using the time series for the period 2003Q1 to 2017Q1. We used unit root tests to determine the maximum integration degree of series, and we conducted causality analysis. We found a causality relationship between net foreign debt stock and economic growth in causality analyses performed for Turkey. The empirical results of this study indicate that there is a causality relationship, including both positive and negative aspects, between net foreign debt stock and economic growth. The results of our testing showed a significant causal relationship between the variables.     

Downside beta and the cross section of equity returns: A decade later

This study reexamines the relation between downside beta and equity returns in the United States. First, we replicate the 2006 work of Ang, Chen, and Xing who find a positive relation between downside beta and future equity returns for equal‐weighted portfolios of NYSE stocks. We show that this relation doesn't hold after using value‐weighted returns or controlling for various return determinants. We also extend the original sample, add AMEX/NASDAQ stocks or utilize alternative downside beta measures and still find no downside risk premium. We focus on factor analysis results, persistence of downside beta, and various subsamples to understand the economic reasons behind the findings.     

Investor reaction to accounting misstatements under IFRS: Australian evidence

We examine the investor reaction to misstatement news for Australian listed firms from 2006 to 2013. We find 4.1 percent of firm-years have a misstatement and 79 percent of misstatements are disclosed initially only in the periodic filings (stealth misstatements). We find no investor reaction for the average misstatement, reactions of between −2.3 percent and −2.8 percent (−1.5 and −1.7 percent) for misstatements that reduce prior-period earnings or equity (affect revenue) and reactions of between −1.3 and −2.7 percent for non-stealth misstatements. Investor reactions are more negative for non-stealth misstatements that reduce prior-period earnings or equity than for stealth misstatements.     

Airline services marketing by domestic and foreign firms: differences from the customers’ viewpoint

Based on a survey of 1014 passengers of five European airlines, this paper reveals differences between passengers on the Turkish domestic airline and those on four foreign airlines on the same flight destinations with respect to demographic profiles, behavioral characteristics, understanding of airline service dimensions, and satisfaction levels. Differences between the two passenger groups are highlighted in terms of age, sex, education, occupation, sector affiliation, location of domicile, travel purpose, travel frequency, service expectations, and satisfaction levels. It is concluded that the differences in consumer profiles and expectations are valuable clues for domestic and foreign airline firms in understanding their consumers and in designing their marketing strategies.     

El futuro del trabajo: Hacer frente a los retos mundiales del cambio demográfico y la automatización

Sobre la base de estimaciones y proyecciones de 2010-2020, se proyectan las necesidades mundiales de creación de empleo en 2020-2030 teniendo en cuenta las previsiones de crecimiento demográfico y participación laboral, los objetivos en cuanto a control del desempleo y las tendencias en cuanto a automatización, por edad, por género y por grupos de países según su nivel de renta. Serán necesarios 340 millones de nuevos puestos en el próximo decenio según estas estimaciones, debido en mayor medida a la evolución demográfica que a la automatización.     

Examining the Effects of Moral Development Level,Self-Concept,and Self-Monitoring on Consumers’ Ethical Attitudes

This study investigates the possible effects of self-concept, self-monitoring, and moral development level on dimensions of consumers’ ethical attitudes. “Actively benefiting from illegal activities,” “actively benefiting from deceptive practices,” and “no harm/no foul 1–2” are defined by factor analysis as four dimensions of Turkish consumers’ ethical attitudes. Logistic regression analysis is applied to data collected from 516 Turkish households. Results indicate that self-monitoring and moral development level predicted consumer ethics in relation to “actively benefiting from questionable practices” and “no harm/no foul” dimensions. Actual self-concept is also a predictor variable in relation to “no harm/no foul” dimension. Age and gender make significant differences in consumers’ ethical attribute dimensions.     

Investigating the need for consumer education among Turkish secondary school students

This study has been planned to determine the need for consumer education by secondary school students. A total of 300 secondary school students (150 female, 150 male) living in central Ankara in different regions with respect to socio‐economic status participated in the study. Consumer education is defined as the management of economic resources, consumer behaviour concepts, relating to consumption, level of knowledge about consumer rights and responsibilities and environmental sensitivity. On the basis of this study, almost half the adolescents draw up a budget plan and carry out market research before shopping. Also, almost half of them put quality first when choosing goods and cost is of secondary importance. More than half of the students save money for unexpected outlay. Nonetheless, adolescents do not know about consumer rights and responsibilities, nor do they have sufficient information about consumer law and the concept of protecting the environment. More than half of the students stated that they need consumer education courses as part of their curriculum.     

The Relationships Between MBO System Strength and Goal‐Climate Quality and Strength

We adopted Bowen and Ostroff's ( 2004 ) HRM system strength concept so as to test it within the context of a management by objectives (MBO) system, which was utilized by six independent firms owned by a large, diversified family business group in Turkey. For this purpose, we surveyed the middle managers to measure 10 context‐specific metafeatures of the MBO system. By using aggregated scores at the functional group level (N = 47), we captured the distinctiveness, consistency, and consensus dimensions of this HRM practice. We tested and compared three alternative theoretical models of HRM strength where the three dimensions have compensatory, additive, and distinctiveness mediated effects on climate quality and strength. Results support the compensatory model and indicate that the strength of the MBO system (as a reflective latent variable representing the shared variance of the system's distinctiveness, consistency, and consensus) is positively related to business units’ quality and strength of goal climate. In addition, distinctiveness—but not consistency and consensus—of the MBO system appears to be particularly critical for the emergence of a strong and high‐quality goal climate. Lastly, implications and limitations of the study as well as possible future research directions are discussed. © 2014 Wiley Periodicals, Inc.