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Conference Object Relationships Between Stock Markets: Causality Between G8 Countries and Turkey(Springer international Publishing Ag, 2020) Unlu, Kamil Demirberk; Potas, Nihan; Yilmaz, MehmetThis study investigated relationships between stock markets in the Group of Eight (G8) countries (Canada, France, Germany, Italy, Japan, Russia, the UK, and the USA) and the Istanbul Stock Exchange (ISE) by estimating eight different vector autoregressions (VARs). We applied the Johansen and Juselius cointegration test to identify the long-run relations between the indices. The modified Granger causality test proposed by Toda and Yamamoto was conducted to identify the causality, then forecast variance decomposition and impulse response analysis were employed to explore the impacts of unexpected shocks in the G8 countries' stock markets on the ISE. The results showed that there was no cointegration between the ISE and the G8 countries' markets, but they still affected the ISE to different degrees, and the DAX-ISE 100, CAC 40-ISE 100, and FTSE MIB-ISE 100 causal relationships were bidirectional.Article Citation - WoS: 1Citation - Scopus: 1Shaken, Stirred and Indebted: Firm-Level Effects of Earthquakes(Elsevier Science inc, 2024) Arin, K. Peren; Arnau, Josep Marti; Boduroglu, Elif; Celik, Esref UgurUsing firm-level data from Turkiye, we investigate the effects of earthquakes on firms' balance sheets. We find that earthquakes increase firms' liabilities but have a smaller effect on firms' assets, both in magnitude and significance. Using surveys sent to the finance and/or accounting managers of the largest 100 firms in Turkiye we identify common themes in their perceptions. Our findings reveal a consensus among respondents attributing the increased liabilities to exchange rate depreciation and lower business activity following a disaster. Conversely, higher availability of external credit is associated with a decrease in liabilities. Our analysis also indicates that finance managers with higher educational attainment may be underestimating the effects of earthquakes.
