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Article Citation - WoS: 16Citation - Scopus: 19Soccer, Stock Returns and Fanaticism: Evidence From Turkey(Elsevier Science Bv, 2009) Berument, M. Hakan; Ceylan, Nildağ Başak; Ceylan, Nildag Basak; Ogut-Eker, Gulin; Ceylan, Nildağ Başak; Tourism Management; Tourism ManagementThis paper assesses the effect of three major soccer teams' wins on the returns of the Istanbul Stock Exchange (ISE). We argue that the effect of soccer wins on ISE returns increases with the fanaticism of the teams' supporters. (C) 2009 Western Social Science Association. Published by Elsevier Inc. All rights reserved.Article Citation - WoS: 25Citation - Scopus: 27Inflation Uncertainty and Interest Rates: Is the Fisher Relation Universal?(Routledge Journals, Taylor & Francis Ltd, 2007) Berument, Hakan; Ceylan, Nildag Basak; Olgun, HasanThis paper tests the validity of the Fisher hypothesis, which establishes a positive relation between interest rates and expected inflation, for the G7 countries and 45 developing economies. For this purpose, we estimate a version of the GARCH specification of the hypothesis for all countries included in the sample. We also test the augmented Fisher relation by including the inflation uncertainty in the equation. The simple Fisher relation holds in all G7 countries but in only 23 developing countries. There is a positive and statistically significant relationship between interest rates and inflation uncertainty for six of the G7 and 18 of the developing countries and this relationship is negative for seven developing countries.Article Citation - WoS: 141Citation - Scopus: 192The Impact of Oil Price Shocks on the Economic Growth of Selected Mena Countries(int Assoc Energy Economics, 2010) Berument, M. Hakan; Ceylan, Nildag Basak; Dogan, Nukhet; Tourism ManagementThis paper examines how oil price shocks affect the output growth of selected MENA countries that are considered either net exporters or net importers of this commodity, but are too small to affect oil prices. That an individual country's economic performance does not affect world oil prices is imposed on the Vector Autoregressive setting as an identifying restriction. The estimates suggest that oil price increases have a statistically significant and positive effect on the outputs of Algeria, Iran, Iraq, Kuwait, Libya, Oman, Qatar, Syria, and the United Arab Emirates. However, oil price shocks do not appear to have a statistically significant effect on the outputs of Bahrain, Djibouti, Egypt, Israel, Jordan, Morocco, and Tunisia. When we further decompose positive oil shocks such as oil demand and oil supply for the latter set of countries, oil supply shocks are associated with lower output growth but the effect of oil demand shocks on output remain positive.Article Citation - WoS: 3Citation - Scopus: 3The Effects of Japanese Economic Performance on Indonesia(Routledge Journals, Taylor & Francis Ltd, 2006) Berument, Hakan; Ceylan, Nildag Basak; Vural, BengisuThis paper assesses how Japanese economic performance affects the Indonesian economy for the 1988 to 2004 period. The empirical evidence provided here suggests that Japanese growth appreciates the local currency in real terms, decreases the inflation and increases growth. As a side issue, we also documented that real exchange rate depreciation accelerates inflation and decreases growth in Indonesia.Article Citation - WoS: 27Citation - Scopus: 29Performance of Soccer on the Stock Market: Evidence From Turkey(Routledge Journals, Taylor & Francis Ltd, 2006) Berument, Hakan; Ceylan, Nildag Basak; Gozpinar, EsinThis paper assesses the effect of soccer success on stock market returns for three major Turkish teams (Besiktas, Fenerbahce and Galatasaray) after certain characteristics of the stock market are controlled for. The empirical evidence presented here suggests that Besikta's win against foreign rivals in the Winner's Cup increases stock market returns. The same effect is not present for the other two big teams (Fenerbahce and Galatasaray). The day of the week effect on the stock market and the relationship between risk and return are also presented. (c) 2006 Elsevier Inc. All rights reserved.
