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Publication Index: ScopusSubject: Emerging markets

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    Citation - WoS: 13
    Citation - Scopus: 15
    Build-Operate Projects as a Hybrid Mode of Market Entry: the Case of Yavuz Sultan Selim Bridge in Istanbul
    (Elsevier Science Bv, 2018) Uner, M. Mithat; Cavusgil, Erin; Cavusgil, S. Tamer
    BOT (Build- Operate-Transfer) projects are well known to sponsors and contractors of mega infrastructure projects around the world. The massive scale and long-term time frame of these construction projects require non-traditional business relationships among the sponsors, prime contractors, sub-contractors, and a host of other vendors. The BOT model is typically sought by local and national governments that cannot independently finance complex mega projects. A BOT deal refers to a large-scale project where the sponsor (typically a governmental agency) contracts with a prime contractor, that assumes the responsibility for completing the construction and operating it for a predetermined period, before turning ownership back over to the sponsor. During this predetermined period, the contractor can recoup its investment through its operations and/or through a guaranteed rate of return from the sponsor. This paper reports on such a project - the case of Yavuz Sultan Selim Bridge, the third bridge linking Asia and Europe in Istanbul, a sprawling metropolis of roughly 15 million people. The bid also called for the construction of the connecting highways. It was initiated in 2012 and was completed in 2016. Named after a celebrated Ottoman Sultan, the bridge is widely acknowledged to address a much-needed infrastructure project for Istanbul. We detail BOT projects - rarely discussed in the IB literature - as a hybrid mode of international market entry, with unique features, benefits, and risks. The insights offered in this manuscript were gathered from a series of unstructured interviews with senior executives of the prime contractors.
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    Nonlinearity in Emerging European Markets: Pre and Post Crisis Periods
    (Springer Science and Business Media B.V., 2019) Aktan,C.; Omay,T.
    Investigating the efficiency of emerging markets has been a popular research trend in the past decade, showing implications on both the economy and the policies of the countries in question. Market efficiency, in other words, informational efficiency, states that if markets are fully efficient, then all information is instantly reflected the prices of stocks. However, there are many arguments for and against this theory, especially on the discussions of the 2008 Global Financial Crisis. These past studies are seen to be showing mixed results. It is important the note that there is a nonlinear movement among the stock prices within stock markets and this needs to be incorporated in the tests that are used to measure their efficiency in order to obtain more accurate results. Therefore, in this study, we have tested the weak form efficiency of the emerging markets located in Europe, namely, Czech Republic, Greece, Hungary, Poland, Turkey, and Russia. Effects of the 2008 Global Financial Crisis were put forward by taking two different time periods (Pre: November 2005–September 2008 and Post: October 2008–February 2019—Crisis) and applying newly developed nonlinear unit root tests. Results of the study supported previous research and showed that the efficiency of most markets changed in the post-crisis period from efficient to inefficient. © 2019, Springer Nature Switzerland AG.