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Öğe Öğe A Survey-Based Analysis of the Housing Market in an Emerging Economy: The Turkish Case(Routledge Journals, Taylor & Francis Ltd, 2013) Erdem, Orhan; Coskun, Ali; Oruc, HandeThe authors analyze the dynamics of the housing market in Turkey from both the supply and the demand sides using cointegration analysis. Using a monthly survey, a buying index was created to measure housing demand. Construction permit data are used to measure the housing supply. Other variables include nominal interest rates, home prices, income, and construction costs. A vector error correction analysis reveals that shocks to any of the aforementioned variables have a predictable and permanent impact on the housing market and that interest rates play the most important role. The financial results presented here have important implications for the active intervention policies of the Central Bank of Turkey. To the best of the authors' knowledge, this is the first survey-based paper to simultaneously analyze both the demand and the supply sides of the housing market in Turkey.Öğe Technology upgrades in emerging equity markets: Effects on liquidity and trading activity(Academic Press Inc Elsevier Science, 2015) Yilmaz, Mustafa Kemal; Erdem, Orhan; Eraslan, Veysel; Arik, EvrenThis study examines the effects of technological changes on liquidity of stock markets. Utilizing daily data of 361 stocks from 10 emerging market exchanges, namely Colombia, Indonesia, Johannesburg, Korea, Malaysia, Mexico, Russia, Shanghai, Shenzhen and Thailand, a panel data regression analysis shows that technological upgrade decreases the bid-ask spread and increases trading activity. In other words, launching a more sophisticated trading platform contributes to the overall liquidity of the market. (C) 2015 Elsevier Inc. All rights reserved.Öğe Trading Puzzle, Puzzling Trade(Bilgesel Yayincilik San & Tic Ltd, 2014-12) Erdem, Orhan; Arık, Evren; Yüksel, SerkanWe explore the return performance of individual investors with respect to various factors such as portfolio size, turnover, holding period and also demographic factors: gender and age. We examine the daily trades in Borsa Istanbul (formerly Istanbul Stock Exchange) of 20,000 individual investors over the two year period 2011-2012. Utilizing a weekly data set, we bring new evidence to the current debates on individual investors' trading patterns. Our findings can be summarized as follows: There is a positive relationship between holding period and return up to a certain level. The return of the individual portfolio is positively correlated with the portfolio size. Almost 70% of all individual investors cannot beat the market. Investors who have high turnover underperform compared to those who have lower turnover. Male investors trade more and lose more vis-a-vis the female and older investors have higher returns.Öğe An Unsaturated Passenger Car Market in an Emerging Economy: The Case of Turkey(Palgrave, 2015) Duruiz, Lale; Erdem, Orhan[Abstract Not Available]