Araştırma Çıktıları / Research Outcomes

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  • Publication
    BİLANÇO DIŞI İŞLEMLER İLE KARLILIK VE MAKROEKONOMİK DEĞİŞKENLER ARASINDAKİ İLİŞKİNİN MARS METODU İLE BELİRLENMESİ
    (Erciyes Universitesi, 2020-12-25) Eyyüp Ensari ŞAHİN; Ceyda AKTAN; Aktan, Ceyda
  • Publication
    TEKNOLOJİK İNOVASYON VE KRİPTO PARA PİYASALARI: MOMENTUM VE ZITLIK ANOMALİLERİNİN TEST EDİLMESİ
    (Makale Sistemi/Geomes, 2022) EYYÜP ENSARİ ŞAHİN; CEYDA AKTAN; Aktan, Ceyda
  • Publication
    Analysis of Cost Structures and Cost Control Strategies of Airlines: An Empirical Study on A Hypothetical Airline Company
    (Journal of Aviation, 2022-03-23) Yaşar KÖSE; Ceyda AKTAN; Köse, Yaşar; Aktan, Ceyda
    In the context of controlling costs in the airline industry, this study aims to determine empirically until which available seat mile (ASM) should an airline continue its activities based on an analysis of the costs and revenues incurred relating to these ASM. The study is based on a hypothetical company and the data used indicated that the company has reached profitability between certain efficiency levels (ASM). The results also showed that the airline can still continue its activities at efficiency levels where it is making a loss but only in situations where its total income exceeds its total variable costs (creating positive added value). In the study, it is pointed out that companies in the airline industry, which are under the pressure of intense competition and uncontrollable factors, can still survive and maintain their competitive power through the cost control methods they can apply.
  • Publication
    Impact of major global events on the Turkish stock market efficiency
    (Hitit Sosyal Bilimler Dergisi, 2022-12-31) Ceyda AKTAN; Aktan, Ceyda
    Market efficiency is of great importance to many investors, policy makers, as well as researchers. It provides them with information regarding the market and acts as a guide in their decision-making process. For this reason, there have been extensive amount of research done through the years. However, the World has witnessed several major events in the last couple of decades, which has been of great importance for financial markets, having both direct and indirect impacts. The Global Financial Crisis of 2008 and the COVID-19 pandemic can be the two most important events the World has experienced. Although past research shows that the impact of both events on the efficiency of the stock markets were looked at in separate studies, there is lack of studies involving both major events and analysing how the efficiency of the stock market is changing between these periods. The aim of this study is to analyse the weak-form efficiency of the Turkish stock market and how it has evolved over time. There are 4 different data sets used to observe the changes in market efficiency, with full sample ranging from February 1988 to September 2022. Monthly closing prices of the BIST100 Index are analysed using both the traditional linear Augmented Dickey-Fuller unit root test and 5 different non-linear unit root tests. Results show that different tests have different strengths in capturing the stationarity and due to the LNV test Turkish Stock Market was found not to be weak form efficient.
  • Publication
    GELENEKSEL FİNANS İLKELERİ İLE DAVRANIŞSAL FİNANS YAKLAŞIMLARI ARASINDAKİ İLİŞKİLERİN İNCELENMESİ: NİTEL BİR ANALİZ
    (Makale Sistemi/Geomes, 2022) YAŞAR KÖSE; CEYDA AKTAN; Köse, Yaşar; Aktan, Ceyda
  • Publication
    Uçak Etkinliğinin Operasyonel ve Finansal Metrikler Açısından Analitik Olarak İncelenmesi
    (InTraders International Trade Academic Journal, 2022-12-01) Yaşar KÖSE; Ceyda AKTAN; Köse, Yaşar; Aktan, Ceyda
    Bu çalışmada dar gövdeli Boeing 737 NG ve Airbus A 319 dar gövdeli ve Boeing 777-200 ve Airbus A330-300 geniş gövdeli uçaklarının karşılaştırmalı etkinlik analizlerinin örnek veriler üzerinden finansal ve operasyonel göstergeler kullanılarak yapılması amaçlanmaktadır. Bu çalışmada TOPSİS yöntemi kullanılarak yapılan analitik çalışmada kullanılan veriler esas alındığında; bölgesel uçuşların gerçekleştirdiği dar gövdeli uçaklardan B737-700’ün, A319’a göre; uzun mesafeli ve kıtalararası uçuşların gerçekleştirildiği geniş gövdeli uçaklardan A330-330 uçağının, B777-200 uçağına göre maliyet avantajına sahip olduğu belirlenmiştir. Çalışmada ayrıca kullanılan radar grafik yöntemine göre; A319 dar gövdeli uçağının B 737-700 dar gövdeli uçağına göre genel olarak daha üstün operasyonel özellikler gösterdiği; B 777-700 geniş gövdeli uçağının ise A330 geniş gövdeli uçağına göre genel olarak daha üstün operasyonel özellikler gösterdikleri belirlenmiştir
  • Publication
    Determining the Relationship between Aircraft Crashes and Stock and Firm Values: An Analytical Study on Airline Carrier and Aircraft Manufacturing Companies
    (Eskisehir Osmangazi University Journal of Economics and Administrative Sciences, 2022-04-01) Yaşar KÖSE; Ceyda AKTAN; Köse, Yaşar; Aktan, Ceyda
    Çalışmanın amacı, havayolu sektöründeki uçak kazaları ile ticari havayolu taşıyıcı şirketleri ve ticari uçak üreticisi şirketlerin hisse senedi fiyatları arasında bir ilişkinin olup olmadığının belirlenmesidir. Dünyada havayolu sektöründe yer alan havayolu taşıyıcı şirketleri ve büyük uçak üreticisi iki şirketin 2013-2020 yıllarında yaptıkları toplam 38 adet uçak kazası sonrasındaki ilk gün ve takip eden haftanın günlerindeki anormal getirileri ile kümülatif anormal getirileri analiz edildiğinde; uçak kazalarının bazılarında kazadan sonraki ilk ve takip eden 7 gün içinde gerek havayolu taşımacı şirketlerinin gerekse uçak üreticisi şirketlerin hisse senetlerinin değerlerinde genel olarak düşüş yaşanırken, bazı uçak kazalarından sonraki günlerde hisse senetleri değerlerinde değişim olmadığı veya artış yaşanmadığı görülmüştür.
  • Publication
    Examining the non-linear stochastic behavior of the European energy market: evidence from nonlinear unit root tests
    (Informa UK Limited, 2022-09-07) Ceyda Aktan; Tolga Omay; Eyyüp Ensari Şahin; Aktan, Ceyda
  • Publication
    Cash Management of Multinational Airlines: A Case Study on A Turkish Airline
    (Journal of Aviation, 2023-03-17) Yaşar KÖSE; Ceyda AKTAN; Köse, Yaşar; Aktan, Ceyda
    Cash is a vital resource for airline companies, which are said to be operating on a multinational level. From executing day-to-day operations to exploiting new investment opportunities, airline companies must maintain an optimal level of cash. The amount of cash level depends on a number of factors such as the company's activity level, the current conjuncture and international markets. In this study, the net cash flows and the changes in the level of cash and cash equivalents account of the flag carrier airline operating in Turkey, which can be considered as an international company, were analyzed using data of 2020, cash flows. In addition, company's relations with the IATA Clearing House were determined, evaluated and interpreted in term of cash management. The fact that there are very few studies in the national and international literature on the analysis, evaluation and interpretation of cash flows in the airline industry makes this study unique.
  • Publication
    Estimating the systematic risks of Turkish airline companies listed in the BIST-100 Index
    (Gazi Publishing, 2023-02-27) YASAR KOSE; CEYDA AKTAN; Aktan, Ceyda