Browsing by Author "Gultekin, Melis"

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Citation - WoS: 4
Financial Openness and Financial Development: Evidence from Emerging Countries
(ISTANBUL UNIV SCH BUSINESS, 2020) Mehmet Umutlu; Melis Gultekin; Hakan Ozkaya; Ozkaya, Hakan; Umutlu, Mehmet; Gultekin, Melis
We investigate the potential relation between financial openness and financial development for 27 emerging countries for the period between 1996 and 2016. We focus on three dimensions of financial openness: capital account openness trade openness and stock-market openness. In this study we propose alternative measures for capital account and trade openness. Moreover we offer capital flow and valuation-based measures for stock-market openness as a potential determinant of financial development. Our findings indicate that capital account openness and trade openness are the key drivers of financial development. These results are not sensitive to the use of alternative financial openness and financial development measures and are robust after being controlled for institutional quality and its components. Our results have implications for policymakers in emerging countries who try to increase the depth of their financial markets for an easier and cheaper access to funds.
INTERACTION BETWEEN EQUITY TRADING OF VARIOUS INVESTOR TYPES AND MARKET RETURN
(EGE UNIV FAC ECONOMICS & ADMIN SCIENCES, 2016) Melis Gultekin; Mehmet Umutlu; Gultekin, Melis; Umutlu, Mehmet
In finance literature interaction or relationship between portfolio investments and index return were examined in many studies. However most of these studies were conducted at monthly or annual frequency with a restricted investor classification. In this study we analyze the interaction between the net purchases of three different investor groups and market return by using daily data from the Korean Stock Exchange. Vector Auto Regression (VAR) model results show that individual and foreign investors follow a momentum strategy whereas institutional investors follow a contrarian strategy. During the crisis period institutional and individual investors did not change their trading strategies. On the other hand there is a positive correlation between foreign investors' net purchase and lagged market returns during the crisis period as in the case of the full period but different from full sample period this correlation is not statistically significant.