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  • Öğe
    The financial analysis of the ottoman cash waqfs
    (Springer, 2018) Gürsoy, Çiğdem
    From the sixteenth century onwards and along with the increase in the velocity of money, every state diversified its own financial sources. During the related centuries, the Ottoman state created the "cash waqfs", an outcome of local settlement, out of its trust institution as an alternative financial source. Cash waqf is the sort of foundation in which the money devoted by persons is managed through the profit/usury rates determined by the state so that the necessary charities are performed. The process can be summarized as the transfer of the total remaining amount into charity services (the primary objective) after the removal of foundation expenses from the incomes of the funds that were made use of as credit. In endowments, treated as the deeds of foundations, the information regarding how the foundation will be operated and where its revenues will be used is recorded with all its details. Endowments are organized by foundations that are administered by trustees. The arranged section is intended for explaining the functioning of cash waqfs through the financial terms of our present day based on the details involved in endowments. Within this framework, the decisions made by foundations in preparing their endowments with close attention to the economic situations of the related period are associated with such concepts like financial management strategy, trustees' use of instruments like bonds and bills in evaluating the funds and cash management. Besides, the cash waqfs gathered in funds are addressed in relation to fund management, while the sureties and the pledged assets received during the credit phase are discussed within risk management.
  • Öğe
    Heterogeneity and endogeneity in panel stochastic frontier models
    (Elsevier, 2019) Kutlu, Levent; Tran K.C.
    This chapter provides a recent development in panel stochastic frontier models that allows for heterogeneity, endogeneity or both. Specifically, consistent estimation of the models’ parameters as well as observation-specific technical inefficiency is discussed. © 2019 Elsevier Inc. All rights reserved.
  • Öğe
    The impact of research and development expenditures on the value relevance of accounting items
    (Springer, 2020) Ertuğrul, Melik
    The literature extensively analyses research and development expenditures (RDE) from the valuation perspective and documents its direct value relevance (VR). In this paper, in addition to revealing VR of RDE, we shed light on the impact of RDE on VR of book value of equity (BV) and earnings figures; hence, we analyze the indirect impact of RDE on VR of accounting items. By examining listed firms on the Borsa Istanbul between 2009 and 2018, we document that the impact of RDE on market values is significantly positive. Moreover, we report that the impact of BV (earnings) on market values becomes negative (more positive) RDE increase which should be read as evidence for the shifted attention of the market from the balance sheet to the income statement with increasing RDE. As losses convey more information than profits (Hayn, C., Journal of Accounting and Economics 20:125-153, 1995), we further extend our analyses by considering profit and loss firms. For loss recording firms, RDE significantly and negatively affect market values although this effect becomes insignificant for observations with RDE. Furthermore, as RDE increase, for loss firms, the impact of BV on market values significantly becomes negative while the impact of earnings on market values remains statistically unaffected. When analyses are reperformed for observations with RDE, all these statistically significant outcomes disappear which may indicate that our main outcomes may be driven by firms with no RDE. © Springer Nature Switzerland AG 2020.