IFC 2012 INTERNATIONAL ISTANBUL FINANCE CONGRESS Okan University, Tuzla Campus, June 13-14, 2012, İstanbul. JUNE 13, 2012 / WEDNESDAY Faculty of Arts and Sciences Building MEVLANA HALL 09:30 10:00 Registration and Coffee 10:00-10:45 OPENING SPEECHES Prof. Suat Teker, Congress President Prof. Şule Kut, Rector, Okan University Bekir Okan, Chair, Board of Trustees of Okan University Ali Babacan, Deputy Prime Minister 10:45-11:30 Keynote Speakers Martin Spurling, CEO, HSBC Bank Established International Financial Centers as Role Models to Istanbul Hasan Rahvalı, CEO, Ağaoğlu Group What should we change to be an International Financial Center? What does Istanbul Finance Center change? 11:30 13:00 DISCUSSION PANEL I Responsibilities and Preperations of Institutions towards 13:00 14:30 LUNCH Istanbul Financial Center Project Chair - Prof. Suat Teker, Okan University Prof. Vedat Akgiray, President, Capital Markets Board of Turkey Dr. İbrahim Turhan, Chairman & CEO, İstanbul Menkul Kıymetler Borsası Murat Ulus, President, Settlement and Custody Bank of ISE Prof. Murat Karagöz, Dean, School of Business, Fatih University 14:30 16:00 DISCUSSION PANEL II Macroeconomic Expectations in near Coming Years and Their Effects on Istanbul Financial Center Project 16.00 16.30 Coffee Break Chair - Prof. Taner Berksoy, Okan University Tanıl Küçük, President, Istanbul Chamber of Industry Prof. Ege Yazgan, Bilgi University Prof. Burak Saltoğlu, Boğaziçi University 16.30 18.00 DISCUSSION PANEL III Trading and Innovating Financial Products and Services in Financial Markets and Their Effects on Istanbul Financial Center Project 19.00 GALA DINNER Chair - Prof. Ozer Ertuna, Okan University Çetin Ali Dönmez, Director, Izmir Futures and Options Exchange İbrahim Peker, Vice President, Capital Markets Board Aydın Seyman, Vice President, Istanbul Stock Exchange Assoc. Prof. Yakup Ergincan, Director, Central Registry Agency Ayşe Epikman, Partner, Deloitte & Touche
JUNE 14, 2012 / THURSDAY Faculty of Fine Arts Building PARALLEL SESSIONS / BLOCK I 09:00 10:30 JUNE 14, THURSDAY SESSION I SESSION II SESSION III SESSION IV Chair Özer Ertuna Chair Mehmet Şükrü Tekbaş Chair Sudi Apak Chair Dilek Teker Trade liberalization and its implicationon measuring effects of technology transfer on economy of Pakistan by using new growth theories Faiz Muhammad Shaikh, Anwar Ali Shah Syed, Ashi Zeeshan Real option valuation in investment projects Oktay Taş, Hüseyin Yiğit Ersen An evaluation of Intratrade potential in economic community of west african states Anokye Mohammed Adam, Daniel Agyapong Regionalization of finance: Can it explain the location choice of firms? Burhan Can Karahasan The social costs and benefits of too-big-to-fail banks: a bounding exercise Amanda Heitz, John H. Boyd Anticipation of the financial crisis: Evidence from insider trading in banks Özlem Akın, José-LuisPeydró Economic performance in bankbased and market-based financial systems: do non-financial institutions matter? Mehmet Uzunkaya Understanding the major causes of Islamic finance under development in Tunisia Khemaies Bougatef, Hedia Teraoui, Amira Kaddour Financial time series forecasting: A comprehensive analysis of univariate nonlinear and linear models performance Oleg Stepanov, Petr Parshakov Human resource empowerment and its role in the sustainable tourism Hamid Nabilou, Fateme Tohidy Ardahaey, Alireza Farajnia Determinants of corporate cash holding and global financial crisis: Nigerian experience Sunday Emmanuel Ogundipe The impact of contribution of people in the development of tourism industry in Iran Hamid Nabilou, Fateme Tohıdy Ardahaey, Farhad Amırı Classification of financial crises and their occurrence ıntensity ın global financial markets Evaldas Račıckas Taxation and corporate finance: what effects of fiscal measures on financial and economic return? The case of Tunisian firms after the finance law of 2007 Hedia Teraoui, Amira Kaddour Optimal tax burden and budget system The factor of macroeconomical stabilization George Abuselidze A proposal for the international contractors industry in the application of corporate and project level risk management from the financial perspective Cem Berk Does democratic transition spurs financial development Abdelkader Boudriga, Wafa Ghardallou, Imen Khouja Ammar, Myriam Trabelsi El Gharbi SESSION V SESSION VI SESSION VII (Room 310) SESSION VIII (Room 312) Chair Ümit Erol Chair Niyazi Berk Chair Halil Seyidoğlu Chair Mehmet Baha Karan Bankruptcy prediction in the current crisis: Using of genetic algorithms Hicham Ganga, Fernando Fernández Rodríguez, Eduardo Acosta González The scientometric study of the global financial research Özcan Konur The determinants of innovative capacity: evidence from Turkey Aysa İpek Erdoğan A critical assessment of the uspto policies toward small entity patent applications Nasser Arshadi,G. Harley Blosser, Sanjay Agrawal Futures on hazelnuts Ahmet Hakan Özkan Participation banks from the perspective of religious entrepreneurs Fatih Savaşan, Temel Gürdal, Mehmet Saraç Establishment of a national emission trading system in Turkey: EU-ETS as a model for harmonization with the EU Nilüfer Suner Private equity financing: A literature screening for a potential panacea to fund the growth of Turkish companies Tayfun Özkan Theory of hedging, hedge ratio and hedge efficiency: an empirical investigation of hedging in indian derivatives market Sanjay Kumar Thakur, Svd Nageswara Rao Türkiye de kadın istihdamı ve 2000 sonrası yapısal dönüşüm Melike Elif Bildirici, Elçin Aykaç Alp, Fulya Özaksoy, Barış Akgül 1995-2008 yılları arasında Avrasya ekonomilerine yapılan DYY nin dünya trendi ile karşılaştırılması Hayri Tuzla, Suat Teker, İsmail Önden Türkiye deki yeni anayasa sürecine iktisadi bir bakış: Anayasal iktisat ın kabulleri, Türkiye de kabul edilebilir mi? İsmail Cem Karadut, Barış Alpaslan Yükselen piyasalar ayrışıyor mu? Ayşe Gül Bölükbaşı, Dina Çakmur Yıldırtan, Selin Sarılı Türkiye için getiri eğrileri kullanılarak enflasyon telafisi tahmin edilmesi Eda Gülşen, Murat Duran, Refet Gürkaynak Türkiye de yetersiz eğitim ve yoksulluk ilişkisi: İller bazında ekonometrik bir analiz Tahsin Bakırtaş, Orhan Kandemir Sistemik risk ve Türkiye örneği Çiğdem Boz, Esra Yavaş Faiz oranı getiri volatilitesinin asimetrik GARCH modelleri ile öngörüsü Ebru Çağlayan, Tuğba Dayıoğlu
10.30 11.00 Coffee Break PARALLEL SESSIONS / BLOCK II 11:00 12:30 JUNE 14, THURSDAY SESSION IX Keynote Speaker Prof. Berch Berberoğlu, Nevada University İstanbul as a Global Financial Center in the 21st Century SESSION X Chair Özcan Konur Are the financial development and economic growth related in emerging markets? Ercan Ekmekçioğlu Dynamic specialization and convergence of Mediterranean countries Nabil Alimi Firm characteristics and capital structure choice: Evidence from Turkish SMEs Ali Uyar, Mustafa Kemal Güzelyurt The scientometric study of the financial research in Turkey Özcan Konur Analysis of Financial Crisis Contagion Indicators Evaldas Račickas, Asta Vasiliauskaitė SESSION XI Chair Mehmet Uzunkaya Are swap and bond markets alternatives to each other in Turkey? Murat Duran, Doruk Küçüksaraç Idiosyncratic volatility and cross sectional returns in the Chinese stock market Gilbert V. Nartea, Ji Wu, Lee J. Yao The effect of international cross-listings on stock risk Mehmet Uzunkaya Specification errors of asset pricing models for a market characterized with large capitalisation firms Nader Shahzad Virk, Hilal Anwar Butt SESSION XII Chair Mustafa İbicioğlu Portföy hareketlerini belirleyen faktörler ve Türkiye örneği Murat Nişancı, Burhan Kabadayı, Ömer Selçuk Emsen Yurtdışı yerleşiklerin hisse senedi piyasası üzerindeki etkisi: İMKB de endeks bazında uygulamalar Mustafa İbicioğlu Geçen yüzyıldan bu yüzyıla finansal düşüncenin seyir defteri-literatür inceleme Ali Koray Kayalıdere, İbrahim Emre Kara Chair Elçin Alp SESSION XIII Credit crunch or not? Case of Turkey during the global economic crisis Barış Soybilgen, Zümrüt İmamoğlu, Kerim Gökay Modeling the effects of investor sentiment and conditional volatility in international stock markets Utku Uygur, Oktay Taş The impact of the financial crises on the investment decisions of the indiviuals: The case of Turkey Ahmet Hakan Özkan Is Good Cholesterol bad for current account balances of developing countries? The case of Turkey Aylin Soydan, Yunus Bektasoglu SESSION XIV Chair Burhan Can Karahasan Uluslararası finans merkezlerinin ayırdedici özelliklerinin araştırılması İhsan Erdem Kayral, Mehmet Baha Karan OECD nin zarar verici vergi rekabeti çalışmaları kapsamında finans merkezleri ve Türkiye değerlendirmesi Semih Öz İstanbul Finans Merkezi nin bölgesel emlak fiyatlarına beklenen etkisi İsmail Önden, Haluk Hekimoğlu, Suat Teker Hileli finansal tabloların tespitinde veri madenciliğinin kullanımı: Finans sektöründe ampirik bir araştırma İlker Kıymetli Şen, Serkan Terzi 12.30-13.30 LUNCH BREAK
PARALLEL SESSIONS / BLOCK III 13:30 15:00 JUNE 14, THURSDAY SESSION XV SESSION XVI SESSION XVII Chair Özer Ertuna The use of GARCH and filtered historical simulation for estimating value at risk Mehdi Ebrahimi Mend, Mohammad HosseinVadeei, Samira Mostafavimendi Do Turkish REITs provide hedge against rising inflation? Murat Duran Modeling finance-growth nexus using a piecewise linear approach does access to finance matter? Walid Abdmoulah, Riadh Ben Jelili Comovement between stock and bond markets in Turkey Cumhur Ekinci, Evrim Hilal Erdamar Long-run relation between interest rates and inflation: Evidence from Turkey Dilek Teker, Elçin Alp, Oya Kent Chair Mehmet Baha Karan The impact of oil price on the volatility of emerging stock market Hawatı Janor, Aisyah Abdul Rahman Ehsan Housseınıdoust, Hafızı Abdul Majıd Liquidity and Asset Prices: An Empirical Investigation of the Finnish Stock Market Hilal Anwar Butt, Nadir Shahzad Virk An empirical analysis of trading volume and return volatility relationship on Istanbul Stock Exchange National - 100 index Ece Oral The impact of frequency on data frequency performance measures Petr Parshakov, Anton Semushin Emerging market betas and the cross section of hedge fund returns Mustafa Onur Çağlayan, Sevan Ulutaş Chair Taner Berksoy A Portfolio Construction Tool Using an Argumentation Based Decision Making Framework Konstantina Pendaraki, Nikolaos I. Spanoudakis Integrating liquidity risk into market risk analysis: Evidence from Turkish banks Cihan Aktaş, Orcan Çörtük, Suat Teker, Burcu Deniz Yıldırım Exchange rate behaviour: Implications for West Africa monetary zone membership Anokye Mohammed Adam, Daniel Agyapong The relationship between central bank transparency and the quality of inflation forcasts: Is it u-shaped? Emna Trabelsi International portfolio movements: Panel data analysis Burhan Kabadayı, Ömer Selçuk Emsen, Murat Nişancı SESSION XVIII Chair Mehmet Şükrü Tekbaş Determinants of target selection and acquirer returns: Evidence from crossborder acquisitions Sung C Bae, Kiyoung Chang, Doseong Kim Foreign direct investment and export decision relationship in the large Turkish firms Gonca Atıcı, Guner Gursoy The impact of macroeconomic factors on underpricing of initial public offerıngs before and after the recent global financial crisis: Evidence from Istanbul Stock Exchange Hakan Mustafa Güntürkün, Şevin Gürarda, Hilal Hümeyra Erdoğan Global imbalances in currrent account balances Melike Bildirici, Fazıl Kayıkçı Central bank and private sector s welfare under partial transparency versus publicity: A 2- player monetary policy game Emna Trabelsi Chair Oktay Taş SESSION XIX Valuation of technology-based projects and companies: The case of activision blizzard César Serradas, João Zambujal Oliveira Factoring as a financing option in Turkey: A comparatıve study Haşmet Sarıgül Financial crisis and financial market complexity: Does bailing out affects moral hazard? A qualitative analysis of international financial sector s behavior Amira Kaddour, Jameleddine Chichti Working capital financing and forms of business among SMEs in developing market Hawati Janor, Shailender Singh Workshop SESSION XX Prof. Burç Ülengin, Istanbul Technical University Research Methods for Financial Issues 15.00 15.30 Coffee Break
PARALLEL SESSIONS / BLOCK IV 15:30 17:00 JUNE 14, THURSDAY Chair Sudi Apak SESSION XXI Effects of M&As of stock exchanges on trading volume Banu Yobaş, Burç Ülengin Unearthing economic growth performances of five asian tigers by using Anova Methodology Hüseyin Çetin Determinants of adjustment speed to target capital structure: The case of Nigerian non-financial quoted companies Sunday Emmanuel Ogundipe Innovation s uncertain terrain can clusters foster up innovation?! Anita Popovska Cocoa, the lone ranger: complacency behavior of cocoa prices in the financial markets Caner Özdurak Chair Ümit Erol SESSION XXII Corporate debt capacity and the cost of corporate debt for companies in Euro area and Turkey Metin Coşkun, Gülşah Kulalı Determination of the optimal weights in a currency portfolio with Sharpe ratio maximizing approach Celal Barkan Güran, Oktay Taş Interest rate pass-through and asymmetric adjustment in the Turkish financial sector Seval Mutlu Çamoğlu Economic crises and the effects on the global economic system Oğuz Kaymakcı, Okan Öztutkan, Dilek Demirocak Where to locate the decision of investments in system analysis Ahmet Hakan Özkan, Abdullah Aktel SESSION XXIII Chair Melike Bildirici Vadeli işlem ve opsiyon borsası nda fiyat oluşumu üzerine bir inceleme Erhan Pişkin Avrupa borç krizinde domino etkisi mümkün mü? Kredi riski kanalında finansal bulaşmaya ampirik bir yaklaşım Mevlüt Camgöz, Selçuk Sevgi Türkiye de işsizliğin 1980 sonrası yapısal dönüşümü Melike Bildirici, Özgür Ömer Ersin, Yusuf Yalçınkaya, Ceren Türkmen Enflasyon ve paranın zaman değeri altında ekonomik sipariş miktarı modellerinin değerlendirilmesi Harun Sulak SESSION XXIV Chair Burhan Can Karahasan Para ve makro ihtiyat politikaları birbirinin tamamlayıcısı olabilir mi? Çiğdem Boz, Abdullah Barış Haznedaroğlu Devletin değişen rolü bağlamında Türkiye de 1980 sonrasında uygulanan vergi teşvik uygulamaları Fevzi Engin 2008 küresel finans krizi ve uluslararası para fonu: Küresel finansal düzenin kurumsal sorgusu İsmail Hakkı İşcan Türkiye de istihdamın yapısal dönüşümü Melike Elif Bildirici, Elçin Aykaç Alp, Barış Akgül, Fulya Özaksoy Chair Oktay Taş SESSION XXV Türkiye de faizsiz bankacılık sektörünün son 10 yılı ve beklentiler Veli Sırım Risk yönetim aracı ve finansman alternatifi olarak sendikasyon kredileri Hüseyin Ali Kutlu, N.Savaş Demirci, Mehmet Güner Mevduat bankaları ile katılım bankalarının etkinliğinin karşılaştırılması Hakan Aslan, İlyas Akhisar Türkiye'de faaliyet gösteren ulusal ve yabancı sermayeli bankaların sermaye yeterlilik oranı açısından değerlendirilmesi Altan Gökçe, Hakan Sarıtaş Chair Elçin Alp SESSION XXVI Basel III'e geçiş sürecinin Türk finans sektörü üzerindeki etkileri Volkan Dayan Türkiye de işsizliğin kalıcılık etkisi: 1980-2010 döneminin bir analizi Melike Bildirici, Özgür Ömer Ersin, Ceren Türkmen, Yusuf Yalçınkaya Finans piyasalarındaki döviz kuru oynaklığının turizm talebine etkisi: Türkiye örneği Çiğdem Demir, Boran Toker Gelişen uluslararası rekabet koşullarında KOBI lerin inovasyon faaliyetlerini gerçekleştirmede yabancı sermaye yatırımlarının etkileri Bedriye Tunçsiper, Ömer Faruk Biçen, Çağatay Tunçsiper 17.00 Closings