Practitioners and academics believe holding a diversified portfolio provides investors a higher rate of return and a lower level of risk. Researchers studying portfolio diversification utilize broad market indices of each country to evaluate potential diversification benefits. T…
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Emerging stock markets play an important role in portfolio diversification. Accurate depiction of their status is essential for potential investment assessment. This dissertation focuses on two important aspects of emerging markets using Istanbul Stock Exchange (“ISE”) as an exa…
The purpose of Chapter 1 is to survey the existing literature on the equity markets and disscuss the various issues regarding the efficiency, volatility and integration of the stock markets. Chapter 2 studies the predictability of stock returns using aggregate output. Industrial…
This paper provides empirical evidence as to the positive dispersions in price and volume regarding the economic event of investments in the Internet, using stock data for firms listed on the emerging market stock exchanges in Brazil, India, Indonesia, Russia, and South Africa. …
This dissertation includes three papers focusing on three topics in International Finance. It first looks at the capital control in Malaysia, and then studies the Asian Currency Crisis and last models the different capital structure and output volatility between emerging markets…
Scope and method of study. The main objective of this dissertation is to identify the determinants of stock market and currency crises and investigate the direction of causality between stock market and currency crises in emerging markets. The timing of stock market and currency…
The purpose of this thesis is to analyze the time varying integration versus segmentation question for a number of emerging stock markets including Argentina, Brazil, Chile, Mexico, and Turkey vis-a-vis a global developed stock markets, and discuss the various issues regarding t…
This dissertation comprises the empirical analysis of three fundamental issues in emerging markets. They are the following: (1) economic growth, (2) co-movements of sovereign spreads and (3) economic determinants of these spreads. The first chapter (with Joseph Stiglitz) examine…
This dissertation rationalizes two important puzzles in international economics: the existence of currency risk premia in the interest rates of emerging markets, and the desire of firms in these environments to expose themselves to currency-risk, by undertaking unhedged, foreign…
The primary objective of the chapter entitled “Risk and Returns Characteristics of the Six Southeast Asian Emerging Stock Markets” is to investigate the behavior of stock returns of the six Southeast Asian emerging markets, namely Thailand, the Philippines, Indonesia, Malaysia, …
This dissertation studies the political economy of trade policy in a developing country, namely Turkey, under different economic and political regimes. The research analyzes the effects of these different regimes on the import structure, the trade policy and the industrializatio…
This dissertation consists of three empirical chapters that address different aspects of private capital flows and financial crises in Asian and Latin American emerging markets. Chapter 1 studies the different channels through which economies become vulnerable to currency crises…
This thesis studies two related issues that have gained relevance as a consequence of several of the major currency crises of the 1990s. The first is the impact that devaluations have on investment when domestic firms have currency mismatches, i.e., debt denominated in foreign c…
Essay I investigates the behavior of research and development ( R&D) investment: how sensitive is R&D investment to available cash flow for financially constrained and unconstrained firms? One important distinction between R&D investment and investment in physical capital is tha…
A firm's level of debt versus its level of equity has important implications for its value as well as its cost of capital. However, there are opposing views among many researchers and corporate finance experts pertaining to a firm's optimal capital structure. Banks are responsib…
Despite the increasing publicity and recognition that the emerging equity markets received during the second half of the 1980s and 1990s, the lack of information about the characteristics of these markets serve as a serious deterrent for both the domestic investors, policy maker…
Invariably, every market has a set of institutions that regulate and define economic activities. Emerging economies may be developing in a way that integrates and blends traditional practices and beliefs with international conventions and standards. In these economies, like in a…
This study investigates the political economy of central bank reform in the peripheral EU zone. Governments in emerging markets find it hard to cut down their deficits and restrain their fiscal spending in line with low inflation targets set by an autonomous central bank, which …
Emerging market financial crises are abrupt and dramatic, usually occurring after a period of high output growth, massive capital flows, and a boom in asset markets. This thesis develops an equilibrium asset pricing model with informational frictions in which vulnerability and t…