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Describing travel patterns and identifying significant locations is a crucial area of research in transportation geography and social dynamics. Our study aims to contribute to this field by analyzing taxi trip data from Chengdu and New York City. Specifically, we investigate the probability density distribution of trip distance in each city, which enables us to construct long- and short-distance trip networks. To identify critical nodes within these networks, we employ the PageRank algorithm and categorize them using centrality and participation indices. Furthermore, we explore the factors that contribute to their influence and observe a clear hierarchical multi-centre structure in Chengdu’s trip networks, while no such phenomenon is evident in New York City’s. Our study provides insight into the impact of trip distance on important nodes within trip networks in both cities and serves as a reference for distinguishing between long and short taxi trips. Our findings also reveal substantial differences in network structures between the two cities, highlighting the nuanced relationship between network structure and socio-economic factors. Ultimately, our research sheds light on the underlying mechanisms shaping transportation networks in urban areas and offers valuable insights into urban planning and policy making.

This study aims to examine whether the participation index performance in the Turkish economy is going well in terms of macroeconomic factors over the period of January 2018March 2021. In this study, the cointegration between the variables is checked with the ARDL bound test and the Johansen cointegration method. The long-term coefficients are estimated through the ARDL model. Finally, the causal linkage among the participation index performance and traditional stock market index, short-term interest rate, money supply, and the inflation rate is tested with the Toda-Yamamoto causality method. The main empirical findings are shown as in the following: 1) there is cointegration between the Participation index performance and traditional stock market index, short-term interest rate, money supply, and inflation rate under the structural break, 2) the traditional stock market index and money supply improve the Participation index performance in Turkish economy while short-term interest rates hamper it, and 3) there is a two-way causality between the participation index performance and the traditional stock market index and inflation rate, and a one-way causality relationship running from money supply and interest rates to Participation index performance. These evidences provide important suggestions to investors in terms of portfolio diversification and to policymakers in the light of risk allocation and market policies.

The study was carried out to examine participation of women in small ruminant rearing and household decision making process at Banshkhali Upazila in Chattogram. Four villages were purposively selected based on the density of small ruminant rearing. Data were collected from 50 households using random sampling method with a structured questionnaire. Descriptive statistic, Participation Index and Logistic Regression Analysis were used to analyse the data. The results of the study showed that (36%) young women were engaged in small ruminant rearing (26-35 age group) and major proportion of the respondents (46%) in the study areas were primary educated. About 52% of the respondents have a family size consisting of 6-10 members. Nearly half (46%) of the women involved in rearing small ruminants earned between BDT12,000.00 - BDT18,000.00 per annum. The participation index implies that large proportions of women were always participating in supplying water, feeding and providing fodder and cleaning barns/corrals/pens of small ruminants. Moreover, they were rarely participating in construction of house/barns/corrals/pens, rearing in confinement/partial-confinement/free ranges system and bringing animal to veterinary surgeon for vaccination purpose. In household condition, women involved in decision making for rearing livestock, marriage of children whereas rarely participate in activities such as selection of variety and inputs for agricultural production, education of children, purchase of household assets and have minimal participation in selling household assets, freedom of mobility. A logistic regression analysis revealed that womens participation in household decision making process was negatively related with family size and farm size, but positively related with respondents income (P [J Bangladesh Agril Univ 2021; 19(1.000): 128-133]

Bu çalışmada 2020 yılı aralık ayı başında Çin’de ortaya çıkan ve tüm dünya ülkelerine yayılan ve 2021 yılı mart ayında Türkiye’de ortaya çıkan COVID-19 pandemi sürecindeki yeni aşılamanın, BİST 100 ve Katılım 30 endeks getirilerine etkileri araştırılmıştır. Endekslerin getirileri için kurulan EGARCH modelleri yardımı ile BİST 100 ile Katılım 30 endekslerinin pandemi sürecinde yeni aşılanmaya verdikleri tepkiler analiz edilmiştir. Sonuçlar, aşılanma hızının Katılım 30 endeksi getirilerini negatif yönde etkilerken BİST100 endeks getirileri yönünden herhangi bir ilişki bulunamamıştır. Endeksler arasında elde edilen bu farklı bulguların, Katılım 30 ve BİST100 endekslerine ait yatırımcıların irrasyonel davranışlarından kaynaklanabileceği ve bu durum üzerinde özellikle muhafazakarlık eğiliminin etkisinin olmuş olabileceği akıllara gelmektedir. Çalışmanın Katılım 30 ve BİST100 endekslerinin yeni aşılanmaya verdikleri tepkileri incelemesi ve farklılıkları ortaya koymaya çalışması açısından literatüre katkı sağlayabileceği düşünülmektedir., In this study, the effects of the new vaccinations on the BIST 100 and Participation 30 indices during the COVID-19 pandemic, which started in China at the beginning of December 2020 and spread to all countries of the world and emerged in Turkey in March 2021, are investigated. With the help of EGARCH models established for the returns of the indices, the responses of the BIST 100 and Participation 30 indices to the new vaccinations during the pandemic process are analyzed. The results show that the rate of vaccination affects the Participation 30 index returns negatively. In addition, it has been determined that there is no relationship between the new vaccination and the BIST100 index in terms of return. Additionally, it is concluded that the new vaccination caused a decrease in the volatility in the trading volume of the Participation 30 index and an increase in the volatility in the trading volume of the BIST100 index. It comes to mind that these different findings between the indices may be due to the irrational behavior of investors belonging to the Participation 30 and BIST100 indices, and that the tendency of conservatism may have had an impact on this situation. It is thought that the study can contribute to the literature in terms of examining the responses of the Participation 30 and BIST100 indices to the new vaccinations and trying to reveal the differences.

Covid -19 pandemisinin makro ekonomik etkilerinin ortaya konması açısından reel sektörün yanısıra finansal piyasaların da takip edilmesi gerekmektedir. Pandeminin finansal piyasalar üzerindeki etkisi araştırılırken özellikle borsada meydana gelen değişikliklerin ortaya konması gerekmektedir. Söz konusu araştırmalar ülke gurubu için yapılabileceği gibi tek ülke için de gerçekleştirilebilir. Tek ülke verileri kullanılarak gerçekleştirilecek çalışmalar sorunun daha derinlemesine analiz edilmesine imkan sağlamaktadır. Pandeminin borsa üzerindeki etkisi araştırılırken geleneksel ve İslami endeksleri birlikte dikkate almak finansal piyasalara ilişkin politikaların belirlenmesinde daha gerçekçi verilerin elde edilmesini mümkün kılacaktır.Bu çalışmanın amacı, Covid -19 pandemisine geleneksel ve İslami borsanın bulaşma ve ayrışma açısından gösterdiği tepkiyi incelemektir. Çalışmada 10 Şubat 2011 – 02 Eylül 2020 dönemine ilişkin günlük veriler kullanılmış ve DCC-GARCH yönteminden yararlanılmıştır. Elde edilen sonuçlara göre, Türkiye’de küresel Covid -19 pandemisi şoku karşısında İslami borsa, geleneksel borsadan daha istikrarlıdır. Bu sonuca göre Türkiye’de İslami finansal sistemin geliştirilmesine yönelik adımlar güçlendirilmelidir., In order to reveal the macroeconomic effects of the Covid-19 pandemic, financial markets should also be handled in addition to the real sector. Investigating the changes in the stock market may give clues to analyze the effects of the pandemic on financial markets. The researches in question can be carried out for a country group or a single country. Studies that are conducted for a single country allow researchers to analyze problems more precisely and put forward more specific and convenient policy suggestions. Furthermore, while investigating the effect of the pandemic on stock markets, handling conventional and Islamic stock markets together can provide more comparative and realistic data in determining the policies regarding financial markets.The aim of the study is to examine the reaction of conventional and Islamic stock markets to the Covid-19 outbreak in Turkey. In the study, the DCC-GARCH method was applied by using the daily data from Feb 10, 2011 to Sep 02, 2020. The empirical results indicated that Islamic stock markets are more stable to the global Covid-19 outbreak shock than the conventional stock market in Turkey. Based on these findings it can be suggested that Turkey should take steps to support the development of the Islamic financial system to have a sounder financial system.

Amaç – Katılım 30 Endeksi’nde faaliyet gösteren ve endekste yer alabilmeleri için borçlanma düzeylerinin belirli seviyede tutmaları gereken 17 reel sektör işletmesi için sermaye yapısı belirleyicilerinin 2011-2020 döneminde tespit edilmesi amaçlanmıştır Yöntem – Çalışmada sermaye yapısı belirleyicileri panel veri analizi yöntemi ile incelenmiştir. Borç dışı vergi kalkanı, büyüklük, faaliyet kaldıracı, likidite oranı, aktif karlılık ve satışlardaki dalgalanma bağımsız değişkenler olarak, kaldıraç oranı ise bağımlı değişken olarak modele dahil edilmiştir. Bulgular – Analiz sonucunda borç dışı vergi kalkanı ve satışlardaki dalgalanma ile kaldıraç oranı arasında istatistiksel olarak anlamlı bir ilişki tespit edilememiştir. Büyüklük ve faaliyet kaldıracı ile kaldıraç oranı arasında istatistiksel olarak anlamlı ve pozitif ilişki, likidite ve aktif karlılık değişkenleri ile kaldıraç oranı arasında ise istatistiksel olarak anlamlı ve negatif ilişki tespit edilmiştir. Tartışma – Katılım 30 Endeksi’nde işlem gören işletmelerin temsil, işaret etkisi ve finansal hiyerarşi teorilerini dikkate alarak sermaye yapısı kararlarını aldıkları söylenebilmektedir. Purpose – This study, it is aimed to determine the capital structure determinants of the 17 real sector companies operating in the Participation 30 Index and whose debt levels must be retained at a specific level in order to be included in the index in the period of 2011 and 2020. Design/methodology/approach – This study, determinants of capital structure were examined by panel data analysis method. Non-debt tax shield, size, operating leverage, liquidity ratio, return on assets and fluctuation in sales are included in the model as independent variables, while financial leverage ratio is included in the model as dependent variables. Findings – As a result of the analysis no statistically significant relation of the financial leverage to the non-debt tax shield and sales fluctuations was discovered. A statistically significant and positive relationship was found between the size, operating leverage, and financial leverage, while a statistically significant and negative relationship was found between the liquidity, return on assets and the financial leverage. Discussion – It can be said that the companies trading on the Participation 30 Index make capital structure decisions based on the agency cost, signaling, and the pecking order theories.

The index type created from the stocks of companies operating in accordance with Islamic principles is called “participation index”. In this study, whether the inclusion of companies operating in Borsa Istanbul National Market and in accordance with Participation Banking principles in the BIST Participation 30 Index had an effect on the price of stocks, was analyzed with the event study method. As a result of the analysis, it was observed that the cumulative abnormal returns had been on decline before the companies were included in the participation index, and the decline continued on the day of the event and the following days. The findings obtained are meaningful and typical for all relevant economic units, especially for investors and market makers.

The aim of this study is to measure portfolio diversification benefits of the Turkey-based equity investors into top trading partner countries. Portfolio diversification benefits are analyzed from the viewpoint of two types of investors in Turkey: conventional equities investors and Islamic equity investors. In order to evaluate the time-varying correlations of the trading partner country's stock index returns with the Turkish stock index returns, the multivariate GARCH-DCC is applied based on daily data covering 13 years period between 22 Jan 2008 to 22 Jan 2021. The results revealed that the US stock indices provide the most diversification benefit for both conventional and Islamic Turkey-based equity investors. In general, Islamic indices exhibit relatively lower correlation with trading partners than conventional indices. Turkey and Russia are recorded as the most volatile indices. Bu çalışmanın amacı Türkiye'de yerleşik hisse senedi yatırımcılarının Türkiye ile en yüksek ticaret hacmine sahip ülkelerde çeşitlendirme getirilerini ölçmektir. Portföy çeşitlendirme getirileri 2 çeşit hisse senedi yatırımcısı açısından analiz edilmiştir: geleneksel hisse senedi yatırımcıları ve İslami hisse senedi yatırımcıları. Türk hisse senedi günlük getirilerinin seçilmiş hisse senedi getirileri ile arasındaki zamana göre değişen korelasyonları tahmin etmek için 22 Ocak 2008'den 22 Ocak 2021'e kadar olan 13 yıllık döneme ait hisse senedi günlük getirileri baz alınarak DCC çoklu GARCH yöntemi kullanılmıştır. Sonuçlar Türkiye'de yerleşik geleneksel ve İslami hisse senedi yatırımcıları için ticaret ortakları arasında en yüksek çeşitlendirme getirisi ABD hisse senetlerinin sunduğunu göstermiştir. Genel olarak, İslami hisse senetleri geleneksel hisse senetlerine göre ticari partner ülkeler ile daha düşük korelasyon göstermiştir. Türkiye ve Rusya volatilitesi en yüksek endeksler olarak kaydedilmiştir.

The aim of this study is to demonstrate the relationship between Participation-30 index in Turkey and commodity markets, national, international indexes. Islamic finance is increasingly being the research subject of finance literature. Islamic finance shaped by religious principles and prohibits investing areas that the religion doesn't consider appropriate. In 2011, the Participation-30 index consisting of stocks in accordance with the participation banking principles was created in Turkey. The participation index is a stock exchange index in which stock selections are made based on index rules. Then, in 2014, the Participation-50 index and Model Portfolio index were created, and three participation indexes were started to be calculated. Islamic finance mainly operates on the basis of profit and loss sharing and supports the real sector. In this context the activity fields of the companies which are operating in participation indexes are based on production of goods and services so that the indexes have a special importance for commodity markets and commodity indexes. As the results of our research, one-way causality between Participation-30 index and Dow Jones Islamic Market was determined. However, we determined bi-directional causality between Participation-30 index and BIST 100 index.

anemon Fama French Change in stock return by Three Factor Asset Pricing Model; The excess return on the market's risk-free interest rate is explained by the ratios and the DD / PD ratios. The main aim of this study is to test the validity of the Fama French Three Factor Asset Pricing Model in Islamic finance. It is also aimed to compare the results of the Traditional Fama French Three Factor Asset Pricing Model in the study with the results of the Islamic Fama French Three Factor Asset Pricing Model. In line with this aim, each year between 2011 and 2017, which is included in the KATLM-30 index, 25 share certificates, which are positive in nature and accessible to uninterrupted data, are taken at the end of December. Two separate market portfolios BİST100 and KATLM30 were taken in the study. Islamic Fama French Inflation was obtained instead of the interest rate for the creation of the Three Factor Asset Pricing Model. The monthly data of the stocks obtained were analyzed by the regression analysis method. As a result of the research, the Fama French Three Factor Asset Pricing Model is applied to Islamic financing but not for the period concerned. In the traditional Fama French Three Factor Asset Pricing Model, it has been determined that the market portfolio is valid for the SH, BL, BM and BH portfolios in the model received from BİST100 Fama French Üç Faktör Varlık Fiyatlama Modeline göre hisse senedi getirisindeki değişim; piyasanın risksiz faiz oranı üzerindeki fazla getirisi, ölçek ve DD/PD oranları tarafından açıklanmaktadır. Bu çalışmanın temel amacı Fama French Üç Faktör Varlık Fiyatlama Modelinin İslami finansa uyarlanmasıdır. Çalışmada Geleneksel Fama French Üç Faktör Varlık Fiyatlama Modeli sonuçlarına da ulaşılarak İslami Fama French Üç Faktör Varlık Fiyatlama Modeli sonuçlarıyla karşılaştırılması da amaçlanmaktadır. Bu amaç doğrultusunda KATLM 30 endeksinde yer alan 2011-2017 yılları arasındaki her yıl Aralık ayının sonunda özsermayesi pozitif olan ve kesintisiz verisine ulaşılabilen 25 adet hisse senedi baz alınmıştır. Çalışmada iki ayrı pazar getirisi olarak BIST 100 ve KATLM 30 kullanılmıştır. İslami Fama French Üç Faktör Varlık Fiyatlama Modelinin oluşturulması için faiz oranı yerine enflasyon alınmıştır. Elde edilen hisse senetlerinin aylık verileri regresyon analizi yöntemi ile analiz edilmiştir. Araştırma sonucunda Fama French Üç Faktör Varlık Fiyatlama Modelinin İslami finansa uygulanabilir olduğu ama ilgili dönem için geçerli olmadığı sonucuna ulaşılmıştır. Geleneksel Fama French Üç Faktör Varlık Fiyatlama Modelinde SH, BL, BM ve BH portföylerinde geçerli olduğu tespit edilmiştir 521179

This article aims to analyse the representativeness of the agricultural sector in the municipal transfer of the share of the state tax. A case study was carried out in the municipality of Tupã, in São Paulo State. The literature review allowed the elaboration of a budget flowchart that served as an analytical guide — the documentary research made possible the quantitative analysis and the calculation of the agricultural activity representativeness in the governmental transference. For the case studied, the agricultural sector represented, between 2010 and 2016, about 20% of the transfer. This work contributes methodologically to analyze the importance of the agricultural activity in the municipal revenues, as well as to valorize the sector and subsidize the generation of demands and the proposition of specific public policies. Este artículo tiene por objetivo analizar la representatividad del sector agropecuario en la transferencia municipal de la cuota parte del ICMS del estado. Para ello se realizó un estudio de caso en el municipio de Tupã, estado de São Paulo. La revisión de literatura permitió elaborar un diagrama de flujo presupuestario que sirvió como guía analítica. La investigación documental posibilitó el análisis cuantitativo y el cálculo de la representatividad de la agropecuaria en esa transferencia gubernamental. Para el caso estudiado, el sector agropecuario representó, entre 2010 y 2016, cerca del 20% del traspaso. Se considera que este trabajo contribuye metodológicamente para analizar la importancia de la actividad agropecuaria en los ingresos municipales, así como para valorizar el sector y subsidiar la generación de demandas y la proposición de políticas públicas específicas. Este artigo tem por objetivo analisar a representatividade do setor agropecuário no repasse municipal da quota parte do ICMS do estado. Para tanto foi realizado um estudo de caso no município de Tupã, estado de São Paulo. A revisão de literatura permitiu elaborar um fluxograma orçamentário que serviu como guia analítico. A pesquisa documental possibilitou a análise quantitativa e o cálculo da representatividade da agropecuária nessa transferência governamental. Para o caso estudado, o setor agropecuário representou, entre 2010 e 2016, cerca de 20% do repasse. Considera-se que este trabalho contribui metodologicamente para análise da importância da atividade agropecuária nas receitas municipais, bem como para valorizar o setor e subsidiar a geração de demandas e a proposição de políticas públicas específicas.

In this study the trend estimation of the participation indices (PARTI) in the Istanbul Stock Exchange (BIST) using artificial neural network (ANN) theory. PARTI can be regarded as the Participation 50 Index (KAT50) and the Participation 30 Index (KATLM). Since KAT50 has only been calculated since 9th July 2014, there are only a few studies on this index. On the other hand, PARTI indices are growing more and more important in global economies, especially in Turkey, England, etc. Therefore, in this study, firstly, we have used ANN method, using 1410 daily closing values of KATLM, between 1st August 2012 and 30th June 2016. For the KAT50 index, we used 720 daily closing values between 9th July 2014 and 29th July 2016. We created a feed-forward back-propagation neural network model in order to predict the trends of these indices and we applied the previously mentioned daily closing values of these participation indices to this model. The results obtained using the ANN method are compared in the figures and tables. It can be concluded that the results of this study are very helpful for individual and institutional investors’ investment decisions within global economies.

Submitted by Marcelo Luis Saran Felipin (mfelipin@hotmail.com) on 2019-08-21T16:49:16Z No. of bitstreams: 1 felipin_m_me_tupa.pdf: 2347754 bytes, checksum: 2fb8f45754e5d42a2979568c2b00a472 (MD5) Approved for entry into archive by Eliana Katia Pupim (katiapupim@tupa.unesp.br) on 2019-08-26T19:44:47Z (GMT) No. of bitstreams: 1 felipin_mls_me_tupa.pdf: 2347754 bytes, checksum: 2fb8f45754e5d42a2979568c2b00a472 (MD5) Made available in DSpace on 2019-08-26T19:44:47Z (GMT). No. of bitstreams: 1 felipin_mls_me_tupa.pdf: 2347754 bytes, checksum: 2fb8f45754e5d42a2979568c2b00a472 (MD5) Previous issue date: 2019-04-25 Considerando a importância do repasse da quota-parte do ICMS para as receitas fiscais dos municípios, principalmente daqueles de menor porte, a acurácia e a fidedignidade das informações entre os contribuintes e a Secretaria Estadual da Fazenda são fundamentais para a qualidade do cálculo do Valor Adicionado Fiscal (VAF) e, consequentemente do Índice de Participação do Município (IPM). Nesse contexto, este trabalho de pesquisa tem por objetivo analisar o fluxo de informação entre a atividade agropecuária e a Secretaria Estadual da Fazenda. Para tanto realizou um estudo de caso no município de Tupã. Para compreender e analisar o referido fluxo de informação essa pesquisa se baseou na abordagem do Business Process Management (BPM). Trata-se de uma pesquisa exploratória de caráter quali-quantitativo. Na busca da melhoria do processo, foi realizado o mapeamento do processo atual (“como é” / “as-is”), a identificação dos pontos de descontinuidade e, posteriormente, um novo mapeamento do processo melhorado (“como deveria ser” / “to-be”). Os resultados apresentados nesta pesquisa contribuem para demonstrar a fragilidade dos dados que chegam para o município, produtores, prefeito e fiscais. O modelo proposto propõe alterações no fluxo de informações da comercialização agropecuária e pode ser aplicado em qualquer município do estado de São Paulo. Sob o aspecto acadêmico, esta pesquisa permitiu estruturar um protocolo de análise que estabelece a representatividade da atividade na composição do repasse municipal da quota-parte do ICMS do Estado. Tal entendimento favorecerá aos gestores públicos, representantes de classe e demais interessados, a real percepção da atividade agropecuária na composição das transferências governamentais, contribuindo para a valoração do setor e da necessidade de tomada de decisões e geração de políticas públicas específicas. Considering the importance of transferring the ICMS share to municipal tax revenues, especially those of smaller size, the accuracy and reliability of the information between the taxpayers and the State Treasury Secretariat are fundamental to the quality of the calculation of Tax Added Value (TAV) and, consequently, the Municipal Participation Index (MPI). In this context, this research aims to analyzing the information flow between the agricultural activity and the State Treasury Secretariat. To do so, a case study in the municipality of Tupã will carry out. To understand this information flow the research will be based on the Business Process Management (BPM) approach. This is an exploratory qualitative-quantitative research. In the search for process improvement the following steps were performed: mapping of the current process ("as is"), identification of the discontinuity points and, subsequently, new mapping of the improved process ("to be"). The results presented in this research contribute to demonstrate the fragility of the data that arrives for the municipality, producers, mayor and auditors. The proposed model proposes changes in the flow of agricultural marketing information and can be applied in any municipality in the state of São Paulo. Under the academic aspect, it was possible to structure a protocol of analysis that establishes the representativeness of the activity in the composition of the municipal transfer of the share of the State's ICMS. Such understanding will favor the public managers, class representatives and other stakeholders, the real perception of agricultural activity in the composition of government transfers, contributing to the valuation of the sector and the need for decision making and generation of specific public policies.

Bu çalışmada, Fama French Beş Faktörlü Varlık Fiyatlandırma Modeli'nin ve enflasyon oranı kullanılarak geliştirilen alternatif bir modelin, Katılım 30 endeksi üzerinde geçerlilikleri incelenmiştir. Bu doğrultuda, 2011-2018 yılları arasındaki döneme ait Katılım 30 endeksinde faaliyet gösteren ve kesintisiz verisine ulaşılabilen 28 firma çalışma kapsamına alınmıştır. Elde edilen hisse senedi ve piyasa getiri verileri çoklu regresyon modeliyle analiz edilmiştir.Elde edilen sonuçlar, Fama French Beş Faktör Varlık Fiyatlandırma Modeli'nin ve geliştirilen alternatif modelin, Katılım 30 endeksi üzerinde geçerli olduğunu göstermiştir. Ayrıca geliştirilen alternatif modelin getirilerdeki değişimi açıklama gücünün, Fama French Beş Faktör Varlık Fiyatlandırma Modeli'nin orijinal halinden daha yüksek olduğu tespit edilmiştir.Anahtar Kelimeler: Sermaye Varlıkları Fiyatlandırma Modeli, Fama French Beş Faktör Varlık Fiyatlandırma Modeli, Katılım Endeksi In this study, the validity of the Fama French Five Factor Asset Pricing Model and an alternative model developed by using the inflation rate were examined on the Katılım 30 index. Accordingly, 28 firms operating in the Katılım 30 index for the period between 2011 and 2018 and having access to uninterrupted data were included in the study. The obtained stock and market yield data were analyzed by multiple regression model. The results showed that the Fama French Five Factor Asset Pricing Model and the developed alternative model were valid on the Katılım 30 index. In addition, it has been determined that the power of the alternative model developed to explain the change in returns is higher than the original Fama French Five Factor Asset Pricing Model.Keywords: Capital Asset Pricing Model, Fama French Five Factor Asset Pricing Model, Katılım Index 138

Dünyada ve Türkiye’de katılım ekonomik sistemi hızla büyüme eğilimindedir. Katılım bankacılığı prensiplerine göre faaliyet gösteren işletmelerin olduğu endeksler gelişmiş ve gelişmekte olan birçok ülkede hesaplanmaya başlamıştır. Türkiye’de katılım bankacılığı prensiplerine göre faaliyet gösteren işletmeler için Borsa İstanbul’da Katılım 30 endeksi 2011 yılında oluşturulmuştur. Çalışmanın amacı Katılım 30 endeksinde imalat sektöründe faaliyet gösteren işletmelerin finansal performanslarını ölçmektir. Söz konusu işletmelerin 2012-2019 dönemi finansal tablo verileri kullanılarak çok kriterli karar verme modellerinden TOPSİS yöntemiyle finansal analizler gerçekleştirilmiştir. Çalışma sonucuna göre Kartonsan Karton Sanayi ve Ticaret A.Ş. en iyi finansal performans skoruna ulaşan işletme olmakla birlikte yüksek standart sapmaya sahiptir. Diğer taraftan en iyi ikinci finansal performans skoruna sahip işletme ise Gentaş Genel Metal Sanayi ve Ticaret A.Ş. olmuş ancak standart sapma skoru oldukça düşük hesaplanmıştır. Kartonsan Karton Sanayi ve Ticaret A.Ş.’nin risk iştahı yüksek olan yatırımcılara, Gentaş Genel Metal Sanayi ve Ticaret A.Ş.’nin ise düşük risk iştahı olan yatırımcılara uygun oldukları söylenebilir. The participation economic system in the world and Turkey tends to grow rapidly. The indices of enterprises operating according to the principles of participation banking have started to be calculated in many developed and developing countries. For businesses operating according to the principles of participation banking in Turkey, the Participation 30 index was established in the Istanbul Stock Exchange in 2011. This study aims to measure the financial performance of enterprises operating in the manufacturing sector in the Participation 30 index. Financial analyses were performed with the TOPSIS method, which is one of the multi-criteria decision-making models, by using the financial statements of these companies for the period 2012-2019. According to the results of the study, Kartonsan Karton Sanayi ve Ticaret A.Ş. has the best financial performance score, but it has a high standard deviation. On the other hand, the company with the second-best financial performance score is Gentaş Genel Metal Sanayi ve Ticaret A.Ş. but the standard deviation score was calculated very low. It can be said that Kartonsan Karton Sanayi ve Ticaret A.Ş. is suitable for investors with high-risk appetite and Gentaş Genel Metal Sanayi ve Ticaret A.Ş. is suitable for investors with low-risk appetite.

This study addresses the trend estimation of the participation indices (PARTI) in the Istanbul Stock Exchange (BIST) using Markov chain (MC) theory. PARTI can be regarded as the Participation 50 Index (KAT50) and the Participation 30 Index (KATLM). Since KAT50 has only been calculated since 9th July 2014, there are only a few studies on this index. Therefore, in this study, we examine the PARTI indices. Firstly, we have employed MC method using 520 daily closing values of KATLM, between 1st July 2014 and 29th July 2016. For the KAT50 index, we used 514 daily closing values between 9th July 2014 and 29th July 2016, considering the states of these indices as increasing, decreasing or remaining stable. In order to perform a Markov chain analysis relating to prediction of the future situation, a transition probability matrix was created. Using this matrix, a steady-state analysis of the chain was performed and the future trends of KAT50-KATLM were forecasted successfully. It can be concluded that the results of this study are very helpful for individual and institutional investors’ investment decisions within global economies., Bu çalışma bir Markov zinciri (MZ) modeli ile Borsa İstanbul (BIST)’da yer alan Katılım Endekslerinin (KATLM, KAT50) hareketlerini tahmin etmeyi amaçlar. KAT50 Endeksi 9 Temmuz 2014 tarihinden bu yana işlem görmeye başladığından dolayı, literatürde bu endeks üzerinde yapılmış yeterince çalışma yoktur. Bu çalışmada ilk olarak, KATLM endeksinin 520 günlük (01.07.2014-29.07.2016), KAT50 endeksinin ise 514 günlük (09.07.2014-29.07.2016) kapanış değerleri göz önüne alınarak bir MZ modeli oluşturuldu. Bu modelde endekslerin artış, azalış ve sabit kalma durumları dikkate alındı. Endekslerin gelecekteki değerlerine ilişkin bir MZ analizi yapmak için geçiş olasılıkları matrisi oluşturuldu. Bu matristen yararlanılarak, kararlı durum analizi yapıldı ve KATLM-KAT30 endekslerinin gelecekteki hareketleri başarılı bir şekilde öngörüldü. Bu çalışmanın sonuçlarının, bireysel ve kurumsal yatırımcıların küresel ekonomilerdeki yatırım kararları için çok yararlı olduğu sonucuna varılabilir.

06.03.2018 tarihli ve 30352 sayılı Resmi Gazetede yayımlanan “Yükseköğretim Kanunu İle Bazı Kanun Ve Kanun Hükmünde Kararnamelerde Değişiklik Yapılması Hakkında Kanun” ile 18.06.2018 tarihli “Lisansüstü Tezlerin Elektronik Ortamda Toplanması, Düzenlenmesi ve Erişime Açılmasına İlişkin Yönerge” gereğince tam metin erişime açılmıştır. Konvansiyonel finansın, baskın olarak bankacılık faaliyetleri üzerine konumlandırılması gibi hali hazırda İslami finans uygulamaları İslami bankacılık formatı üzerinden yürümektedir. İslami finansı bankacılık formatından çıkaracak, onu faiz oranlarına bağımlılıktan kurtaracak, borca dayalı finansmanın hakimiyetini azaltacak en önemli mekanizma ortaklık mekanizmasıdır. Ortaklık mekanizmasının en iyi gerçekleştirileceği alanlardan biri de hisse senedi piyasasıdır. Hisse senetleri bir şirketin ortaklık payını temsil etmekte, onun kârına ve zararına ortak olmayı ifade etmektedir. Borsalarda işlem gören, faaliyetleri meşru olan ve faize dayalı borçları belirli oranı aşmayan şirketlerin hisse senetlerinden oluşan İslami endeksler, ortaklığa dayalı finansın faiz oranlarından ne derecede bağımsız olacağı ve konvansiyonel finanstan ne derecede farklılaşacağını gösterecektir. Bu çalışmanın amacı İslami endekslerin faiz oranları ile olan ilişkisini tespit etmek ve bu endekslerin getiri ve volatilite performansını değerlendirmektir. Bu kapsamda Türkiye'de 2011 yılında yayınlanmaya başlayan Katılım Endeksi ampirik bir analize tabi tutulmuştur. Bu kapsamda Katılım Endeksi ile piyasa faiz oranları arasında; korelasyon analizi, eşbütünleşme testi ve nedensellik analizi yapılmıştır. Bu analizler yapılırken sonuçların daha iyi yorumlanması açısından aynı analizler BIST100 endeksi ile piyasa faiz oranları arasında da uygulanmıştır. BIST100 endeksinin seçilmiş olmasının nedeni bu endeksin Borsa İstanbul'un benchmark endeksi olması ve bu endekse alınan şirketlerin herhangi bir Şer'i eleme kriterine tabi tutulmamasıdır. Son olarak Katılım Endeksi, getiri oranı ve volatilite performansı bakımından BIST100 endeksiyle ve diğer bazı yatırım araçları ile karşılaştırılmıştır. Çalışmada şu sonuçlara ulaşılmıştır: • Korelasyon analizi sonucunda Katılım Endeksi ile piyasa faiz oranları arasında, BIST100 ve piyasa faiz oranları arasındaki korelasyondan daha düşük bir korelasyon tespit edilmiştir. • Eşbütünleşme testi sonuçlarına göre Katılım Endeksi ile piyasa faiz oranları arasında herhangi bir eşbütünleşme ilişkisine rastlanmazken BIST100 endeksi ile piyasa faiz oranları arasında eşbütünleşme ilişkisi tespit edilmiştir. • Nedensellik testi sonuçlarına göre Katılım Endeksi ile piyasa faiz oranları arasında herhangi bir nedensellik ilişkisine rastlanmazken BIST100 endeksi ile piyasa faiz oranları arasında nedensellik ilişkisi tespit edilmiştir Islamic finance implementations are positioned predominantly on banking activities just as in conventional finance. Partnership mechanism is the most important mechanism enabling Islamic finance to divert it from banking, to brake off it dependence on interest rates and to reduce the dominance of debt-based finance. One of the areas that partnership mechanism can be executed to a great extent is stock market. Shares of stocks represent ownership shares of a firm and hence the holders have a share in profits and losses. Islamic indices comprise of stocks of companies whose activities are shariah compliant and whose interest earnings do not exceed certain percentage in total revenue The performance of the stocks of the companies covered in Islamic indices can be taken as signal to what extent participatory finance can be independent of interest rates and can differentiate itself from conventional finance. Using Participation Index launched in 2011, this study aims to determine whether Islamic indices and market interest rates are linked and to evaluate the performance of return and volatility of these indices. Correlation analysis, cointegration test and causality analysis have been carried out to see the link between the Participation Index and market interest rates. The link between BIST100 index and market interest rates has been investigated using same analyses so that we can better evaluate the findings. There are two reasons behind the selection of BIST100 index. The first one is this index is the benchmark index and the second is the BIST100 index does not require shariah compliance. This study also compares Participation Index return rates and volatility with those of the BIST100 index and of some other investment instruments. The findings of the study are as follows: • The correlation between participation index and market interest rates is weaker when compared with that between BIST100 index and market interest rates. • The BIST100 index and market interest rates are cointegrated. The study finds no evidence of cointegration between the Participation index and market interest rates. • While there exists no causality between participation index and market interest rates, there is causality between BIST100 index and market interest rates.

International audience; BackgroundThe interest in bariatric surgery has considerably increased in the scientific community in the last two decades. We present a bibliometric analysis of scientific publications in bariatric surgery focusing on the period 2010–2014.MethodsWe used the Web of Science database as source of data. The main bibliometric indicators were applied in order to assess the increase of scientific production, the productivity of journals, authors, and countries.ResultsBibliographic research retrieved 7860 papers for the period 2010–2014.The scientific production in bariatric surgery has an exponential distribution (r = 97.9 %). A total of 76.8 % (21,893/28,505) of authors signed one paper and 307 (1.1 %) signed ten or more. The two most prolific journals are Obesity Surgery and SOARD, responsible for 22 % of the publication. The largest contributors in absolute number of articles are the USA, the UK, and Italy, while Sweden, Norway, and Switzerland are the most prolific nations after adjustment for the number of inhabitants and prevalence of obesity.ConclusionBariatric surgery has been a field of intense research in the last 20 years.We observed a growing interest of non-surgical journals and an increasing participation of new countries. Nevertheless, latest trends suggest a saturation of scientific production in this field.

Altın, Hakan (Aksaray, Yazar), Katılım bankacılığı; faizsiz bankacılık prensiplerine göre çalışan ve bu prensiplere uygun olarak faaliyetlerini gerçekleştiren bir bankacılık modelidir. Katılım bankaları yatırımcılar için çeşitli katılım fonları sağlamaktadır. Katılım bankaları ilkelerine göre düzenlenen katılım endeksleri dünya çapında uzun yıllardır var olmasına rağmen ülkemizde 2011 yılından bugüne hızlı bir büyüme göstermiştir. Çalışmanın iki temel amacı vardır. Birincisi, Borsa İstanbul’da yeni işlem görmeye başlayan katılım endekslerinin performanslarının belirlenmesidir. İkincisi, Borsa İstanbul’da işlem gören tüm sektör endeksleri ile piyasa endeksi olarak tanımlanan BİST100 endeksinin, normalüstü getiri açısından değerlendirilmesidir. Çalışmanın sonucunda, araştırmaya konu olan endekslerin büyük çoğunluğun piyasa getirisi üzerinde bir getiri sağladığı bulunmuştur., Participation (Islamic) banking is a banking model which values interest-free banking principles and in which activities are carried out in accordance with such principles. Participation banks provide various participation funds for investors. Although participation indexes, which are regulated based on the principles of participation banks have been around worldwide for many years, they have shown rapid growth performance since 2011 in Turkey. This paper has two main objectives: to identify the performances of participation indexes being actively traded in Borsa İstanbul and to evaluate BIST100 index -defined as a market index including all sector related indexes traded in Borsa İstanbul- in terms of abnormal returns. As a result, this study has proven that the majority of indexes included in the study generate returns above the average stock market return.

The discovery of co-location patterns among spatial events is an important task in spatial data mining. We introduce a new kind of spatial co-location patterns, named condensed spatial co-location patterns, that can be considered as a lossy compressed representation of all the co-location patterns. Each condensed pattern is the representative, and a superset, of a group of spatial co-location patterns in the full set of patterns such that the difference between the interestingness measure of the representative and the measures of the patterns belonging to the associated group are negligible. Our preliminary experiments show that condensed spatial co-location patterns are less sensitive to parameter changes and more robust in presence of missing data than closed spatial co-location patterns.

Spatial co-location pattern mining is a sub field of data mining which is used to discover interesting patterns which are expressed as co-location rules. The objects that are frequently located in certain region are expressed as spatial co-locations. It presents a challenge for finding co-location patterns as the traditional data is considered discrete whereas the spatial objects are embedded in a continuous space. For this a join-less approach is proposed, but as the data size increases, a large amount of computation time is devoted to find co-location rules as the approach is purely sequential. We propose a parallelized join-less approach which finds the spatial neighbor relationship in order to identify co-location instances and co-location rules. The proposed work decreases the computation time drastically as it uses a Map-Reduce framework. This paper presents precise and completeness of the new approach. Finally, an experimental evaluations using synthetic data sets show the algorithm is computationally more efficient.

The purpose of this paper is threefold. First, we review the mechanisms and determinants of vertical specialization (VS), as this has gradually become the dominant characteristic of international trade. Second, we underline that there is a rich literature regarding VS in EU trade, at aggregate and individual levels and research is advancing together with the instruments used to measure trade in value added. Third, our investigation brings to the forefront a classification of EU countries according to their GVC participation index, taking into consideration both upstream and downstream links. As a conclusion, the VS analyses help us better understand the interconnectedness among countries and industries by means of foreign direct investment, trade, labour migration and technology transfer.