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    AN INVESTIGATION OF EFFICIENT MARKET HYPOTHESIS IN OECD COUNTRIES
    (NATL ACAD MANAGEMENT, 2012) Karadeniz, Erdinc; Ozturk, Ilhan; Iskenderoglu, Omer
    This study aims to investigate whether stock price returns are on a random walk for OECD countries. Using quarterly data for the 2005:1 - 2011:2 period, LM unit root test is employed which endogenously determines up to two structural breaks in level and trend. The empirical findings suggest a combination of random walk and mean reversion results for OECD countries. The results show that efficient market hypothesis (EMH) is confirmed in 13 out of 34 OECD countries. However, with regard to the panel unit root test, the OECD countries share price index returns are mean reverting which highlights the fact that the EMH is not valid.
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    Conformity of Earthquake Magnitudes to Benford's Law: the Case of Kahramanmaras Earthquakes
    (Afet ve Acil Durum Yonetimi Baskanligi (AFAD), 2023) Ayyildiz, Nazif; Karadeniz, Erdinc; Iskenderoglu, Omer
    The aim of this study is to determine whether the earthquake magnitude data comply with Benford's Law. To this end, magnitude data of 14.565 earthquakes that occurred in Turkey between January 1, 2023, and February 27, 2023, were analyzed by comparing them with the numerical distribution of Benford's Law. According to the results obtained from the analysis, it has been determined that the earthquake magnitude digits conform to Benford's Law and closely follow Benford's Law with very small deviations. These small deviations are thought to arise from the rounding of magnitude data to a single decimal place, the inability to detect very small magnitude earthquakes occurring deeper than a certain depth, or very small measurement errors in the existing data. Therefore, it can be said that earthquake occurrences occur as a result of natural processes and earthquake magnitudes are determined correctly. © 2023 The Author(s).
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    Financial Failure Risk- Firm Value Nexus: Evidence from The European Lodging Companies
    (Sosyoekonomi Soc, 2022) Karadeniz, Erdinc; Iskenderoglu, Omer; Ocek, Cemile
    This research study aims to determine the relationship between the financial failure risk and firm value in lodging companies operating in the European lodging industry. The impact of financial failure risks on firm value in lodging companies is tested with the Generalized Method of Moments (GMM) on several econometric models established for the research study. As a result of the analysis, according to the Fulmer H Score, Ohlson Score, and Springate Score models, it is determined that the firm values increase as the financial failure risks of lodging companies decrease. There is a limited number of studies in the finance literature examining the effect of the financial failure of lodging companies on financial performance. In this context, the study tries to reveal the relationship between the risk of financial failure and firm value in lodging companies by contributing to the tourism and finance literature.