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GİRİŞBu çalışmanın amacı Türkiye'de çimento, otomotiv ve otomotiv yan sanayi ile bilişim sektörlerinde faaliyet göstermekte olan ve hisse senetleri İMKB'de işlem gören şirketlerin sermaye yapılarını belirleyen faktörlerin tespit edilmesidir. Çalışmanın tamamında otomotiv sektörü olarak ifade edilen sektör aslında otomotiv ve otomotiv yan sanayi şirketlerini içermek-tedir. Araştırma 2007-2011 dönemini kapsamaktadır ve panel veri analizi kullanılarak gerçekleştirilmiştir.Türkiye'de önceki yıllarda sermaye yapısına ilişkin yapılan çalışmalar şirketleri ağırlıklı olarak ana faaliyet kollarına (mali, sanayi, hizmet) ABSTRACTThe main purpose of this study is to determine the factors affecting the capital structures of cement, automotive and information technology firms traded in Istanbul Stock Exchange and to expose the industrial differences in the capital structures of the firms for the period 2007-2011. The financial ratios calculated from the financial tables of the firms are used in the panel data analysis of this study. In the research models, the dependent variables are the leverage ratios of the selected firms. Profitability and liquidity ratios and firm size, asset tangibility, growth rate and non-debt tax shield are assigned as independent variables. According to the empirical findings, there is no significant relation between long-term debt ratios and any independent variables in the cement and automotive industries. However, firm size and asset tangibility are found to be significant in explaining the long-term debt structure of information technology firms. Debt ratio is positively related to firm size both in the cement and information technology industries, which gives support to trade-off theory. Besides, debt ratio is positively related to growth rate both in the information technology and automotive industry in accordance with the capital structure theory. Consequently, the results show that the debt ratio sensitivities of the Turkish firms to the explanatory variables differ significantly between the three industries studied.

We implemented model-driven statistical arbitrage strategies in Turkish equities market. Trading signals are generated by optimized parameters of distance method. When the trade in signal is triggered by the model, market-neutral portfolio is created by long in the synthetic ETF, which is based on constrained least squares regression of selected Istanbul Stock Exchange stocks and short in Turkish Derivatives Exchange (Turkdex) index futures contract. We performed pairs trading strategy based on a comparative mean reversion of asset prices with daily data over the period February 2005 through July 2011 in Istanbul Stock Exchange (ISE) and Turkdex. We constructed a hypothetical ISE30 ETF Index on a daily basis in order to originate pairs trading strategy with Turkdex. Because of the leverage rule of (1-10) index futures contracts, we had to evaluate spot stock pairs formation with futures contracts pairs strategy. The results indicate that applied pairs strategy produced overall returns of 901 per cent during the

Objective-The main purpose of this study is to investigate the impact of global financial crisis on the financial structure of shipping industry in Turkey. According to the BRSA figures as of Dec. 2016, water transportation sector performed the highest (154.9%) non performing loan increase year to date among all other sectors. This research will throw light on the main resons of this situation and will also contribute the better understanding of the financial structure of maritime companies. Methodology-The data related to company accounts were obtained from Central Bank of the Republic of Turkey (CBRT) for 2008-2015. C-301 Building of Ships and Boats data series and H-502 Sea and Coastal Freight Water Transport data series are selected to show the impact of global financial crisis on the shipping industry. Main balance sheet and income statement data as well as financial ratios were published by CBRT regularly for 2008-2015 in three years interval. We aggregated them and analyzed to show the structural change in financial preferences and adequacy of capital, liquidity and similar performance figures. Findings-The global financial crisis is affected the Turkish shipping industry as a whole. The equity funds accounted for around 47% in 2008 but decrease to 36% in 2011 and recovered again up to 40% at the end of 2015. In terms of financial structure of the sector, current liabilities almost doubled in last 8 years from 12.5% to 25%. It is resulted with especially worsen liquidity ratio such as cash ratio decreased from 78.5% to 17.3%. The global financial crisis adversely affected the profitability of the sector with an unstable and volatile profit margin and increased service and operating costs. Conclusion-In conclusion there is no normalization sign after 2008 in the shipping industry in Turkey. We observed a gradual growth in the World trade. However historically lower freight rates and imbalances in the shipbuilding industry cause debt burden and huge losses for the maritime companies. This reseaach findings can be used as a benchmark for the maritime companies to better understand their performance since 2008.