Yazar "Akcan, Ahmet Tayfur" seçeneğine göre listele

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    Connections between gold, main agricultural commodities, and Turkish stock markets
    (Borsa Istanbul Anonim Sirketi, 2025) Kazak, Hasan; Mensi, Walid; Gündüz, Mehmet Akif; Kılıçarslan, Abdullah; Akcan, Ahmet Tayfur
    This study investigates the relationship between gold prices, agricultural commodity prices (rice, flour, bean, chickpea, lentil, and sugar), and Turkish stock markets. Using the Fourier Toda-Yamamoto causality test and wavelet coherency approach, we find that gold prices significantly influence agricultural commodity prices, emphasizing gold's pivotal role in agricultural market dynamics. Portfolio diversification incorporating gold and agricultural commodities mitigates risks, enhancing portfolio resilience. The BIST100 index and agricultural spot commodity prices exhibit differential impacts depending on specific products. Wavelet coherence analysis reveals time-varying dependencies, suggesting investors leverage their investments in BIST100 and gold for diversification with agricultural commodities. Our findings present agricultural commodities as alternative investment instruments, subject to favorable market conditions. The portfolio analysis uncovers nuanced relationships between commodities and indices, guiding investors in diversification and real asset investments. This research contributes novel perspectives, emphasizing the viability of agricultural commodities in diversified portfolios.
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    Profitability determinants in Turkish banking: comparing Islamic and conventional banks under inflation and bond rate effects
    (Emerald Publishing, 2025) Kazak, Hasan; Akcan, Ahmet Tayfur; Akcan, Ahmet Tayfur; Kılıçarslan, Abdullah
    This study aims to compare the effects of exogenous factors, particularly inflation and bond interest rates, on the profitability of Islamic (participation) and conventional banks in Türkiye. Design/methodology/approach: The Fourier function-enhanced Johansen cointegration test was applied to data covering the period 2005/Q1–2023/Q4. The stationarity levels of the variables were determined using the Zivot–Andrews unit root test, followed by a cointegration test, and long-run coefficient estimates were evaluated. Findings: The results indicate that inflation positively affects bank profitability in both Islamic and conventional banking sectors, whereas bond interest rates have a negative impact. No significant difference was observed between the two banking models in terms of these effects. Furthermore, contrary to existing literature suggesting a positive relationship between bond interest rates and bank profitability, this study provides empirical evidence of a negative long-run impact. Originality/value: This study contributes to the literature by demonstrating the negative effect of bond interest rates on bank profitability, challenging conventional claims. In addition, it highlights the similar sensitivities of Islamic and conventional banks to macroeconomic factors, providing valuable insights for policymakers. The findings have significant implications for both the Turkish banking sector and the global financial system.