Browsing by Author "Gokten, Soner"

Now showing 1 - 5 of 5

Electricity Consumption and Economic Growth: A Causality Analysis for Turkey in The Frame of Import-Based Energy Consumption and Current Account Deficit
(2016) Gokten, Soner; Karatepe, Selim; https://orcid.org/0000-0003-4213-1976
In this study, first the relationship between electricity consumption (EC) and economic growth is analyzed using three different approaches to eliminate mis-specified statistical models and biased outcomes. Then, the relationship between primary energy resources, which are import-based and used to produce electricity, and current account balance (CAB) is investigated. The rationale behind analyzing the relationship between import-based energy consumption and CAB lies on understanding the potential positive and negative effects of energy consumption on economy. Statistical results show that (1) unidirectional causality running from EC to economic growth has been found for the case of Turkey and (2) there is a bidirectional causality running from import-based EC to current account deficit.
Multifractal Detrended Cross-Correlations between Green Bonds and Commodity Markets: An Exploration of the Complex Connections between Green Finance and Commodities from the Econophysics Perspective
(FRACTAL AND FRACTIONAL, 2024-03-08) Acikgoz, Turker; Gokten, Soner; Soylu, Abdullah Bugra
Green bonds represent a compelling financial innovation that presents a financial perspective solution to address climate change and promote sustainable development. On the other hand, the recent process of financialisation of commodities disrupts the dynamics of the commodity market, increasing its correlation with financial markets and raising the risks associated with commodities. In this context, understanding the dynamics of the interconnectivity between green bonds and commodity markets is crucial for risk management and portfolio diversification. This study aims to reveal the multifractal cross-correlations between green bonds and commodities by employing methods from statistical physics. We apply multifractal detrended cross-correlation analysis (MFDCCA) to both return and volatility series, demonstrating that green bonds and commodities exhibit multifractal characteristics. The analysis reveals long-range power-law cross-correlations between these two markets. Specifically, volatility cross-correlations persist across various fluctuations, while return series display persistence in small fluctuations and antipersistence in large fluctuations. These findings carry significant practical implications for hedging and risk diversification purposes.
An Overview of Measuring and Reporting Intellectual Capital
(2018) Atalay, Buket; Gokten, Soner; Turkcan, Medine
Value creation process is based on intellectual capital or intangibles rather than tangible assets in today's business environment. Therefore, measuring and reporting of intellectual capital for different issues has become a hotly debated issue in the literature. Currently, it is fair to say that existing financial reporting framework has an inadequacy in disclosuring intellectual capital and there is no consensus on a method to measure intellectual capital correctly as well as a generally accepted model has not been emerged in the literature yet. This chapter aims to cover main methods employed in measuring and evaluating the value of intellectual capital by considering its effect on company value and to assert the inadequacy of traditional accounting to report intellectual capital on financial statements. Moreover, applicability of methods is also discussed in terms of their ability to benefit from accounting numbers. The study is concluded by showing the need on developing new and innovative methods to overcome the challenge of measuring and reporting intellectual capital.
Paths of economic development: A global evidence for the mediating role of human capital
(2019) Baser, Furkan; Gokten, Soner; 0000-0003-4213-1976
This paper revisits the roles of institutions and human capital in the development process by using structural equation modeling with a latent construct. Two models are constructed by using the data of 143 countries with 14 publicly available indicators; non-mediated (Model A) and mediated one (Model B). A path between institutional quality and economic development is identified in Model A and found as significant. When human capital is added into the Model B as a mediator, the direct relationship between institutional quality and economic development which is confirmed in Model A becomes insignificant. This evidence contributes to the debate by explaining the roles of institutions and human capital in the development process, based on the existing level of institutional quality that determines conditions on decisions for starting or sustaining the development process. In other words, (a) improving institutions in addition to human capital is needed for the countries with low level of institutional quality to start development process and; (b) on the other hand, since the human capital develops immunity on the quality of the institutions, human capital plays a more basic role to sustain the development process for the countries with a high level of institutional quality.
Recent Financial Crisis and the Structured Finance: Accounting Perspective for Future
(2017) Gokten, Soner; Gokten, Pinar Okan
Structured finance techniques, especially synthetic structuring, were applied intensively to ensure sustainable growth of credit mechanism via developing high rated hybrid instruments before recent global shock. The system created a loop that caused systematic risk maximization derived from undesirable default correlation between collaterals. Therefore structured products were seen as the reason for financial crisis and their popularity has begun to fall. On the other side, discussions have started to take place within accounting dimension in recent years. The fundamental point of this perspective was constructed on the efficiency of accounting techniques to provide signals on future hitches and to make market participants properly informed about the values of collaterals. In this study, the tradeoff for applying fair value versus historical cost accounting is discussed in the frame of the connection between recent global shock and structured finance.