1 Bilgiye Erişim Merkezi`ne Yeni Gelen Yayınlar Katar, Gözde
Transkript
1 Bilgiye Erişim Merkezi`ne Yeni Gelen Yayınlar Katar, Gözde
222888 A A U Ğ S T O S C U M A AĞ ĞU US ST TO OS SC CU UM MA A S S A Y YIII::: 666222999 SA AY Bilgiye Erişim Merkezi’ne Yeni Gelen Yayınlar Katar, Gözde. – Yabancı sermayeli kuruluşlarda pazarlama-satış dağıtım giderlerinin analizi (Yüksek Lisans Tezi). – İstanbul: Marmara Üniversitesi Sosyal Bilimler Enstitüsü, 2006. ÖZ Tezin birinci bölümünde yabancı sermaye hakkında genel bilgiler verilerek, 1923 yılından günümüze kadar Türkiye’deki doğrudan yabancı yatırımların genel görünümüne ve yabancı sermaye ile ilgili mevzuata yer verilmiştir. İkinci bölümde; yabancı sermayeli şirketler üzerinde durulmuş, bu şirketlerin kuruluş işlemleri, muhasebe kayıtları, vergilendirmeleri açıklanmıştır. İ İ S M M M O B g y e E r ş m M e r k e z İS SM MM MM MO O B Biiilllg giiiy ye e E Er riiiş şiiim m M Me er rk ke ez ziii 1 Üçüncü bölümde; pazarlama maliyetleri konusu işlenmiş, maliyet, pazarlama ve reklam kavramları açıklanarak tekdüzen hesap planına göre parlama satış dağıtım giderleri incelenmiştir. Son bölümde ise; yabancı sermayeli şirketlerin deterjan ve kozmetik sektörü ve diğer sektörler ayrımı altında pazarlama satış dağıtım giderlerinin analizi yapılmıştır. Resmi Gazete YÜRÜTME VE İDARE BÖLÜMÜ BAKANLAR KURULU KARARI 2009/15309 İstanbul Arel Üniversitesi Rektörlüğüne Bağlı Olarak Sağlık Bilimleri Yüksekokulu Kurulması Hakkında Karar BAKANLIKLARA VEKÂLET ETME İŞLEMİ — Devlet Bakanı Mehmet Zafer ÇAĞLAYAN’a, Devlet Bakanı Mehmet AYDIN’ın Vekâlet Etmesine Dair Tezkere — Dışişleri Bakanlığına, Enerji ve Tabii Kaynaklar Bakanı Taner YILDIZ’ın Vekâlet Etmesine Dair Tezkere ATAMA KARARLARI — Devlet, Maliye, Ulaştırma, Sanayi ve Ticaret ile Çevre ve Orman Bakanlıklarına Ait Atama Kararları SINIR TESPİT KARARI — Antalya İli Alanya İlçesine Bağlı Cikcilli, Oba, Çıplaklı, Tosmur ve Kestel Belediyeleri ile Asmaca, Paşaköy ve Mahmutseydi Köylerinin Tüzel Kişiliklerinin Kaldırılarak Alanya Belediyesi Sınırları İçine Katılması Hakkında Karar YÖNETMELİKLER — Acıbadem Üniversitesi Satın Alma ve İhale Yönetmeliği — Gazi Üniversitesi Engelli Bireyler İçin Görsel Sanatlar Eğitimi Uygulama ve Araştırma Merkezi Yönetmeliği — İstanbul Üniversitesi Kimsesiz Çocuklar Araştırma ve Uygulama Merkezi Yönetmeliğinin Yürürlükten Kaldırılmasına Dair Yönetmelik — Marmara Üniversitesi Çocuk Koruma Uygulama ve Araştırma Merkezi Yönetmeliği — Muğla Üniversitesi Ön Lisans ve Lisans Eğitim-Öğretim ve Sınav Yönetmeliğinde Değişiklik Yapılmasına Dair Yönetmelik — Uludağ Üniversitesi Üniversite-Sanayi İşbirliği Geliştirme Uygulama ve Araştırma Merkezi Yönetmeliği — Zonguldak Karaelmas Üniversitesi Lisans Eğitim-Öğretim ve Sınav Yönetmeliği — Zonguldak Karaelmas Üniversitesi Devlet Konservatuvarı Lisans Eğitim-Öğretim ve Sınav Yönetmeliği — Zonguldak Karaelmas Üniversitesi Meslek Yüksekokulları Eğitim-Öğretim ve Sınav Yönetmeliği — Zonguldak Karaelmas Üniversitesi Sağlık Yüksekokulu Eğitim-Öğretim ve Sınav Yönetmeliği — Zonguldak Karaelmas Üniversitesi Önlisans Lisans Eğitim-Öğretim ve Sınav Yönetmeliğinin Yürürlükten Kaldırılmasına Dair Yönetmelik — Zonguldak Karaelmas Üniversitesi Yaz Okulu Eğitim-Öğretim ve Sınav Yönetmeliği — Zonguldak Karaelmas Üniversitesi Tıp Fakültesi Eğitim-Öğretim ve Sınav Yönetmeliğinde Değişiklik Yapılmasına Dair Yönetmelik — Zonguldak Karaelmas Üniversitesi Lisansüstü Eğitim-Öğretim ve Sınav Yönetmeliğinde Değişiklik Yapılmasına Dair Yönetmelik TEBLİĞLER — Mecburi Standardın Yürürlükten Kaldırılmasına Dair Tebliğ (No:ÖSG-2009/21) — Mecburi Standardın Yürürlükten Kaldırılmasına Dair Tebliğ (No:ÖSG-2009/22) — 2009 Yılı Temmuz Ayına Ait Yatırım Teşvik Belgeleri Listesi — 2009 Yılı Temmuz Ayında Yabancı Sermayeli Firmalara Verilen Belgeler ve Yararlandırılan Teşvik Unsurları Listesi İ İ S M M M O B g y e E r ş m M e r k e z İS SM MM MM MO O B Biiilllg giiiy ye e E Er riiiş şiiim m M Me er rk ke ez ziii 2 Yabancı Kitap Ve Süreli Yayınlar Journal of Financial Economics Volume 93, Issue 1, Pages 1-158 (July 2009) Do firms have leverage targets? Evidence from acquisitions Pages 1-14 Jarrad Harford, Sandy Klasa, Nathan Walcott Abstract In the context of large acquisitions, we provide evidence on whether firms have target capital structures. We examine how deviations from these targets affect how bidders choose to finance acquisitions and how they adjust their capital structure following the acquisitions. We show that when a bidder's leverage is over its target level, it is less likely to finance the acquisition with debt and more likely to finance the acquisition with equity. Also, we find a positive association between the merger-induced changes in target and actual leverage, and we show that bidders incorporate more than twothirds of the change to the merged firm's new target leverage. Following debt-financed acquisitions, managers actively move the firm back to its target leverage, reversing more than 75% of the acquisition's leverage effect within five years. Overall, our results are consistent with a model of capital structure that includes a target level and adjustment costs. Article Outline 1. Introduction 2. Hypotheses and testable predictions 3. Sample and methodology 3.1. Sample construction and description 3.2. Measurement of the leverage deviation 4. Empirical findings 4.1. Bidder and target firm characteristics 4.2. The choice between cash and equity 4.3. Explaining the change in leverage resulting from large acquisitions 4.4. Evolution of leverage deviations and financial deficits around acquisitions 4.5. Explaining the post-acquisition change in the leverage deviation İ İ S M M M O B g y e E r ş m M e r k e z İS SM MM MM MO O B Biiilllg giiiy ye e E Er riiiş şiiim m M Me er rk ke ez ziii 3 5. Conclusion Appendix A. Appendix References The price of sin: The effects of social norms on markets Pages 15-36 Harrison Hong, Marcin Kacperczyk Abstract We provide evidence for the effects of social norms on markets by studying “sin” stocks—publicly traded companies involved in producing alcohol, tobacco, and gaming. We hypothesize that there is a societal norm against funding operations that promote vice and that some investors, particularly institutions subject to norms, pay a financial cost in abstaining from these stocks. Consistent with this hypothesis, we find that sin stocks are less held by norm-constrained institutions such as pension plans as compared to mutual or hedge funds that are natural arbitrageurs, and they receive less coverage from analysts than do stocks of otherwise comparable characteristics. Sin stocks also have higher expected returns than otherwise comparable stocks, consistent with them being neglected by norm-constrained investors and facing greater litigation risk heightened by social norms. Evidence from corporate financing decisions and the performance of sin stocks outside the US also suggest that norms affect stock prices and returns. Article Outline 1. Introduction 2. Background on and selection of sin stocks 3. Data 3.1. Variables in ownership regressions 3.2. Variables in analyst coverage regressions 3.3. Variables in time-series return regressions 3.4. Variables in cross-sectional return regressions 3.5. Variables in valuation regressions 3.6. Variables in corporate financing decision regressions İ İ S M M M O B g y e E r ş m M e r k e z İS SM MM MM MO O B Biiilllg giiiy ye e E Er riiiş şiiim m M Me er rk ke ez ziii 4 4. Results 4.1. Institutional ownership 4.2. Analyst coverage 4.3. Implications for stock prices 4.4. Robustness checks 4.5. Reconciling magnitudes from return and valuation regressions 4.6. Calibrations with Merton model 4.7. Further tests 4.8. International stocks 5. Conclusion Appendix A. Appendix References Price-based return comovement Pages 37-50 T. Clifton Green, Byoung-Hyoun Hwang Abstract Similarly priced stocks move together. Stocks that undergo splits experience an increase in comovement with low-priced stocks and a decrease in their comovement with highpriced stocks. Price-based comovement is not explained by economic fundamentals, firm size, or changes in liquidity or information diffusion. The shift in comovement following splits is greater for large stocks, high-priced stocks, and when investor sentiment is high. In the full cross-section, price-based portfolios explain variation in stock-level returns after controlling for movements in the market and industry portfolios as well as portfolios based on size, book-to-market, transaction costs, and return momentum. The results suggest that investors categorize stocks based on price. Article Outline 1. Introduction 2. Data and descriptive statistics 3. Price-based comovement: evidence from stock splits 3.1. Univariate and bivariate tests 3.2. Matching firms İ İ S M M M O B g y e E r ş m M e r k e z İS SM MM MM MO O B Biiilllg giiiy ye e E Er riiiş şiiim m M Me er rk ke ez ziii 5 3.3. Announcement vs. effective date 4. Price-based return comovement: all stocks 5. Sources of price-based return comovement 5.1. Determinants of comovement following splits 5.2. Additional evidence 6. Conclusions References The underpricing of private targets Pages 51-66 John W. Cooney, Thomas Moeller, Mike Stegemoller Abstract We examine acquisitions of private firms with valuation histories and find a positive relation between acquirer announcement returns and target valuation revisions. Similar to other studies, acquirer announcement returns are positive, on average. However, positive acquirer announcement returns are mainly driven by targets that are acquired for more than their prior valuation. This relation is consistent with pricing effects associated with target valuation uncertainty and behavioral biases in negotiation outcomes. Article Outline 1. Introduction 2. Data description 2.1. Sample selection 2.2. Calculation of the IPO valuation and target's valuation revision 2.3. Descriptive statistics 3. Results 3.1. Univariate analysis 3.2. Determinants of valuation revision 3.3. Regression analysis 4. Robustness and alternative explanations 4.1. Nasdaq bubble, target size, and positive versus negative valuation revisions 4.2. Additional robustness tests İ İ S M M M O B g y e E r ş m M e r k e z İS SM MM MM MO O B Biiilllg giiiy ye e E Er riiiş şiiim m M Me er rk ke ez ziii 6 4.3. Sample selection bias 5. Evidence from venture capital valuations 6. Conclusions Appendix A. Calculation of the IPO valuation and acquisition price for NOMOS Corporation Appendix B. List of acquisitions of withdrawn IPOs References Informed traders and limit order markets Pages 67-87 Ronald L. Goettler, Christine A. Parlour, Uday Rajan Abstract We consider a dynamic limit order market in which traders optimally choose whether to acquire information about the asset and the type of order to submit. We numerically solve for the equilibrium and demonstrate that the market is a “volatility multiplier”: prices are more volatile than the fundamental value of the asset. This effect increases when the fundamental value has high volatility and with asymmetric information across traders. Changes in the microstructure noise are negatively correlated with changes in the estimated fundamental value, implying that asset betas estimated from highfrequency data will be incorrect. Article Outline 1. Introduction 2. Model 2.1. Numerical parameterization of the trading game 3. Information acquisition and trading behavior 3.1. Information acquisition 4. Trading behavior and learning 4.1. Liquidity supply 4.2. Aggressiveness of quotes 4.3. Liquidity demand, or transactions 4.4. Benefiting from trade 4.5. Learning by uninformed traders İ İ S M M M O B g y e E r ş m M e r k e z İS SM MM MM MO O B Biiilllg giiiy ye e E Er riiiş şiiim m M Me er rk ke ez ziii 7 5. Microstructure noise and implications 5.1. Volatility of microstructure noise 5.2. Correlations in changes in microstructure noise and fundamental value 5.3. Quantifying the cross-sectional asset pricing implications 6. Conclusion Appendix A. Appendix A.1. Model description: trading game A.2. Details of the numerical algorithm A.3. Convergence criteria References Payout policy and cash-flow uncertainty Pages 88-107 J.B. Chay, Jungwon Suh Abstract The importance of cash-flow uncertainty in payout policy has received little attention in empirical studies, while survey studies such as [Lintner, J., 1956. Distribution of incomes of operations among dividends, retained earnings, and taxes. American Economic Review 46, 97–113.] and [Brav, A., Graham, J., Harvey C., Michaely, R., 2005. Payout policy in the 21st century. Journal of Financial Economics 77, 483–527.] indicate its importance. With worldwide firm-level data, we present evidence that cashflow uncertainty is an important cross-sectional determinant of corporate payout policy. Our results show that across countries, cash-flow uncertainty, as proxied by stock return volatility, has a negative impact on the amount of dividends as well as the probability of paying dividends. The impact of cash-flow uncertainty on dividends is generally stronger than the impact of other potential determinants of payout policy—such as the earned/contributed capital mix, agency conflicts, and investment opportunities. We also find that the effect of cash-flow uncertainty on dividends is distinct from the effect of a firm's financial life-cycle stage. Article Outline 1. Introduction 2. Hypotheses and proxy variables İ İ S M M M O B g y e E r ş m M e r k e z İS SM MM MM MO O B Biiilllg giiiy ye e E Er riiiş şiiim m M Me er rk ke ez ziii 8 2.1. Cash-flow uncertainty 2.2. Earned/contributed capital mix 2.3. Agency conflicts 2.4. Investment opportunities 2.5. Control variables 3. Data 4. Empirical results 4.1. Correlations between dividend payouts and four key factors 4.2. Multiple Tobit regressions on dividend payouts 4.3. Logit regression on the probability of paying dividends 4.4. Results for additional countries 4.5. Cash-flow uncertainty and TOTALP 4.6. Predictive power of cash-flow uncertainty for changes in dividend policy 4.7. Alternative proxy for cash-flow uncertainty 4.8. Cash-flow uncertainty and life-cycle stage 5. Concluding remarks Appendix A. Appendix References Affiliated mutual funds and analyst optimism Pages 108-137 Simona Mola, Massimo Guidolin Abstract This paper extends the literature on analyst optimism. Our analysis of a large sample of recommendations issued from 1995 through 2006 indicates that sell-side analysts are likely to assign frequent and favorable ratings to a stock after the analysts’ affiliated mutual funds invest in that stock. Controlling for a number of variables, including the ties between analysts and investment banks, we find that the greater the portfolio weight of a stock in the fund family, the more optimistic the stock ratings from affiliated analysts become. Since 2002, analysts’ optimism on stocks held by affiliated mutual funds has declined. However, an analyst's decision of upgrading a stock to a “strong buy” rating is still significantly associated with the portfolio weight of that stock in the fund family. İ İ S M M M O B g y e E r ş m M e r k e z İS SM MM MM MO O B Biiilllg giiiy ye e E Er riiiş şiiim m M Me er rk ke ez ziii 9 Article Outline 1. Introduction 2. Hypotheses and research design 3. Data and sampling procedures 4. Univariate analysis 4.1. Hypotheses 1 and 2: frequency and optimism of analyst coverage and mutual fund affiliation 4.2. Hypothesis 3: frequency and optimism of analyst coverage and portfolio weights 5. Multivariate analysis 5.1. Multivariate duration analysis 5.2. Multivariate probit analysis 5.3. Simultaneity issues 6. Value of analyst optimism 6.1. Short-term value of analyst optimism 6.2. Long-term value of analyst optimism 7. Conclusions References It pays to have friends Pages 138-158 Byoung-Hyoun Hwang, Seoyoung Kim Abstract Currently, a director is classified as independent if he or she has neither financial nor familial ties to the CEO or to the firm. We add another dimension: social ties. Using a unique data set, we find that 87% of boards are conventionally independent but that only 62% are conventionally and socially independent. Furthermore, firms whose boards are conventionally and socially independent award a significantly lower level of compensation, exhibit stronger pay-performance sensitivity, and exhibit stronger turnover-performance sensitivity than firms whose boards are only conventionally independent. Our results suggest that social ties do matter and that, consequently, a considerable percentage of the conventionally independent boards are substantively not. Article Outline İ İ S M M M O B g y e E r ş m M e r k e z İS SM MM MM MO O B Biiilllg giiiy ye e E Er riiiş şiiim m M Me er rk ke ez ziii 10 1. Introduction 2. Motivation, hypotheses, and identification of social ties 2.1. Measuring and identifying social ties 2.2. Hypothesis development 3. Data description 3.1. Sources 3.2. Regression variables 3.2.1. Executive compensation 3.2.2. Board independence 3.2.3. Other regression variables 3.3. Breakdown of social ties 3.4. Board characteristics and the determinants of the incidence of socially linked directors 4. Empirical results 4.1. Level of CEO compensation 4.2. Subsequent operating performance 4.3. Other channels of monitoring 4.3.1. Board independence and pay-performance elasticity 4.3.2. Board independence and CEO turnover 4.3.3. Audit-committee independence and CEO bonus 4.4. Additional analyses 4.4.1. Alternative classifications of conventionally and socially independent boards 4.4.2. Additional sensitivity tests 4.4.3. Missing data 5. Contribution and discussion 6. Conclusion Appendix A. Academic disciplines Appendix B. Description of variables Appendix C. Correlation matrix References İ İ S M M M O B g y e E r ş m M e r k e z İS SM MM MM MO O B Biiilllg giiiy ye e E Er riiiş şiiim m M Me er rk ke ez ziii 11