Bank efficiency and non-performing loans: Evidence from Turkey

This study analyses technical and allocative efficiencies in Turkish banks from December 2002 to December 2017, under the assumption of constant returns to scale. We apply a modified version of the Data Envelopment Analysis (DEA) approach introduced by Aparico et al. (2015), which employs a directional distance model to provide estimates of efficiency, with a focus on Non-Performing Loans (NPLs) as an undesirable output. In addition, we examine the determinants of efficiency by applying quantile regressions to panel data. The results obtained support the thesis that NPLs exert a negative impact in terms of technical efficiency, which confirms the “bad management” hypothesis in the banking sector. We also find that the level of efficiency of Turkish banks differs, depending on the ownership structure in place

Exit and Failure of Credit Unions in Brazil: A Risk Analysis

This study aims to investigate the factors that affect the market exit of Brazilian singular credit unions from 1995 to 2009; it also identifies and lists the determinants of various types of market exits and analyzes whether profitability is a significant factor for credit union survival. This study was conducted with accounting data provided by the Central Bank of Brazil, which derives only from individual cooperatives, i.e. singular credit unions. Quarterly financial statements from these credit unions that were active from 1995 to the second quarter of 2009 were employed, totaling 71,325 observations for 1,929 credit unions. Based on survival and the model of competing risks (such as the Cox, Exponential, Weibull, Gompertz, and Competing Risk models), the results show that there is no statistical evidence to ensure a correlation between profitability and credit union survival. The results also suggest that the size of credit unions plays a key role in their survival and longevity and that their funding and investment management are related to their survival and risk of market exit. In conclusion, the results confirm the initial idea that the duality inherent to credit unions - cooperative principles versus economic efficiency - might influence the stability, survival, and longevity of these institutions. Such results may also imply that a credit union embracing the rationale of a private bank will become more estranged from its members, something which will hinder its future operations and increase the likelihood of its exit from the market

Caractères analytiques de quelques vins rouges turcs

Après une présentation des régions viticoles de la Turquie et des différents cépages cultivés, les analyses de 29 vins commerciaux provenant de trois zones de production sont discutées. Les résultats montrent que ces vins sont caractérisés par de nombreux défauts technologiques, en particulier des oxydations et des altérations bactériennes, favorisées par une température élevée de conservation et une mauvaise utilisation de l'anhydride sulfureux. +++ After a presentation of the viticultural districts of Turkey and the different vines which are cultivated, the analysis of 29 wines originating from three areas are discussed. The results show that those wines present many technological defects in particular oxydation and an incorrect usage of sulphur dioxide

Effect of Sulphur Dioxide, Ethyl Alcohol, Maceration Temperature and Time on Extraction of Phenolic Compounds of Vitis vinifera L. cvs Okuzgozu and Bogazkere Grapes in Model Wine Solutions

WOS: 000264759100043The effect of sulphur dioxide (SO(2)), ethyl alcohol, maceration temperature and time on the extraction of phenolic compounds of Okuzgozu and Bogazkere grapes in model wine solution was investigated. Data was evaluated using variance analysis technique. Significant differences were observed among all of the variables according to SO(2), ethyl alcohol, maceration temperature and time. Quantity of non-coloured phenolic compounds with increasing the temperature was higher than that of anthocyanin. Furthermore, extraction of anthocyanin from grape pomace was more than that of non-coloured phenolic compounds in model wine solutions which contained SO(2) and alcohol. The extraction of non-coloured phenolic compounds continued during maceration. In contrast, anthocyanin content reached maximum between day 3 and 5 for Bogazkere and between day 2 and 5 for Okuzgozu and then decreased.University of CukurovaCukurova University [FBE.2000.YL.111]The authors would Re to thank the University of Cukurova for financial support for this research project (Project no: FBE.2000.YL.111)

Investor sentiment and stock returns: Evidence from turkey

This paper investigates the relation between investor sentiment and stock returns on the Istanbul Stock Exchange, employing vector autoregressive (VAR) analysis and Granger causality tests. The sample period extends from July 1997 to June 2005. In the VAR models, stock portfolio returns and investor sentiment proxies are used as endogenous variables. Two dummy variables accounting for natural and economic crises are used as exogenous variables. The analysis results suggest that, excepting shares of equity issues in aggregate issues, stock portfolio returns seem to affect all investor sentiment proxies. copyright © 2009 M.E. Sharpe, Inc

Evaluation of the correlation between the Istanbul Low Back Pain Disability Index, Back Pain Functional Scale and other back pain disability scales in Turkish patients with low back pain

BACKGROUND: Low back pain is an important health problem that may cause functional loss. Several back pain disability scales have been developed in different languages. OBJECTIVE: The present study evaluates the correlation between the Istanbul Low Back Pain Disability Index (ILBPDI) the Back Pain Functional Scale (BPFS) and other back pain disability scales in patients with mechanical low back pain. METHODS: Included in the study were 105 patients who presented to our outpatient clinics and who were diagnosed with mechanical low back pain. The ILBPDI, BPFS, Quebec back pain disability scale (QBPDS) and Oswestry low back pain disability questionnaire (ODI) were administered to all participants, and Visual analogue scale (VAS) scores were recorded. RESULTS: A strongly negative correlation was identified between ILBPDI and BPFS (p < 0.05), and a strongly positive correlation was noted between ILBPDI and QBPDS, ODI and VAS. CONCLUSION: A strong correlation exists between ILBPDI and BPFS, and a further strong correlation between ILBPDI ODI and QBPDS. These questionnaires can be used interchangeably to evaluate disability associated with chronic mechanical low back pain

The effect of skin contact on the aromatic composition of the white wine of Vitis vinifera L. cv. Muscat Of Alexandria grown in Southern Anatolia

Free and bound aroma (precursors) compounds of the Muscat of Alexandria wines and the effect of skin contact (7 h, at 15 °C) on aroma composition have been investigated. The aroma compounds, extracted with the pentan-dichloromethane (2:1) method and Amberlite XAD-2 resin, were analysed by gas chromatography (GC) and gas chromatography-mass spectrometry (GC-MS). A total of 41 free volatile compounds (12 esters, 8 acids, 7 terpenes, 5 alcohols, 4 phenols, 3 C-6 compounds, 2 carbonyl compounds) and 28 bound compounds (10 terpenes, 2 alcohols, 2 C-6 compounds, 5 fatty acids, 6 phenols, 2 C-13 norisoprenoids, 1 carbonyl compound) were identified in Muscat of Alexandria wines. Skin contact treatment increased the total free and bound aroma compound levels, and improved the wine quality by affecting the intensity as well as the quality of aroma

Effects of variety and extraction methods on phenolic compounds and chemical composition of olive oils

This work was carried out to assess the influence of two extraction methods (three phase centrifugation system and solvent extraction) on oil quality from three olive varieties (Gemlik, Halhali and Sari Hasebi) cultivated at Hatay, Turkey. Analysis of variance showed that extraction systems were significant (p ? 0.05) and affected on some quality parameters mainly in phenolic compounds, total tocopherol, chlorophyll, carotenoid contents and bitter index of olive oil. Varieties were also significant and many of the analytical parameters and fatty acids varied among olive varieties. Solvent extracted oil from Halhali variety had the highest values of oleic acid, whereas Sari Hasebi has the highest total phenolic and pigment contents

Effect of sulphur dioxide, ethyl alcohol, maceration temperature and time on extraction of phenolic compounds of vitis vinifera L. cvs Öküzgözü and Bogazkere Grapes in model wine solutions

The effect of sulphur dioxide (S02), ethyl alcohol, maceration temperature and time on the extraction of phenolic compounds of Öküzgözü and Bogazkere grapes in model wine solution was investigated. Data was evaluated using variance analysis technique. Significant differences were observed among all of the variables according to SO 2, ethyl alcohol, maceration temperature and time. Quantity of non-coloured phenolic compounds with increasing the temperature was higher than that of anthocyanin. Furthermore, extraction of anthocyanin from grape pomace was more than that of non-coloured phenolic compounds in model wine solutions which contained S02 and alcohol. The extraction of non- coloured phenolic compounds continued during maceration. In contrast, anthocyanin content reached maximum between day 3 and 5 for Bogazkere and between day 2 and 5 for Öküzgözü and then decreased