OAR@UM Collection:https://www.um.edu.mt/library/oar/handle/123456789/273332024-03-28T16:57:07Z2024-03-28T16:57:07ZReal estate certificates and accounting applications in TurkeyGokgoz, AhmetDizkirici, Ahmet Selcukhttps://www.um.edu.mt/library/oar/handle/123456789/276582019-10-07T07:59:11Z2018-01-01T00:00:00ZTitle: Real estate certificates and accounting applications in Turkey
Authors: Gokgoz, Ahmet; Dizkirici, Ahmet Selcuk
Abstract: There are various financial instruments traded on the market today in order to provide funds who are in need also offering financial options for the investors to evaluate their own funds. Real estate certificates are also included among the mentioned instruments within the market by the arrangements have been held recently. The real estate certificate is a capital market instrument issued in order to finance real estate projects of the issuers which are being built or to be built, having equal nominal values that represent certain independent units of a real estate project or a certain area unit of the indepent units. These certificates are considered to be a significant financial instrument to meet the funding need of construction firms within the construction industry which is having a dominant role in Turkish economy. The fundamental regulation-in force, relating the mentioned certificates in Turkey, is the “Real Estate Certificates Issue” within the Official Gazette of the Republic of Turkey published on July 5th, 2013 Number: 28698. The mentioned study is updated by the following changes which are issued in the Official Gazette published on 3rd August 2016 Number: 29790, 7th March 2017 Number: 30000 and 29th November 2017 Number: 30255. The aim of this study is presenting the real estate certificates within the framework of relating legal regulations and explaining the accounting process of the mentioned certificates.2018-01-01T00:00:00ZSensitivity analysis of asset allocation : in the presence of correlationMadadpour, SomayehHanafizadeh, PayamHabibi, Rezahttps://www.um.edu.mt/library/oar/handle/123456789/276522019-10-07T08:00:34Z2018-01-01T00:00:00ZTitle: Sensitivity analysis of asset allocation : in the presence of correlation
Authors: Madadpour, Somayeh; Hanafizadeh, Payam; Habibi, Reza
Abstract: Linearization of portfolio optimization plays a central role in financial studies, since linear problem allows for performing sensitivity analysis. This concept makes it possible to measure the variation of parameters as a result of variation of one parameter in a linear problem, without solving the problem from scratch. Based on the existing literatures, the approach of CVaR (conditional value at risk) method outperforms other methods, therefore in this study CVaR is applied as a constraint to change portfolio optimization problem into a linear problem. The coefficient of objective function of mentioned method for a portfolio includes average of asset returns, which are highly correlated. Here principal component analysis is employed to convert the correlation of the functional relations. An example of stock market is employed to substantiate the validity of method. Finally, we verify that the result of the presented method is closer to the ideal result.2018-01-01T00:00:00ZThe relationship between the consumer price index, operating cycle, size and growth opportunities with the cash holding in Tehran stock exchangeAbbasi, EbrahimKaviani, MeysamBoostani, Sarahttps://www.um.edu.mt/library/oar/handle/123456789/273912019-10-07T08:01:10Z2018-01-01T00:00:00ZTitle: The relationship between the consumer price index, operating cycle, size and growth opportunities with the cash holding in Tehran stock exchange
Authors: Abbasi, Ebrahim; Kaviani, Meysam; Boostani, Sara
Abstract: Cash holding in businesses depends largely on their resource management because operational activities in a period which usually lasts one year concern the recognition and optimal management of working capital. The working capital is not primarily determined to increase profits but managers try to obtain a favorable level of liquidity so that they can meet the company’s profitability goals. This article aims to explain the relationship between consumer price index (CPI), operating cycle, and size and growth opportunities with cash holding in Tehran stock Exchange. To achieve this goal, 75 companies listed in Tehran Stock Exchange whose financial data were accessible from 2012 to 2016 were selected as the research sample. The results indicated that CPI and the operating cycle have no significant relationship with cash holding. In addition, the analysis of other variables suggested that the firm size, net changes in working capital, changes in current liabilities, and cash holding have a significant relationship with cash holding. Finally, the results of this study showed that there is a significant relationship between the company size and cash holding, while growth opportunities do not show any significant correlation with cash holding.2018-01-01T00:00:00ZThe impact of industry-specific regulation on income smoothing practice : evidence from Indonesian commercial banksDiantimala, Yossihttps://www.um.edu.mt/library/oar/handle/123456789/273902018-03-01T02:27:59Z2018-01-01T00:00:00ZTitle: The impact of industry-specific regulation on income smoothing practice : evidence from Indonesian commercial banks
Authors: Diantimala, Yossi
Abstract: This Paper aims to examine the impact of the implementation of Loan to Deposit Ratio (LDR) Regulation on income smoothing practice of commercial banks in Indonesia. The LDR Regulation is industryspecific regulation. There are conflicting arguments regarding the ability of industry-specific regulation in reducing income smoothing of banks. The samples used in this research are 28 listed commercial banks in Indonesia for the periods 2008 - 2011. Overall, there are 112 bank-annual observations. The test focuses specifically on panel time series cross-sectional models. A T-test of Fixed effects model of panel data and paired sample t-test are used to test the hypothesis. The result indicates that commercial bank managers smooth their income through the allowance for impairment loss. However, the implementation of the LDR regulation can not reduce the level of income smoothing of publicly commercial banks in Indonesia. The level of income smoothing after the LDR regulation is lower than the level of income smoothing before the implementation of the LDR regulation, but the differences are not significant.2018-01-01T00:00:00Z