Prices In Turkey Research Articles

Housing price determinants in Istanbul, Turkey

PurposeThe purpose of this paper is to analyze empirically major factors that affect housing prices in Istanbul, Turkey using the classification and regression tree (CART) approach.Design/methodology/approachThe data set was collected from various internet pages of real estate agencies during June 2007. The CART approach was then applied to derive main results and to make implications with regard to the housing market in Istanbul, Turkey.FindingsThe CART results indicate that sizes, elavators, existance of security, existance of central heating units and existance of view are the most important variables crucially affecting housing prices in Istanbul. The average price of houses in Istanbul was found to be 373,372.36 New Turkish Liras. The average size of a house was 138.37 m2. The average age of houses is 15.07 years old with the average number of rooms being 3.11. The average number of baths is 1.43 and average number of toilets is 1.22. Only 5 percent of homes have storage space, 45 percent of homes have parking space, 64 percent of homes are heated with furnace, whereas only 29 percent of homes are used central heating system. Among the 31 variables employed in this study, it was concluded size, elavator, security, central heating unit and view are the most important factors that have impact on housing prices in housing market in Istanbul.Practical implicationsFuture research and analysis of housing market in Istanbul and in Turkey can benefit from the method used in this study and findings derived from this research to come up with more general model(s) to include more houses in a wide range of regions in Turkey to analyze the determinants of housing prices in Turkey in general.Originality/valueExamining housing prices using the CART model is relatively new in the field of housing economics. Additionally, this study is the first to use the CART model to analyze housing market in Istanbul and in Turkey and derive valuable housing policies to be used by the authorities.

Real Macro Economic Variables and Stock Prices: Test of Proxy Hypothesis in Turkey

The aim of this study is to investigate the relationship between reel macroeconomic variables and stock prices in Turkey under developed by Fama (1981). According to Proxy hypothesis of Fama, real macroeconomic variables such as consumption expenditures, economic growth, employment, fixed investment affect stock prices via inflation. In the study, consumption expenditures, industrial production index, employment level and fixed investments are used as indicators of real economic activity and consumption price index as indicator of inflation. The long-run relationship between the variables is tested by Bound testing approach developed by Paseran et al (2001). Our findings support the validity of the Proxy Hypothesis of Fama (1981) for Turkey.

Financial and economic factors affecting the lignite prices in Turkey: An analysis of Soma and Can lignites

Using a simultaneous equation econometric model based on yearly data between 1997 and 2006 for the Aegean Lignite Enterprise this study examines factors that affect the lignite price in Turkey. The Aegean Lignite Enterprise produces and sells the lignite of Soma and Can and their data reflect the general Turkish situation. The results suggest that (1) lignite prices sold to the industry increase (decrease) depending on the decrease (increase) in the industrial production and (2) total electricity production and electricity price are the most important factors that potential investors and related persons have to take into consideration for the pricing of lignite in the thermal power plant market.

Determinants of House Prices in Turkey : A Hedonic Regression Model

Emlak degerlemede ve konut piyasasi arastirmalarinda konutun piyasa degeri genellikle mikro ekonomik teoriye dayanan hedonik model yoluyla analiz edilmektedir. Hedonik model, bir malin ozelliklerinin fiyat uzerindeki etkisini incelemektedir. Bu calismada Turkiye’de konut fiyatlarini belirleyen faktorler 2004 Hanehalki Butce Anketi kullanilarak analiz edilmistir. Konut fiyatlarini etkileyen en onemli degiskenler konutun tipi, yapi turu, oda sayisi konutun buyuklugu ve diger yapisal degiskenlerden konutun su sistemi, havuz, dogal gaza sahip olmasidir.

Effects of Methanol Addition to Gasoline on the Performance and Fuel Cost of a Spark Ignition Engine

This study is concerned with investigating experimentally the effects of methanol blending to base gasoline on the performance and fuel cost of a spark ignition (SI) engine. The fuel blends were prepared by blending 5, 10, 15, and 20 vol % of methanol with a specified amount of base gasoline. These fuel blends were designated as M5, M10, M15, and M20, respectively. Base, leaded, and unleaded gasolines were also used in the study. The experiments were conducted under various engine speeds, spark timings (STs), and compression ratios (CRs). The engine was operated under wide-open-throttle (WOT) conditions. The result of the study showed that the M5 blend yields the best engine performance in terms of the brake mean effective pressure (bmep), while the M20 blend suggests the best performance in terms of brake thermal efficiency (bte). The economical analysis performed in the study is based on both the current blending fuel prices in Turkey and brake-specific fuel consumption (bsfc) of the engine while using base gasoline and gasoline−methanol blends. It was obtained that, in contrast to the improvement of engine performance, methanol blending caused an increase in the consumed fuel cost because of the expensive methanol price in Turkey. The increments in the cost of the fuel blends compared to base gasoline were determined as 18.86, 36.95, 54.20, and 73.01% for M5, M10, M15, and M20, respectively. Uncertainty analysis was also performed in this study, and it was found that the uncertainties in the measurement devices do not have noticeable influences on the variations of engine characteristics.

Determinants of house prices in Turkey: Hedonic regression versus artificial neural network

Determinants of house prices in Turkey are examined in this paper using the 2004 Household Budget Survey Data. In property valuation and housing market research, the locational value is usually analyzed by hedonic methods that use multiple regression techniques on large data sets and require a formality based on microeconomic theory in the analyses. Because of potential non-linearity in the hedonic functions, artificial neural network (ANN) is employed in this study as an alternative method. By comparing the prediction performance between the hedonic regression and artificial neural network models, this study demonstrates that ANN can be a better alternative for prediction of the house prices in Turkey.

Estimating the Effects of Interest Rates on Share Prices in Turkey Using a Multi-Scale Causality Test

This paper examines the impact of changes in interest rates on stock returns in Turkey by using wavelet analysis with Granger causality tests. By using daily closing values of the ISE 100 Index and interest rates, it is proven that starting with the 9 day time-scale effect, Granger interest rates cause the ISE 100 index and the effect of interest rates on stock returns to increase with higher time-scales. This evidence shows that the bond market has a significant long-term effect on the stock market in Turkey.

Tropisetron, Ondansetron, and Granisetron for Control of Chemotherapy-Induced Emesis in Turkish Cancer Patients: A Comparison of Efficacy, Side-Effect Profile, and Cost

Background: Tropisetron, ondansetron, and granisetron are considered equally efficacious, supported by several international studies. However, there are interindividual variations in their metabolism that could affect efficacy. The clustering of such variations may change from one to another nation. Therefore, their equality must be validated in Turkish patients. The aim of this study was to compare their efficacies, side-effect profiles, and costs in the prophylaxis of emesis induced by moderate to high emetogenic chemotherapies. Methods: A total of 158 patients with a median age of 48 years, 115 (72.8 percent) female and 43 (27.2 percent) male, were included, respectively. Fifty-one, 61, and 46 patients were allocated to tropisetron (5 mg), ondansetron (8 mg), and granisetron (3 mg IV) in combination with 8 mg dexamethasone, which were continued 5 mg once a day, 8 mg b.i.d. and 1 mg b.i.d. PO for 5 days, respectively. Results: The complete response (CR) rates in the control of acute emesis were 80.4 percent with tropisetron, 72.1 percent with ondansetron, and 71.7 percent granisetron (p = 0.877). CR rates in delayed emesis (Days 2–5) were 68.6 percent, 68.9 percent, and 76.1 percent, respectively (p = 0.527). Rates of freedom from nausea in the same period were 37.3 percent, 35.9 percent, and 33.9 percent (p = 0.949). Nausea control rates, side-effect profile did not differ. However, headache seemed to be encountered higher (45.6 percent) in Turkish patients than others (3.9–9 percent). Tropisetron is the least expensive one ($95.3 per cycle) according to current prices in Turkey. Conclusions: There were no differences among the 3 serotonin antagonists with respect to efficacy and frequency of side-effects in our patients. Tropisetron is the least expensive at current prices. The choice may be based on other parameters, such as ease of administration and patient preference.

The Role of Earnings and Book Values in Pricing Stocks: Evidence from Turkey

Abstract In this study, we examine factors associated with equity valuation in a newly emerging market, Turkey. In the United States and other developed countries, research indicates that both earnings and book value are important predictors of equity valuation. In Turkey, earnings appears to have information content but earnings, by itself, appears to be declining in importance over time. Book value adjusted for inflation has a stronger association with equity values. In the inflationary and risky environment of Turkey, where future value of earnings is quite uncertain, investors may be paying less attention to earnings and more attention to book values. With respect to the role of book value there are competing explanations. While some researchers conclude that it is only important because it is a control for scale differences, (Barth & Kallapur 1996) others conclude that it is relevant as a proxy for normal earnings (Ohlson, 1995). Still others conclude that it is only relevant in the valuation of loss making and generally unsuccessful firms (Berger, Ofek & Swary 1996; urgstahler & Dichev, 1997). The additional contribution of this study is to show that book value is also important as a value proxy for firms operating in environments where there is rampant inflation. Our study also indicates that, overall, earnings and inflation-adjusted book values combined virtually explain almost 75% of the variation in equity prices in Turkey.

Assessing of energy policies based on Turkish agriculture:: current status and some implications

In this study, the current energy status of Turkey and the effects of national energy policies on Turkish agricultural support policies are discussed for both current and future requirements. Turkey is an energy-importing country producing 30mtoe (million tons of oil equivalent) energy but consuming 80mtoe. The energy import ratio of Turkey is 65–70% and the majority of this import is based on petroleum and natural gas. Furthermore, while world energy demand increases by 1.8% annually, Turkey’s energy demand increases by about 8%. Although energy consumption in agriculture is much lower than the other sectors in Turkey, energy use as both input and output of agricultural sector is a very important issue due to its large agricultural potential and rural area. Total agricultural land area is 27.8 million hectares and about 66.5% of this area is devoted for cereal production. On the other hand, Turkey has over 4 million agricultural farm holdings of which 70–75% is engaged in cereal production. Machinery expenses, mainly diesel, constitute 30–50% of total variable expenses in cereal production costs. It is observed that energy policies pursued in agriculture have been directly affected by diesel prices in Turkey. Therefore, support policy tools for using diesel and electricity in agriculture are being pursued by the Turkish government.

Inflationary effect of crude oil prices in Turkey

It is generally acknowledged that changes in oil prices affect economic welfare in ways that are not entirely reflected in transactions in the oil market. In this article, by using the 1990 input–output table, the inflationary effects of crude oil prices are investigated for Turkey. Under fixed nominal wages, profits, interest and rent earnings, the effect of increasing prices of oil on inflation is limited. However, when wages and the other three factors of income (profit, interest and rent) are adjusted to the general price level that includes the oil price increases, the inflationary effect of oil prices becomes significant. Hence, indexation could have very severe effects on an economy when oil prices increase and, in some cases, could even lead to hyperinflation.

Exchange Rate Pass-Through in Turkey

In light of the strong correlation between exchange rate movements and domestic prices in Turkey, it is important to assess the impact of the exchange rate on domestic prices, in particular as Turkey moves to an inflation targeting regime. This paper uses a recursive vector autoregression model to investigate the impact of exchange rate movements on prices in Turkey. We find that (i) the impact of the exchange rate on prices is over after about a year, but is mostly felt in the first four months, (ii) the pass-through to wholesale prices is more pronounced compared to the pass-through to consumer prices, and (iii) the estimated pass-through is complete in a shorter time and is larger than that estimated for other key emerging market countries.

Money, output and prices in Turkey

The determination of aggregate output and the price level in Turkey is examined. Empirical results indicate that the Turkish economy behaves consistent with predictions of a simple real business cycle model. Output follows an autoregressive structure with trend. Monetary policy is neutral and the results point to unitary elasticity between money and prices. The findings are generally robust to estimations in levels or first differences, and hold for either the narrow or broad money stock. The results suggest a modelling and policy strategy which may be relevant for other semi-industrialized countries.