Halil D. Kaya
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7 publications
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702 downloads
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2070 views
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Market conditions, seasoned equity offerings and capital structure
Halil D. KayaInvestment Management and Financial Innovations Volume 9, 2012 Issue #4
Views: 490 Downloads: 180 TO CITE -
The impact of business conditions on firms' debt-equity choice
Halil D. KayaInvestment Management and Financial Innovations Volume 10, 2013 Issue #1
Views: 493 Downloads: 159 TO CITE -
The long-run impact of IPO market timing on capital structure
Halil D. KayaInvestment Management and Financial Innovations Volume 10, 2013 Issue #1 (cont.)
Views: 504 Downloads: 215 TO CITE -
Do corporate borrowers crowd out each other in the bond markets?
Halil D. KayaInvestment Management and Financial Innovations Volume 10, 2013 Issue #2
Views: 372 Downloads: 135 TO CITE -
Historical interest rates and debt market timing: evidence from the private placement market
Halil D. KayaInvestment Management and Financial Innovations Volume 10, 2013 Issue #2 (cont.)
Views: 404 Downloads: 123 TO CITE -
Does Fed policy affect blockholder behavior in U.S. publicly traded firms?
Halil D. Kaya , Nancy L. Lumpkin-Sowers doi: http://dx.doi.org/10.21511/imfi.14(1-1).2017.01Investment Management and Financial Innovations Volume 14, 2017 Issue #1 (cont.) pp. 153-159
Views: 1048 Downloads: 347 TO CITE АНОТАЦІЯThis paper documents the empirical relationship between ownership concentration and monetary policy to fill out the picture for when ownership concentration is likely to change within U.S. publicly traded firms. Our sample is drawn from the Dlugosz et al. (2006) data set for firms between 1996 and 2001. The authors explore the patterns between the Federal Reserve’s policy position and ownership concentration rather than asserting causal direction between the two. This empirical paper tests alternative theories on blockholder activism by examining whether “voice” or “exit” is more dominant under contractionary monetary policy. Using the series of same direction changes in the Federal Funds Rate to establish time periods as a proxy for monetary policy in the U.S., nonparametric tests show that there are more blockholders per firm, the sum of their blockholdings in percentage terms is higher, and the total percentage held by the blockholder in U.S. firms is greater under contractionary policy periods. This supports an active theory of blockholder behavior in corporate governance.
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The effect of financial crises on stock market liquidity across global markets
Halil D. Kaya , Engku Ngah S. Engkuchik doi: http://dx.doi.org/10.21511/imfi.14(2).2017.04Investment Management and Financial Innovations Volume 14, 2017 Issue #2 pp. 38-50
Views: 1229 Downloads: 415 TO CITE АНОТАЦІЯIn this study, using a widely available market liquidity measure, the “turnover ratio”, the authors test for market liquidity contagion during the four financial crises that occurred between 1997 and 1999: The Thai crisis, the Hong Kong crisis, the Russian crisis, and the Brazilian crisis. It is found that while the liquidity levels decreased in approximately half of the sample markets, in the remaining half, the liquidity levels actually improved. The Granger causality tests show that while there is almost no evidence of causality (in both directions) before each crisis, during each crisis, approximately half of the pairwise tests were significant. The results show that most of these causalities are reverse feedback effects from the non-crisis-origin markets to the crisis-origin market. Therefore, it is concluded that the more crucial phenomenon during these crises is the “reverse feedback effects” rather than the liquidity contagion itself.