International Business

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Analysis of attitudes of Turkish citizens towards the effect of European Union membership on the economic, political, and cultural environment
(Routledge, 2007-09) Aybar, C. Bulent; Mergen, A. Erhan; Perotti, Victor; Reid, David McHardy
Previous studies on Turkey’s possible accession to the European Union have mostly focused on the level of support for membership as expressed by Turkish citizens. The purpose of this paper is to shed some light on the specific expectations and perceptions of the Turks about the EU membership process, focusing on economic development, democratic progress, economic and political stability, and cultural influence. In both the focus group studies and the final survey, the authors targeted people who have some knowledge about the EU accession process and EU membership, namely, academics and business people.
Comparative analysis of the Mexican and Turkish currency crises
(Routledge, 2000) Aybar, C. Bulent; Ajami, Riad A.; Bear, Marca M.
The study aims to explore characteristics of currency crises in emerging markets. Two recent experiences in Mexico and Turkey respectively analyzed carefully to identify common elements in the development and eruption of the crises. Results of the study suggest that there are several background factors and triggers that were consistent in both cases. Finally a discussion of the policy implications of the findings concludes the study.
Emerging market multinationals : an analysis of performance and risk characteristics
(The Haworth Press, Inc., 2005) Aybar, C. Bulent; Thirunavukkarasu, Arul
This study explores the risk and performance characteristics of emerging market multinationals (EMNCs). We use a sample composed of 79 EMNCs from 15 countries located in Africa, Asia, Eastern Europe-Russia, and Latin America. Our risk and performance analyses are based on monthly share price returns collected over 1996-2003 period and annual accounting data. We find that EMNCs on average perform better than their respective country market indices, a widely used EM benchmark, S&P500 and, global market index (MSCI-World) during the period of analysis. Our sample firms on average earn 13.21% return on assets, 8.97% return on equity, and 11.96% return on invested capital. We also find that EMNC returns are highly volatile, and despite some level of diversification achieved by EMNCs, their returns remain highly sensitive to local market shocks. The cross-sectional analysis of the determinants of the performance of the EMNCs reveals that leverage and systematic risk are the most important factors, followed by size. Our analysis indicates that performance is not affected by the degree of internationalization and EMNC investments in developed markets have a positive impact on the value. Finally, our results indicate that EMNCs in less risky emerging markets enjoy higher firm value.
The emerging securities market in Russia
(Routledge, 1998) Khambata, Dara; Aybar, C. Bulent
This paper examines the Russian equity market from speculative infancy to its modern-day status as an asset in the global economy.
Financial crisis and firm performance : empirical evidence from Turkey
(Blackwell Publishing Ltd., 2006-07) Gonenc, Halit; Aybar, C. Bulent
The objective of this study is to examine the impact of concentrated ownership and business group affiliation on the performance of Turkish firms during the financial crisis by controlling balance sheet currency exposure, international involvement and firm size. Our analysis focuses on a 12-month window encapsulating the February 2001 financial crisis. Our findings show that balance sheet exposure is the key determinant of the firm performance during the crisis periods. While we find evidence that firms with higher concentrated ownership experience lower stock market performance prior and during the financial crisis, business group affiliation does not have any impact on the performance. However, there is weak evidence that stock market performance increases with the level of business group diversification.
Financial liberalization, financial deepening and efficiency implications in the emerging markets : preliminary evidence from Turkey
(Elsevier, 1998) Aybar, C. Bulent
The chapter investigates the implications of financial liberalization and financial deepening on the intertemporal behavior of stock returns in the Turkish equity markets. The objective of the study is to test return predictability and the changes in this behavior in two qualitatively different time periods. The empirical findings indicate that return behavior does not change as the financial markets deepen in Turkey. Return characteristics qualitatively remain unchanged and return predictability continues. The adverse implications of this finding are rather severe and they are addressed in the conclusions.
Globalization, emerging market economies and currency crisis in Asia : implications on economic reform and development
(St. Louis University, 1999) Aybar, C. Bulent; Milman, Claudio D.
Recent experiences in Latin America and Asia provide ample evidence that countries in the process of integration are increasingly exposed to internal and external economic shocks. More importantly, this growing vulnerability of particularly developing economies has the potential of undermining decades of development efforts. The Asian crisis clearly demonstrates that we are increasingly unable to predict the triggers of such crises, and certainly lack the institutional arrangements to contain them. This translates into the fact that our ability to manage the interaction between domestic and international economic forces is limited or undermined by certain factors. This practical outcome has the potential to delay the process of globalization and integration of developing economies into the world economy.
Internalization strategies and value implications of Latin American emerging market multinationals
(Internext, 2009) Ficici, Aysun; Aybar, C. Bulent
This study investigates the Internationalization strategies and their value implications of Latin American Emerging Market Multinationals (LAEMMs). We examine 66 mergers and acquisitions (M&A) announcements, 20 joint venture (JV) announcements and 9 Strategic Alliance (SA) announcements associated with LAEMMs during the sample period of 1991-2005. First, the paper explores the effects of cross-border expansion patterns on firm value creation. Second, it examines market reaction to the announcements of cross-border expansion patterns. Third, it evaluates firm performance in relation to the cross-border expansion activities. This study finds that most LAEMMs do not earn significantly positive abnormal returns during the event windows defined in this study. However, it is generally evident that there is value creation in international expansion activities. According to the event-study results, value creation is mostly associated with SAs. This finding is consistent with previous research. It is also indicated that most SA announcements are received by the market positively. JVs also experience value creation during the event windows utilized in this study. However, value creation of JVs is not to the extent that of SAs. Market reaction to JV announcements is also positive, but not to the degree of SAs.
The long run performance of privatization related ADR issues
(Southern New Hampshire University, 2000-11) Aybar, C. Bulent
American Depository Receipts (ADRs) have been increasingly used in the Share Issue Privatization process (SIP) by privatizing governments both in developed and developing countries. In this study long-term performance of 143 privatization related ADR programs were analyzed. The ADR programs covered in the study were initiated between 1984 and 1999, and included a diverse mix of companies from 29 different industries across 31 developed an emerging markets. The analysis of the long run performance of these programs revealed interesting patterns. In all cases, average cumulative returns and average cumulative abnormal returns of developed country privatization related ADRs exceeded emerging market privatization returns. Same conclusion was reached by using an alternative return calculation methodology. While sample companies generally outperformed their respective country indices and FT World index, they under performed the S&P500 Index.
A note using mergers and acquisitions to gain competitive advantage in the United States in the case of Latin American MNCs
(Elsevier Science Inc., 2001) Milman, Claudio D.; D’Mello, James P.; Aybar, C. Bulent; Arbelaez, Harvey
The "new" economic and business climate in Latin America, fostered by multilateral trade agreements such as NAFTA, MERCOSUR, and the ANDEAN Pact, suggests that Latin American (LA) firms must become more aggressive and competitive in order to survive. Foreign direct investment in the form of mergers and acquisitions (M&A) is often an effective way of competing in a tough global environment. Using transactions data collected from Security Data Company's Worldwide Merger and Acquisition database, this paper analyzes the relative involvement of firms from five LA countries (Argentina, Brazil, Chile, Mexico, and Venezuela) in acquiring targets in the United States of America. Transaction characteristics examined and summarized include the annual distribution (1985-1998) of the deals, the industrial sector of the target firm, the form of acquisition method used, and the form of ownership of the target firm. The trends are analyzed, and implications for managers are indicated.
Patterns of corporate ownership and privatization in Visegrad countries : 1989-1996
(Routledge, 2000) Aybar, C. Bulent; Khambata, Dara; Milman, Claudio
The article analyzes merger and acquisition activities in Visegrad Countries (the Czech Republic, Poland, Hungary and Slovakia). The analysis established linkages among the FDI, Privatization and M&A activities and reports the characteristics of transactions in the region in a comparative spirit. The findings indicate that majority of activities in the region involved foreign investors from Western Europe and USA. The M&A activities were concentrated in manufacturing segments such as automobiles, food processing, glass and clay, service segments such as telecom, utilities and financial services. The study also revealed some pre and post transaction ownership patterns in respective countries as well as methods of acquisition.
Performance and value implications of cross-border acquisitions in telecommunications industry : the case of US Telecom companies
(Southern New Hampshire University, 2003-07) Aybar, C. Bulent; Kan, Ozgur Berk
This study analyzes the impact of cross-border acquisitions of US Telecom Operators on the shareholder value and firm performance. We analyzed the value implications of 33 acquisitions made by US Telecommunication companies in 18 countries located in North America, Europe, Latin America and Asia Pacific. While 15 of the target companies were domiciled in developed countries, 18 were located in Latin American and Asian emerging markets. Total value of acquisitions included in the sample was $12.3bn with a mean transaction value of $363.8m. Our small sample analyses revealed that cross-border acquisitions of US Telecom companies on the average did not create value for the shareholders. We also could not identify any significant performance improvements in the post acquisition period. An interesting result of our empirical analysis was the finding that acquisitions of targets in emerging markets generated higher cumulative abnormal returns than the targets in developed country markets.
Privatization and regulation in Turkish telecommunications
(Southern New Hampshire University, 2001-03) Aybar, C. Bulent; Guney, E. Serhat; Suel, Hasan
The importance of efficient workings of network industries and the markets in which they operate has long been recognized in the literature. In a parallel fashion, policy makers around the world initiated various restructuring efforts focusing on these sectors. However, the issues of privatization and much needed subsequent regulatory framework face considerable challenges in developing countries. Both political opposition and difficulties encountered in the process of privatization caused major delays in overall privatization and restructuring efforts of these countries. This paper focuses on the telecommunications sector and the Turk Telekom case, in particular, assessing the prospects for its much-debated divestiture, evaluating the company specifics and subsequent regulatory agenda. In doing that, it emphasizes the current "telecom meltdown" in international markets, and compares telecommunications privatizations of various nations. Additionally, the study reviews major regulatory methods and draws on some recommendations for policy makers in the light of the U.S experience in this sector.
Producer environment's impact on the reverse investment strategies of large developing country firms
(Southern New Hampshire University, 2002) Broaden, Charlotte; Samii, Massood; Aybar, C. Bulent; Nugent, Nicholas; Johnson, R. Larry
As stated in the dissertation, "Throughout the 1980s and into the 1990s financial investors, corporate strategists and political leaders from the world largest economies were engaged in intensifying their focus on emerging or developing economies. The developing economies were seen as the new frontier for economic growth for some of the world's largest corporations. Not only did these developing economies provide the picture of opportunity - companies in the industrialized world became dependent upon on overseas markets for both economies of scale and increasing profits. Simultaneously, developing economies benefited as well. Capital, technology and management expertise flowed into these economies providing a basis for economic growth. However along with opportunity comes risk. Financial shocks rocked the global economy in the mid 1990s, (beginning with the peso crisis that struck Mexico and then followed by the Asian financial crisis). Political instability in the form of increased crime, kidnapping, assassinations and guerrilla activity were on the rise. These economic and political shocks became the impetus for "capital flight", sending capital fleeing back to the safe haven of their domestic markets or other stable advanced economies. Firms in developing economies were forced to consider alternative avenues for increasing their economic well-being. One alternative that can be given serious consideration is reverse investment. Historically, developing nations have participated in foreign direct investments (FDI) outflows to more developed and advanced economies. Albeit, the level of flows have been miniscule in comparison to the outflows from advanced nations, over time these outflows are becoming a significant factor in the development of transnational firms from developing economies. This activity is the focus of this thesis." (Library-derived description)
Volatility in Istanbul Stock Exchange
(Istanbul Stock Exchange, 1998-09) Yavan, Zafer A.; Aybar, C. Bulent
Since economic agents make the decisions based on the perceived distribution of the random variables in the future, assessment and measurement of the variance has a significant impact on their course of action. Therefore, market participants’ ability to accurately measure and predict the stock market volatility has wide spread implications. This capability has a particular importance in an environment, where the perception of high levels of volatility has the potential to erode the investor confidence and divert the capital inflows from equity markets. This is a particular concern for the emerging equity markets that lack the advanced institutional and informational infrastructures and which are very vulnerable to domestic and foreign capital flows. The purpose of this study is to determine the time-varying characteristics of volatility in an emerging stock market by utilizing rich family of ARCH models. The primary focus of the study is to explore the nature of volatility in the ISE.

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