Browsing by Author "Tutek, Hulya"

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Citation - WoS: 3
An Application of the Cusp Catastrophe Theory To the Istanbul Stock Exchange Crash of 2008
(Bilgesel Yayincilik San & Tic Ltd, 2013) Tutek, Hulya; Seven, Unal
This paper examines whether the stochastic cusp catastrophe model explains the crash of stock markets much better than the linear and non-linear models. It is one of the first quantitative attempts to test the cusp catastrophe model by using real stock market data of an emerging market. We test the stochastic cusp catastrophe model on the Turkish financial market data. In our analysis, the crash of October 2008 is chosen since Istanbul Stock Exchange 100 index (ISE 100) fell by 63% in 2008. To construct the catastrophe model we use daily change of ISE 100 index as a behavioral variable, total trading value and foreign investors' share in the market capitalization as control measures. However, we show that the stochastic cusp catastrophe model does not explain well the crash of October 2008 in the Turkish stock market. Therefore, it can be concluded that October 2008 Turkish stock market crash was not in a bifurcation area.
Citation - WoS: 5
The the Impact of Gender Differences on Financial Risk Perceptions
(Bilgesel Yayincilik San & Tic Ltd, 2010) Tutek, Hulya; Aydogan, Berna; Tunc, Gokce; Vardar, Gülin
Empirical studies indicate that women are more risk averse than men. Research on financial risk taking behavior reveal mixed results on gender perception. The aim of this study, which is one of the pioneering papers about behavioral finance in Turkey, is to investigate the differences in risk perceptions of female and male financial advisors in Turkish financial institutions and how they reflect these perception differences on their female and male customers. This research employs questionnaire technique. The findings show that female financial advisors give more importance to the probability of gain or loss from financial investments as well as the reliability of financial information than their male counterparts. The designed hypothetical scenarios point out that female and male financial advisors propose different portfolios for female and male customers having same risk levels.