Vardar, Gülin
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Vardar, Gulin
Vardar, G
Vardar, Güli̇n
Vardar, G
Vardar, Güli̇n
Job Title
Email Address
gulin.karasulu@ieu.edu.tr
Main Affiliation
03.04. International Trade and Finance
Status
Current Staff
Website
ORCID ID
Scopus Author ID
Turkish CoHE Profile ID
Google Scholar ID
WoS Researcher ID
Sustainable Development Goals
5
GENDER EQUALITY
0
Research Products
9
INDUSTRY, INNOVATION AND INFRASTRUCTURE
6
Research Products
13
CLIMATE ACTION
3
Research Products
8
DECENT WORK AND ECONOMIC GROWTH
8
Research Products
14
LIFE BELOW WATER
0
Research Products
17
PARTNERSHIPS FOR THE GOALS
2
Research Products
1
NO POVERTY
4
Research Products
2
ZERO HUNGER
0
Research Products
4
QUALITY EDUCATION
3
Research Products
11
SUSTAINABLE CITIES AND COMMUNITIES
1
Research Products
16
PEACE, JUSTICE AND STRONG INSTITUTIONS
0
Research Products
3
GOOD HEALTH AND WELL-BEING
0
Research Products
6
CLEAN WATER AND SANITATION
1
Research Products
12
RESPONSIBLE CONSUMPTION AND PRODUCTION
1
Research Products
10
REDUCED INEQUALITIES
7
Research Products
15
LIFE ON LAND
0
Research Products
7
AFFORDABLE AND CLEAN ENERGY
3
Research Products
Documents
20
Citations
678
h-index
8
Documents
23
Citations
805
Scholarly Output
36
Articles
26
Views / Downloads
10/429
Supervised MSc Theses
6
Supervised PhD Theses
2
WoS Citation Count
551
Scopus Citation Count
660
WoS h-index
8
Scopus h-index
8
Patents
0
Projects
0
WoS Citations per Publication
15.31
Scopus Citations per Publication
18.33
Open Access Source
13
Supervised Theses
8
| Journal | Count |
|---|---|
| Journal of Economic and Administrative Sciences | 3 |
| Economıc Modellıng | 2 |
| Ege Akademik Bakış | 2 |
| Iktısat Isletme Ve Fınans | 2 |
| Computational Economics | 1 |
Current Page: 1 / 5
Scopus Quartile Distribution
Competency Cloud
34 results
Scholarly Output Search Results
Now showing 1 - 10 of 34
Article Citation - WoS: 7Citation - Scopus: 8The Impact of Firm-Specific Public News on Intraday Market Dynamics: Evidence From the Turkish Stock Market(Routledge Journals, Taylor & Francis Ltd, 2011) Baklaci, Hasan F.; Tunc, Gokce; Aydogan, Berna; Vardar, GulinThis study attempts to discover the intraday firm-specific news announcements and return volatility relation in the Turkish stock market. The GARCH framework is utilized to investigate the impact of firm-specific public news announcements on volatility persistence with and without trading volume. For the majority of the stocks in the sample, the volatility persistence diminishes with the inclusion of firm-specific news, implying that news is impounded rapidly into prices. This effect is more pronounced for larger stocks. When there is no news, the trading volume does not appear to reduce the volatility persistence for the majority of stocks, possibly due to the presence of private information possessed by informed traders.Article Volatility Transmission Between Housing and Stock Markets in Europe: a Multivariate Garch Perspective(Ege Univ, Fac Economics & Admin Sciences, 2018) Vardar, Gulin; Aydogan, BernaOver the past decade, the significant changes in the prices of stock and real estate markets have intensified the interest of heightened concern about volatility in these markets. This paper deals with the dynamic return and volatility transmissions across real estate and stock markets in European countries over the period from 1985:Q1 through 2017:Q1. Using VAR-BEKK-GARCH model, we find significant evidence supporting shock and volatility spillover effects from real estate to stock markets in Denmark, Finland, Ireland and Spain whereas evidence running from stock to real estate markets is found in Spain, Sweden and Italy. In contrast, there is no evidence of any such spillovers in Belgium. Overall, these empirical findings provide fresh insights and policy implications in cross-market volatility spillovers for domestic and international investors, and also policy makers, through the potential for improved risk management and more efficient portfolio diversification.Article Citation - WoS: 20Volatility Spillovers Among G7, E7 Stock Markets and Cryptocurrencies(Emerald Publishing, 2024) Aydoğan, B.; Vardar, G.; Tacoglu, C.Purpose – The existence of long memory and persistent volatility characteristics of cryptocurrencies justifies the investigation of return and volatility/shock spillovers between traditional financial market asset classes and cryptocurrencies. The purpose of this paper is to investigate the dynamic relationship between the cryptocurrencies, namely Bitcoin and Ethereum, and stock market indices of G7 and E7 countries to analyze the return and volatility spillover patterns among these markets by means of multivariate (MGARCH) approach. Design/methodology/approach – Applying the newly developed VAR-GARCH-in mean framework with the BEKK representation, the empirical results reveal that there exists an evidence of mean and volatility spillover effects among Bitcoin and Ethereum as the proxies for the cryptocurrencies, and stock markets reviewed. Findings – Interestingly, the direction of the return and volatility spillover effects is unidirectional in most E7 countries, but bidirectional relationship was found in most G7 countries. This can be explained as the presence of a strong return and volatility interaction among G7 stock markets and crypto market. Originality/value – Overall, the results of this study are of particular interest for portfolio management since it provides insights for financial market participants to make better portfolio allocation decisions. It is also increasingly important to understand the volatility transmission mechanism across these markets to provide policymakers and regulatory bodies with guidance to eliminate the negative impact of cryptocurrency's volatility on the stability of financial markets. © 2021 Emerald Publishing LimitedArticle Citation - WoS: 2Citation - Scopus: 3Volatility Spillovers Effects Between Energy Commodities and Islamic Stock Markets(Penerbit Univ Sains Malaysia, 2024) Bilgin, Mehmet Huseyin; Vardar, Gülin; Aydoğan, Berna; Lau, EvanEmpirical research exploring the relationship between capital markets and energy prices plays a crucial role in shaping policies for the growth of the Islamic financial system. This study aims to investigate potential shock transmission and volatility spillover effects among Islamic stock indices from selected Middle East and Northern Africa countries as well as crude oil prices and natural gas, over the period from August 2007 to September 2020. Applying VAR-BEKK-GARCH representation, the results reveal the evidence of bidirectional cross-market shock and volatility spillover effects between Kuwait and Qatar Islamic stock indexes, crude oil prices, and natural gas. Moreover, the results indicate the existence of bidirectional/unidirectional shock and volatility spillovers between Islamic indexes and all other variables, meaning there are information flows between these variables in all four countries except Turkey. Regarding the results of volatility spillovers, there is no spillover effect between Turkey's MSCI Islamic index and Brent crude oil. These findings bear significant implications for portfolio management, offering valuable insights to financial market participants for making improved portfolioArticle Citation - WoS: 29Citation - Scopus: 41Return and Volatility Spillovers Between Bitcoin and Other Asset Classes in Turkey Evidence From Var-Bekk Approach(Emerald Group Publishing Ltd, 2019) Vardar, Gulin; Aydogan, BernaPurpose With a substantial return and volatility characteristic of Bitcoin, which may be seen as a new category of investment assets, better understanding of the nature of return and volatility spillover can help investors and regulators in achieving the potential goal from portfolio diversification. The paper aims to discuss these issues. Design/methodology/approach This paper explores the return and volatility transmission between the Bitcoin, as the largest cryptocurrency, and other traditional asset classes, namely stock, bond and currencies from the standpoint of Turkey over the period July, 2010-June, 2018 using the newly developed multivariate econometric technique, VAR-GARCH, in mean framework with the BEKK representation. Findings The empirical results reveal the existence of the positive unilateral return spillovers from the bond market to Bitcoin market. Regarding the results of shock and volatility spillovers, there exists strong evidence of bidirectional cross-market shock and volatility spillover effects between Bitcoin and all other financial asset classes, except US Dollar exchange rate. Originality/value The important extention is the adoption of a newly developed multivariate econometric technique, VAR-GARCH, in mean framework with the BEKK representation, proposed by Engle and Kroner (1995), which is employed for the first time specifically to examine the extent of integration in terms of volatility and return between Bitcoin and key asset classes. Second, Bitcoin has experienced a rapid growth since around a decade and a number of investors are showing interest in its potential as an integrative part of portfolio diversification. The information provided by empirical results gives empirical bases from which to address topics concerning hedging purposes and optimal portfolio allocation. It is also increasingly important to analyze the current behavior of Bitcoin in relation to other assets to provide policy makers and regulatory bodies with guidance on the role of the Bitcoin as an investment asset in Turkey. Thus, this is the first serious attempt at exploring the potential for Bitcoin to offer diversification opportunities in the context of Turkey.Master Thesis Cryptocurrency Awareness and Trends in Cryptocurrency Ownership Inturkey: a New Era of Financial Literacy(İzmir Ekonomi Üniversitesi, 2022) Afzal, Aqsa; Vardar, GülinKripto para birimi, blok zinciri teknolojisi ile desteklendiğinden ve bir yatırım varlığı olarak artış kazandığından, teknolojik gelişmelerle birlikte finansal piyasalar için yeni bir sürüm olarak tanımlanmaktadır. Son yıllarda bu teknolojideki tüm gelişmeler göz önüne alındığında kripto para piyasası yatırımcıların, akademisyenlerin, düzenleyicilerin ve politika yapıcıların ilgisini çekmiştir. Bu nedenle, bu tez finansal okuryazarlık seviyesinin herhangi bir fark yaratıp yaratmadığını veya kripto para farkındalığını etkileyip etkilemediğini analiz etmeyi ve Türkiye'de kripto para sahipliği eğilimini tahmin etmeyi amaçlamaktadır. Bu çalışma için Türkiye'den 258 katılımcı "Uygun örnekleme yöntemi" ile seçilmiştir. Finansal okuryazarlık düzeyi ile kayıtlı demografik faktörler arasındaki ilişki, çapraz tablolama analizi kullanılarak araştırılmıştır. Araştırmanın sonuçları, finansal okuryazarlık düzeyinin eğitim düzeyi dışındaki tüm demografik faktörlere göre farklılık gösterdiğini ortaya koymuştur. Bu bulgu, daha önce başka hiçbir araştırmacı tarafından sunulmamış, tamamen bu çalışmanın bir katkısıdır. Tek yönlü ANOVA testinin sonuçları, kripto para birimi farkındalığının finansal okuryazarlık açısından farklılık gösterdiğini, ancak demografik faktörler açısından farklılık göstermediğini ortaya koymaktadır. Bu araştırmanın bir diğer bulgusu, kripto para sahipliğinde artan bir eğilimin öngörülmesidir. Bu artış çok önemli olmasa da, bu araştırma gelecekteki çalışmalar için yeni bakış açıları oluşturmaya davet etmektedir.Article Yatırımcı Duyarlılığının Borsa İstanbul Sektör Endeks Getirileri Üzerine Etkisi(2015) Vardar, Gülin; Aydoğan, BernaÇalışmada 2004 Ocak2014 Ocak dönemine ait aylık veriler kullanılarak Türkiyedeki yatırımcı duyarlılığının Borsa İstanbul sektör endeks getirileri üzerindeki etkileri Yapısal Olmayan Vektör Otoregresyonu (VAR) ve Genelleştirilmiş Etki-Tepki Analizi yöntemleri ile test edilmiştir. Rasyonel yatırımcı duyarlılığında meydana gelen 1 standart sapmalık şok karşısında hiçbir sektör endeks getirisi tepki vermez iken irrasyonel yatırımcı duyarlılığına karşı Ulaştırma ve İletişim sektörleri hariç diğer tüm sektör getirilerinin anlamlı tepkiler vermesi VAR analizinden elde edilen ilişkiyi de destekler niteliktedir.Article Citation - Scopus: 6Effects of Interest and Exchange Rate on Volatility and Return of Sector Price Indices at Istanbul Stock Exchange(2008) Vardar G.; Aksoy G.; Can E.This paper investigates the impact of interest rate and exchange rate on the composite and sector price indices, which are financial, industrial, services and technology in Istanbul Stock Exchange. Examining sector indices for investment purposes makes it essential to understand how various sectors behave over time especially following changes in exchange rate and interest rate. This article uses daily sector data over the 2001-2008 period and Generalized Autoregressive Conditional Heteroscedasticity (GARCH) models are employed in investigating the volatility and return behavior of indices. Analyzing the sources of volatility in the selected indices is crucial for implications regarding asset pricing, risk management, and portfolio selection. © EuroJournals, Inc. 2008.Article Citation - WoS: 1The Competitive Conditions of the Banking Industry in the Post-Crises Period: an Analysis of Turkish Banks(Bilgesel Yayincilik San & Tic Ltd, 2014) Vardar, Gulin; Aydogan, Berna; Seven, UnalAfter the 2000-2001 financial crises, the Turkish banking sector experienced a process of concentration, with the tendency for merger and acquisition activities, the revocation of licenses and the liquidation of some insolvent banks. This paper assesses the competitive structures in the Turkish banking industry over the period 2003-2011 using a rigidly statistical method of Panzar-Rosse (1987), and examines whether the banking system was affected by the structural changes initiated in the post crises period. The results indicate that competition in the banking sector is most accurately characterized by the theoretical model of monopolistic competition for the period under consideration. There is no evidence that the deregulation adopted after the crises resulted in a significant change in the competitive conditions in Turkish banking industry.Master Thesis Investors' Attitude Towards Risk: a Comparison Between the Cryptocurrency Market and the Traditional Asset Market(İzmir Ekonomi Üniversitesi, 2023) Baz, Lale; Vardar, Güli̇nMevcut çalışmalar, yatırımcıların risk tutumunun yatırım karar verme süreçleri üzerinde bir etkisi olduğunu göstermektedir. Önceki araştırmalar bu ilişkiyi geleneksel varlık piyasasında incelemiş olsa da, kripto para birimleri üzerine sınırlı sayıda çalışma yapılmıştır. Bu çalışma, risk tercihi, risk algısı ve risk davranışının her iki piyasada da ortaklıklarını ve farklılıklarını, bağımlılıklarını incelemektedir. Bir anket yapılmış ve verileri analiz etmek için istatistiksel analiz teknikleri kullanılmıştır. Şaşırtıcı bir şekilde, risk tutumu ile demografik faktörler arasında sınırlı sayıda ilişki gözlemlenmiş ve risk tercihinin risk davranışını önemli ölçüde etkilemediği görülmüştür. Ayrıca, risk algısının geleneksel varlık piyasasına kıyasla kripto para piyasasında önemli ölçüde daha yüksek olduğu bulunmuştur. Ek olarak, farklı piyasalar olmasına rağmen, risk algısının benzer bir etkiye sahip olduğu görülmüştür. Bu bulgular, yatırımcılar, kurumlar ve politika yapıcılar için önemli sonuçlar sunarak, gelişmekte olan piyasalarda risk tutumu konusundaki karmaşık ilişkilere ışık tutmaktadır.
