Theses

EVALUATION OF THE PERFORMANCE OF PARTICIPATION FUNDS IN TURKEY IN THE CONTEXT OF ETHICAL INVESTMENT ^{PhD Thesis}

The study aimed to analyze the performance of Participation Funds in the context of ethical investment, in line with two purposes and two fund classes. The first aim is to question whether there is a positive relationship between the performance results of Participation Funds and Fon Bul ratings. It has been investigated whether Fon Bul ratings reflect the ethical investment effect. The second aim is to investigate whether the ethical constraint causes poor performance in the Participation Private Pension Funds in accordance with the modern portfolio optimization. Participation Funds performance was analyzed using non-parametric method data envelopment analysis. It has been discussed whether the international interest-free finance principles and the obligation of the advisory committee cause a decrease in performance in The Participation Private Pension Funds.

Within the framework of the first aim of the study, it started with the performance analysis of The Participation Funds operating in Turkey between January 2017 and December 2021. The performance of 14, 19, 25, 26 and 30 Participation Funds in the sector from year 2017 to 2021 was carried out by data envelopment analysis. In one application, operating expense and net asset values are used as inputs. In another application, performance analysis was carried out by using risk-return criteria, beta and standard deviation values in the input. The findings obtained as a result of data envelopment were evaluated by comparing them with Fon Bul ratings of the research period. The ultimate goal is to investigate whether Fon Bul ratings reflect the performance of Participation Funds.

Within the framework of the first aim of the study, it started with the performance analysis of The Participation Funds operating in Turkey between January 2017 and December 2021. The performance of 14, 19, 25, 26 and 30 Participation Funds in the sector from year 2017 to 2021 was carried out by data envelopment analysis. In one application, operating expense and net asset values are used as inputs. In another application, performance analysis was carried out by using risk-return criteria, beta and standard deviation values in the input. The findings obtained as a result of data envelopment were evaluated by comparing them with Fon Bul ratings of the research period. The ultimate goal is to investigate whether Fon Bul ratings reflect the performance of Participation Funds.

Within the framework of the first aim of the study, it started with the performance analysis of The Participation Funds operating in Turkey between January 2017 and December 2021. The performance of 14, 19, 25, 26 and 30 Participation Funds in the sector from year 2017 to 2021 was carried out by data envelopment analysis. In one application, operating expense and net asset values are used as inputs. In another application, performance analysis was carried out by using risk-return criteria, beta and standard deviation values in the input. The findings obtained as a result of data envelopment were evaluated by comparing them with Fon Bul ratings of the research period. The ultimate goal is to investigate whether Fon Bul ratings reflect the performance of Participation Funds.

THE IMPACT OF EXCHANGE RATE VOLATILITY ON EXPORT DEMAND UNDER THE FLOATING EXCHANGE RATE REGIME IN EMERGİNG MARKET ECONOMIES: EVIDENCE FROM TÜRKİYE ^{Master Thesis}

The main purpose of this study is to analyse the effects of exchange rate fluctuation on exports under floating exchange rate regime in Turkey over the 2002-2009 period. The project have centered on the role of exchange rate regimes in developing economies and focused on the shift of exchange rate system from fixed to floating exchange rate system in Turkey on February 2002.

In conclusion, it derived that the volatility of Turkish Lira has significant negative impact on export volume of Turkey. The preliminary and financial measures that was taken by Central Bank of Turkey is discussed from different approaches such as reserve accumulation, interest rate policy, capital controls, restrictions on credit expansion and intervention policy. As a recommendation, benefitting from the derivative market and derivative products is advised to the export companies.