İşletme Bölümü Koleksiyonu
Permanent URI for this collectionhttps://hdl.handle.net/20.500.11779/1937
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Article X-Capm Revisited: the Institutional Extrapolative Capital Asset Pricing Model (i-X(Eurasian Publications, 2018) Son Turan, Semen; Kılıç, ErdemThis study constructs and tests a consumption-based asset pricing model in which someinvestors form beliefs about future price changes in the stock market by extrapolating past pricechanges, while other investors hold fully rational beliefs. The contribution of the present work isthe inclusion of institutional investor bias. As such it extends theory. But it also conductseconometric tests by using daily survey data on individual and institutional investors’ sentimenton the current economic situation and their future expectations. Empirical findings may implythat institutions’ sentiment reverts quicker to the equilibrium price than individual sentiment, atleast with regard to their beliefs on future economic outlook. If studied further with a biggerdataset, it may imply that institutional investors are closer to the rational-decision makingmechanism compared to individual investors. The theoretical framework rests on prospecttheory. The market studied is the US equity market, however findings and suggestions can beapplied to global markets and various financial instruments.Conference Object Article Stakeholders in Equity-Based Crowdfunding: Respective Risks Over the Equity Crowdfunding Lifecycle(2015) Son Turan, SemenObjective. The purpose of this paper is to present a thorough research on the risk categoriesand specific risk factors that each immediate stakeholder faces over the equity crowdfundinglifecycle.Methodology. This study employs an exploratory approach, supported by current data tounderstand the global equity crowdfunding setting and the stakes for major players.Findings. Findings show that, although equity crowdfunding, can be a unique opportunityespecially for underdeveloped countries and SMEs who have difficulty obtaining fundingelsewhere, is also a potential peril for those who ignore or underestimate the overall andstand-alone risks that come along with each stage of the process. The findings haveimplications for all ventures seeking alternative financing venues, investors and equitycrowdsourcing platforms. Furthermore, they pinpoint potential areas of further investigationfor researchers and policy makers.Originality/Value. This study differentiates itself from the limited number of papers onequity crowdfunding, as a newly developing field of academic research, in that it underscoresfinancial, regulatory, operational, reputational and strategic risks from several perspectivesand offers recommendations on how these risks can be addressed.