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Citation - WoS: 31
Financial Innovation-Crowdfunding: Friend or Foe?
(Elsevier, 2015-07-01) Son-Turan, Semen; Turan, Semen Son
A phenomenon with a considerable past, and with new conspicuous investment models and financial products and servicesproliferated through the Internet; financial innovation seems to be almost ubiquitous these days. While there are numerousadvantages, especially nowadays through the exploitation of easily accessible, low cost and convenient e-commerce platforms,innovation in the finance sector does not come without its perils. Banks and traditional financial institutions are losing chunks ofmarket share to virtual intermediaries and investors are operating in relatively less regulated and, consequently, less secureenvironments. Furthermore, from the perspective of all stakeholders, there is a Knightian uncertainty component of the long-termramifications in investing in and through newly developed products and platforms. As such, it is only recently that economichistory witnessed the outbreak of the sub-prime mortgage crisis caused by the unraveling of a chain of events interlinked throughthe imprudent use of “innovative” derivative transactions involving credit default swaps backed by the insatiable appetite of the“irrationally exuberant” investor and the easement of regulation paving the leeway for predatory lending. This paper investigateswhether and to what extent innovative investment models such as crowdfunding, as the game-changer, forcing the tightlyregulated securities markets to adapt to the rules of the WEB 3.0 era and relieved through the provision, Title III, of the JOBSAct, could be a potential peril. To that end, it discusses the evolution of the equity crowdfunding model in the realm of thetechnology push - demand pull framework and analyzes the current situation of the market.
Citation - WoS: 2
Citation - Scopus: 3
Reforming Higher Education Finance in Turkey: the Alumni-Crowdfunded Student Debt Fund "a-Csdf" Model
(TEDMEM, 2016-04-27) Son-Turan, Semen
This study presents an innovative and sustainable system formobilizing Turkish university alumni to contribute to acrowdfunded pool repackaged as a student debt instrument withan elaborate performance tracking tool, various payoff structuresand income-contingent repayment schedules. The ultimate aim isto offer a remedy for the conspicuous global shortage ofalternative finance sources and various forms of aid to highereducation students in the short-term, and, through enablingequitable and egalitarian access to quality higher education,transforming society and enhancing economic development in thelonger-term. The model rests upon a six-dimensional frameworkand its infrastructure is facilitated by a newly emerged form ofdigitally enhanced financing, “crowdfunding”. The researchmethod involves content analysis and data triangulation forvalidation purposes to determine the sub-themes surrounding thehigher education problem in Turkey. The theme-driven keywordsare searched for on Turkey’s first original social network, EksiSozluk, to uncover trends and biases towards student loans, debtrepayment and associated concepts. Subsequently, the samekeywords are utilized in a Google Trends search volume analysis,and are finally validated by a focus group discussion. Thetheoretical framework to explain students’ attitudes towardsborrowing and loan repayment and the motivation behind alumniand charitable giving, rests mainly on behavioral economics. TheA-CDSF Model uniquely addresses the higher education financeproblem in Turkey and offers an easily implementable originalsolution for institutions and policy makers.

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