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...

After 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...