This study examines the effect of underwriter reputation on the initial-day IPO returns in an emerging market. It uses both a traditional and an extended model given the characteristics of the IPO market under analysis. The results from the traditional model indicate that underwriter reputation...

Turkey experienced a massive banking crisis, which resulted in the loss of more than a thousand managerial jobs and the closure of 21% of all bank branches in the market, in February 2001. In this paper, we study the behavior of the market and the banks in Turkey before the crisis, from 1988 to...

In this paper, the disciplining role of borrowers towards risky banks is examined in a multi-period setting. In the theoretical model, it is shown that borrowers choose to pay high interest rates to the banks that are perceived as less risky, in order to minimize possible liquidity problems. We...

Although state-owned banks are expected to promote the growth of less-developed regions, especially in developing economies, several cross-country studies report that lending by state banks is associated with the inefficient allocation of credit and low levels of development. Further, state...

In this paper the relation between local banking activities and local output growth is empirically studied in Turkey during the period 1991- 2000. Although there is no legal restriction against regional banking, the banking sector is spatially concentrated in Turkey. In this institutional...

Turkey has become one of the largest consumers of cigarettes, while world cigarette consumption declined by 4 percent between 1990 and 1999. The rapid increase in tobacco consumption in Turkey will cause a large increase in the burden of disease and premature death in years to come. Global...

This report reviews the key issues in the economics of tobacco control in Turkey, including taxation, tobacco control policies, income, price and expenditure elasticity of cigarettes and the link between poverty and tobacco use. In the first part of the report, information is presented on...