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THE EARNINGS PER SHARE AND INVENTORY TURNOVER RATIOS IN THE GLOBAL FINANCIAL CRISIS: A COMPARATIVE STUDY FOR FOOD AND TEXTILE SECTORS IN ISTANBUL STOCK EXCHANGE

Year 2009, Volume: 1 Issue: 1, 27 - 36, 01.06.2009

Sudi Apak Metin Uyar

Abstract

The ongoing financial crisis in the global markets, which originated in the US subprime mortgage segment (real estate) and quickly spread into other market segments and countries, is already seen today as one of the biggest financial crises in history. Underlying the subprime crisis had essentially two interrelated factors; the boom in US real estate markets, and the high liquidity demand in the global financial markets. The later period was, in turn, fuelled by the significant easing of US monetary policy over an extended period of time and by the additional boost to global liquidity as many emerging markets had tied their exchange rates to the US dollar and therefore had to match the expansive US monetary policy. The occurrence of market crash or financial crisis is possible key factor of earning per share (EPS) and inventory turnover ratios (ITR) inefficiency. This paper empirically investigates that the effects of the current financial crisis on the efficiency -earning per share (EPS) and inventory turnover ratios- listed food and textile companies in Istanbul Stock Exchange (ISE). The EPS and inventory turnover ratios, applying the multivariate test statistics for the two sub-periods of pre-crisis and the crisis time. The article proceeds in the following manner. Firstly, the study will explain main reasons of global financial crises. Secondly the study will analyze all EPS and inventory turnover ratios changing are of related companies. Finally, that will be argued for adjustment of related ratios of sectors

Keywords

Financial Crises Earnings Per Share Inventory Turnover Ratio

References

  • Ackermann, J., (2008), The Subprime Crisis And Its Consequences, Journal of Financial Stability, , pp. 329-337.
  • Aghion, P., Bacchetta, P. and Banerjee, A., (2001), Currency Crises And Monetary Policy In An
  • Economy With Credit Constraints, European Economic Review, No.45, pp.1121-1150.
  • Brown, S., Goetzmann, W. and Park, J., (2000), Hedge Funds And The Asian Currency Crisis Of , Journal of Portfolio Management, No.26, pp. 95-101.
  • Chang, R. and Velasco, A., (1999), Liquidity Crises In Emerging Markets: Theory And Policy,
  • NBER Macroeconomic Annual, pp. 11-58. Chari, V. and Kehoe, P., (2004), Financial Crises As Herds: Overturning The Critiques, Journal of Economic Theory, No.119, pp.128-150.
  • Corsetti, G., Dasgupta, A., Morris, S., and Shin, H., (2004), Does One Soros Make A Difference?
  • A Theory Of Currency Crises With Large And Small Traders, Review of Economic Studies, No.71, pp. 87-113. Corsetti, G., Pesenti, P., and Roubini, N., (1999), What Caused The Asian Currency And Financial
  • Crisis? Japan and the World Economy, No.11, pp. 305-373. Eren, E., Alnıpak, S. and Uyar, M. (2009), The Changing’s Of Share Prıce In The Financial Crisis:
  • A Comparative Study For Auto Makers, 5. Strategic Management Conference, South Africa, pp.3-16. Kaminsky, G., Reinhart, C., and Vegh, C., (2003), The Unholy Trinity Of Financial Contagion,
  • Journal of Economic Perspectives, No.17, pp. 51-74. Kaminsky, G., Lyons, R., and Schmukler, S., (2004), Managers, Investors, And Crises: Mutual
  • Fund Strategies In Emerging Markets, Journal of International Economics, No.64, pp. 113-134. Kim, W. and Wei, S., (2002), Foreign Portfolio Investors Before And During A Crisis, Journal of
  • International Economics, No.56, pp. 77-96. Kodres, L., and Pritsker, M., 2002. A Rational Expectations Model Of Financial Contagion,
  • Journal of Finance, No.57, pp. 769-799. Kyle, A., and Xiong, W., (2001). Contagion As A Wealth Effect, Journal of Finance, No.56, pp. 1440. http://www.imkb.gov.tr [Accessed 15.06.2009]
  • Appendix 1: Listed Food and Textile Companies (The Origin Language) Turkish Food Companies Turkish Textile Companies ALTINYAĞ ANADOLU EFES BANVİT COCA COLA İÇECEK ERSU GIDA FRİGO PAK GIDA KENT GIDA KEREVİTAŞ GIDA KONFRUT GIDA KRİSTAL KOLA MERKO GIDA PENGUEN GIDA PINAR ET VE UN PINAR SU PINAR SÜT ŞEKER PİLİÇ T.TUBORG TAT KONSERVE TUKAŞ ÜLKER BİSKÜVİ VANET

Year 2009, Volume: 1 Issue: 1, 27 - 36, 01.06.2009

Sudi Apak Metin Uyar

Abstract

References

  • Ackermann, J., (2008), The Subprime Crisis And Its Consequences, Journal of Financial Stability, , pp. 329-337.
  • Aghion, P., Bacchetta, P. and Banerjee, A., (2001), Currency Crises And Monetary Policy In An
  • Economy With Credit Constraints, European Economic Review, No.45, pp.1121-1150.
  • Brown, S., Goetzmann, W. and Park, J., (2000), Hedge Funds And The Asian Currency Crisis Of , Journal of Portfolio Management, No.26, pp. 95-101.
  • Chang, R. and Velasco, A., (1999), Liquidity Crises In Emerging Markets: Theory And Policy,
  • NBER Macroeconomic Annual, pp. 11-58. Chari, V. and Kehoe, P., (2004), Financial Crises As Herds: Overturning The Critiques, Journal of Economic Theory, No.119, pp.128-150.
  • Corsetti, G., Dasgupta, A., Morris, S., and Shin, H., (2004), Does One Soros Make A Difference?
  • A Theory Of Currency Crises With Large And Small Traders, Review of Economic Studies, No.71, pp. 87-113. Corsetti, G., Pesenti, P., and Roubini, N., (1999), What Caused The Asian Currency And Financial
  • Crisis? Japan and the World Economy, No.11, pp. 305-373. Eren, E., Alnıpak, S. and Uyar, M. (2009), The Changing’s Of Share Prıce In The Financial Crisis:
  • A Comparative Study For Auto Makers, 5. Strategic Management Conference, South Africa, pp.3-16. Kaminsky, G., Reinhart, C., and Vegh, C., (2003), The Unholy Trinity Of Financial Contagion,
  • Journal of Economic Perspectives, No.17, pp. 51-74. Kaminsky, G., Lyons, R., and Schmukler, S., (2004), Managers, Investors, And Crises: Mutual
  • Fund Strategies In Emerging Markets, Journal of International Economics, No.64, pp. 113-134. Kim, W. and Wei, S., (2002), Foreign Portfolio Investors Before And During A Crisis, Journal of
  • International Economics, No.56, pp. 77-96. Kodres, L., and Pritsker, M., 2002. A Rational Expectations Model Of Financial Contagion,
  • Journal of Finance, No.57, pp. 769-799. Kyle, A., and Xiong, W., (2001). Contagion As A Wealth Effect, Journal of Finance, No.56, pp. 1440. http://www.imkb.gov.tr [Accessed 15.06.2009]
  • Appendix 1: Listed Food and Textile Companies (The Origin Language) Turkish Food Companies Turkish Textile Companies ALTINYAĞ ANADOLU EFES BANVİT COCA COLA İÇECEK ERSU GIDA FRİGO PAK GIDA KENT GIDA KEREVİTAŞ GIDA KONFRUT GIDA KRİSTAL KOLA MERKO GIDA PENGUEN GIDA PINAR ET VE UN PINAR SU PINAR SÜT ŞEKER PİLİÇ T.TUBORG TAT KONSERVE TUKAŞ ÜLKER BİSKÜVİ VANET
There are 15 citations in total.

Details

Other ID JA33GY24AD
Journal Section Articles
Authors

Sudi Apak This is me

Metin Uyar This is me

Publication Date June 1, 2009
Published in Issue Year 2009 Volume: 1 Issue: 1

Cite

APA Apak, S., & Uyar, M. (2009). THE EARNINGS PER SHARE AND INVENTORY TURNOVER RATIOS IN THE GLOBAL FINANCIAL CRISIS: A COMPARATIVE STUDY FOR FOOD AND TEXTILE SECTORS IN ISTANBUL STOCK EXCHANGE. International Journal of Social Sciences and Humanity Studies, 1(1), 27-36.
AMA Apak S, Uyar M. THE EARNINGS PER SHARE AND INVENTORY TURNOVER RATIOS IN THE GLOBAL FINANCIAL CRISIS: A COMPARATIVE STUDY FOR FOOD AND TEXTILE SECTORS IN ISTANBUL STOCK EXCHANGE. IJ-SSHS. June 2009;1(1):27-36.
Chicago Apak, Sudi, and Metin Uyar. “THE EARNINGS PER SHARE AND INVENTORY TURNOVER RATIOS IN THE GLOBAL FINANCIAL CRISIS: A COMPARATIVE STUDY FOR FOOD AND TEXTILE SECTORS IN ISTANBUL STOCK EXCHANGE”. International Journal of Social Sciences and Humanity Studies 1, no. 1 (June 2009): 27-36.
EndNote Apak S, Uyar M (June 1, 2009) THE EARNINGS PER SHARE AND INVENTORY TURNOVER RATIOS IN THE GLOBAL FINANCIAL CRISIS: A COMPARATIVE STUDY FOR FOOD AND TEXTILE SECTORS IN ISTANBUL STOCK EXCHANGE. International Journal of Social Sciences and Humanity Studies 1 1 27–36.
IEEE S. Apak and M. Uyar, “THE EARNINGS PER SHARE AND INVENTORY TURNOVER RATIOS IN THE GLOBAL FINANCIAL CRISIS: A COMPARATIVE STUDY FOR FOOD AND TEXTILE SECTORS IN ISTANBUL STOCK EXCHANGE”, IJ-SSHS, vol. 1, no. 1, pp. 27–36, 2009.
ISNAD Apak, Sudi - Uyar, Metin. “THE EARNINGS PER SHARE AND INVENTORY TURNOVER RATIOS IN THE GLOBAL FINANCIAL CRISIS: A COMPARATIVE STUDY FOR FOOD AND TEXTILE SECTORS IN ISTANBUL STOCK EXCHANGE”. International Journal of Social Sciences and Humanity Studies 1/1 (June 2009), 27-36.
JAMA Apak S, Uyar M. THE EARNINGS PER SHARE AND INVENTORY TURNOVER RATIOS IN THE GLOBAL FINANCIAL CRISIS: A COMPARATIVE STUDY FOR FOOD AND TEXTILE SECTORS IN ISTANBUL STOCK EXCHANGE. IJ-SSHS. 2009;1:27–36.
MLA Apak, Sudi and Metin Uyar. “THE EARNINGS PER SHARE AND INVENTORY TURNOVER RATIOS IN THE GLOBAL FINANCIAL CRISIS: A COMPARATIVE STUDY FOR FOOD AND TEXTILE SECTORS IN ISTANBUL STOCK EXCHANGE”. International Journal of Social Sciences and Humanity Studies, vol. 1, no. 1, 2009, pp. 27-36.
Vancouver Apak S, Uyar M. THE EARNINGS PER SHARE AND INVENTORY TURNOVER RATIOS IN THE GLOBAL FINANCIAL CRISIS: A COMPARATIVE STUDY FOR FOOD AND TEXTILE SECTORS IN ISTANBUL STOCK EXCHANGE. IJ-SSHS. 2009;1(1):27-36.