A PROPOSAL FOR CONSTRUCTING A BOND INDEX ON TURKISH PUBLIC LEASE CERTIFICATES

Volume: 3 Number: 1 April 1, 2016
  • Sinan Okumus
Journal of Economics Finance and Accounting Cover
Journal of Economics Finance and Accounting
PDF Download
EN

A PROPOSAL FOR CONSTRUCTING A BOND INDEX ON TURKISH PUBLIC LEASE CERTIFICATES

Abstract

Lease certificate market ha been growing on both government and private sector front in Turkey. Lease certificates are issued as asset based and they distribute rental income as opposed to conventional bonds paying interest to its investors. Investors of the lease certificates face with liquidity risk and high transaction costs due to large bid and ask spreads. Investing in Turkish lease certificates through Exchange Traded Fund can improve the lease certificate market and thus helps increasing the liquidity in the secondary market. The proposed Index (and also the Exchange Traded Fund) will differ from the existing indices by distributing the rental income of the lease certificates. In this paper we tried to set the rules and calculation methodology for Turkish Public Lease Certificates Index such that an Exchange Traded Fund, distributing rental payments will be constructed upon the Index.
Keywords: Bond indexing, exchange traded funds, Turkish Lease Certificates, Islamic Finance, Sukuk.
JEL Classification: G11, G12, G23

Keywords

Details

Primary Language

En

Subjects

-

Journal Section

-

Authors

Sinan Okumus This is me

Publication Date

April 1, 2016

Submission Date

April 1, 2016

Acceptance Date

-

Published in Issue

Year 2016 Volume: 3 Number: 1

IZ

https://izlik.org/JA36XM26SR

Cite

RIS / Bibtex
APA
Okumus, S. (2016). A PROPOSAL FOR CONSTRUCTING A BOND INDEX ON TURKISH PUBLIC LEASE CERTIFICATES. Journal of Economics Finance and Accounting, 3(1). https://izlik.org/JA36XM26SR
AMA
1.Okumus S. A PROPOSAL FOR CONSTRUCTING A BOND INDEX ON TURKISH PUBLIC LEASE CERTIFICATES. JEFA. 2016;3(1). https://izlik.org/JA36XM26SR
Chicago
Okumus, Sinan. 2016. “A PROPOSAL FOR CONSTRUCTING A BOND INDEX ON TURKISH PUBLIC LEASE CERTIFICATES”. Journal of Economics Finance and Accounting 3 (1). https://izlik.org/JA36XM26SR.
EndNote
Okumus S (April 1, 2016) A PROPOSAL FOR CONSTRUCTING A BOND INDEX ON TURKISH PUBLIC LEASE CERTIFICATES. Journal of Economics Finance and Accounting 3 1
IEEE
[1]S. Okumus, “A PROPOSAL FOR CONSTRUCTING A BOND INDEX ON TURKISH PUBLIC LEASE CERTIFICATES”, JEFA, vol. 3, no. 1, Apr. 2016, [Online]. Available: https://izlik.org/JA36XM26SR
ISNAD
Okumus, Sinan. “A PROPOSAL FOR CONSTRUCTING A BOND INDEX ON TURKISH PUBLIC LEASE CERTIFICATES”. Journal of Economics Finance and Accounting 3/1 (April 1, 2016). https://izlik.org/JA36XM26SR.
JAMA
1.Okumus S. A PROPOSAL FOR CONSTRUCTING A BOND INDEX ON TURKISH PUBLIC LEASE CERTIFICATES. JEFA. 2016;3. Available at https://izlik.org/JA36XM26SR.
MLA
Okumus, Sinan. “A PROPOSAL FOR CONSTRUCTING A BOND INDEX ON TURKISH PUBLIC LEASE CERTIFICATES”. Journal of Economics Finance and Accounting, vol. 3, no. 1, Apr. 2016, https://izlik.org/JA36XM26SR.
Vancouver
1.Sinan Okumus. A PROPOSAL FOR CONSTRUCTING A BOND INDEX ON TURKISH PUBLIC LEASE CERTIFICATES. JEFA [Internet]. 2016 Apr. 1;3(1). Available from: https://izlik.org/JA36XM26SR

Journal of Economics, Finance and Accounting (JEFA) is a scientific, academic, double blind peer-reviewed, semiannual and open-access online journal. The journal publishes 2 issues a year. The issuing months are June and December. The publication language of the Journal is English. JEFA aims to provide a research source for all practitioners, policy makers, professionals and researchers working in the area of economics, finance, accounting and auditing. The editor in chief of JEFA invites all manuscripts that cover theoretical and/or applied researches on topics related to the interest areas of the Journal. JEFA publishes academic research studies only. JEFA charges no submission or publication fee.

Ethics Policy - JEFA applies the standards of Committee on Publication Ethics (COPE). JEFA is committed to the academic community ensuring ethics and quality of manuscripts in publications. Plagiarism is strictly forbidden and the manuscripts found to be plagiarized will not be accepted or if published will be removed from the publication. Authors must certify that their manuscripts are their original work. Plagiarism, duplicate, data fabrication and redundant publications are forbidden. The manuscripts are subject to plagiarism check by iThenticate or similar. All manuscript submissions must provide a similarity report (up to 15% excluding quotes, bibliography, abstract).

Open Access - All research articles published in PressAcademia Journals are fully open access; immediately freely available to read, download and share. Articles are published under the terms of a Creative Commons license which permits use, distribution and reproduction in any medium, provided the original work is properly cited. Open access is a property of individual works, not necessarily journals or publishers. Community standards, rather than copyright law, will continue to provide the mechanism for enforcement of proper attribution and responsible use of the published work, as they do now.