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Year 2015, Issue: 14, 0 - , 20.04.2015

Hüseyin Dağlı Aykut Karakaya Esra Bulut

https://doi.org/10.18092/ijeas.28827
Cited By: 1

Abstract

Individual Pension System came into existence on 27 October 2003 in Turkey. The purpose of the system is to provide additional income to individuals during the retirement with the investment of individual retirement savings. In addition, the system with the established pension funds provides a major contribution to the economy with the development and deepening of capital markets and the transfer of savings to investments. The aim of this study is to investigate the relationships between the characteristics of the funds and the funds’ returns by using the panel data analysis. To do so, 29 pension funds as institutional investors have been taken into consideration for the period between 2008 and 2012. Our analysis shows that there is a positive relation between the fund return and the stock ratio of portfolio of the fund, fund age and brokerage commission expenses but a negative relation between the fund return and management fees, size and standard deviation

Keywords

Individual Pension System Pension Fund Fund Characteristics

References

  • ALDA, Mercedes ve Ferruz, LUIS (2012), “The role of Fees in Pension Fund Performance: Evidence from Spain”, Journal of Economics and Finance, 62 (6), 518-535.
  • ALTINTAŞ, K. M. (2008), “Türk Özel Emeklilik Fonlarının Risk Odaklı Yönetim Performansı: 2004-2006 Dönemine İlişkin Bir Analiz”, Anadolu Üniversitesi Sosyal Bilimler Dergisi, Cilt: 8, Sayı:1, 81-110.
  • ARELLANO, M. (2003), Panel Data Econometrics, Oxford University Press, England.
  • BAIMA, Francisco de Resende (2005), “The Influence of Fund Size and Investment Expenses on the Performance of Pension Funds in Brazil”, Latin American Business Review, 6 (3), 113-132.
  • BALTAGİ, B. H., and Wu P. X. (1999), “Unequally Spaced Panel Data Regressions with AR(1) Disturbances”, Econometric Theory, 15, 814-823.
  • BALTAGI, B. H. (2005), Econometric Analysis of Panel Data, Third Edition, John Wiley&Sons, Ltd., England.
  • BARBER, Brad M., ODEAN, Terrance ve Lu ZHENG (2005), “Out of Sight, Out of Mind: The Effects of Expenses on Mutual Funds Flows”, Journal of Business, 78 (6), 2095-2119.
  • BECK, N. ve KATZ, J. N. (1995), “What to Do (and Not to Do) with Time-Series Cross-Section Data”, American Political Science Review, 89, 634-647.
  • EGM (2012), “Bireysel Emeklilik Sistemi Gelişim Raporu,” http://www.egm.org.tr/bes2012gr/bes2012gr_tr.pdf.
  • EGM (2013), “Dünya’da ve Türkiye’de Bireysel Emeklilik Sistemi,” http://besp.egm.org.tr/dunyada-ve-turkiyede-bireysel-emeklilik-sistemi_8_199. Eri-şim Tarihi: 01.09.2013.
  • BROWN, M B., and Forsythe, A. B. (1974), “The Small Sample Behaviour of Some Statistics Which Test the Equality of Several Means”, Technometrics, 16, 129-132.
  • BUDIONO, Diana P. ve MARTENS, Martin (2010), “Mutual Funds Selection Based on Funds Characteristics”, The Journal of Financial Research, XXXIII (3), 249-265.
  • CHEN, Joseph, HONG, Harrison, Ming Huang ve KUBIK, Jeffrey D.(2004), “Does Fund Size Erode Mutual Fund Performance? The Role of Liquidity and Organization”, American Economic Review, 94 (5), 1276-1302.
  • CHOI, I. (2001), “Unit Root Tests for Panel Data”, Journal of International Money and Finance,20, 249-272.
  • CICCOTELLO, C S ve GRANT, C T (2001), “Equity Fund Size and Growth: Implications for Performance and Selections”, Financial Services and Review, 17, 1-14.
  • DAĞLI, Hüseyin, BANK, Semra ve ER, Bünyamin (2008), “Türkiye’deki Bireysel Emeklilik Yatırım Fonlarının Performans Değerlendirmesi”, Muhasebe ve Finansman Dergisi, 85-95.
  • DAHLQUIST, Magnus, ENGSTRÖM, Stefan ve SÖDERLİND, Paul (2000), “Performance and Characteristics of Swedish Mutual Funds” Journal of Financial & Quantitative Analysis, 35 (3), 409-423.
  • DROMS, W. G. Ve WALKER, D. A.(1996), “Mutual Fund Investment Performance”, Quarterly Review of Economics and Finance, 36 (3), 347-363.
  • DUBRONOGOV, Anton ve MURTHİ, Mamta (2005), “Administrative Fees and Costs of Mandatory Private Pensions in Transition Economies”, PEF, 4 (1), 31-55.
  • ELTON, Edwin J. Ve GRUBER, Martin J. (2000), “The Rationality of Asset Allocation Recommendations”, Journal of Financial and Quantitative Analyses, 35 (1), 27-42.
  • GALLAGHER, David R. ve MARTIN, Kyle M. (2005), “Size and Investment Performance: A Research Note”, Abacus, 41 (1), p55-65.
  • GAO, Xiaohui ve LIVINGSTON, Miles (2011), “Brokerage Commissions and Soft Dollars: The Hidden Costs of Owning Mutual Funds” http://www.sef.hku.hk/~xiaohui/Working%20Papers/Commissions_36_GXH.pdf, Erişim Tarihi: 01.09.2013. GÖKGÖZ, Fazıl (2007), “Bireysel Emeklilik Fonlarının Performans Değer-lendirmesi,” Hacettepe Üniversitesi İktisadi ve İdari Bilimler Dergisi, 25(1), 259-292 .
  • GREENE, W. H. (2003), Econometric Analysis, Fifty Edition., Prentice Hall, New Jersey.
  • GRINBLATT, M. ve TITMAN, S. A. (1994), “A Study of Monthly Mutual Fund Returns and Portfolio Performance Evaluation Techniques”, Journal of Financial Quantitative Analyses, 29 (3), 419-444.
  • HOUGE, Todd ve WELLMAN, Jay (2006), “The Use and Abuse of Mutual Fund Expenses”, Journal of Business Ethics, 70, 23-32.
  • HSIAO, C. (2003), Analysis of Panel Data, Second Edition, Cambridge University Press, United Kingdom.
  • HAUSMAN, J.A. (1978), “Specification Tests in Econometrics”, Econometrica 46, 1251–1271.
  • INDRO D, C., JIANG, M Hu ve W Lee, (1999), “Mutual Fund Performance: Does Fund Size Matter?”, Financial Analysts Journal, 55 (3), 74-87.
  • KORKMAZ, T. ve UYGURTÜRK, H. (2007a), “Türk Emeklilik Fonlarının Performans Ölçümünde Regresyon Analizinin Kullanılması,” Z.K.Ü., Sosyal Bilim-ler Dergisi, 3(5), 37–52.
  • KORKMAZ, T. ve UYGURTÜRK, H. (2007b), “Türkiye’deki Emeklilik Fonları ile Yatırım Fonlarının Performans Ölçümü ve Fon Yöneticilerinin Zaman-lama Yetenekleri” Akdeniz İ.İ.B.F. Dergisi, 14, 66-93.
  • LEVİN A, Lin C. ve CHU C. S. J. (2002), “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties”, Journal of Econometrics,108, 1-24.
  • MALHOTRA, D. K. ve MCLEOD, Robert W. (1997), “An Empirical Analyses of Mutual Fund Expenses”, The Journal of Financial Research, 20 (2), 175-190.
  • OECD (2012), “Pension Markets in Focus”, September 2012, No: 9,http://www.oecd.org/daf/fin/private-pensions/pensionmarketsinfocus.htm, Erişim Tarihi: 01.09.2013.
  • OECD (2013), “Pension Markets in Focus”, http://www.oecd.org/pensions/
  • PensionMarketsInFocus2013.pdf, Erişim Tarihi:01.01.2014.
  • OTTEN, Roger ve BAMS, Dennis (2002), “European Mutual Fund Performance”, European Financial Management, 8 (1), 75-101.
  • ÖZEL, Özgür ve YALÇIN, Cihan (2013), “Yurtiçi Tasarruflar ve Bireysel Emeklilik Sistemi: Türkiye’deki Uygulamaya İlişkin Bir Değerlendirme”, TCMB Çalışma Tebliği 13/04, 1-35.
  • PRATHER, Laurie, BERTİN, William J. ve HENKER, Thomas (2004), “Mutual Fund Characteristics, Managerial Attributes, and Fund Performance”, Review of Financial Economics, 13, 305-326.
  • SARITAŞ, Hakan (2005), “Yatırım Fonu Karakteristiklerinin Getiri Üzerin-deki Etkisi”, Muhasebe ve Finansman Dergisi, 169-175.
  • SİNG, Tng Cheong (2007), “Effects of Expenditures and Size on Mutual Fund Performance”, Singapore Management Review, 29 (1), 31-45.
  • SY W, Liu K. (2010), “Improving The Cost Efficiency of Australian Pension Management,” Rotman International Journal of Pension Management, 3(1), 38-48.
  • ŞEULEAN, Victoria ve MOŞ, Luiza (2010), “Determinant Factors of the Investment Performance of Voluntary Pension Funds in Romania”, Annales Universitatis Apulensis Series Oeconomica, 12 (1), 477-482.
  • VİJAYAKUMAR, N., MURUGANANDAN, S. ve SEKHARA RAO, K. (2012), “The Relationship Between Fund Performance and Fund Characteristics: Evidence from India”, The IUP Journal of Applied Finance, 18 (2), 1-18.
  • WHITE, H. (1980), “A Heteroskedasticity-Consistent Covariance Matrix Estimator and A Direct Test for Heteroskedasticity”, Econometrica, 48, 817-838.
  • WOOLDRIDGE, J. M. (2002), Econometric Analysis of Cross Section and Panel Data, The MIT Press, England.
  • YAN, Xuemin (2008), “Liquidity, Investment Style and The Relation Between Fund Size and Fund Performance”, Journal of Financial and Quantitative Analysis, 43 (3), 741-767.
  • YERDELEN TATOĞLU. F.(2012), Panel Veri Ekonometrisi, Beta Yayımevi, İstanbul.
  • YÜCE, Gönül (2012), “Türkiye’de A Tipi Hisse Senedi Fonları Getirilerinin Mikro Belirleyicileri: Bir Zaman Serisi Analizi,” Süleyman Demirel Üniversitesi Dergisi, 17 (3), 283-300.
  • ZERA, S. and MADURA, J. (2001), “The empirical relationship between mutual fund size and operational efficiency”, Applied Financial Economics, 11(3), 243–251.
  • http://www.spk.gov.tr/apps/MutualFundsPortfolioValues/FundsInfosFP.aspx?ctype=E&submenuheader=0, Erişim Tarihi: 01.04.2013.
  • http://www.aegon.com.tr/tr/Ana-Sayfa/Urun-ve-Hizmetler/BireyselEmek
  • lilik-Urunleri/Bireysel-Emeklilik-Fonlari/, Erişim Tarihi:01.05.2013.
  • https://bes.anadoluhayat.com.tr/emeklilik/fon.jsp, Erişim Tarihi:01.05.2013.
  • http://www.akportfoy.com.tr/t/spk/ae1.asp, Erişim Tarihi:01.05.2013.
  • https://www.garantiemeklilik.com.tr/bireysel-emeklilik-fonlari-karsilastirma.aspx, Erişim Tarihi:01.05.2013.
  • http://www.groupama.com.tr/content.aspx?Id=10&ParentId=1&S=True&ContentId=193&Selected=&P_Id=193, Erişim Tarihi:01.05.2013.
  • https://vakifemeklilik.com.tr/Bireysel-Emeklilik/surekli-bilgilendirme.aspx, Erişim Tarihi:01.05.2013.
  • http://www.yapikrediemeklilik.com/content/emeklilik-yatirim-fonlari.aspx, Erişim Tarihi:01.05.2013.
  • http://www.egm.org.tr/weblink/BESgostergeler.htm,ErişimTarihi:23.04.2014

EMEKLİLİK YATIRIM FONLARININ KARAKTERİSTİK ÖZELLİKLERİ VE PERFORMANSI: TÜRKİYE ÖRNEĞİ

Year 2015, Issue: 14, 0 - , 20.04.2015

Hüseyin Dağlı Aykut Karakaya Esra Bulut

https://doi.org/10.18092/ijeas.28827
Cited By: 1

Abstract

Türkiye’de Bireysel Emeklilik Sistemi 27 Ekim 2003 tarihinde faaliyete geçmiştir. Sistemin amacı, birey-lerin emekliliğe yönelik tasarruflarının yatırımlara yönlendirilmesi ile emeklilik döneminde bireylere ek bir gelir sağlanmasıdır. Diğer taraftan, sistemde kurulan emeklilik yatırım fonları ile hem sermaye piyasa-larının gelişmesine ve derinleşmesine hem de tasarrufların yatırımlara aktarılmasıyla ekonomiye katkı sağlanmaktadır. Bu çalışmada, Türkiye’de bireysel emeklilik yatırım fonlarının karakteristik özellikleri ile getirileri arasındaki ilişkinin ortaya konulması amaçlanmıştır. Bu amaçla kurumsal yatırımcı kimliği ile 29 adet emeklilik yatırım fonunun 2008:01-2012:12 dönemi verileri panel veri analiz yöntemleriyle analiz edilmiştir. Yapılan analizin sonucunda; emeklilik yatırım fonlarının getirisi ile fonların hisse senedi oranı, yaşı ve aracılık komisyonu giderleri arasında pozitif yönlü; fonların getirisi ile fonların yönetim ücreti, büyüklüğü ve riski arasında ise negatif yönlü ilişki tespit edilmiştir.

Keywords

Bireysel Emeklilik Sistemi Emeklilik Yatırım Fonu Fonun Karakteristik Özellikleri

References

  • ALDA, Mercedes ve Ferruz, LUIS (2012), “The role of Fees in Pension Fund Performance: Evidence from Spain”, Journal of Economics and Finance, 62 (6), 518-535.
  • ALTINTAŞ, K. M. (2008), “Türk Özel Emeklilik Fonlarının Risk Odaklı Yönetim Performansı: 2004-2006 Dönemine İlişkin Bir Analiz”, Anadolu Üniversitesi Sosyal Bilimler Dergisi, Cilt: 8, Sayı:1, 81-110.
  • ARELLANO, M. (2003), Panel Data Econometrics, Oxford University Press, England.
  • BAIMA, Francisco de Resende (2005), “The Influence of Fund Size and Investment Expenses on the Performance of Pension Funds in Brazil”, Latin American Business Review, 6 (3), 113-132.
  • BALTAGİ, B. H., and Wu P. X. (1999), “Unequally Spaced Panel Data Regressions with AR(1) Disturbances”, Econometric Theory, 15, 814-823.
  • BALTAGI, B. H. (2005), Econometric Analysis of Panel Data, Third Edition, John Wiley&Sons, Ltd., England.
  • BARBER, Brad M., ODEAN, Terrance ve Lu ZHENG (2005), “Out of Sight, Out of Mind: The Effects of Expenses on Mutual Funds Flows”, Journal of Business, 78 (6), 2095-2119.
  • BECK, N. ve KATZ, J. N. (1995), “What to Do (and Not to Do) with Time-Series Cross-Section Data”, American Political Science Review, 89, 634-647.
  • EGM (2012), “Bireysel Emeklilik Sistemi Gelişim Raporu,” http://www.egm.org.tr/bes2012gr/bes2012gr_tr.pdf.
  • EGM (2013), “Dünya’da ve Türkiye’de Bireysel Emeklilik Sistemi,” http://besp.egm.org.tr/dunyada-ve-turkiyede-bireysel-emeklilik-sistemi_8_199. Eri-şim Tarihi: 01.09.2013.
  • BROWN, M B., and Forsythe, A. B. (1974), “The Small Sample Behaviour of Some Statistics Which Test the Equality of Several Means”, Technometrics, 16, 129-132.
  • BUDIONO, Diana P. ve MARTENS, Martin (2010), “Mutual Funds Selection Based on Funds Characteristics”, The Journal of Financial Research, XXXIII (3), 249-265.
  • CHEN, Joseph, HONG, Harrison, Ming Huang ve KUBIK, Jeffrey D.(2004), “Does Fund Size Erode Mutual Fund Performance? The Role of Liquidity and Organization”, American Economic Review, 94 (5), 1276-1302.
  • CHOI, I. (2001), “Unit Root Tests for Panel Data”, Journal of International Money and Finance,20, 249-272.
  • CICCOTELLO, C S ve GRANT, C T (2001), “Equity Fund Size and Growth: Implications for Performance and Selections”, Financial Services and Review, 17, 1-14.
  • DAĞLI, Hüseyin, BANK, Semra ve ER, Bünyamin (2008), “Türkiye’deki Bireysel Emeklilik Yatırım Fonlarının Performans Değerlendirmesi”, Muhasebe ve Finansman Dergisi, 85-95.
  • DAHLQUIST, Magnus, ENGSTRÖM, Stefan ve SÖDERLİND, Paul (2000), “Performance and Characteristics of Swedish Mutual Funds” Journal of Financial & Quantitative Analysis, 35 (3), 409-423.
  • DROMS, W. G. Ve WALKER, D. A.(1996), “Mutual Fund Investment Performance”, Quarterly Review of Economics and Finance, 36 (3), 347-363.
  • DUBRONOGOV, Anton ve MURTHİ, Mamta (2005), “Administrative Fees and Costs of Mandatory Private Pensions in Transition Economies”, PEF, 4 (1), 31-55.
  • ELTON, Edwin J. Ve GRUBER, Martin J. (2000), “The Rationality of Asset Allocation Recommendations”, Journal of Financial and Quantitative Analyses, 35 (1), 27-42.
  • GALLAGHER, David R. ve MARTIN, Kyle M. (2005), “Size and Investment Performance: A Research Note”, Abacus, 41 (1), p55-65.
  • GAO, Xiaohui ve LIVINGSTON, Miles (2011), “Brokerage Commissions and Soft Dollars: The Hidden Costs of Owning Mutual Funds” http://www.sef.hku.hk/~xiaohui/Working%20Papers/Commissions_36_GXH.pdf, Erişim Tarihi: 01.09.2013. GÖKGÖZ, Fazıl (2007), “Bireysel Emeklilik Fonlarının Performans Değer-lendirmesi,” Hacettepe Üniversitesi İktisadi ve İdari Bilimler Dergisi, 25(1), 259-292 .
  • GREENE, W. H. (2003), Econometric Analysis, Fifty Edition., Prentice Hall, New Jersey.
  • GRINBLATT, M. ve TITMAN, S. A. (1994), “A Study of Monthly Mutual Fund Returns and Portfolio Performance Evaluation Techniques”, Journal of Financial Quantitative Analyses, 29 (3), 419-444.
  • HOUGE, Todd ve WELLMAN, Jay (2006), “The Use and Abuse of Mutual Fund Expenses”, Journal of Business Ethics, 70, 23-32.
  • HSIAO, C. (2003), Analysis of Panel Data, Second Edition, Cambridge University Press, United Kingdom.
  • HAUSMAN, J.A. (1978), “Specification Tests in Econometrics”, Econometrica 46, 1251–1271.
  • INDRO D, C., JIANG, M Hu ve W Lee, (1999), “Mutual Fund Performance: Does Fund Size Matter?”, Financial Analysts Journal, 55 (3), 74-87.
  • KORKMAZ, T. ve UYGURTÜRK, H. (2007a), “Türk Emeklilik Fonlarının Performans Ölçümünde Regresyon Analizinin Kullanılması,” Z.K.Ü., Sosyal Bilim-ler Dergisi, 3(5), 37–52.
  • KORKMAZ, T. ve UYGURTÜRK, H. (2007b), “Türkiye’deki Emeklilik Fonları ile Yatırım Fonlarının Performans Ölçümü ve Fon Yöneticilerinin Zaman-lama Yetenekleri” Akdeniz İ.İ.B.F. Dergisi, 14, 66-93.
  • LEVİN A, Lin C. ve CHU C. S. J. (2002), “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties”, Journal of Econometrics,108, 1-24.
  • MALHOTRA, D. K. ve MCLEOD, Robert W. (1997), “An Empirical Analyses of Mutual Fund Expenses”, The Journal of Financial Research, 20 (2), 175-190.
  • OECD (2012), “Pension Markets in Focus”, September 2012, No: 9,http://www.oecd.org/daf/fin/private-pensions/pensionmarketsinfocus.htm, Erişim Tarihi: 01.09.2013.
  • OECD (2013), “Pension Markets in Focus”, http://www.oecd.org/pensions/
  • PensionMarketsInFocus2013.pdf, Erişim Tarihi:01.01.2014.
  • OTTEN, Roger ve BAMS, Dennis (2002), “European Mutual Fund Performance”, European Financial Management, 8 (1), 75-101.
  • ÖZEL, Özgür ve YALÇIN, Cihan (2013), “Yurtiçi Tasarruflar ve Bireysel Emeklilik Sistemi: Türkiye’deki Uygulamaya İlişkin Bir Değerlendirme”, TCMB Çalışma Tebliği 13/04, 1-35.
  • PRATHER, Laurie, BERTİN, William J. ve HENKER, Thomas (2004), “Mutual Fund Characteristics, Managerial Attributes, and Fund Performance”, Review of Financial Economics, 13, 305-326.
  • SARITAŞ, Hakan (2005), “Yatırım Fonu Karakteristiklerinin Getiri Üzerin-deki Etkisi”, Muhasebe ve Finansman Dergisi, 169-175.
  • SİNG, Tng Cheong (2007), “Effects of Expenditures and Size on Mutual Fund Performance”, Singapore Management Review, 29 (1), 31-45.
  • SY W, Liu K. (2010), “Improving The Cost Efficiency of Australian Pension Management,” Rotman International Journal of Pension Management, 3(1), 38-48.
  • ŞEULEAN, Victoria ve MOŞ, Luiza (2010), “Determinant Factors of the Investment Performance of Voluntary Pension Funds in Romania”, Annales Universitatis Apulensis Series Oeconomica, 12 (1), 477-482.
  • VİJAYAKUMAR, N., MURUGANANDAN, S. ve SEKHARA RAO, K. (2012), “The Relationship Between Fund Performance and Fund Characteristics: Evidence from India”, The IUP Journal of Applied Finance, 18 (2), 1-18.
  • WHITE, H. (1980), “A Heteroskedasticity-Consistent Covariance Matrix Estimator and A Direct Test for Heteroskedasticity”, Econometrica, 48, 817-838.
  • WOOLDRIDGE, J. M. (2002), Econometric Analysis of Cross Section and Panel Data, The MIT Press, England.
  • YAN, Xuemin (2008), “Liquidity, Investment Style and The Relation Between Fund Size and Fund Performance”, Journal of Financial and Quantitative Analysis, 43 (3), 741-767.
  • YERDELEN TATOĞLU. F.(2012), Panel Veri Ekonometrisi, Beta Yayımevi, İstanbul.
  • YÜCE, Gönül (2012), “Türkiye’de A Tipi Hisse Senedi Fonları Getirilerinin Mikro Belirleyicileri: Bir Zaman Serisi Analizi,” Süleyman Demirel Üniversitesi Dergisi, 17 (3), 283-300.
  • ZERA, S. and MADURA, J. (2001), “The empirical relationship between mutual fund size and operational efficiency”, Applied Financial Economics, 11(3), 243–251.
  • http://www.spk.gov.tr/apps/MutualFundsPortfolioValues/FundsInfosFP.aspx?ctype=E&submenuheader=0, Erişim Tarihi: 01.04.2013.
  • http://www.aegon.com.tr/tr/Ana-Sayfa/Urun-ve-Hizmetler/BireyselEmek
  • lilik-Urunleri/Bireysel-Emeklilik-Fonlari/, Erişim Tarihi:01.05.2013.
  • https://bes.anadoluhayat.com.tr/emeklilik/fon.jsp, Erişim Tarihi:01.05.2013.
  • http://www.akportfoy.com.tr/t/spk/ae1.asp, Erişim Tarihi:01.05.2013.
  • https://www.garantiemeklilik.com.tr/bireysel-emeklilik-fonlari-karsilastirma.aspx, Erişim Tarihi:01.05.2013.
  • http://www.groupama.com.tr/content.aspx?Id=10&ParentId=1&S=True&ContentId=193&Selected=&P_Id=193, Erişim Tarihi:01.05.2013.
  • https://vakifemeklilik.com.tr/Bireysel-Emeklilik/surekli-bilgilendirme.aspx, Erişim Tarihi:01.05.2013.
  • http://www.yapikrediemeklilik.com/content/emeklilik-yatirim-fonlari.aspx, Erişim Tarihi:01.05.2013.
  • http://www.egm.org.tr/weblink/BESgostergeler.htm,ErişimTarihi:23.04.2014
There are 59 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Hüseyin Dağlı This is me

Aykut Karakaya This is me

Esra Bulut This is me

Publication Date April 20, 2015
Published in Issue Year 2015 Issue: 14

Cite

APA Dağlı, H., Karakaya, A., & Bulut, E. (2015). EMEKLİLİK YATIRIM FONLARININ KARAKTERİSTİK ÖZELLİKLERİ VE PERFORMANSI: TÜRKİYE ÖRNEĞİ. Uluslararası İktisadi Ve İdari İncelemeler Dergisi(14). https://doi.org/10.18092/ijeas.28827

Cited By

BİREYSEL EMEKLİLİK SİSTEMİ YATIRIMLARININ GETİRİ ORANLARININ HESAPLANMASI: BİR VAKA ANALİZİ
Öneri Dergisi
Ergün KÜÇÜK
https://doi.org/10.14783/maruoneri.595060

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Address: Karadeniz Technical University Department of Economics Room Number 213  

61080 Trabzon / Turkey

e-mail : uiiidergisi@gmail.com