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1. Comparative Analysis of Hedge Funds and Mutual Funds RiskAdjusted Performances

Author:
Engin Avcı and Hind Benmahi
Publication Date:
07-2023
Content Type:
Journal Article
Journal:
AURUM Journal of Social Sciences
Institution:
Altinbas University
Abstract:
Collective investment schemes have been utilizing distinct investment strategies to exploit opportunities offered by the financial markets. Among the alternative collective investment schemes, hedge funds and mutual funds have been attracting great interest. The objective of this study is to compare the risk-adjusted performance of hedge fund strategies with mutual funds strategies. The hedge fund indexes and mutual funds indexes, which are calculated by different database providers are utilized for this purpose. In this study, the indexes from three database providers (Eurekahedge, Credit Suisse, Center for International Securities and Derivatives Markets (CISDM)) are analyzed for the 2008-2021 period using distinct performance measurement metrics as Alpha based on the Capital Asset Pricing Model (CAPM), the Sharpe ratio and Sortino ratio; moreover, the MSCI World index has been taken as a benchmark. The findings demonstrated that the majority of hedge fund indices performed better than the benchmark MSCI World and provide better risk-adjusted performance than mutual funds.
Topic:
Economy, Mutual Funds, Investment, and Hedge Funds
Political Geography:
Global Focus

2. An Evaluatıon Model Based On Sustaınable Development For The Istanbul Shoppıng Center Market

Author:
Dursun Onur İlhan and Ali Murat Ferman
Publication Date:
12-2019
Content Type:
Journal Article
Journal:
AURUM Journal of Social Sciences
Institution:
Altinbas University
Abstract:
Istanbul shopping center market is currently facing considerable internal and external socioeconomic challenges. After the recent shopping center investment rush, problems (not only in the commercial sphere, but also in social and environmental spheres) have become more visible. In this study, an evaluative multi factor model for the Istanbul market that is based on the principles of “sustainable development” has been put forward. After the identification of the three major pillars (i.e. Commercial, Social and Environmental Pillars), what they mean for the shopping center business and their industry-related sub-factors (three for each pillar, nine in total) through literature review, valuable primary data has been gathered from two sources. First source is the face-to-face surveys based on the analytical hierarchy process model (AHP) conducted with the top decision-makers of twenty-one out of twenty-five members of the Council of Shopping Centers – Turkey (AYD) which have at least one self-developed Istanbul shopping center. The pre-determined pillars and subfactors have been offered to AYD participants for pair-wise comparison and they strongly prioritized the Commercial Pillar (with 58.1%) above Social and Environmental Pillars. In the light of this outcome, a second primary research layer in the form of an expert panel to re-think the commercial stance of AYD participants is conducted. Accordingly, structured face-to-face interviews that contained two open-ended questions are realized with three sustainability experts. Their insights are in line with the findings of the literature review. This has led to assigning ethical protection to the Social and Environmental Pillars of the model against the risks created by the commercial practices.
Topic:
Sustainable Development Goals, Investment, Decision-Making, and Shopping Centers
Political Geography:
Turkey, Middle East, and Istanbul

3. The Problematic of Savings: The Case of Turkey as an Emerging Market Economy

Author:
Emre Alkin
Publication Date:
07-2016
Content Type:
Journal Article
Journal:
AURUM Journal of Social Sciences
Institution:
Altinbas University
Abstract:
This study provides an analysis on the course of private savings in Turkish economy, which are considered to be the primary source of sustainable growth and development. It also discusses the way how growth model adopted by Turkey regulates the relationship between Public Expenditure, Taxes and Private Savings. Based on the results obtained from this analysis, it has been concluded that ever expanding public sector has a negative impact on private savings. As a long term solution, modifying or replacing the current growth model has been ofered. As a short term ofer, there is need to regulate the revenues and expenditures of all public institutions including the Central Government Budget with the support of the legislative authorities to eliminate the negative impact in question.
Topic:
Markets, Budget, Economy, Economic Growth, Tax Systems, Investment, and Public Spending
Political Geography:
Turkey and Middle East