Browsing by Author "Göktan, Mehmet Gökhan"

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Citation Count: 0
Insider trading on Ottoman sovereign default: The Ottoman General Debt Bond at European and Istanbul financial markets
(Academic Press inc Elsevier Science, 2022) Hanedar, Avni Onder; Hanedar, Elmas Yaldiz; Goktan, Mehmet Gokhan; Ekonomi ve Finans / Economy and Finance
Using efficient market hypothesis and structural break frameworks, this paper examines insider trading during the Ottoman sovereign default, as historical narratives claim information leakage. If the narratives were true, informed traders would sell the Ottoman government's bonds to avoid excessive losses before the default, creating a negative price shock in case of market inefficiency. This paper employs the Ottoman General Debt Bond prices in Istanbul, London, and Paris compiled from Ottoman and European newspapers. The results do not confirm price shocks just before the sovereign default announcement. Thus, investors seem to have anticipated the default before its official declaration.
Citation Count: 5
On the explanation of the Lucas Paradox
(Elsevier Science Sa, 2015) Goktan, Mehmet Gokhan; Ekonomi ve Finans / Economy and Finance
This paper demonstrates that institutional quality provides a full explanation to the Lucas Paradox when country heterogeneity is controlled. Furthermore, in terms of the explanation of the paradox, quantile regression estimates reveal that foreign flows are driven by theoretical explanations at the lower tail, despite that they are significantly affected by growth prospects towards the higher tail. (C) 2015 Elsevier B.V. All rights reserved.