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Test of capital asset pricing model in Turkey
The Capital Asset Pricing Model, as the dominating capital market equilibrium model, has been previously tested by various researches in order to define the relationship between risk and return in different capital markets. The empirical test results show the strong support as well as the evidences against the CAPM. The CAPM is the actual issue of many debates in academic research since it continues to be widely used in practical portfolio management. This study has its aim to test the CAPM in order to determine the relationship between beta and returns in the Turkish capital market and the usefullness of beta as a single measure of a security risk. The test of the CAPM in this thesis has been conducted in both traditional and conditional way using the returns on securities listed on Istanbul Stock Exchange. Using the Fama and MacBeth (1973) three-step traditional approach which aims at testing the relationship between beta and return and whether the market risk premium is positive, has given us the result which shows the-insignificant relationship between risk (measured by beta) and return. We believe that the traditional test results have been biased due to the fact that the traditional test does not take into account the condition of positive and negative market excess returns. Therefore, we have splitted the up-market weeks and down-market weeks to conduct the conditional test according to the Pettengill et al. (1995) method. The statistically significant and consistent relationships between beta and returns have been found. The results also indicate that there is an inverse relationship between risk and returns in the periods when the market excess returns are negative. It has been found that the portfolios with higher betas have higher returns when the market risk premium is positive and lower returns when the market risk premium is negative. We have concluded that the systematic conditional relationship exists between beta and returns in the Turkish capital market. The overall evidence in this study indicates that beta is still a useful measure for risk for investors and portfolio managers to make investment decisions but the analysis should be made by means of the conditional model. Keywords: Capital asset pricing model; Market risk premium; Beta and return
Between tradition and liberalism: Identity crises in Henry James's "the ambassadors" and Halide Edib Adivar's "The Clown and His Daughter"
The central concern of this thesis is to explore the different and common ways in which two major novelists, who lived at the turn of the twentieth century, tackled the issue of cultural identity in their semi-autobiographical masterpiece novels, The Ambassadors (1903) and The Clown and His Daughter (1935). American Henry James and Turkish Halide Edib Adıvar are authors with unorthodox educational backgrounds and migrant lives. One is torn between America and ancestral Europe, the other oscillates between modern European and traditional Turkish culture. The duality of their main characters in both novels reflects the authors? own dilemmas. The representations of Europe and the responses of the characters in the two novels are no doubt quite different as the nature of the two cases differs. This study traces how the resolutions suggested by the novelists present another point of divergence between the two in that their main characters respond differently to conflicting forces. James?s protagonist, like the author himself, is able to achieve a synthesis whereas Adıvar?s protagonist, like the author, struggles continuously to place herself in one culture. I argue that the difference in degrees of cultural hybridity has its roots in the novelists? own positions as well as their countries?, which are directly related to the nature of each novelist?s crisis. The problem of East versus West engulfed Adıvar in a more problematic crisis than James?s individual trouble in situating himself between two Western cultures. That is why James explored personal problems (as a forerunner of the modernist movement) while Adıvar worked with socio-political issues. An analysis of these two literary figures from opposite sides of the Atlantic will enhance our assessment of identity crisis regardless of its origin. The two novelists as the forerunners of hybrid identities at the turn of the twentieth century will be investigated with close attention to their attempts to achieve harmony by de/reconstructing their sense of belongings to their cultural heritage. In this respect, Europe is the focus of this study as an inspiration for the countries on its opposing sides.
Parody of the academy in the novels of david lodge and malcolm bradbury
This thesis explores a comparison of two of the principal craftsmen of Modern BritishFiction, David Lodge and Malcolm Bradbury, whose works, as well as their lives, areimmensely interrelated and dialogic. My attention is devoted especially to the two authors'differing deployment of postmodernism and post-structuralist theory, as well as variants ofmore traditional devices such as parody, satire, and double imagery in a discourse aimed atcriticizing the academy by being seriously funny. I also underline both authors? contributioninto the academic novel with their representative works while keeping the development thissub-genre as a background to this study and analysing it according to the perceptions ofElaine Showalter in Faculty Towers: The Academic Novel and Its Discontents (2005).This study takes into consideration four novels by David Lodge: (The Picturegoers(1960), The British Museum is Falling Down (1965), Changing Places (1975), and SmallWorld (1984)) and three novels by Malcolm Bradbury namely Eating People is Wrong(1959), Stepping Westward (1965), The History Man (1975), and a novella titled Mensonge:My Strange Quest for Structuralism?s Hidden Hero (1987). During the course of the study, Iconsult and refer to various literary criticisms written by both authors as well as other theoriesof the major critics of literary theory but my utmost attention is on Mikhail Bakhtin?sconception of parody with means of having ?dualistic characteristics? that is directly linkedwith his idea of ?Carnival?.In my comparison of these two equally talented craftsmen, I concentrate on two mainpoints. My first point is to analyse both authors? treatment of the academy through theirimaginary characters that are mainly shaped as academics, who are pictured in an endlessquest for recognition and power. My second point is an attempt to reply Amanda Craig?swondering in her review of David Lodge?s Consciousness and the Novel (2002), ? ? why[David Lodge], unlike Bradbury, has not been knighted yet for his services to literature [for]he is the much better critic and novelist? (2).
The Fate of Innocence and Independence in the Corrupt European Society: A Study of Henry James's American Girls in Daisy Miller, The Portrait of a Lady, and The Wings of The Dove
In this thesis, in one novella and two novels by Henry James, namely Daisy Miller, ThePortrait of a Lady, and The Wings of the Dove, the innocent and the independent Americangirl?s predicament against conventional, patriarchal, and conservative Europe society of thelate nineteenth century and the early twentieth century, her free will against her fate, herimaginative desire, her love relations, and her subject position in the marriage institution arestudied.In this context, The American woman?s dilemma in the patriarchal processes of the corruptedEurope will be foregrounded in .Daisy Miller, The Portrait of a Lady, and The Wings of theDove by the readings of the feminist theoreticians of the period.
Self,intention and confession in "confessions","deliverance from error" and"circumfession"
The central concern of this thesis is to explore the different and similar ways in which three self writers (Augustine, Ghazali and Derrida), who lived in different times in history and belong to different religious traditions tackle the problems of ?self portrayal? and ?truth? in their confessional works: Confessions (397-398), Deliverance from Error (1090-1100) and Circumfession (1989-1990). The life stories seek to display the inner world and the intellectual concerns of their authors. Since the writers construct their stories on or around their respective belief systems and the role their beliefs play in the way they conceive of themselves, Christian, Sufi and Jewish mysticisms are discussed in a separate chapter of the thesis. In the chapters focusing on the texts of the authors, the similarities but mainly the differences in the way each writer approaches ?religion?, ?truth? and ?world? are discussed. The chapter on the Confessions analyzes Augustine?s self portrayal in the context of Augustine?s intentions and his commitment to Christianity. Here, the significance of God?s grace and other Christian dogma for Augustine are studied with references to the text. In the section on Ghazali?s Deliverance from Error discussions concentrate on the performative nature of Ghazali?s writing and the way his intention erases the private self of the writer and gives the readers an account of the struggles of a Sufi believer on the way to Truth. Derrida?s Circumfession is shown to be a multilayer text in which Augustine?s Confessions, Bennington?s Derridabase, Derrida?s own interpretations of these texts and his own life as a text are written and rewritten as supplements of one another.
An investigation of the market orientation of private hospitals in Turkey
The objective of this research is to identify the degree to which private hospitals in Turkey are marketing oriented. The research is based on the data generated from the fifteen private hospitals out of the 130 hospitals based in the Istanbul city region with the highest number of out patient according to the 2004 Annual Statistics of Ministry of Health. The research was conducted between April 2006 and May 2006. The study consists of a translated version of the questionnaire used by Naidu and Narayana (1991, Journal of Health Care Marketing) and an inquiry via email from a prospective customer. The questionnaire consist of 19 questions designed to identify activities correlated to market orientation. Results from the questionnaire, show three of the hospitals do not have a marketing department and none of the hospitals with a marketing department have more than six employees dedicated to marketing. Responses to the email inquiry identify how efficient the hospitals were in responding to a marketing opportunity. Results from the email responses show that three of the hospitals do not have a web page with an email address for questions. Of the remaining twelve hospitals, six did not reply to the email. Three of the hospitals gave satisfactory feedback with required information and three hospitals gave unsatisfactory feedback including cursory responses without substative information. Based on the feedback from the questionnaire and customer inquiry, it is concluded that the private hospitals in Turkey are not fully applying the market orientation. In addition to not prompting marketing as part of business through a dedicated department, hospitals are also missing specific opportunities to market to perspective customers.
A narrative of the life of Mrs. Charlotte Charke and the eighteenth century English society
This thesis seeks to display the struggles of the women of eighteenth century England to have a profession, a self and a life of their own. Charlotte Charke?s autobiography portrays these problems in ways which are on the one hand very contemporary (depicting the psychology and the socio-cultural and economic concerns of its writer), on the other very traditional and dated since it follows the eighteenth century male autobiographical writing practices, reflecting the artistic, religious, class and sexual biases of its age. Accordingly, the thesis first discusses the important aspects of autobiographical writing. It is followed by a brief panorama of the autobiographical practices from its origins till the eighteenth century. Then, it seeks to examine the ways in which the socio-cultural events of mid-eighteenth century have changed Charke?s life and contributed to her self-fashioning and the self we find in her autobiography. The changes that are mentioned and discussed are: a redefinition of the middle class and middle class consciousness, the value given to arts and letters, the decline of royal patronage, how bookseller-publishers replace the aristocracy in financing literary productions, the way women are perceived in eighteenth century English society, the split between the public and private spheres, and the rising levels of literacy and its effects on the education of women. By giving such a lengthy discussion of the eighteenth century English society, the thesis hopes to highlight the significance of Charlotte Charke?s autobiography in displaying the struggles of the women of her society to have a respectable self and a profession through which they can survive.
Liderlikte öykünün önemi
Yaşayan her canlının bir öyküsü vardır. Tarih boyunca çeşitli alanlarda öne çıkmış ve liderlik etmiş kişilerin öyküleri de onları diğer insanlardan ayıran önemli bir unsurdur. Burada ele alınması gereken önemli bir nokta şudur; öykü nasıl anlatılmaya başlanmış, nasıl şekillenmiş ve kahramana nasıl bir rol çizmiştir?Bu soruların yanıtı liderin kişilik özelliklerine, üstlendiği role, izleyenlerin kullandıkları metafor ve tepkilerine göre değişiklik gösterebilmektedir.Lider için öykü yaratmak aslında büyük resmi parça parça çizmek yani vizyon oluşturmaktır. Öykü geçmişten geleceğe bir yol izler ve bu yolun ulaşacağı nokta vizyondur. Öykünün anlatıcısı liderdir. Öykünün etkili bir anlatımla tekrar tekrar sunumu, aciliyet duygusu yaratır ve ikna işlevi yerine getirilmiş olur. Lider bu anlatımıyla heyecanı ve grup kimliğini yaratarak kollektif hayal gücünü ya da ortak kültürü oluşturan temel nedenleri sunar.Değişimin gerçekleşmesi ancak zorlama ile mümkün olur. Zorlama ise iki şekilde gerçekleşir. Birincisinde, davranışsal değişim dışsal bir zorlamayla oluşur. Zorlama ortadan kalktığında değişimin etkisi de sona erer. Çünkü zihniyet değişimi gerçekleşmemiştir. İkincisinde yani çift çevrimli öğrenmede ise temel olarak zihinsel modelde bir değişim gerçekleşir. Kalıcılık ve etkinlik açısından bu değişim daha önemlidir (Değirmenci, 2007). Bu nedenle liderler içsel zorlamayı sağlamak için duygularımıza hitap ederler. Duygularımız da düşüncelerimize yön verir.Lider ve öykü arasında sürekli olarak karşılıklı bir etkileşim vardır. Bazı durumlarda lider yarattığı öyküler aracılığıyla etkilenebilir çevresini genişletir. Ya da çevrenin kendisi için yarattığı öyküdeki rolü benimseyerek kendisi değişir.Ancak öykünün değişim yaratabilmesi için inandırıcı olması gerekir. Bu da tutarlılık ve gerçekçilik ile sağlanabilir. İnsanlar kişisel anlamda kendilerine yakın buldukları öykülere inanırlar. Önemli olan yaratılan ya da anlatılan öyküyü `onların öyküsü' yapabilmektir.Kimileri der ki; bireyler, kişiliklerinin özellikleri sayesinde toplumun kaderlerini etkileyebilmektedir. Bazen bu etki çok güçlü de olabilir. Bireyin kişiliği, ancak toplumsal ilişkilerin izin verdiği zaman ve ölçüde, toplumsal gelişmenin bir etkeni olur. Çöküş dönemlerinde ya da çatışmalı ortamlarda toplumu yönlendirecek insanların kimler olacağına dair net bir yöntem yoktur ve en çok da bu dönemde toplum beklenmedik insanlar tarafından yönlendirilmektedir.Tarih de söz konusu kişilerin tercihleriyle şekillenmektedir. Napolyon buna örnek olarak gösterilebilir (Aksu,2000).Bu tezde konu edilmiş ve edilmemiş diğer birçok liderin öyküleri aslında sıradan sayılabilecek şekilde başlamıştır. Zaman içinde farklı faktörlerin etkileşimi sonucu oluşan öykü onları başlangıçtan çok daha farklı yönlere sürükleyebilmiştir.Liderlikte öykü bireysel olduğu kadar toplumsaldır. Bu iki etki bir liderin doğuşunda ve yaşam döngüsünde karşılıklı etkileşim yaratacak, öyküyü şekillendirecek ve liderin rolünü tayin edecektir.
Magical realism in Toni Morrison's Beloved and Song of Solomon
This thesis examines magical realism in literature and its reflections on Toni Morrison?s two novels Beloved and Song of Solomon. As an African-American writer whose aim is to represent the reality of black people in America, Morrison not only narrates the realistic events and people but also ghosts, magical characters and extraordinary events. Combining rational stories that are considered as the reflections of her American heritage and magical ones that are derived from her African heritage, the author narrates the reality of African-Americans from different aspects.In the first part of the thesis the history and meaning of magical realism is explored. Then the movement is compared with other literary movements such as; realism, postmodernism, surrealism and the fantastic. The second part seeks to prove that there are magical realist elements in Morrison?s novels. In order to display the realistic events that have been recorded or experienced and the supernatural characters, events and myths in Morrison?s novels, the books are observed in details. Moreover, the narration of Morrison and the important themes of her novels are also emphasized.Finally, this thesis explains how and why Morrison uses magical realism in her two novels and suggests that through magical realism the writer portrays the expanded reality of African-Americans that is not only realistic but also magical.
Reflections of historiographic metadrama in Tom Stoppard's Travesties, Arcadia, Indian Ink and Invention of Love
With the emergence of postmodern theory, certainties about historical knowledge have been challenged in the second half of the twentieth century. This thesis seeks to demonstrate how postmodernism has contributed to contemporary drama by problematizing the narration of past events with the help of metadramatic techniques in Tom Stoppard?s plays. His plays portray this difficulty by drawing attention to the constructedness of both history and fiction by depicting unreliable characters as narrators of the past.Accordingly, the thesis first discusses the transformation of historiography and its reflections on historiographic metadrama. This part is followed by a brief survey of postmodernity together with its consequences in the world. Thus, it aims to display how certain opinions about the world have changed. In order to acknowledge these changes and their effects on contemporary drama, a general view of postmodernism is given together with major postmodern theorists. By using Travesties, Invention of Love, Indian Ink and Arcadia as primary texts, this thesis attempts to display the metadramatic elements that are applied in these texts. With the use of these metadramatic devices, this thesis also indicates that the reader?s role in creating the text is significant.By displaying the unreliable narrators as well as the intertextual allusions in these texts, this thesis aims to point out to the fictionality of the plays, and how they have become puzzle-like structures with the help of Tom Stoppard?s creative intellect.