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Prof. Dr. Ugur Soytas is the Head of Section for Climate Economics and Risk Management at the Department of Technology, Management, and Economics at the Technical University of Denmark. He is the co-editor of Energy Economics and the Routledge Handbook of Energy Economics. He is on the editorial boards of Sustainable Consumption and Production and Energy research Letters. He holds a BSc from METU, as well as an MBA and a PhD in economics from Texas Tech University. He has 8775 citations, an i-10 index of 48, and an h-index of 30 according to Google Scholar (26 December 2020). He is among the top 2% of scientists in the world.
The UNFCC on climate change specifies that all nations must follow the rule of ‘common’ with differentiation regarding their responsibilities for the protection of the global environmental system. Recently, the formulation and stability of the IEA have been increased in the literature by applying the concept of game theory to make the climate agreements successful at the national and the international level. This study provides a novel evolutionary game theoretic model of self-enforcing IEA to overcome the free rider problem. The fundamental difference between our paper and existing literature is that we examine enforcement within a model as IEA has a governing authority while the typical model of enforcement involves a government enforcing a rule that it has imposed. For this purpose, we assign countries into different grades according to their pollution levels, consider a combination of rewards and penalties, use replicator dynamics to derive the conditions for the population steady state, and examine how the proposed regulatory mechanism fares in this steady state. This framework enables us to avoid the free rider and renegotiation problems as well as the rationality assumption. We establish the condition for evolutionary stability. The global environmental problem is managed effectively as a reward-punishment scheme and the monitoring frequency of IEA fulfills this condition. Our results provide an allocation principal with stable conditions under which countries get more benefits by monitoring the IEA and stability of the grand coalition holds.
Muhammad Luqman; Ugur Soytas; Yafei Li; Najid Ahmad. Rewards and penalties in an evolutionary game theoretic model of international environmental agreements. Economic Research-Ekonomska Istraživanja 2021, 1 -20.
AMA StyleMuhammad Luqman, Ugur Soytas, Yafei Li, Najid Ahmad. Rewards and penalties in an evolutionary game theoretic model of international environmental agreements. Economic Research-Ekonomska Istraživanja. 2021; ():1-20.
Chicago/Turabian StyleMuhammad Luqman; Ugur Soytas; Yafei Li; Najid Ahmad. 2021. "Rewards and penalties in an evolutionary game theoretic model of international environmental agreements." Economic Research-Ekonomska Istraživanja , no. : 1-20.
In this study, we identify economic transmission channels through which changes in funding liquidity conditions in interbank markets asymmetrically affect volatilities of stock portfolios during the COVID-19 crisis. For the purpose of this study, the quantile regression approach is utilized. Controlling for macroeconomic factors, we document that volatilities of high-risk portfolios increase more in response to a deterioration in funding liquidity conditions compared to less risky portfolios. More importantly, this increase intensifies in high-volatility periods of high-risk portfolios, which implies the impact is stronger during uncertain economic environments, such as the one caused by the COVID-19 outbreak.
Baris Kocaarslan; Ugur Soytas. The Asymmetric Impact of Funding Liquidity Risk on the Volatility of Stock Portfolios during the COVID-19 Crisis. Sustainability 2021, 13, 2286 .
AMA StyleBaris Kocaarslan, Ugur Soytas. The Asymmetric Impact of Funding Liquidity Risk on the Volatility of Stock Portfolios during the COVID-19 Crisis. Sustainability. 2021; 13 (4):2286.
Chicago/Turabian StyleBaris Kocaarslan; Ugur Soytas. 2021. "The Asymmetric Impact of Funding Liquidity Risk on the Volatility of Stock Portfolios during the COVID-19 Crisis." Sustainability 13, no. 4: 2286.
This paper investigates the effects of Covid-19 outbreak on Turkish gasoline consumption by employing a unique data set of daily data covering the 2014-2020 period. Forecast performance of benchmark ARIMA models are evaluated for both before and after the outbreak. Even the best-fit model forecasts fail miserably after the Covid-19 outbreak. Adding volatility improves forecasts. Consumption volatility increases due to the outbreak. Policies targeting volatility can reduce adverse impacts of similar shocks on market participants, tax revenues, and vulnerable groups.
Bekir Oray Güngör; H. Murat Ertuğrul; Uğur Soytaş. Impact of Covid-19 outbreak on Turkish gasoline consumption. Technological Forecasting and Social Change 2021, 166, 120637 .
AMA StyleBekir Oray Güngör, H. Murat Ertuğrul, Uğur Soytaş. Impact of Covid-19 outbreak on Turkish gasoline consumption. Technological Forecasting and Social Change. 2021; 166 ():120637.
Chicago/Turabian StyleBekir Oray Güngör; H. Murat Ertuğrul; Uğur Soytaş. 2021. "Impact of Covid-19 outbreak on Turkish gasoline consumption." Technological Forecasting and Social Change 166, no. : 120637.
We analyze the effect of the COVID-19 outbreak on volatility dynamics of the Turkish diesel market. We observe that a high volatility pattern starts around mid-April, 2020 and reaches its peak on 24/05/2020. This is due to the government imposed weekend curfews and bans on intercity travels. Two policy suggestions are provided. First is a temporary rearrangement of profit margins of dealers and liquid fuel distributors; and, second is a temporary tax regulation to compensate lost tax revenue.
H. Murat Ertuğrul; B. Oray Güngör; Uğur Soytaş. The Effect of the COVID-19 Outbreak on the Turkish Diesel Consumption Volatility Dynamics. Energy RESEARCH LETTERS 2020, 1, 17496 .
AMA StyleH. Murat Ertuğrul, B. Oray Güngör, Uğur Soytaş. The Effect of the COVID-19 Outbreak on the Turkish Diesel Consumption Volatility Dynamics. Energy RESEARCH LETTERS. 2020; 1 (3):17496.
Chicago/Turabian StyleH. Murat Ertuğrul; B. Oray Güngör; Uğur Soytaş. 2020. "The Effect of the COVID-19 Outbreak on the Turkish Diesel Consumption Volatility Dynamics." Energy RESEARCH LETTERS 1, no. 3: 17496.
We examine the effect of stock market development (SMD) on the low-carbon economy (LCE). We consider two channels, renewable energy and technological innovation by which this affect occurs. We use the cross-sectional autoregressive distributed lags (CS-ARDL) approach to analyse panel time-series data over the period 1980–2016 for European Union member countries. We demonstrate that SMD impedes LCE in the long run. In contrast, technological innovation (TI) is found to be a driving factor in achieving LCE in the long run. Our results also support the argument that renewable energy consumption and production enhance LCE. Stock market development fosters LCE through the channels of renewable energy and technological innovation. Overall results are robust to the conditions of short- and long-run homogeneity and the cross-sectional dependence in the sample. Our results pose important policy implications.
Veton Zeqiraj; Kazi Sohag; Ugur Soytas. Stock market development and low-carbon economy: The role of innovation and renewable energy. Energy Economics 2020, 91, 104908 .
AMA StyleVeton Zeqiraj, Kazi Sohag, Ugur Soytas. Stock market development and low-carbon economy: The role of innovation and renewable energy. Energy Economics. 2020; 91 ():104908.
Chicago/Turabian StyleVeton Zeqiraj; Kazi Sohag; Ugur Soytas. 2020. "Stock market development and low-carbon economy: The role of innovation and renewable energy." Energy Economics 91, no. : 104908.
This study analyzes price and volatility transmissions between nineteen real estate investment trusts (REITs) and the oil markets. The REITs data represents a variety of countries at different stages of their development and the expanded analytical approach includes accounting for structural shifts as gradual processes – as opposed to strictly abrupt processes typically assumed in the literature. Oil prices are found to primarily predict REITs prices in mature REITs markets, but the feedback from REITs to oil prices is weak. From the perspective of volatility, strong evidence of bidirectional transmission in majority of the markets is observed. Our results are in general robust to a shorter common sample period of the various countries. This study further demonstrates the importance of accounting for gradual (smooth) structural shifts for price transmission analysis.
Saban Nazlioglu; Rangan Gupta; Alper Gormus; Ugur Soytas. Price and volatility linkages between international REITs and oil markets. Energy Economics 2020, 88, 104779 .
AMA StyleSaban Nazlioglu, Rangan Gupta, Alper Gormus, Ugur Soytas. Price and volatility linkages between international REITs and oil markets. Energy Economics. 2020; 88 ():104779.
Chicago/Turabian StyleSaban Nazlioglu; Rangan Gupta; Alper Gormus; Ugur Soytas. 2020. "Price and volatility linkages between international REITs and oil markets." Energy Economics 88, no. : 104779.
This study examines the dynamic interrelationships among financial development, energy consumption, and economic growth in emerging markets by focusing on accounting for structural changes in causal linkages. We first employ the Toda-Yamamoto causality framework and then augment it with a Fourier approximation which captures structural shifts as a gradual/smooth process. The empirical findings show that taking into account gradual structural shifts matters for the causal linkages between financial development and energy consumption. While the causality analysis which does not account for structural changes supports a causality between financial development and energy consumption only in 4 out of 21 emerging markets, the causality analysis with structural changes provides a causal linkage in half of the sample. This finding is consistent with the fact that emerging markets have experienced structural changes in either finance or energy sectors or both. We also conduct additional analyses which point out that cross-sectional dependency and the quantiles of the distribution matter for the causal linkages. Our results further shed light on the evidence that the economic activity mainly causes the financial development and energy consumption at the highest quantile of distribution in the fast-growing emerging economies.
Dilek Durusu-Ciftci; Ugur Soytas; Saban Nazlioglu. Financial development and energy consumption in emerging markets: Smooth structural shifts and causal linkages. Energy Economics 2020, 87, 104729 .
AMA StyleDilek Durusu-Ciftci, Ugur Soytas, Saban Nazlioglu. Financial development and energy consumption in emerging markets: Smooth structural shifts and causal linkages. Energy Economics. 2020; 87 ():104729.
Chicago/Turabian StyleDilek Durusu-Ciftci; Ugur Soytas; Saban Nazlioglu. 2020. "Financial development and energy consumption in emerging markets: Smooth structural shifts and causal linkages." Energy Economics 87, no. : 104729.
This paper examines the free rider problem that exists in the joint effort to mitigate climate change. There is a need to develop a model that is stable and that provides evidence of an objective burden sharing rule so that the environmental agreement is more acceptable. This study approaches this problem via a cooperative game at the global level to make International Environmental Agreements (IEA) more stable. For this purpose, we apply the Shapley value transfer mechanism and find that under the commitment scenario, some regions attain the maximum benefits by joining the coalition. Shapley value transfer improves the coalition size and increases the global benefits at a certain level of abatement under perfect cooperation. Imperfect cooperation leads to lower levels of global benefits. Our findings offer new implications on how to improve the international cooperation for climate change. Commitments by major regions could activate the IEA (e.g., Paris agreement) efficiently. For the maximum global response to climate change, the national governments must reformulate and implement policies to meet their intended nationally determined contributions (INDCs). The results of this study also help the national governments to set their implementation priorities to implement the Paris Accord at global level.
Muhammad Luqman; Ugur Soytas; Sui Peng; Shaoan Huang. Sharing the costs and benefits of climate change mitigation via Shapley value. Environmental Science and Pollution Research 2019, 26, 33157 -33168.
AMA StyleMuhammad Luqman, Ugur Soytas, Sui Peng, Shaoan Huang. Sharing the costs and benefits of climate change mitigation via Shapley value. Environmental Science and Pollution Research. 2019; 26 (32):33157-33168.
Chicago/Turabian StyleMuhammad Luqman; Ugur Soytas; Sui Peng; Shaoan Huang. 2019. "Sharing the costs and benefits of climate change mitigation via Shapley value." Environmental Science and Pollution Research 26, no. 32: 33157-33168.
There is an ongoing debate on how oil prices affect the stock prices of clean energy companies. We contribute to this debate by questioning the possibility of asymmetric linkages between oil prices, interest rates, and the stock prices of clean energy and technology firms. Using a recently developed approach (nonlinear auto-regressive distributed lag (NARDL) model), we document that ignoring the presence of nonlinearities leads to misleading results. The analyses reveal significant asymmetric effects among the variables of interest. Our findings suggest that the impacts of positive and negative changes in the oil prices, interest rates and technology stock prices on clean energy stock prices substantially vary in the short-and long-run. More specifically, our results point out that the increased investments in clean energy stocks appear to be due to speculative attacks along with an increase in oil prices in the short-run. But, in the long-run, the increased oil price has a negative impact on clean energy stock prices and this impact is asymmetric. Last but not least, the results also emphasize the importance of business cycle fluctuations for the clean energy stock performance in the long-run. The implications of this paper are noteworthy for energy economists, policymakers, and investors in the energy and financial markets.
Baris Kocaarslan; Ugur Soytas. Asymmetric pass-through between oil prices and the stock prices of clean energy firms: New evidence from a nonlinear analysis. Energy Reports 2019, 5, 117 -125.
AMA StyleBaris Kocaarslan, Ugur Soytas. Asymmetric pass-through between oil prices and the stock prices of clean energy firms: New evidence from a nonlinear analysis. Energy Reports. 2019; 5 ():117-125.
Chicago/Turabian StyleBaris Kocaarslan; Ugur Soytas. 2019. "Asymmetric pass-through between oil prices and the stock prices of clean energy firms: New evidence from a nonlinear analysis." Energy Reports 5, no. : 117-125.
The rate of climate change due to global warming has become a substantial concern and appeared as a real-world phenomenon in the recent years. However, it is imperative to know how business enterprises alter such concern. Recent studies involve a variety of firm-level factors to create a robust link between business enterprises' environmental and financial performance. However, little is known regarding the role of research and development (R&D) investment on firms' environmental performance. Using a firm-level data for the period 2004–2016 from G-6 countries, this study empirically investigates how R&D investment affects the firm environmental performance measured by energy and carbon emissions intensities. We find that R&D investment improves the firm's environmental performance consistent with the theoretical argument of natural resource-based view (NRBV). Our findings are robust to alternative econometric specifications, alternative variable specifications, and sub-samples. Our findings offer novel insights to the policymakers, business managers, and regulators.
Samsul Alam; Muhammad Atif; Chu Chien-Chi; Uğur Soytaş. Does corporate R&D investment affect firm environmental performance? Evidence from G-6 countries. Energy Economics 2018, 78, 401 -411.
AMA StyleSamsul Alam, Muhammad Atif, Chu Chien-Chi, Uğur Soytaş. Does corporate R&D investment affect firm environmental performance? Evidence from G-6 countries. Energy Economics. 2018; 78 ():401-411.
Chicago/Turabian StyleSamsul Alam; Muhammad Atif; Chu Chien-Chi; Uğur Soytaş. 2018. "Does corporate R&D investment affect firm environmental performance? Evidence from G-6 countries." Energy Economics 78, no. : 401-411.
Beyza Mina Ordu; Adil Oran; Ugur Soytas. Is food financialized? Yes, but only when liquidity is abundant. Journal of Banking & Finance 2018, 95, 82 -96.
AMA StyleBeyza Mina Ordu, Adil Oran, Ugur Soytas. Is food financialized? Yes, but only when liquidity is abundant. Journal of Banking & Finance. 2018; 95 ():82-96.
Chicago/Turabian StyleBeyza Mina Ordu; Adil Oran; Ugur Soytas. 2018. "Is food financialized? Yes, but only when liquidity is abundant." Journal of Banking & Finance 95, no. : 82-96.
Saban Nazlioglu; Alper Gormus; Ugur Soytas. Oil Prices and Monetary Policy in Emerging Markets: Structural Shifts in Causal Linkages. Emerging Markets Finance and Trade 2018, 55, 105 -117.
AMA StyleSaban Nazlioglu, Alper Gormus, Ugur Soytas. Oil Prices and Monetary Policy in Emerging Markets: Structural Shifts in Causal Linkages. Emerging Markets Finance and Trade. 2018; 55 (1):105-117.
Chicago/Turabian StyleSaban Nazlioglu; Alper Gormus; Ugur Soytas. 2018. "Oil Prices and Monetary Policy in Emerging Markets: Structural Shifts in Causal Linkages." Emerging Markets Finance and Trade 55, no. 1: 105-117.
Social acceptance is critical to the market penetration of new products and technologies as well as the successful implementation of policies, including those concerning energy demand. The hydraulic fracturing technique employed in the development of shale gas has been followed by controversy and this has resulted in the emergence of heterogeneity in attitudes toward the process. This review-based perspective surveys selected contributions of psychology to the literature on social acceptance. While not comprehensive, it aims to identify the factors that determine the acceptance of shale gas development. The proposed model for understanding acceptance encompasses the factors: perceived benefits, risks and costs, procedural and distributional fairness, trust, outcome efficacy, problem perception, knowledge and experience. The study then discusses adequate means of modulating distinguished responses to the same impulse and proposes information provision as an effective methodology. This has become a viable option because survey data and numerous opinion polls have underlined the deficiency of knowledge and the lack of a clear understanding of the risks associated with and benefits to be derived from shale gas development. Moreover, unlike experience, that is much more difficult to regulate, knowledge provides us with three channels namely the source, content and means of communication that allow for spatial divergences in policymaking.
Dilge G. Kânoğlu; Uğur Soytaş. The Impact of Information Provision on the Social Acceptance of Shale Gas Development: A Review-Based Inclusive Model. Frontiers in Energy Research 2018, 6, 1 .
AMA StyleDilge G. Kânoğlu, Uğur Soytaş. The Impact of Information Provision on the Social Acceptance of Shale Gas Development: A Review-Based Inclusive Model. Frontiers in Energy Research. 2018; 6 ():1.
Chicago/Turabian StyleDilge G. Kânoğlu; Uğur Soytaş. 2018. "The Impact of Information Provision on the Social Acceptance of Shale Gas Development: A Review-Based Inclusive Model." Frontiers in Energy Research 6, no. : 1.
Photovoltaic (PV) technology has reached a competitive level owing to high learning rate and technological advance. It is now a feasible technology however its feasibility varies with many parameters such as: location where PV Power Plant (PV PP) is installed, its technology, economic and social state of the country and even the unpredictable future events. In short, it depends on the cost and revenue and so the legislation, incentives, market situation, climate of the location together with solar irradiation exposure. This study questions the differences in the feasibilities of PV PP installments in two Turkish cities by using Economic Feasibility Concept (EFC) a concept developed by the authors of this study. EFC includes the calculations of newly defined parameters: levelized revenue of electricity (LROE), levelized profitability of electricity (LPOE) and net feasibility measure (NFM). They are analyzed together with the well-known parameter levelized cost of electricity (LCOE). A 1 MWs of PV PP is simulated in two cities Antalya and Ordu, and its feasibility dependence on the location is determined. The results of economics feasibility analysis yield NFM result of 2.10 for Antalya while a quite low value of 1.43 has been determined for Ordu. Consequently, it can be inferred that going from North to South NF increases; in any case however, North (Ordu) is also feasible while South (Antalya) is highly feasible.
Abdullah Bugrahan Karaveli; Bulent G. Akinoglu; Ugur Soytas. Measurement of Economic Feasibility of Photovoltaic Power Plants - Application to Turkey. 2018 International Conference on Photovoltaic Science and Technologies (PVCon) 2018, 1 -4.
AMA StyleAbdullah Bugrahan Karaveli, Bulent G. Akinoglu, Ugur Soytas. Measurement of Economic Feasibility of Photovoltaic Power Plants - Application to Turkey. 2018 International Conference on Photovoltaic Science and Technologies (PVCon). 2018; ():1-4.
Chicago/Turabian StyleAbdullah Bugrahan Karaveli; Bulent G. Akinoglu; Ugur Soytas. 2018. "Measurement of Economic Feasibility of Photovoltaic Power Plants - Application to Turkey." 2018 International Conference on Photovoltaic Science and Technologies (PVCon) , no. : 1-4.
In this paper, we investigate the role of open interest, trading volume and trading positions of trader groups on volatility spillover between futures and spot markets of two major commodities; oil and gold during the last two decades. The initial analysis including only spot and futures markets imply that the relationship is bi-directional for crude oil, and uni-directional for gold. Though, including open interest and trading volume enrich our results indicating open interest and spot markets are closely connected and trading volume provide cross-market information, which might suggest investors investing in both commodities make these markets informationally connected. Given the increasing presence of institutional investors in commodity markets during the sample period, we also check whether speculators lead to excess volatility in futures market as financialization proponents argue. Findings depict that actually the spillover is from futures market to speculators’ positions implying volatility in commodity markets is not attributable to speculators in the last two decades.
Beyza Mina Ordu-Akkaya; Ecenur Ugurlu-Yildirim; Ugur Soytas. The role of trading volume, open interest and trader positions on volatility transmission between spot and futures markets. Resources Policy 2018, 61, 410 -422.
AMA StyleBeyza Mina Ordu-Akkaya, Ecenur Ugurlu-Yildirim, Ugur Soytas. The role of trading volume, open interest and trader positions on volatility transmission between spot and futures markets. Resources Policy. 2018; 61 ():410-422.
Chicago/Turabian StyleBeyza Mina Ordu-Akkaya; Ecenur Ugurlu-Yildirim; Ugur Soytas. 2018. "The role of trading volume, open interest and trader positions on volatility transmission between spot and futures markets." Resources Policy 61, no. : 410-422.
This study examines the price-level and volatility impacts of oil prices on energy mutual funds (EMFs). We also examine specific fund characteristics which might influence those interactions. We test for volatility transmission between the oil prices and the funds in our sample. Later, we test to see which fund characteristics impact these volatility interactions. Our results show oil price movements lead majority of sample EMFs. We also find a volatility feedback relationship with most of our sample. Furthermore, we show the fund characteristics to be important indicators of these interactions. Morningstar rating, market capitalization and management tenure are found to be significant drivers of the relationships between EMFs and oil prices. To our knowledge, there is not a study in literature which examines these relationships.
Alper Gormus; John David Diltz; Ugur Soytas. Energy mutual funds and oil prices. Managerial Finance 2018, 44, 374 -388.
AMA StyleAlper Gormus, John David Diltz, Ugur Soytas. Energy mutual funds and oil prices. Managerial Finance. 2018; 44 (3):374-388.
Chicago/Turabian StyleAlper Gormus; John David Diltz; Ugur Soytas. 2018. "Energy mutual funds and oil prices." Managerial Finance 44, no. 3: 374-388.
The objective of this paper is to explore the determining factors behind financial contagion between US and BRIC (Brazil, Russia, India, and China) equity markets. To this end, we investigate the effects of global macroeconomic factors on the time‐varying correlations among these markets obtained by asymmetric dynamic conditional correlation method. Utilizing quantile regression analysis, we examine the determinants of financial contagion at different levels of time‐varying correlations. The results of quantile regression analyses reveal that global financial crisis (GFC) (2008) leads to changes in the dependence structure between dynamic conditional correlations among equity markets and global macroeconomic factors, such as global financial stress, oil prices, and gold prices. Following the GFC, monetary, and fiscal policy changes in the BRIC markets and hence changing macroeconomic risks of these markets are conducive to these changes. Our findings also demonstrate the importance of cross‐market rebalancing channel for information transmission across US and BRIC markets.
Baris Kocaarslan; Ugur Soytas; Ramazan Sari; Ecenur Ugurlu. The Changing Role of Financial Stress, Oil Price, and Gold Price in Financial Contagion among US and BRIC Markets. International Review of Finance 2018, 19, 541 -574.
AMA StyleBaris Kocaarslan, Ugur Soytas, Ramazan Sari, Ecenur Ugurlu. The Changing Role of Financial Stress, Oil Price, and Gold Price in Financial Contagion among US and BRIC Markets. International Review of Finance. 2018; 19 (3):541-574.
Chicago/Turabian StyleBaris Kocaarslan; Ugur Soytas; Ramazan Sari; Ecenur Ugurlu. 2018. "The Changing Role of Financial Stress, Oil Price, and Gold Price in Financial Contagion among US and BRIC Markets." International Review of Finance 19, no. 3: 541-574.
Alper Gormus; Saban Nazlioglu; Ugur Soytas. High-yield bond and energy markets. Energy Economics 2018, 69, 101 -110.
AMA StyleAlper Gormus, Saban Nazlioglu, Ugur Soytas. High-yield bond and energy markets. Energy Economics. 2018; 69 ():101-110.
Chicago/Turabian StyleAlper Gormus; Saban Nazlioglu; Ugur Soytas. 2018. "High-yield bond and energy markets." Energy Economics 69, no. : 101-110.
This study evaluates the impacts of energy markets on emerging market mutual funds (EMMFs). In particular, we investigate the volatility transmission between these funds and the oil and natural gas prices. The findings suggest significant risk spillover from the energy markets to EMMFs. Furthermore, we find a large number of EMMFs’ risk transmitting to oil prices and almost all of the EMMFs’ risk transmitting to natural gas prices. By dividing the sample into two (before and after 2008), we find the EMMFs’ influence on the oil market decreasing after this turbulent period. Our results have important implications for mutual fund managers and investors.
Bradley T. Ewing; Alper Gormus; Ugur Soytas. Risk Transmission from Oil and Natural Gas Futures to Emerging Market Mutual Funds. Emerging Markets Finance and Trade 2017, 54, 1827 -1836.
AMA StyleBradley T. Ewing, Alper Gormus, Ugur Soytas. Risk Transmission from Oil and Natural Gas Futures to Emerging Market Mutual Funds. Emerging Markets Finance and Trade. 2017; 54 (8):1827-1836.
Chicago/Turabian StyleBradley T. Ewing; Alper Gormus; Ugur Soytas. 2017. "Risk Transmission from Oil and Natural Gas Futures to Emerging Market Mutual Funds." Emerging Markets Finance and Trade 54, no. 8: 1827-1836.
The policy transition process of any subject has mainly 4 consecutive steps to implement: making the policy decision, forming the amendments and new legislations, defining the incentives and starting the investments. Then, the amount of these investments and their turnovers reveal whether the sector has grown successfully and sustainably. Consequently, forming reliable and effective amendments, legislation and incentives is the key for the success of any policy. Solar electricity market in the trade of electricity production via the renewable energy policy transition is a good example and barometer for the importance and success of policy making processes, especially after the new legislations and incentives. Thus, the question arises on whether a country having less solar radiation and stronger incentives performs better than a country having abundant resources but inefficient legislation or vice versa. When the global success stories and good practices on solar energy are analyzed, it is comprehended that they are achieved by the countries whose legislation and incentives are defined in the most reliable and fastest way possible. Subsequently, both the solar market and industrial growth are directed by the quality of legislation and incentives, mainly the feed-in tariff schemes. Others are the easiness of the bureaucracy by minimizing the paper works and lowering the soft costs of projects. All make the solar electricity sector much more competitive and widespread. This study analyzes the effect of the improvement of legislation and incentives on the maturation of Turkish solar electricity sector and the link between the growth of the sector and proper legislation and incentives practices. Necessary amendments are done as needed using the feed-back obtained from the practice in the field. As the frequency of the amendments to form better legislations increased, the amount of installed power has increased too. Moreover, the number of the industrial plants manufacturing PV modules has increased with a similar trend. This study checks the scope of this relation by questioning whether it is worldwide or depends on any other sui-generis situations of specific countries. As a result, it can also be argued that the major catalyzer of PV market expansion and industry development in Turkey is the strong, usable and to-the-point legislative and incentive schemes in parallel with global best practices.
Abdullah Bugrahan Karaveli; Ugur Soytas; Bulent G. Akinoglu. The Role of Legislations and Incentives in the Growth of a PV Market in a Developing Country. 2017 International Renewable and Sustainable Energy Conference (IRSEC) 2017, 1 -6.
AMA StyleAbdullah Bugrahan Karaveli, Ugur Soytas, Bulent G. Akinoglu. The Role of Legislations and Incentives in the Growth of a PV Market in a Developing Country. 2017 International Renewable and Sustainable Energy Conference (IRSEC). 2017; ():1-6.
Chicago/Turabian StyleAbdullah Bugrahan Karaveli; Ugur Soytas; Bulent G. Akinoglu. 2017. "The Role of Legislations and Incentives in the Growth of a PV Market in a Developing Country." 2017 International Renewable and Sustainable Energy Conference (IRSEC) , no. : 1-6.