Do the Depository Banks in Borsa Istanbul Corporate Governance Index Have Better Market Performance Following Their Entry to the Index
Bibliographic record
Abstract
The aim of the paper is to examine whether market performances of the depository banks in Borsa Istanbul Corporate Governance Index (BIST XKURY) have changed following their entry to the Index. Mann Whitney U tests on quarterly data, from the third quarter of 2007 to the third quarter of 2013, of five incumbent banks in the Index reveal that with the exception of two largest banks, market values of the banks and overall sample have not changed in the indexed period. With the exception of one bank, however, market to book values of all banks and overall sample have declined in the period. There is no change in the price to earnings ratio for overall sample. The findings indicate that owners’ equity values of the banks have improved, however, those improvements have not fully been reflected as due increase on the market prices. The widespread observation of banking panics around the globe that intensified around 2010s might be a reason leading investors to display cautious attitude in pricing betterments on balance sheets. Keywords: Borsa Istanbul, Corporate Governance Index, Banking Sector, Market Based Ratios, Mann Whitney U Test.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.011 | 0.001 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.001 |
| Science and technology studies | 0.001 | 0.000 |
| Scholarly communication | 0.000 | 0.001 |
| Open science | 0.001 | 0.000 |
| Research integrity | 0.000 | 0.001 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".