Latif Cem Osken, Ceylan Onay and Gözde Unal
This paper aims to analyze the dynamics of the security lending process and lending markets to identify the market-wide variables reflecting the characteristics of the stock…
Abstract
Purpose
This paper aims to analyze the dynamics of the security lending process and lending markets to identify the market-wide variables reflecting the characteristics of the stock borrowed and to measure the credit risk arising from lending contracts.
Design/methodology/approach
Using the data provided by Istanbul Settlement and Custody Bank on the equity lending contracts of Securities Lending and Borrowing Market between 2010 and 2012 and the data provided by Borsa Istanbul on Equity Market transactions for the same timeframe, this paper analyzes whether stock price volatility, stock returns, return per unit amount of risk and relative liquidity of lending market and equity market affect the defaults of lending contracts by using both linear regression and ordinary least squares regression for robustness and proxying the concepts of relative liquidity, volatility and return constructs by more than variable to correlate findings.
Findings
The results illustrate a statistically significant relationship between volatility and the default state of the lending contracts but fail to establish a connection between default states and stock returns or relative liquidity of markets.
Research limitations/implications
With the increasing pressure for clearing security lending contracts in central counterparties, it is imperative for both central counterparties and regulators to be able to precisely measure the risk exposure due to security lending transactions. The results gained from a limited set of lending transactions merit further studies to identify non-borrower and non-systemic credit risk determinants.
Originality/value
This is the first study to analyze the non-borrower and non-systemic credit risk determinants in security lending markets.
Details
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Olca Surgevil and Evrim Mayaturk Akyol
In this study, the aim is to put emphasis on a specific discrimination area that is evaluated both as a disability and a diversity dimension. Human immunodeficiency virus/acquired…
Abstract
Purpose
In this study, the aim is to put emphasis on a specific discrimination area that is evaluated both as a disability and a diversity dimension. Human immunodeficiency virus/acquired immune deficiency syndrome (HIV/AIDS) disease should be considered beyond the scope of health as a social issue. However, the main purpose of the study is to determine the influence of information levels on HIV/AIDS on attitudes and views towards people living with HIV/AIDS (PLHIV) in work life. Therefore, the objective of this paper is to assess this influence by means of a pilot study. Additionally, one of the basic assumptions of the study is that career and identity developments of PLHIV will be positive as a result of the increase in knowledge amongst human resource (HR) managers and career counselors about HIV and PLHIV.
Design/methodology/approach
Disinformation about HIV/AIDS may cause stigmatization and discrimination. Thus, this paper seeks to indicate the effects and results of the discrimination and tries to create awareness. Consequently, discrimination against PLHIV in work life is emphasized in the study in parallel with the information levels related to the disease. Additionally, survey technique is used on the sample of HR employees and managers who are members of The Association of HR Managers (PERYON).
Findings
The paper finds that 50 percent of the respondents stated that it was right to request a HIV test whereas 36 percent of them declared that it was not right. The respondents' information level about the transmission of HIV was evaluated as medium or high. Respondents mostly think that HIV is not a punishment to people for their misbehaviors, and that sufferers should not be ashamed of themselves; PLHIV are not guilty and do not have marginal life styles. They also showed sensitivity towards the right for treatment and protection of the human rights of PLHIV. The majority of respondents stated that they could work in the same workplace with PLHIV and also that they did not associate HIV with homosexuals.
Research limitations/implications
As a limitation, there is a possibility that social desirability had an effect on some of the respondents' answers. Second, the respondents have never met PLHIV in their workplaces. Because of these limitations it was not possible to get answers regarding discriminative behaviors in the workplace towards PLHIV in terms of HR functions. Thus, it is suggested that a study on PLHIV or people who work with PLHIV should be conducted. Additionally, the study could be replicated with different and larger samples.
Originality/value
A contribution to increasing awareness and the cautions against discrimination towards HIV/AIDS is one of the values of this study. Another distinctive characteristic of this study is the investigation of this issue from the context of an emerging country, Turkey.