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KÜRESEL ALTIN BORSA YATIRIM FONLARININ FİNANSAL ETKİNLİKLERİNİN ANALİZİ VE DEĞERLENDİRİLMESİ

Yıl 2025, Cilt: 16 Sayı: 2, 282 - 305, 30.07.2025

Fazıl Gökgöz , Esin Odabaşi

Öz

Kıymetli madenler içerisinde altın yatırımcılar için popüler yatırım kaynaklarından biridir. Bu makale altın ETF’ lerinin performansını ölçmek üzere Asya-Avrupa ve Amerika bölgelerinden seçilmiş 50 adet altın ETF’ sinin performansını ölçmekte ve getiri ile seçili değişkenler arasındaki ilişkiyi araştırmaktadır. Performans ölçümü için 2 aşamalı süper etkin veri zarflama analizi, ilişkilerin tespiti için panel veri analizi yöntemleri kullanılmıştır. Çalışmanın bulgularında getiri ile harcama oranı, toplam varlık değeri ve net varlık değeri arasında anlamlı bir ilişki bulunmaktadır. Bu ilişki aynı zamanda uzun vade de anlamlıdır. Toplam varlık büyüklüğü yüksek olan ETF’lerin performansının düşük olduğu, harcama oranı düşük olan ETF performansının yüksek olduğu görülmektedir.

Anahtar Kelimeler

Altın Borsa Yatırım Fonları Veri Zarflama Analizi Panel Veri Analizi Etkinlik

Etik Beyan

-

Destekleyen Kurum

-

Proje Numarası

-

Teşekkür

Değerli dergi yetkililerine teşekkür ederiz. Saygılarımızla.

Kaynakça

  • Afsharian, M., ve Bogetoft, P. (2020). Identifying production units with outstanding performance. European Journal of Operational Research, 287(3), 1191-1194.
  • Andersen, P., ve Petersen, N. C. (1993). A procedure for ranking efficient units in data envelopment analysis. Management science, 39(10), 1261-1264.
  • Appiah, K., Du, J., Yeboah, M., ve Appiah, R. (2019). Causal correlation between energy use and carbon emissions in selected emerging economies panel model approach. Environmental Science and Pollution Research, 26, 7896-7912.
  • Babalos, V., Caporale, G. M., ve Philippas, N. (2012). Efficiency evaluation of Greek equity funds. Research in International Business and Finance, 26(2), 317-333.
  • Baltagi, B. H. (2005). Econometric analysis of panel data.(3. Baskı). New York: John Wiley ve Sons Ltd.
  • Banker, R. D., Charnes, A., ve Cooper, W. W. (1984). Some models for estimating technical and scale inefficiencies in data envelopment analysis. Management science, 30(9), 1078-1092.
  • Basso, A., ve Funari, S. (2001). A data envelopment analysis approach to measure the mutual fund performance. European journal of operational research, 135(3), 477-492.
  • Beck, N., ve Katz, J. N. (1995). What to do (and not to do) with time-series cross-sectiondata. American political science review, 89(3), 634-647.
  • Ben-David, I., Franzoni, F., ve Moussawi, R. (2017). Exchange-traded funds. Annual Review of Financial Economics, 9(1), 169-189.
  • Chai, J., Zhao, C., Hu, Y., ve Zhang, Z. G. (2021). Structural analysis and forecast of gold price returns. Journal of Management Science and Engineering, 6(2), 135-145.
  • Chang, K. P. (2004). Evaluating mutual fund performance: an application of minimum convex input requirement set approach. Computers ve Operations Research, 31(6), 929-940.
  • Charnes, A., Cooper, W. W., ve Rhodes, E. (1978). Measuring the efficiency of decision making units. European journal of operational research, 2(6), 429-444.
  • Chen, Y., Xu, J., ve Hu, M. (2022). Asymmetric volatility spillovers and dynamic correlations between crude oil price, exchange rate and gold price in BRICS. Resources Policy, 78, 102857.
  • Chen, Y., ve Zhu, J. (2004). Measuring information technology's indirect impact on firm performance. Information Technology and Management, 5, 9-22.
  • Chu, P. K. K. (2011). Study on the tracking errors and their determinants: evidence from Hong Kong exchange traded funds. Applied Financial Economics, 21(5), 309-315.
  • Ciner, C., Gurdgiev, C., ve Lucey, B. M. (2013). Hedges and safe havens: An examination of stocks, bonds, gold, oil and exchange rates. International Review of Financial Analysis, 29, 202-211.
  • Cook, W. D., Liang, L., ve Zhu, J. (2010). Measuring performance of two-stage network structures by DEA: a review and future perspective. Omega, 38(6), 423-430.
  • Cui, M., Wong, W. K., Wisetsri, W., Mabrouk, F., Muda, I., Li, Z., ve Hassan, M. (2023). Do oil, gold and metallic price volatilities prove gold as a safe haven during COVID-19 pandemic? Novel evidence from COVID-19 data. Resources policy, 80, 103133.
  • Fancello, G., Carta, M., ve Serra, P. (2020). Data Envelopment Analysis for the assessment of road safety in urban road networks: A comparative study using CCR and BCC models. Case studies on transport policy, 8(3), 736-744.
  • Ferri, R. A. (2009). The ETF book: allyou need to know about echange-traded funds. John Wiley ve Sons.
  • Galagedera, D. U., Watson, J., Premachandra, I. M., ve Chen, Y. (2016). Modeling leakage in two-stage DEA models: An application to US mutual fund families. Omega, 61, 62-77.
  • Galagedera, D. U., Roshdi, I., Fukuyama, H., ve Zhu, J. (2018). A new network DEA model for mutual fund performance appraisal: An application to US equity mutual funds. Omega, 77, 168-179.
  • Galagedera, D. U. (2019). Modelling social responsibility in mutual fund performance appraisal: A two-stage data envelopment analysis model with non-discretionary first stage output. European Journal of Operational Research, 273(1), 376-389.
  • Golany, B., Hackman, S. T., ve Passy, U. (2006). An efficiency measurement framework for multi-stage production systems. Annals of Operations Research, 145, 51-68.
  • Gökgöz, F., ve Çandarlı, D. (2009). Data envelopment analysis: A comparative efficiency measurement for Turkish pension and mutual funds. International. Journal of Economic Perspectives., 3(3), 1–23.
  • Gökgöz, F., ve Güvercin, M. T. (2018). Energy security and renewable energy efficiency in EU. Renewable and Sustainable Energy Reviews, 96, 226-239.
  • Gökgöz, F., Yalçın, E., ve Salahaldeen, N. A. (2024). Investigating the financial efficiencies and productivities of the banking sector. Journal of Economic Studies, 51(5), 1036-1057.
  • Gregoriou, G. N., Sedzro, K., ve Zhu, J. (2005). Hedge fund performance appraisal using data envelopment analysis. European Journal of Operational Research, 164(2), 555-571.
  • Hsiao, C. (2022). Analysis of panel data (2.Baskı). New York: Cambridge University Press. iShare (2024). Erişim Linki: https://www.ishares.com/us/insights/global-etf-facts-q4-2023 Erişim Tarihi: 11.10.2024 Jiang, Y., Guo, F., ve Lan, T. (2010). Pricing efficiency of China's exchange-traded fund market. Chinese Economy, 43(5), 32-49.
  • Lee, H. S., Chu, C. W., ve Zhu, J. (2011). Super-efficiency DEA in the presence of infeasibility. European Journal of Operational Research, 212(1), 141-147.
  • Lee, H. S., ve Zhu, J. (2012). Super-efficiency infeasibility and zero data in DEA. European Journal of Operational Research, 216(2), 429-433.
  • Li, S., Hu, K., ve Kang, X. (2024). Impact of financial technologies, digitalization, and natural resources on environmental degradation in G-20 countries: Does human resources matter?. Resources Policy, 93, 105041
  • Li, Y., Huang, J., ve Chen, J. (2021). Dynamic spillovers of geopolitical risks and gold prices: New evidence from 18 emerging economies. Resources Policy, 70, 101938.
  • Lili, L., ve Chengmei, D. (2013). Research of the influence of macro-economic factors on the price of gold. Procedia Computer Science, 17, 737-743.
  • Liebi, L. J. (2020). The effect of ETFs on financial markets: a literature review. Financial Markets and Portfolio Management, 34(2), 165-178.
  • Macedo, P., Moutinho, V., ve Madaleno, M. (Eds.). (2023). Advanced Mathematical Methods for Economic Efficiency Analysis: Theory and Empirical Applications (Vol. 692). Springer Nature.
  • Makni, R., Benouda, O., ve Delhoumi, E. (2015). Large scale analysis of Islamic equity funds using a meta-frontier approach with data envelopment analysis. Research in International Business and Finance, 34, 324-337.
  • Marszk, A., Lenchman, E., Kato, Y. (2019). Exchange-Traded Funds: Concept and contexts. The Emergence of ETFs in Asia-Pacific, 1-52.
  • Mensi, W., Hkiri, B., Al-Yahyaee, K. H., ve Kang, S. H. (2018). Analyzing time–frequency co-movements across gold and oil prices with BRICS stock markets: A VaR based on wavelet approach. International Review of Economics ve Finance, 54, 74-102.
  • Murthi, B. P. S., Choi, Y. K., ve Desai, P. (1997). Efficiency of mutual funds and portfolio performance measurement: A non-parametric approach. European journal of operational research, 98(2), 408-418.
  • Pattak, D. C., Tahrim, F., Salehi, M., Voumik, L. C., Akter, S., Ridwan, M., ... ve Zimon, G. (2023). The driving factors of Italy’s CO2 emissions based on the STIRPAT model: ARDL, FMOLS, DOLS, and CCR approaches. Energies, 16(15), 5845.
  • Pedroni, P. (2001). Fully modified OLS for heterogeneous cointegrated panels. In Nonstationary panels, panel cointegration, and dynamic panels (pp. 93-130). Emerald Group Publishing Limited.
  • Pesaran, M. H. (2004). General diadnostic tests for cross section dependence in panels. SSRN Electronic Journal.
  • Pesaran, M. H., ve Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of econometrics, 142(1), 50-93.
  • Peykani, P., Emrouznejad, A., Mohammadi, E., ve Gheidar-Kheljani, J. (2024). A novel robust network data envelopment analysis approach for performance assessment of mutual funds under uncertainty. Annals of Operations Research, 339(3), 1149-1175.
  • Prasanna, P. K. (2012). Performance of exchange-traded funds in India. International Journal of Business and Management, 7(23), 122.
  • Premachandra, I. M., Zhu, J., Watson, J., ve Galagedera, D. U. (2012). Best-performing US mutual fund families from 1993 to 2008: Evidence from a novel two-stage DEA model for efficiency decomposition. Journal of Banking ve Finance, 36(12), 3302-3317.
  • Reboredo, J. C. (2013). Is gold a hedge or safe haven against oil price movements?. Resources Policy, 38(2), 130-137.
  • Sahu, P. K., Bal, D. P., ve Kundu, P. (2022). Gold price and exchange rate in pre and during Covid-19 period in India: Modelling dependence using copulas. Resources Policy, 79, 103126.
  • Salhi, S., ve Boylan, J. (Eds.). (2022). The Palgrave Handbook of Operations Research. Palgrave Macmillan.
  • Sharpe, W. F. (1966). Mutual fund performance. The Journal of business, 39(1), 119-138.
  • Singhal, S., Choudhary, S., ve Biswal, P. C. (2019). Return and volatility linkages among International crude oil price, gold price, exchange rate and stock markets: Evidence from Mexico. Resources policy, 60, 255-261.
  • Treynor, Jack (1965). How to rate management of investment funds. Harvard Business Review 43:63-75.
  • Tsolas, I. E. (2014). Precious metal mutual fund performance appraisal using DEA modeling. Resources Policy, 39, 54-60.
  • Tsolas, I. E. (2020). Precious metal mutual fund performance evaluation: a series two-stage DEA modeling approach. Journal of Risk and Financial Management, 13(5), 87.
  • Tsolas, I. E., ve Charles, V. (2015). Green exchange-traded fund performance appraisal using slacks-based DEA models. Operational Research, 15, 51-77.
  • Tursoy, T., ve Faisal, F. (2018). The impact of gold and crude oil prices on stock market in Turkey: Empirical evidences from ARDL bounds test and combined cointegration. Resources Policy, 55, 49-54.
  • World Gold Council (2024). Erşim Linki: https://www.gold.org/about-gold/market-structure-and-flows Erişim Tarihi: 11.11.2024.
  • Wu, C., Xiong, X., ve Gao, Y. (2021). Performance comparisons between ETFs and traditional index funds: Evidence from China. Finance research letters, 40,
  • Yahyaoui, I., ve Bouchoucha, N. (2021). The long‐run relationship between ODA, growth and governance: An application of FMOLS and DOLS approaches. African Development Review, 33(1), 38-54
  • Yaya, O. S., Vo, X. V., ve Olayinka, H. A. (2021). Gold and silver prices, their stocks and market fear gauges: testing fractional cointegration using a robust approach. Resources Policy, 72, 102045.
  • Yen-Ku, K., Maneengam, A., Cong, P. T., Quynh, N. N., Ageli, M. M., ve Wisetsri, W. (2022). Covid-19 and oil and gold price volatilities: Evidence from China market. Resources Policy, 79, 103024.
  • Zhao, X. J., ve Wang, S. Y. (2007). Empirical Study on Chinese Mutual Funds' Performance. Systems Engineering-Theory ve Practice, 27(3), 1-11.
  • Ziaei, S. M. (2012). Effects of gold price on equity, bond and domestic credit: Evidence from ASEAN+ 3. Procedia-Social and Behavioral Sciences, 40, 341-346.

ANALYZING AND EVALUATING THE FINANCIAL EFFICIENCIES OF GLOBAL GOLD EXCHANGE TRADED FUNDS

Yıl 2025, Cilt: 16 Sayı: 2, 282 - 305, 30.07.2025

Fazıl Gökgöz , Esin Odabaşi

Öz

Among precious metals, gold is one of the most popular investment assets for investors. This study evaluates the performance of 50 gold exchange-traded funds (ETFs) selected from the Asia, Europe, and America regions, investigating the relationship between returns and selected variables. A two-stage super efficiency data envelopment analysis (DEA) is employed for performance measurement, while panel data analysis methods are used to identify relationships. The findings reveal a significant relationship between returns and the expense ratio, total asset value, and net asset value. This relationship remains significant in the long run. ETFs with higher total asset sizes tend to exhibit lower performance, while ETFs with lower expense ratios show higher performance.

Anahtar Kelimeler

Gold EFTs Data Envelopment Analysis Panel Data Analysis Efficiency

Proje Numarası

-

Kaynakça

  • Afsharian, M., ve Bogetoft, P. (2020). Identifying production units with outstanding performance. European Journal of Operational Research, 287(3), 1191-1194.
  • Andersen, P., ve Petersen, N. C. (1993). A procedure for ranking efficient units in data envelopment analysis. Management science, 39(10), 1261-1264.
  • Appiah, K., Du, J., Yeboah, M., ve Appiah, R. (2019). Causal correlation between energy use and carbon emissions in selected emerging economies panel model approach. Environmental Science and Pollution Research, 26, 7896-7912.
  • Babalos, V., Caporale, G. M., ve Philippas, N. (2012). Efficiency evaluation of Greek equity funds. Research in International Business and Finance, 26(2), 317-333.
  • Baltagi, B. H. (2005). Econometric analysis of panel data.(3. Baskı). New York: John Wiley ve Sons Ltd.
  • Banker, R. D., Charnes, A., ve Cooper, W. W. (1984). Some models for estimating technical and scale inefficiencies in data envelopment analysis. Management science, 30(9), 1078-1092.
  • Basso, A., ve Funari, S. (2001). A data envelopment analysis approach to measure the mutual fund performance. European journal of operational research, 135(3), 477-492.
  • Beck, N., ve Katz, J. N. (1995). What to do (and not to do) with time-series cross-sectiondata. American political science review, 89(3), 634-647.
  • Ben-David, I., Franzoni, F., ve Moussawi, R. (2017). Exchange-traded funds. Annual Review of Financial Economics, 9(1), 169-189.
  • Chai, J., Zhao, C., Hu, Y., ve Zhang, Z. G. (2021). Structural analysis and forecast of gold price returns. Journal of Management Science and Engineering, 6(2), 135-145.
  • Chang, K. P. (2004). Evaluating mutual fund performance: an application of minimum convex input requirement set approach. Computers ve Operations Research, 31(6), 929-940.
  • Charnes, A., Cooper, W. W., ve Rhodes, E. (1978). Measuring the efficiency of decision making units. European journal of operational research, 2(6), 429-444.
  • Chen, Y., Xu, J., ve Hu, M. (2022). Asymmetric volatility spillovers and dynamic correlations between crude oil price, exchange rate and gold price in BRICS. Resources Policy, 78, 102857.
  • Chen, Y., ve Zhu, J. (2004). Measuring information technology's indirect impact on firm performance. Information Technology and Management, 5, 9-22.
  • Chu, P. K. K. (2011). Study on the tracking errors and their determinants: evidence from Hong Kong exchange traded funds. Applied Financial Economics, 21(5), 309-315.
  • Ciner, C., Gurdgiev, C., ve Lucey, B. M. (2013). Hedges and safe havens: An examination of stocks, bonds, gold, oil and exchange rates. International Review of Financial Analysis, 29, 202-211.
  • Cook, W. D., Liang, L., ve Zhu, J. (2010). Measuring performance of two-stage network structures by DEA: a review and future perspective. Omega, 38(6), 423-430.
  • Cui, M., Wong, W. K., Wisetsri, W., Mabrouk, F., Muda, I., Li, Z., ve Hassan, M. (2023). Do oil, gold and metallic price volatilities prove gold as a safe haven during COVID-19 pandemic? Novel evidence from COVID-19 data. Resources policy, 80, 103133.
  • Fancello, G., Carta, M., ve Serra, P. (2020). Data Envelopment Analysis for the assessment of road safety in urban road networks: A comparative study using CCR and BCC models. Case studies on transport policy, 8(3), 736-744.
  • Ferri, R. A. (2009). The ETF book: allyou need to know about echange-traded funds. John Wiley ve Sons.
  • Galagedera, D. U., Watson, J., Premachandra, I. M., ve Chen, Y. (2016). Modeling leakage in two-stage DEA models: An application to US mutual fund families. Omega, 61, 62-77.
  • Galagedera, D. U., Roshdi, I., Fukuyama, H., ve Zhu, J. (2018). A new network DEA model for mutual fund performance appraisal: An application to US equity mutual funds. Omega, 77, 168-179.
  • Galagedera, D. U. (2019). Modelling social responsibility in mutual fund performance appraisal: A two-stage data envelopment analysis model with non-discretionary first stage output. European Journal of Operational Research, 273(1), 376-389.
  • Golany, B., Hackman, S. T., ve Passy, U. (2006). An efficiency measurement framework for multi-stage production systems. Annals of Operations Research, 145, 51-68.
  • Gökgöz, F., ve Çandarlı, D. (2009). Data envelopment analysis: A comparative efficiency measurement for Turkish pension and mutual funds. International. Journal of Economic Perspectives., 3(3), 1–23.
  • Gökgöz, F., ve Güvercin, M. T. (2018). Energy security and renewable energy efficiency in EU. Renewable and Sustainable Energy Reviews, 96, 226-239.
  • Gökgöz, F., Yalçın, E., ve Salahaldeen, N. A. (2024). Investigating the financial efficiencies and productivities of the banking sector. Journal of Economic Studies, 51(5), 1036-1057.
  • Gregoriou, G. N., Sedzro, K., ve Zhu, J. (2005). Hedge fund performance appraisal using data envelopment analysis. European Journal of Operational Research, 164(2), 555-571.
  • Hsiao, C. (2022). Analysis of panel data (2.Baskı). New York: Cambridge University Press. iShare (2024). Erişim Linki: https://www.ishares.com/us/insights/global-etf-facts-q4-2023 Erişim Tarihi: 11.10.2024 Jiang, Y., Guo, F., ve Lan, T. (2010). Pricing efficiency of China's exchange-traded fund market. Chinese Economy, 43(5), 32-49.
  • Lee, H. S., Chu, C. W., ve Zhu, J. (2011). Super-efficiency DEA in the presence of infeasibility. European Journal of Operational Research, 212(1), 141-147.
  • Lee, H. S., ve Zhu, J. (2012). Super-efficiency infeasibility and zero data in DEA. European Journal of Operational Research, 216(2), 429-433.
  • Li, S., Hu, K., ve Kang, X. (2024). Impact of financial technologies, digitalization, and natural resources on environmental degradation in G-20 countries: Does human resources matter?. Resources Policy, 93, 105041
  • Li, Y., Huang, J., ve Chen, J. (2021). Dynamic spillovers of geopolitical risks and gold prices: New evidence from 18 emerging economies. Resources Policy, 70, 101938.
  • Lili, L., ve Chengmei, D. (2013). Research of the influence of macro-economic factors on the price of gold. Procedia Computer Science, 17, 737-743.
  • Liebi, L. J. (2020). The effect of ETFs on financial markets: a literature review. Financial Markets and Portfolio Management, 34(2), 165-178.
  • Macedo, P., Moutinho, V., ve Madaleno, M. (Eds.). (2023). Advanced Mathematical Methods for Economic Efficiency Analysis: Theory and Empirical Applications (Vol. 692). Springer Nature.
  • Makni, R., Benouda, O., ve Delhoumi, E. (2015). Large scale analysis of Islamic equity funds using a meta-frontier approach with data envelopment analysis. Research in International Business and Finance, 34, 324-337.
  • Marszk, A., Lenchman, E., Kato, Y. (2019). Exchange-Traded Funds: Concept and contexts. The Emergence of ETFs in Asia-Pacific, 1-52.
  • Mensi, W., Hkiri, B., Al-Yahyaee, K. H., ve Kang, S. H. (2018). Analyzing time–frequency co-movements across gold and oil prices with BRICS stock markets: A VaR based on wavelet approach. International Review of Economics ve Finance, 54, 74-102.
  • Murthi, B. P. S., Choi, Y. K., ve Desai, P. (1997). Efficiency of mutual funds and portfolio performance measurement: A non-parametric approach. European journal of operational research, 98(2), 408-418.
  • Pattak, D. C., Tahrim, F., Salehi, M., Voumik, L. C., Akter, S., Ridwan, M., ... ve Zimon, G. (2023). The driving factors of Italy’s CO2 emissions based on the STIRPAT model: ARDL, FMOLS, DOLS, and CCR approaches. Energies, 16(15), 5845.
  • Pedroni, P. (2001). Fully modified OLS for heterogeneous cointegrated panels. In Nonstationary panels, panel cointegration, and dynamic panels (pp. 93-130). Emerald Group Publishing Limited.
  • Pesaran, M. H. (2004). General diadnostic tests for cross section dependence in panels. SSRN Electronic Journal.
  • Pesaran, M. H., ve Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of econometrics, 142(1), 50-93.
  • Peykani, P., Emrouznejad, A., Mohammadi, E., ve Gheidar-Kheljani, J. (2024). A novel robust network data envelopment analysis approach for performance assessment of mutual funds under uncertainty. Annals of Operations Research, 339(3), 1149-1175.
  • Prasanna, P. K. (2012). Performance of exchange-traded funds in India. International Journal of Business and Management, 7(23), 122.
  • Premachandra, I. M., Zhu, J., Watson, J., ve Galagedera, D. U. (2012). Best-performing US mutual fund families from 1993 to 2008: Evidence from a novel two-stage DEA model for efficiency decomposition. Journal of Banking ve Finance, 36(12), 3302-3317.
  • Reboredo, J. C. (2013). Is gold a hedge or safe haven against oil price movements?. Resources Policy, 38(2), 130-137.
  • Sahu, P. K., Bal, D. P., ve Kundu, P. (2022). Gold price and exchange rate in pre and during Covid-19 period in India: Modelling dependence using copulas. Resources Policy, 79, 103126.
  • Salhi, S., ve Boylan, J. (Eds.). (2022). The Palgrave Handbook of Operations Research. Palgrave Macmillan.
  • Sharpe, W. F. (1966). Mutual fund performance. The Journal of business, 39(1), 119-138.
  • Singhal, S., Choudhary, S., ve Biswal, P. C. (2019). Return and volatility linkages among International crude oil price, gold price, exchange rate and stock markets: Evidence from Mexico. Resources policy, 60, 255-261.
  • Treynor, Jack (1965). How to rate management of investment funds. Harvard Business Review 43:63-75.
  • Tsolas, I. E. (2014). Precious metal mutual fund performance appraisal using DEA modeling. Resources Policy, 39, 54-60.
  • Tsolas, I. E. (2020). Precious metal mutual fund performance evaluation: a series two-stage DEA modeling approach. Journal of Risk and Financial Management, 13(5), 87.
  • Tsolas, I. E., ve Charles, V. (2015). Green exchange-traded fund performance appraisal using slacks-based DEA models. Operational Research, 15, 51-77.
  • Tursoy, T., ve Faisal, F. (2018). The impact of gold and crude oil prices on stock market in Turkey: Empirical evidences from ARDL bounds test and combined cointegration. Resources Policy, 55, 49-54.
  • World Gold Council (2024). Erşim Linki: https://www.gold.org/about-gold/market-structure-and-flows Erişim Tarihi: 11.11.2024.
  • Wu, C., Xiong, X., ve Gao, Y. (2021). Performance comparisons between ETFs and traditional index funds: Evidence from China. Finance research letters, 40,
  • Yahyaoui, I., ve Bouchoucha, N. (2021). The long‐run relationship between ODA, growth and governance: An application of FMOLS and DOLS approaches. African Development Review, 33(1), 38-54
  • Yaya, O. S., Vo, X. V., ve Olayinka, H. A. (2021). Gold and silver prices, their stocks and market fear gauges: testing fractional cointegration using a robust approach. Resources Policy, 72, 102045.
  • Yen-Ku, K., Maneengam, A., Cong, P. T., Quynh, N. N., Ageli, M. M., ve Wisetsri, W. (2022). Covid-19 and oil and gold price volatilities: Evidence from China market. Resources Policy, 79, 103024.
  • Zhao, X. J., ve Wang, S. Y. (2007). Empirical Study on Chinese Mutual Funds' Performance. Systems Engineering-Theory ve Practice, 27(3), 1-11.
  • Ziaei, S. M. (2012). Effects of gold price on equity, bond and domestic credit: Evidence from ASEAN+ 3. Procedia-Social and Behavioral Sciences, 40, 341-346.
Toplam 64 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Yöneylem Araştırması, Yatırımlar ve Portföy Yönetimi
Bölüm Araştırma Makaleleri
Yazarlar

Fazıl Gökgöz 0000-0002-9228-7699

Esin Odabaşi 0009-0005-2355-8941

Proje Numarası -
Yayımlanma Tarihi 30 Temmuz 2025
Gönderilme Tarihi 7 Mart 2025
Kabul Tarihi 1 Mayıs 2025
Yayımlandığı Sayı Yıl 2025 Cilt: 16 Sayı: 2

Kaynak Göster

APA Gökgöz, F., & Odabaşi, E. (2025). KÜRESEL ALTIN BORSA YATIRIM FONLARININ FİNANSAL ETKİNLİKLERİNİN ANALİZİ VE DEĞERLENDİRİLMESİ. Ankara Üniversitesi Sosyal Bilimler Dergisi, 16(2), 282-305.
 Kapak Resmi İndir

Ankara Üniversitesi Sosyal Bilimler Dergisi Creative Commons Atıf-GayriTicari 4.0 Uluslararası Lisansı (CC BY-NC) ile lisanslanmıştır.