Sharp declines on the stock exchange are usually discussed through investors’ losses. Those losses matter. If we confine the discussion to the change in value on investors’ accounts, we miss the exchange’s function of providing resources to companies. When the view spreads that prices are not being formed reliably, companies that wish to expand capacity, develop a new product or open to foreign markets also find it harder to raise equity.

Two people may each hold 100,000 TL in the same fund. One has invested that sum as a small part of a long-term accumulation. The other hopes, with money set aside from a retirement gratuity, to meet rent, medicines or a child’s education costs. Their rights arising from the fund units are the same; the harm they suffer from being unable to reach their money does not weigh the same in daily life.

Developments around Pusula Portföy and Pusula Finans Holding require a fresh look at the relationship between the size of investment funds and the liquidity of the markets in which they invest. Growth in a fund is, in itself, a favourable development insofar as it brings a larger volume of savings under professional management. If, however, the growing fund’s holdings become concentrated in particular shares to an extent that they cannot readily be turned into cash when required, size itself can become a source of fragility.

The amendment that entered into force on 10 September 2026 requires that, in transactions on the Borsa Istanbul Repo and Reverse Repo Market for which central clearing is not provided, the collateral be notified to Takasbank on the same day and blocked in the relevant account in the name of the fund. The substance of the rule is to make the link between the repo transaction and the underlying security more visible, verifiable and secure.

As of 4 September 2026 Japan’s 10-year bond yield is about 2.91%, the United States’ about 4.78%, South Africa’s about 8.70%, while Türkiye’s is about 34.37%. This note examines how that picture affects the risk premium, the cost of capital and debt capacity in the Turkish economy.

CFADS shows how much cash from operations can be allocated to interest and principal; DSCR shows how far that cash covers current debt service. Debt capacity is understood only when the two measures are read together.

Debt capacity should not be judged by how much banks will lend or by Net Debt/EBITDA alone. In Türkiye the relevant test is whether interest and principal can still be serviced from CFADS under stress, as measured by DSCR.

Rising sales are often treated as success; yet growth creates economic value only when it is backed by a sustainable business model, adequate profitability and the capacity to generate cash. This note assesses the growth–profitability trade-off for firms in Türkiye.

Part of a Turkish firm’s financing cost is set in Ankara; another part is, in practice, determined in New York and, increasingly, in Tokyo. Developments in 2026 lend support to this observation.

MKK’s July 2026 data show that Borsa Istanbul’s investor count is concentrated among retail investors, while the stock of capital is concentrated among large investors. This note assesses that asymmetry in terms of market mechanism, price efficiency and trading behaviour.

The Capital Markets Board’s regulation of 28 August 2026 ties off-exchange share sales by certain large shareholders to thresholds based on free float. The aim is not to ban sales, but to make material share transfers more transparent, traceable and supervisable.

The “equilibrium” (equilibrium exchange rate) level cannot be pinned down from a single indicator or theory alone. When EBA, PPP and REER approaches are assessed together, the weighted estimate for 25 August 2026 is approximately 61.67 TRY/USD.

It is not possible to say whether a country’s exchange rate is “high” or “low” by looking at the nominal rate. Nominal levels reflect past inflation, currency reforms, the price level and the exchange-rate regime, among other factors.

The foreign-exchange position table brings together a firm’s foreign-currency assets, liabilities and cash flows by currency and maturity, so that net exposure, natural hedges and the residual amount to be hedged can be seen in one frame.

Cash pooling is a central treasury technique that manages scattered group liquidity together: it reduces idle cash, lowers external borrowing and, through physical or notional models, improves the group’s interest outcome.

A real and sustainable tax shield is the cash tax saving that is legally deductible, actually usable given the firm’s capacity to pay tax, timed correctly, and reasonably expected to continue under current tax rules. “Interest × tax rate” is only the theoretical starting point.

A firm’s cost of financing cannot be measured by the contractual nominal interest rate alone. The true cost requires jointly assessing all cash outflows incurred for the funds actually available and the tax savings that can in fact be used.

In financial theory the cost of equity normally exceeds the cost of debt; in Türkiye, in tight-money episodes such as 2018 and 2023–25, the spot cost of new debt has in some firms been able to exceed the cost of equity.

Rising sales are often treated as a success indicator; in financial management, however, turnover and cash are not the same thing, and growth that cannot be financed can produce a serious liquidity squeeze.

Global commodity and energy prices are external variables that affect production cost, gross margin, inventory policy, working capital and cash flow; the CFO should monitor them together with currency risk and through their effect on profitability.

The current account balance and foreign trade data are core macro indicators that can affect financing costs, exchange rates, sales volumes, input costs and cash flows; for the CFO they provide leading signals of currency, liquidity and funding risk.

The need for investment and financing is shaped by the economic environment; GDP growth, the industrial production index and manufacturing capacity utilization are three core macro indicators that should be read together.

CPI, domestic PPI and inflation expectations are a common input to many corporate decisions, from selling prices to borrowing costs; read together they help separate nominal growth from real performance.

While the nominal exchange rate shows the TRY equivalent of a given currency, the REER allows monitoring the real value of the lira by accounting for Türkiye's external trade structure and relative price levels.

For companies operating in Türkiye, USD/TRY, EUR/TRY and the real effective exchange rate are complementary indicators; the CFO should read them together for cost, debt, cash flow and competitiveness.

When reading the interest-rate environment, the CFO should assess the CBRT policy rate, commercial loan rates and bank credit conditions together-the price of money, actual borrowing cost and access to finance must be judged as a whole.

Eleven macro indicators the CFO should monitor are read through a football metaphor; policy rates, credit conditions, FX, inflation, growth, production, external balance and commodity prices are linked to cash-flow decisions.

Eleven micro indicators the CFO should monitor are read through a football metaphor; growth, margins, cash, capital efficiency, liquidity, debt and forecast accuracy are assessed together as a pitch formation.

Using the head-coach metaphor, this article reads micro and macro indicators together to explain the balance between cash flow, budgeting, risk management and company value.

In price determination reports, the move from enterprise value to equity value is made through a bridge adjustment covering net debt and non-operating items. The bridge is not a standalone method; it reconciles different value categories.

A thirteen-week rolling cash budget shows, week by week over roughly the next three months, expected cash inflows and outflows and when financing needs may arise. It is a short-term liquidity management tool.

Ageing of receivables classifies trade receivables by due date and days overdue. What matters is not the total balance, but how much is overdue and carries collection risk.

Cash squeezes are not driven by tax dates alone; interest rates, banks’ appetite to lend, the exchange rate, inventory costs, collection periods, and sales tempo matter together. What helps is tracking which market conditions widen the cash gap.

In bank lending decisions, what matters most is not only the documents submitted but the risk profile the firm presents. A strong application should include a short, coherent credit story supported by consistent data.

Longer human lifespans change the basic assumptions of personal finance. In a 100-year life, the central question will no longer be “How much wealth can I accumulate?” but “How long can I sustain the wealth I have accumulated?”

In Türkiye, the entrepreneurial spirit and family capital that help firms grow can become obstacles to institutionalization beyond a certain scale. Starting a company and building a lasting institution are not the same thing.

Leverage raises the sensitivity of EBIT and net profit to sales through borrowing and fixed costs; DOL, DFL, DCL, Net Debt/EBITDA, and interest coverage should be monitored together.

Wealth is not a one-off stroke of luck. It is the accumulated result of hundreds of sound financial decisions (a sequence of principle-consistent behaviours) over many years-starting with how you relate to money, not with a stock tip.

In IPO price determination reports, separating company value from the offering price, realistic projections, a consistent WACC, peer selection, and clear risk disclosure are critical for the protection of retail investors.

The forward EV/EBITDA approach may be more meaningful than trailing multiples for fast-growing firms whose current EBITDA does not reflect sustainable capacity-a theoretical and empirical assessment.

In Türkiye, company valuation becomes more complex because of inflation, interest-rate and exchange-rate uncertainty, limited access to sector data, and an underdeveloped financial-planning culture. Key challenges and calculation frameworks.

Under TCC Art. 531, the exit share price must be calculated not on nominal capital, but on the market value of equity determined as of the date closest to the judgment date.

The “exit share price” is an exceptional remedy protecting minority shareholders against majority abuse. An outline of the just-cause dissolution action and exit-price process under TCC Art. 531.

Financing constraints and financial flexibility are complementary frameworks. Drawing on the literature, this note offers practice-oriented reflections for financial managers in Türkiye.

In a high-interest environment, financing decisions must be made with greater care. Fifteen principles for assessing cost, maturity, currency, and cash-flow effects together.

Entrepreneurs need not be accountants, yet they should be able to read the balance sheet, income statement, and cash-flow statement. These statements are fundamental tools for decision-making.

The balance between the cost of capital and the need to protect the debtor is among the hardest issues in the debate on interest. The line between a reasonable return and exploitation cannot be drawn by the interest rate alone.

Interest is not merely the price of using capital; it is also a historical institution that reflects relations of power, risk, and justice-from agrarian societies to Islamic law.

An article approaching the resolution of intergenerational conflicts through a case study, published in the TÜRMOB bulletin for employed professionals.

An article offering young certified public accountants a strategic perspective on financial management, published in the TÜRMOB bulletin for employed professionals.

The energy that sustains fraud often springs from excessive human expectations. Financial literacy, healthy scepticism, and patience-alongside law and punishment-are among the strongest defences against fraud.

The essence of finance is not money but deciding how scarce resources are used over time. Without money, saving, investment, debt and risk-sharing would still exist-only the instruments would differ.

Finance is the discipline of allocating scarce resources between present needs and future goals. Financial awareness acquired at university can shape living standards long after graduation-not only for economics or business students, but for engineers, lawyers, physicians, and aspiring entrepreneurs alike.

Financial management encompasses value creation, financing that value, sharing the outcome, and protecting the firm against uncertainty. Investment, financing, profit distribution, and risk management decisions are explained holistically through the metaphor of the “four seasons of finance.”

Credit default swaps (CDS) may be understood as insurance arrangements through which creditors seek protection against the risk that a borrower will fail to service its debt. This note compares market-based CDS spreads with agency credit ratings.

This table is designed to help students compare, both numerically and conceptually, the letter-grade notations assigned by major credit rating agencies. A subsequent note addressing CDS spreads in the same framework is planned.

Please click to access the document on various interest rate concepts (interest rates). The document addresses the questions listed on this page.