Research

Research Interests

Mergers & Acquisitions, Corporate Governance, Corporate Capital Structure, Insider Trading, Market Efficiency, Individual Investors.

Published & Accepted Papers

Is short-term debt a substitute for or complementary to good governance? with Deniz Anginer, Aslı Demirgüç-Kunt and Mete Tepe. Borsa Istanbul Review, Forthcoming.

SSRN link. Publisher Link.

Stock price reaction to debt offerings: The Turkish evidence, with Evrim Akdogu and Burcu Avci. Emerging Markets Finance and Trade, Forthcoming.

SSRN Link. Publisher Link.

The effect of unionization on industry merger activity around negative economy-wide shocks, with Evrim Akdogu and Nihat Aktas. International Review of Financial Analysis 76, 101799.

SSRN link. Publisher Link.

The speed of stock price adjustment to corporate announcements: Insights from Turkey, with Oguz Ersan, Koray Simsek and Afan Hasan. Emerging Markets Review 47, 100778.

SSRN Link. Publisher Link.

Investor reaction to accounting misstatements under IFRS: Australian evidence, with John Goodwin, Yigit Atilgan and Kamran Ahmed. Accounting & Finance 60, 2467-2512.

SSRN link. Publisher link.

Deal initiation in mergers and acquisitions, with Ronald Masulis. Journal of Financial and Quantitative Analysis 53, 2389-2430.

SSRN link. Publisher link. Columbia Law School Blue Sky Blog

The effect of CEO departure on target firms’ post-takeover performance: Evidence from not-delisting target firms, with Gul Demirtas. Finance Research Letters 16, 55-65.

SSRN link. Publisher link.

Corporate governance and takeover outcomes, with Nihat Aktas and Croci Ettore. Corporate Governance: An International Review 24, 242-252.

SSRN link. Publisher link.

Measuring takeover premiums in cross-border mergers and acquisitions: Insights from Turkey, with Hasan Burak Arslan. Emerging Markets Finance and Trade 52, 188-203.

SSRN link. Publisher link.

Measuring deal premiums in takeovers, with Harold Mulherin. Financial Management 44, 1-14.

SSRN link. Publisher link.

The financial performance of Turkish target firms around acquisitions (Satın alım öncesi ve sonrası Türk hedef şirketlerinin finansal performansı), with Hasan Burak Arslan. İktisat, İşletme ve Finans 29, 9-40.

SSRN link. Publisher link.

 

Research Reports & Other Writings

Initial public offerings and underpricing in Borsa Istanbul (Borsa Istanbul ilk halka arz piyasa dinamikleri ve düşük fiyatlama), with Burcu Avcı and Evrim Akdogu. Center of Excellence in Finance, Sabanci University, June 2020. CEF link.

The corporate bonds market in Turkey (Özel sektör borçlanma araçları piyasası), with Evrim Akdoğu and Burcu Avcı. Center of Excellence in Finance, Sabanci University, June 2019. CEF link.

Management of the corporate sale process (Şirket satış süreci yönetimi), with Oğuzhan Atay. Harvard Business Review Türkiye, October 2017, 112-117. HBR link.

Do mergers and acquisitions create economic value for Turkish acquirers and targets? (Birleşme ve devirler Türk alıcı ve hedef şirketler için ekonomik değer yaratıyor mu?) Center of Excellence in Finance, Sabanci University, June 2017. CEF link.

The natural factor affecting your decisions: Hormones (Kararlarınızı etkileyecek doğal faktör: Hormonlarınız), Harvard Business Review Türkiye Blog, June 2017. HBR link.

The effect of CEO’s personal lives on their corporate financial decisions (Yöneticilerin özel hayatları ve şirketlerinde verdikleri finansal kararlar), Harvard Business Review Türkiye Blog, May 2017. HBR link.