Research Interests: 

Market microstructure, empirical asset pricing, financial technology

Selected Publications

• Broker network connectivity and the cross-section of expected returns, with Ahmet Sensoy, Muge Demir, and Duc Khuong Nguyen, Annals of Operations Research, 2026, forthcoming.

• Risk perceptions and financial decision making, with Asli Togan, Talha Cesim Giray, Borsa Istanbul Review, 2025, 25:30-37, Financial Literacy around the World.

• Adverse selection in cryptocurrency markets, with Ahmet Sensoy, Erdinc Akyildirim, Shaen Corbet, Journal of Financial Research, 2023, 46, 497-546.

• Information shocks and the cross section of expected returns, with Tanseli Savaser, Borsa Istanbul Review, 2023, 23  (2),  378-401.

• Financial technology in developing economies: A note on digital lending in Turkey, with Hakki Deniz Karaman, Tanseli Savaser, and Gunseli Tumer-Alkan, Economics Letters, 2021, 207, 110012.

• Who to trust? Reactions to analyst recommendations of domestic versus foreign brokerage houses in a developing stock market, with Basak Tanyeri and Mehmet Bodur, Finance Research Letters, 2021, 43, 101950.

• Political turmoil and the impact of foreign orders on equity prices, with Tanseli Savaser, Journal of International Financial Markets, Institutions, and Money, 2020, 65, 101174.

• InfoTrad: An R package for estimating the probability of informed trading, with Duygu Celik, R Journal, 2018, 10, 31-42.

• Empirical distributions of daily equity index returns: A comparison, with Canan Gunes Corlu and Melike Meterelliyoz, Expert Systems with Applications, 2016, 54, 170-192.

Selected Book Chapters

• Gender gap in consumer loan performance: Evidence from fintech lending in an emerging economy, with Tanseli Savaser, Gunseli Tumer-Alkan, and Hakki Deniz Karaman,  Fintech, Pandemic, and the Financial System: Challenges and Opportunities International Finance Review, 2023, Volume 22, 72-92. 

Working papers

• Retail demand and pricing associated with extreme losses, with Ahmet Sensoy and Irem Dastan.  (Under Review)

• Banks and their brokers: information leakage in equity markets, with Tanseli Savaser and Gunseli Tumer-Alkan.

• Political anchoring against deposit dollarization: The role of state banks, with Idil Ayberk and Gunseli Tumer-Alkan.

• Broker affiliations with M&A advisors and information dissemination, with Basak Tanyeri-Gunsur.

• Business group affiliation and information leakage around earnings announcements: Evidence from Turkish REITs, with Zeynep Onder. 

• Market transparency and investor activism, with Asli Togan.

• Proprietary trading and the information advantage of brokers in order-driven markets, with Tanseli Savaser and Aslihan Salih.

Grants

• The Scientific and Technological Research Council of Turkey (TUBITAK), 1002 - Short Term R&D Funding Program, TUBITAK grant to fund a one-year research program titled "Concentrated ownership and information asymmetry in secondary markets: The role of financial intermediaries in price discovery of Turkish Real Estate Investment Trusts". Proposed jointly with Zeynep Onder (Bilkent University), 2023.

• TUBITAK, 1001 - Scientific and Technological Research Projects Funding Program, TUBITAK grant to fund a two-year research program titled "Role of Risk Factor Knowledge of Individual Investors in Preference of Unregulated Financial Products: Unregulated Financial Product Mapping for Turkey, Evaluation of Effects of Regulation and a Regulation Proposal". Proposed jointly with Esra Hamamcioglu (Kadir Has University), Argun Karamanlioglu (Kadir Has University), Asli Togan Egrican (Kadir Has University), Alara Efsun Yazicioglu (Kadir Has University), Davut Gurses (Kadir Has University), 2021.

• TUBITAK, 3501 Career Development Program, TUBITAK grant to fund an 18-month research program titled “Relationship Lending and the Role of Banks in Stock Price Formations: Evidence From Syndicated Loans”. Proposed jointly with Gunseli Tumer-Alkan (Vrije Universiteit Amsterdam) and Tanseli Savaser (Bentley University), 2020.

• TUBITAK, 1001 - Scientific and Technological Research Projects Funding Program, TUBITAK grant to fund a two-year research program titled “The Role of Investment Banks and Brokerage Houses in Price Formation - The Case of Merger & Acquisition Transactions”. Proposed jointly with Basak Tanyeri (Bilkent University) and Aslihan Salih (TED University), 2019.

• TUBITAK, 1001 - Scientific and Technological Research Projects Funding Program, TUBITAK grant to fund a two-year research program titled “Pricing and Volatility Impact of the Informed Trades”. Proposed jointly with Aslihan Salih (California State University Long Beach) and Levent Akdeniz (TED University), 2016.

Experience

• Part-time Lecturer, Middle East Technical University, Department of Business Administration.

• Research Associate, Vrije Universiteit Amsterdam, School of Business and Economics.

• Assistant Professor of Finance, Kadir Has University, Faculty of Economics, Administrative and Social Sciences.

• Visiting Research Fellow, Vrije Universiteit Amsterdam, School of Business and Economics.

• Part-time Instructor, Bilkent University, Faculty of Business Administration.

• Teaching and Research Assistant, Bilkent University, Faculty of Business Administration.

Education

• Ph.D. in Finance, Bilkent University, Faculty of Business Administration.

• M.A. in Finance, Sabancı University, Sabanci School of Management.

• B.Sc. in Industrial Engineering, Bilkent University, Faculty of Engineering.