CV
Curriculum Vitae, as of Jan 2023
Research Areas: Asset Management, Financial Stability, Limits to Arbitrage , Sustainability
Academic Positions:
Associate Professor of Finance (tenured), Said Business School, University of Oxford, since 2020
On maternity leave in 2022
Associate Professor of Finance (tenure-track), Said Business School, University of Oxford, since 2015
Fellow, Kellogg College, University of Oxford, since 2015
Assistant Professor of Finance (tenure-track), Stockholm School of Economics, 2012-2015
Research Fellow, Swedish House of Finance (formerly, SIFR), 2012-2015
Affiliations:
Research Affiliate, Center for Economic Policy Research, 2016- 2020
Research Fellow, Center for Economic Policy Research, since 2020
Outside Activities:
Economic Adviser, Financial Conduct Authority, since 2017
Short-term Visits:
LSE and LBS, August 2019 - December 2019
HEC Paris, September 2018
Columbia Business School, February-March 2014
Education:
Ph.D., Economics, Yale University, 2012
Field Examinations: Finance and Econometrics
M.Phil., Economics, Yale University, 2008
B.A., Economics, Bilkent University, Turkey, 2005
Exchange Program, Economics-Mathematics, University of California, San Diego, June 2004
Publications:
Learning About Mutual Fund Managers, Journal of Finance, with D. Choi and A. Mukherjee, 2016
Trader Leverage and Liquidity, Journal of Finance, with H. Tookes, 2017
Open-end Organizational Structures and Limits to Arbitrage, Review of Financial Studies, with M. Giannetti, 2018
Margin Trading and Excess Comovement During Crises, Review of Finance, with H. Tookes, 2019
Publicizing Arbitrage, Journal of Financial and Quantitative Analysis, 2020
Fee complexity and investor mistakes in retail financial markets, Quarterly Journal of Finance, 2020
Swing Pricing and Fragility in Open-end Mutual Funds , with D. Jin, M. Kacperczyk, F. Suntheim, forthcoming, Review of Financial Studies (Lead Article), 2021
ES Risks and Shareholder Voice, with Y. He and M. Lowry Review of Financial Studies (forthcoming), 2023
Work in Progress:
Sustainable Investments: Myth or Reality?, with E. Genc and Y. Karabulut
Do ETFs Contribute to Systemic Risk?, with H. Tookes
Invited Research Presentations and Discussions :
2021-2022: ECGI conference on 'Investor Impact and ESG', American Finance Association Meetings (discussion)
Seminars: LSE Systemic Risk Centre, Bank of England
2020-2021: Securities Markets: Trends, Risks and Policies Conference at Bocconi University, Seventh Annual BI-SHOF Conference, Western Finance Association Meetings (discussion), FIRS (discussion)
Seminars: Humboldt University, Bank of International Settlements, Financial Stability Board & IOSCO
Keynote: 4th International Conference on Economic Management and Green Development
2019-2020: American Finance Association Meetings, Wharton Conference on Liquidity and Financial Fragility, Federal Reserve Bank of New York and NYU Stern School of Business Conference on Financial Intermediation, Luxembourg Asset Management Summit, Adam Smith Junior Workshop, Jackson Hole Finance Conference, IDC Rothschild Caesarea Annual Conference, 3rd World Symposium on Investment Research, 2020 Consortium on Asset Management at Cambridge, 2020 Baltimore Area Finance Conference, EFA, MFA, China Europe International Business School in Finance and Accounting Symposium in Shanghai, WAPFIN at Stern, Swiss Winter Conference on Financial Intermediation (discussion), American Economic Association Meetings (discussion), EFA (discussion), Climate Risk and Institutional Investors Conference at Cass (invited speaker), First Annual Kansas University Conference (invited speaker), Fiduciary Investors Symposium (invited speaker)
Seminars: Federal Reserve Board (FED), London Business School, Cass Business School, Essex Business School, Policy roundtable organized by the IOSCO (International Organization of Securities Commission), Policy roundtable co-sponsored by the Georgetown University Law Center and the Consumer Federation of America (think tank), Office of Financial Research at the U.S. Treasury
Keynote: Global Conference on Business Management and Social Sciences
2018-2019: Chicago Financial Institutions Conference, Texas A&M Finance Consortium, Securities Exchange Commission and University of Maryland Conference on Financial Market Regulation, Berlin Conference in Mutual and Hedge Fund Research, European Finance Association, University of Oregon Summer Finance Conference, London Empirical Asset Pricing Workshop, International Monetary Fund, Financial Conduct Authority, Oxford Business Research Hub Seminars, Endless Summer Finance Conference, Hedge Funds and Factor Investing Conference, Sustainable Finance Forum in China
Seminars: USC (Marshall), HEC Paris, Vienna Graduate School of Finance, University of Exeter, Oxford Said Business School, Manchester Business School
2017-2018: American Finance Association Meetings 2018, 4 Nations Cup, European Winter Finance Summit, Western Finance Association (discussion), 2018 Koc University Finance Day Annual Workshop, Rotterdam Asset Management Conference (discussion), Hebrew University Summer Finance Conference in Jerusalem, European Finance Association (discussion)
Seminars: Nova School of Business and Economics, University of Amsterdam, Cambridge Judge Business School, Lancaster University Management School, University College Dublin, Southampton Business School, Bilkent University
2016-2017: Rodney White Center Conference at Wharton, 5th HEC-McGill Winter Finance Workshop, Finance Down Under: Building on the Best from the Cellars of Finance, CEPR Second Annual Spring Symposium in Financial Economics, European Finance Association (paper and discussion x 2), University of Oregon Summer Finance Conference, Helsinki Finance Summit 2017 (paper and discussion), JOIM-Oxford-EDHEC Retirement Investing Conference (discussion), 5th Luxembourg Asset Management Summit (paper and discussion)
Seminars: University of Miami, Washington University in St. Louis, University of New South Wales, University of Sydney, University of Technology Sydney, Financial Conduct Authority, Said Business School, Birmingham Business School
2015-2016: IDC Rothschild Caesarea Summer Finance Conference, Rotterdam School of Management Asset Management Conference (discussion), European Finance Association (x2, discussion)
Seminars: Tilburg University, Aarhus University, Durham Business School
2014-2015: NBER Market Microstructure Meeting December 2014, University of British Columbia Summer Conference in Finance, 10th Annual Central Bank Workshop on Market Microstructure, Financial Intermediation Research Society, SFS Cavalcade (discussion), Workshop on Financial Intermediation and Risk at the Barcelona GSE Summer Forum, European Finance Association Meetings, IDC Rothschild Caesarea Summer Finance Conference, 3rd Luxembourg Asset Management Summit
Seminars: Oxford Said Business School, Swiss Finance Institute
2013-2014: IDC Rothschild Caesarea Annual Conference, American Finance Association, SFS Finance Cavalcade, Paul Woolley Conference at the LSE, Tel Aviv University Finance Conference, European Winter Finance Conference, Hedge Fund Research Conference in Paris, UBC Summer Finance Conference, Paul Woolley Conference at UTS, Jerusalem Finance Conference, 2nd University of Washington Summer Finance Conference, Recent Advances in Mutual and Hedge Fund Research Conference in Berlin (paper and discussion), European Summer Symposium in Gerzensee, NYU-NSE Conference on Indian Capital Markets
Seminars: Hong Kong University of Science and Technology, HEC Paris, Federal Reserve Bank of New York, Humboldt University, Stockholm University, Securities and Exchange Commission, Stockholm School of Economics
2012-2013: Financial Intermediation Research Society (paper and discussion), 8th Early Career Women in Finance Conference in Las Vegas, European Summer Symposium in Financial Markets in Gerzensee, Seventh Singapore International Conference on Finance, China International Conference in Finance, Recent Advances in Research on Mutual Funds in Berlin, Shangai Advanced Institute for Finance, HKUST Finance Symposium, MFA Meetings in Chicago, Arne Ryde Workshop in Financial Economics, 2012 Auckland Finance Meeting, European Finance Association (discussion)
Seminars: London School of Economics, Stockholm School of Economics, National Stock Exchange of India
Media Coverage:
Swing Pricing and Fragility in Open-end Mutual Funds: Financial Times, Bloomberg, Money Marketing, Portolio Adviser, InvestmentWeek, MoneyObserver, WealthProfessional, LesEchos (2019-2020)
ES Risks and Shareholder Voice: Risk & Reward (Invesco’s global flagship publication) (2020)
Trader Leverage and Liquidity: CBS, Morningstar, Nasdaq, Yahoo Finance, ForexTV, CEO World Magazine, streetinsider.com, among others (2015)
Learning About Mutual Fund Managers: South China Morning Post (2018)
Open-End Organizational Structures and Limits to Arbitrage: Yahoo Finance, Nasdaq, HedgeWeek, FundStrategy, Institutional Asset Manager, CEF Connect, valuespectrum.com, Opalesque, WealthAdviser, among others (2016)
Open-End Organizational Structures and Limits to Arbitrage: VOX column (2016)
Publicizing Private Information: Oxford Business Law Blog piece (2017)
Covid-19 commentaries @ Oxford Science Blog and Oxford Answers
Teaching Experience:
Instructor, Microeconomics, Firms and Markets (MBA and Executive MBA), Oxford, 2015 -2018
Instructor, 643 Investments and Market Frictions, SSE, 2013 - 2014
Instructor, 754 Applied Derivatives, SSE, Winter 2013
Instructor, Financial Markets, Yale University, Summer 2010
Instructor, Computational Finance, Yale University, Summer 2008
Teaching Fellow, Financial Theory, Yale University, Fall 2009, Fall 2008 and Fall 2007
Teaching Fellow, Computational Finance, Yale University, Spring 2008
Fellowships, Honors and Awards:
Said Business School Faculty Research Fund, 2019-2020
Said Business School Faculty Research Fund, 2017-2018
Said Business School RA Fund, 2017-2018
Included in "Who's Who in Business Higher Education", 2017
NSE – NYU Stern Initiative on the Study of Indian Capital Markets Research Grant, 2013
Paul Woolley Center Travel Grant, 2013
Second Best Paper Award at the Paul Woolley Conference at UTS, 2013
Wallendar Foundation Research Grant in Sweden, 2013
Vinnova Grant for Financial Stability in Sweden (for three years), 2012-2015
Whitebox Advisors Fellowship, Yale School of Management, 2010
Dean’s Honors for Academic Excellence (for a GPA of 4 out of 4), UCSD, 2004
Bilkent University Full Tuition and Expenses Scholarship (awarded to top 20 students), 2001-2005
Ranked 257th (out of 1.5 million) in the National University Entrance Examination, Turkey, 2001
Professional Service:
Program Committee Member:
IDC Rothschild Caesarea Center Annual Conference (since 2015)
Western Finance Association Conference (since 2018)
European Finance Association Annual Meeting (since 2017)
North America SFS Cavalcade (since 2019)
Rotterdam Asset Management Conference (since 2019)
Berlin Conference in Mutual Fund and Hedge Fund Research (since 2019)
Financial Research Network (FIRN) Conference (since 2019)
Oxford-ETH Macro-finance Conference (since 2020)
ECGI, RFS and Oxford Workshop on 'Corporations and Covid-19' (2020)
Virtual Microstructure Exchange Seminar Series (since 2020)
Financial Management Association Annual Meeting (2015-2017)
Adam Smith Conference in Asset Pricing (2016)
Midwest Finance Association Annual Meeting (2016-2018)
International Conference on Business, Extreme Events and Analytics (2017)
Conference on Services and Retail Management (2019)
Fellow: Asian Financial ThinkTank (AFTT) of Asian Financial Cooperation Association (AFCA)
Awards Committee Member: FMA European Conference, Selection Committee for the Best Paper in Investments, 2017
Reviewer for:
Review of Financial Studies
Journal of Finance
Journal of Financial Economics
Review of Finance
Management Science
Journal of Financial and Quantitative Analysis
Journal of Economic Behavior and Organization
Review of Economics and Statistics
Journal of Empirical Finance
Journal of Financial Markets
Review of Asset Pricing Studies
Economics Letters
Journal of Banking and Finance
Journal of Economic Surveys
European Journal of Finance
Session Chair: European Finance Association Annual Meeting, 2018, 2020
PhD Thesis Supervision:
Kristof Lommers (in progress)
Ryan Lee (in progress)
Dunhong Jin (2020, placed at the Hong Kong University)
Kristoffer Milonas (2015, placed at the Bank of England)
External Examiner: London School of Economics, Department of Finance, 2017 -present