Prof. Cem Demiroğlu

Working Papers:

• Empty creditors: How public credit guarantees impair troubled loan restructurings

(with H. Aydın), August 2025, Under Revision.

Published Papers:

• Reproducibility in Management Science

(with the Management Science Reproducibility Collaboration), Management Science 2024, Vol. 70 (3): 1343-2022.

• Buyout Financing

Palgrave Encyclopedia of Private Equity 2023, p. 1-4.

• Do market prices improve the accuracy of court valuations in Chapter 11? 

(with J. Franks and R. Lewis), Journal of Finance 2022, Vol. 77 (2): 1179-1218.

• Why are commercial loan rates so sticky? The effect of private information on loan spreads 

(with C. James and G. Velioglu), Journal of Financial Economics 2022, Vol. 143 (3): 959-972.

• Do physiological and spiritual factors affect economic decisions? 

(with O. Ozbas, R. Silva, F. Ulu), Journal of Finance 2021, Vol. 76 (5): 2481-2523.

• Ratings quality and borrowing choice 

(with D. Badoer and C. James), Journal of Finance 2019, Vol. 74 (5): 2619-2665.

• The relevance of credit ratings in transparent bond markets 

(with D. Badoer), Review of Financial Studies 2019, Vol. 32 (1): 42-74.

• Indicators of collateral misreporting 

(with C. James), Management Science 2018, Vol. 64 (4): 1747-1760.

• Bank loans and troubled debt restructurings (online appendix) 

(with C. James), Journal of Financial Economics 2015, Vol. 118 (1): 192-210.

• The Dodd-Frank Act and the regulation of risk retention in mortgage-backed securities 

(with C. James) Perspectives on Dodd-Frank and Finance, MIT Press, 2014.

• State foreclosure laws and the incidence of mortgage default 

(with E. Dudley and C. James) Journal of Law and Economics 2014, Vol. 57 (1): 225-280.

• How important is having "skin in the game"? Originator-sponsor affiliation and losses on mortgage-backed securities (online appendix)

(with C. James) Review of Financial Studies 2012, Vol. 25 (11): 3217-58.

• Bank lending standards and access to lines of credit 

(with C. James and A. Kizilaslan) Journal of Money, Credit & Banking 2012, Vol. 44 (6): 1163-90.

• The role of private equity group reputation in buyout financing 

(with C. James) Journal of Financial Economics 2010, Vol. 96 (2): 306-30.

• The information content of bank loan covenants

(with C. James) Review of Financial Studies 2010, Vol. 23 (10): 3700-37.

• The use of bank lines of credit in corporate liquidity management: A review of empirical evidence

(with C. James) Journal of Banking and Finance 2011, Vol. 35 (4): 775-82.

• The first analyst coverage of neglected stocks

(with M. Ryngaert) Financial Management 2010, Vol. 39 (2): 555-84.

Work-in-Progress:

• Credit enforcement through criminal law: Evidence from post-dated checks

• Financial and economic impacts of interest rate caps: Evidence from a macroprudential policy experiment

• The real effects of credit ratings: Evidence from a mandatory rating regime

• The real effects of banking disruptions: Evidence from a politically-motivated bank closure

• Capital controls and export misreporting

• When are credit ratings informative?

• The real effects of terrorism: Evidence from PKK's unilateral truce with Türkiye