Research

SELECTED PUBLICATIONS

Competition Policy, Antitrust and State Aid

• • Did Turkish Banks Sustain High Margins? Hidden Markov Evidence from the 2007-2011 Investigation Window, Economic and Financial Analysis Letters, 2026, 1(1): 1-12.

  • Moment Inequality Estimators in Competition Analysis: A Practitioner’s Guide with Synthetic Data Applications. 3rd International Data Analytics and Machine Learning Conference (DATAMACLEA’26).

  • SMEs as Victims of Competition Violations in the EU: An Empirical Investigation, Journal of Business Economics & Management, 2024, 25(6): 1161-1183.

  • [TURKISH] Topla-Dağıt Anlaşmalarının Hukuku ve Ekonomisi [The Law and Economics of Hub&Spoke Agreements]. (with Metin Pektaş, Derviş Boran Beysülen, Deniz Kıvanç), In Nurkut İNAN’A Armağan, 2022, On İki Levha Yayıncılık, 97-130.

  • [TURKISH] Rekabet Soruşturmasının Bankaların Piyasa Değerine Etkisi: Bir Olay Çalışması Analizinden Kanıtlar [The Impact of Antitrust Investigation on Banks’ Market Value: Evidence from an Event Study Analysis], Finans Politik & Ekonomik Yorumlar, 2017, 54(631): 75-91.

  • Measuring the Extent of European State Aid Control: An Econometric Analysis of the European Commission Decisions, (with Erik Brouwer), Sosyoekonomi, 2016, 24(30): 45-70.

  • Competition Law and Profits: A Dynamic Panel Data Analysis for Dutch Manufacturing Firms (with Erik Brouwer), Applied Economics Letters, 2012, 19(12): 1203-1206.

  • Competition Law, Networks and Innovation (with Erik Brouwer), Applied Economics Letters, 2012, 19(8): 775-778.

  • What Determines Behavior Seeking Temporary Antitrust Immunity: Dispensation Requests in the Netherlands (with Erik Brouwer), Journal of Competition Law and Economics, 2011, 7(3): 671-694.

  • The Granting of Temporary Antitrust Immunity: A Case Study of the Netherlands Competition Authority (previously published as "The Assessment of Agreements for Which Temporary Antitrust Immunity is Sought: Competition Authority's Perspective" ESRC Centre for Competition Policy Working Paper No. 11-15)

Energy Markets, Network Industries and Regulation

• • When Does Member Governance Substitute for Regulation in Consumer-Owned Utilities?, Review of Network Economics, 2026, 25(1): 29-55.

  • The Fuel Price Pass-Through in Turkey: The Case Study of Motor Fuel Price Subsidy System, (with Önder Özgür, Levent Aydın, Erdal Tanas Karagöl), Energy, 2021, 226, 120399.

  • Advanced Metering Infrastructure and Distributed Generation: Panel Causality Evidence from New Zealand, (with Önder Özgur), International Journal of Energy Economics and Policy, 2018, 8(5): 125-137.

  • The Effectiveness of Unbundling in Turkish Electricity Supply Market, (with Hasan Alma), Network Industries Quarterly, 2017, 19(2): 3-5.

  • A Stated Preference Approach to the Analysis of Risk Perceptions for Renewable Energy Investments in Turkey: Evidence from Choice Experiments, Empirical Economics Letters, 2016, 15(11).

  • The Sustainability of Turkish Electricity Distributors and Last-Resort Electricity Suppliers: What Did Transition from Vertically Integrated Public Monopoly to Regulated Competition with Privatized and Unbundled Firms Bring About?, (with Bilal Öğünlü and Hasan Alma), Utilities Policy, 2016, 39: 50-67.

  • Efficiency and Prices of Regulation-Exempt Consumer-Owned Natural Monopolies: A First Look at Electricity Distributors in New Zealand (with Paul Nillesen), Annals of Public and Cooperative Economics, 2013, 84(4): 361-381.

  • An Efficiency Analysis of New Zealand Electricity Distributors over Time (with Paul Nillesen) New Zealand and Australia in Focus: Economics, the Environment and Issues in Health Care, 2012, 61-88. Nova Science Publishers, Inc.

Environment, Energy Efficiency and the Circular Economy

• • Productivity Dynamics in Türkiye's Waste Management and Resource Recovery Sector: An Analysis Using Törnqvist Productivity Index (2009-2023), Verimlilik Dergisi [Journal of Productivity], 2025, 59(4): 743-756.

  • Static and Dynamic Connectedness between Green Bonds and Clean Energy Markets, (with Ayşe Nur Şahinler, Sıdıka Başçı, Tolga Omay). The ESG Framework and the Energy Industry: Market-Based Policies and Value Creation, 2024, Springer.

  • [TURKISH] Döngüsel Ekonomi İnovasyonları ve İstihdam: Türkiye’deki İmalat Firmaları İçin Bir Analiz [Circular Economy Innovations and Employment: An Analysis for Manufacturing Companies in Turkey]. (with Abdullah Tirgil), In Döngüsel Ekonomi ve Sürdürülebilir Hayat, 2022, Türkiye Bilimler Akademisi Yayınları, 123-142.

  • Industry 4.0 as an Enabler of Circular Economy Practices: Evidence from European SMEs, (with Derya Fındık, Abdullah Tirgil), Journal of Cleaner Production, 2023, 410.

  • Drivers of Energy Efficiency for Manufacturing SMEs in Eurasian Countries: A Profiling Analysis Using Machine Learning Techniques, (with Önder Özgür, Derya Fındık), Energy Efficiency, 2022, 15:52.

  • Resource Efficiency Investments and Firm Performance: Evidence from European SMEs, (with Derya Fındık, Kıvılcım Metin Özcan, Sıdıka Başçı), Journal of Cleaner Production, 2020, 252.

  • Attitudes of SMEs towards the Elements of Eco-Efficiency: The Turkish Case (with Derya Fındık, Sıdıka Başçı, Kıvılcım Metin Özcan). Regulations in the Energy Industry: Financial, Economic and Legal Implications, 2020, Springer.

  • How Effective are Energy Efficiency and Renewable Energy in Curbing CO2 Emissions in the Long Run? A Heterogeneous Panel Data Analysis, (with Bahar Celikkol Erbas), Energy, 2015, 82: 734-745.

  • A Global Perspective on the Long-Term Impact of Increased Energy Efficiency (with Paul Nillesen and Robert Haffner) Energy Efficiency: Towards the End of Electricity Demand, 2013, Academic Publishing, Elsevier.

SMEs, Firm Performance and Productivity

• • Modeling Potential Productivity Gains from SME Growth: A Monte Carlo Simulation for Turkish Manufacturing Firms, Verimlilik Dergisi [Journal of Productivity], 2025, 59(3): 589-608.

  • SMEs as Victims of Competition Violations in the EU: An Empirical Investigation, Journal of Business Economics & Management, 2024, 25(6): 1161-1183.

  • GVCs Embeddedness and Its Effects on Industrial Productivity: Evidence from Turkish Manufacturing Industries, (with Shahid Mahmood Waqar) Journal of International Commerce, Economics and Policy, 2024, 15(3), 2450017.

  • [TURKISH] Döngüsel Ekonomi İnovasyonları ve İstihdam: Türkiye’deki İmalat Firmaları İçin Bir Analiz [Circular Economy Innovations and Employment: An Analysis for Manufacturing Companies in Turkey]. (with Abdullah Tirgil) In Döngüsel Ekonomi ve Sürdürülebilir Hayat, 2022, Türkiye Bilimler Akademisi Yayınları, 123-142.

  • Industry 4.0 as an Enabler of Circular Economy Practices: Evidence from European SMEs, (with Derya Fındık, Abdullah Tirgil), Journal of Cleaner Production, 2023, 410.

  • Drivers of Energy Efficiency for Manufacturing SMEs in Eurasian Countries: A Profiling Analysis Using Machine Learning Techniques, (with Önder Özgür, Derya Fındık), Energy Efficiency, 2022, 15:52.

  • How Do SMEs Finance Green Products or Services?, (with Derya Fındık, Kıvılcım Metin Özcan), Ekonomik Yaklaşım, 2022, 33(122): 1-20.

  • ISO 14001 Certification and Environmental Practices of Manufacturing SMEs: Evidence from Turkey, (with Abdullah Tirgil, Derya Fındık), Environmental Engineering and Management Journal, 2021, 20(8): 1371-1381.

  • Resource Efficiency Investments and Firm Performance: Evidence from European SMEs, (with Derya Fındık, Kıvılcım Metin Özcan, Sıdıka Başçı), Journal of Cleaner Production, 2020, 252.

  • Attitudes of SMEs towards the Elements of Eco-Efficiency: The Turkish Case (with Derya Fındık, Sıdıka Başçı, Kıvılcım Metin Özcan). Regulations in the Energy Industry: Financial, Economic and Legal Implications, 2020, Springer.

  • [TURKISH] Kalite Yönetim Sistemi Belgelendirmesi ve Satışlar: Türkiye'deki İmalat Firmaları için Bir Analiz, [Quality Management System Certification and Sales: Evidence from Turkish Manufacturing Industry], (with Abdullah Tirgil), Finans Politik & Ekonomik Yorumlar, 2020, 651: 45-57.

  • The Effects of Certification on Total Factor Productivity: A Propensity Score Matching Approach, Managerial and Decision Economics, 2019, 40(1): 51-63.

Health Economics and Long-Term Care

• • How Do Attitudes of Adult Children Towards Long-Term Care Change with Education? International Evidence, (with Abdullah Tirgil, Pablo Villalobos Dintrans), Journal of Aging & Social Policy, 2025, 37(5), 775–795.

  • Examining Trends and Predictors of Satisfaction with Healthcare Providers in Turkey: Exploring the Impact of the Health Transformation Programme (2006-2022), (with Abdullah Tirgil). Transforming Health in Turkey: An Evaluation of Two Decades of Reform, 2025, Routledge.

  • Does Healthier Aging Alter Long-Term Care Insurance Demand? An Agent-Based Model of Coverage Timing and Rates, Journal of Aging and Long-Term Care, 2025, 8(1), 37-60.

  • The Future of Long-Term Care in Developing Countries: Insights from Turkey (with Abdullah Tirgil).  The Future of Long-Term Care, 2021,  Nova Science Publishers, Inc.

  • Efficiency Changes in Long-Term Care in OECD Countries: A Non-parametric Malmquist Index Approach, (with Abdullah Tirgil and Elif Gul Kose), Socio-Economic Planning Sciences, 2020, 72.

  • Cross-Border Trade in Healthcare Services and Its Financing in the Single European Market  (with Asuman Çukur, Abdullah Tirgil). The Growth-Oriented Economic Policy of the EU, 2020, Cambridge Scholars Publishing.

  • Does Public Health Insurance Provide Financial Protection Against Out-Of-Pocket Health Payments? Evidence from Turkey, (with Abdullah Tirgil), Sosyoekonomi, 2020, 28: 11-24.

  • Hospital Quality and Demand: An Analysis of German Hospitals Using Distance-Metric Approach, Ege Akademik Bakış [Ege Academic Review], 2017, 17(4): 493-504.

  • Mandatory Quality Disclosure and Quality Supply: Evidence from German Hospitals, (with Lapo Filistrucchi). TILEC Discussion Paper, No. 2012-031.

Banking, Finance and Monetary Policy

• • Negative interest rate policy and bank lending channel: evidence from the Swedish experience, (with Önder Özgür, Erdal Tanas Karagöl), International Economics and Economic Policy, 2025, 22, 47.

  • Detecting speculative bubbles in metal prices: Evidence from GSADF test and Machine Learning Approaches, (with Önder Özgür, Veli Yılancı), Resources Policy, 2021, 74, 102306.

  • A Machine Learning Approach to Drivers of Bank Lending: Evidence from an Emerging Economy, (with Önder Özgür, Erdal Tanas Karagöl), Financial Innovation, 2021, 7(20).

  • [TURKISH] Rekabet Soruşturmasının Bankaların Piyasa Değerine Etkisi: Bir Olay Çalışması Analizinden Kanıtlar [The Impact of Antitrust Investigation on Banks’ Market Value: Evidence from an Event Study Analysis], Finans Politik & Ekonomik Yorumlar, 2017, 54(631): 75-91.

  • [TURKISH] Bankacılık Piyasa Yapısının Reel Ekonomi Üzerindeki Etkileri: Kuramsal ve Görgül Yazının Bir Taraması [The Effects of Banking Market Structure on Real Economy: A Review of the Theoretical and Empirical Literature], Rekabet Dergisi [Competition Journal], 2016, 17(1): 4-31.

Digital Economy, Platforms and Technology

• • [TURKISH] Dijital Finansal İçermeyi Artırmak: Engellerin ve Politikaların Analizi İçin Etmen-Tabanlı Bir Yaklaşım [Enhancing Digital Financial Inclusion: An Agent-Based Approach to Analyzing Barriers and Policies]. In KÜRESEL DÖNÜŞÜM ÇAĞINDA SÜRDÜRÜLEBİLİR EKONOMİ VE  FİNANS, 2025, Türkiye Bilimler Akademisi Yayınları, 439-464.

  • Foreign and Turkish Digital Platforms. The Economics and Regulation of Digitalisation The Case of Türkiye, 2024, Routledge.

  • Industry 4.0 as an Enabler of Circular Economy Practices: Evidence from European SMEs, (with Derya Fındık, Abdullah Tirgil), Journal of Cleaner Production, 2023, 410.

Agricultural and Food Markets

• • The Impact of Agricultural Input Costs on Food Prices in Turkey. A Case Study, (with Sefa Işık), Agricultural Economics (Czech Republic), 2021,  67(3): 101-110.

  • The Role of Tax Cuts on Agricultural Input Prices in Turkey, (with Sefa Işık), Studies in Agricultural Economics, 2020, 122: 167-171.

  • Understanding Food Prices in Turkey: An In-Depth Interview Approach, (with Sefa Işık), İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 2021, 10(1): 912-937.

  • The Productivity of Turkey’s Agricultural Production on Provincial Basis, (with Elif Gül Köse), Ekonomik Yaklaşım, 2018, 29(109): 55-80. 

Culture, Institutions and Economic Development

• • [TURKISH] Oyun Teorisi Bağlamında Suriye İç Savaşının Geleceği,  [Future of the Syrian Civil War in the Context of Game Theory],  (with Mustafa Kürşat Şahiner), Ulisa: Journal of International Studies, 2022, 6(1): 51-65.

  • International Trade of Cultural Products and Economic Growth: A Panel Data Analysis, (with Önder Özgür), Süleyman Demirel Üniversitesi Vizyoner Dergisi, 2021, 12(30): 381-392.

  • [TURKISH] Kültür ve Ekonomik Başarı  [Culture and Economic Success], MPRA Paper 96734, University Library of Munich.

REPORTS

• Risk Perceptions for Renewable Energy Investments in Turkey

• The Future of Retail Electricity Market

• Siber Güvenlik Bağlamında Sosyal Medya Platformları Ekonomisi ve Endüstriyel Organizasyonu

SHORT WRITINGS IN ENERJİ PANAROMA MAGAZINE (IN TURKISH)

• • Serbest Tüketici Limitinin Düşürülmesi Elektrik Tedarik Rekabetini Etkileyecek mi?

  • Davranışsal İktisadın Enerji Piyasalarına Yansımaları

  • Elektrik Perakende Satış Piyasalarında Dağıtık Üretimin Yansımaları

  • Akıllı Altyapı, Enerji Piyasalarının Rekabetçi Dinamiklerini Nasıl Etkiliyor?

  • Enerji Piyasalarında Dikey Ayrıştırma ve Perakende Satış Rekabeti

  • Türkiye'nin Yıllık Elektrik Tüketim Talebi Projeksiyonlarına Akademik Yaklaşımlar

  • Şebeke Endüstrilerinde Yeni Düzenleyici Modeller: Britanya'daki RIIO Örneği 

  • Elektrik Tedarik Piyasalarında Evrensel Hizmet Zorunluluğu Kendine Yer Bulabilir mi?

  • Moody’s’in Kararını Beklerken: Düzenleme İklimi, Düzenleyici Riskler ve Kredi Notu

  • Lisanssız Elektrik Üretiminin İktisadına Dair Kısa Bir Kavramsal Çerçeve

  • Sürdürülebilir Üretim ve Tüketim için Enerji Piyasalarının Endüstriyel Organizasyonu

  • Enerji Piyasalarında Birleşmelerin Anti-Rekabetçi Sonuçları

  • Organize Toptan Elektrik Satış Piyasalarında Pazar Gücünün Ekonomik Denge Modelleri Çerçevesinde Tespiti

  • Organize Toptan Elektrik Satış Piyasalarında Pazar Gücü ve Stratejik Davranış

  • Avrupa Komisyonu ve Gazprom: Mesele Rekabet mi, Siyaset mi?

  • Yerinde Üretim ve Elektrik Tedarik Piyasasının Geleceği

  • Doğal Gaz ve Petrol Fiyatları: Karmaşık Bir İlişki (mi?)

  • Elektrik Tedariki Rekabetinde Etkin Bir Paydaş Olarak Küçük Tüketici ve Rekabetin Küçük Tüketiciye Kazandırdıkları

  • Petrol Fiyatlarındaki Değişim: Nedenleri ve Etkileri

  • Elektrik Tedarikinde Rekabetin Doğası ve Geleceğe Yönelik Beklentiler

  • Avrupa’da Enerji Sektörlerine Devlet Yardımı: Güncel 3 Örnek

  • Yenilenebilir Enerji Yatırımlarının Gerçekleşmesinin Önünde Bir Engel Olarak Risk: İktisat Yazını Neler Söylüyor?

  • Özendirici Düzenlemede Kalite Unsuru

  • Enerji Verimliliğini Artırmanın Ekonomik Faydasının Sınırı Var mı?

  • Verimlilik ve Enerji Faturası: Türkiye Nerede Duruyor?

ONLINE APPENDIX

• Online appendix for Ozbugday and Bouwer (2016)