GOOGLE SCHOLAR
Citations (as of May 29th, 2025): 3,790
h-index: 15
i10-index: 18
ACADEMIC INTERESTS
Corporate Finance, International Finance, Behavioral Finance, Financial Markets and Institutions, Investments, Banking
ACADEMIC EXPERIENCE
2023-Present Professor of Finance, Knight Ridder Eminent Scholar, and Environmental Finance Fellow, Florida International University, Miami, Florida
2022-2023 Professor of Finance, Knight Ridder Eminent Scholar, and Faculty Fellow in Research and Innovation, Florida International University, Miami, Florida
2021-2022 Associate Professor of Finance, Knight Ridder Eminent Scholar, and Faculty Fellow in Research and Innovation, Florida International University, Miami, Florida
2021-2022 Associate Professor of Finance, Knight Ridder Eminent Scholar, and Faculty Fellow in Research and Innovation, Florida International University, Miami, Florida
2019-2020 Associate Professor of Finance, Knight Ridder Eminent Scholar, Florida International University, Miami, Florida
2015-2018 Associate Professor of Finance, Knight Ridder Research Fellow, Florida International University, Miami, Florida
2012-2015 Assistant Professor of Finance, Florida International University, Miami, Florida
2009-2012 Assistant Professor of Finance, University of Kansas, Lawrence, Kansas
EDUCATION
2004-2009 Ph.D. in Finance, University of Florida, Gainesville, Florida
2003-2004 M.A. in Economics, University of Florida, Gainesville, Florida
2001-2003 M.A. in Economics, Bogazici University, Istanbul, Turkey
1996-1999 B.A. in Economics, Bogazici University, Istanbul, Turkey
PUBLICATIONS
Articles
[1] “How do Large Banking Organizations Manage their Capital Ratios?” (with Allen N. Berger, Robert DeYoung, Mark J. Flannery and David Lee), Journal of Financial Services Research 34, 2008, 123-149.
[2] “Firm- and country-level determinants of corporate leverage: Some new international evidence” (with Ali Gungoraydinoglu), Journal of Corporate Finance 17, 2011, 1457-1474.
[3] “Equity Mispricing and Capital Structure Adjustment Costs” (with William B. Elliott, Johanna Koëter-Kant, and Richard S. Warr), Journal of Financial and Quantitative Analysis 47, 2012, 589-616.
[4] “Leverage Expectations and Bond Credit Spreads” (with Mark J. Flannery and Stas Nikolova), Journal of Financial and Quantitative Analysis 47, 2012, 689-714.
[5] “Institutional Determinants of Capital Structure Adjustment Speeds” (with Mark J. Flannery), Journal of Financial Economics 103, 2012, 88-112.
[6] “Capital Structure, Equity Mispricing, and the Stock Repurchases” (with Alice Adams Bonaime and Richard S. Warr), Journal of Corporate Finance 26, 2014, 182-200.
[7] “Bank Capital Management: International Evidence” (with Olivier De Jonghe), Journal of Financial Intermediation 24, 2015, 154-177.
[8] “Capital Structure Decisions Around The World: Which Factors are Reliably Important?”, Journal of Financial and Quantitative Analysis 50, 2015, 301-323.
[9] “Political Environment, Financial Intermediation Costs, and Financing Patterns” (with Ali Gungoraydinoglu and Gonul Colak), Journal of Corporate Finance 44, 2017, 167-192.
[10] “Global Leverage Adjustments, Uncertainty, and Country Institutional Strength” (with Ali Gungoraydinoglu and Gonul Colak), Journal of Financial Intermediation 35, 2018, 41-56.
[11] “Systemic Banking Crises, Institutional Environment, and Corporate Leverage”, Forthcoming, Journal of Financial and Quantitative Analysis, 1-27. doi:10.1017/S0022109020000861.
[12] “Can Machines Learn Capital Structure Dynamics?”, (with Shahram Amini, Ryan Elmore, and Jack Strauss), Journal of Corporate Finance 70, 2021, 102073.
[13] “What Matters More in Board Independence: Form or Substance?”, (with Arun Upadhyay), Forthcoming, Journal of Corporate Finance 71, 2021, 102099.
[14] “The Impact of COVID-19 Pandemic on Bank Lending Around the World” (with Gonul Colak), Forthcoming, Special Issue: The Way Forward for Banks during the Covid-19 Crisis and Beyond, Journal of Banking and Finance 133, 2021, 106207.
[15] “The impact of COVID-19 and its Policy Responses on Local Economy and Health Conditions” (with Ali Gungoraydinoglu and Ilke Oztekin), forthcoming, Special Issue: Risk and Financial Management of COVID-19 in Business, Economics and Finance, Journal of Risk and Financial Management 14 (6), 2021, 233.
[16] “Financial Leverage and Debt Maturity Targeting: International Evidence”, (with Ali Gungoraydinoglu), Special Issue: Economics and Finance, Accounting, International Finance, and Economic Development with Applications, Journal of Risk and Financial Management 14 (9), 2021, 437.
[17] “Financial Crises, Banking Regulations, and Corporate Financing Patterns Around the World”, (with Ali Gungoraydinoglu), International Review of Finance, 2022, 1-34.
[18] “Capital Structure and the Yield Curve” (with Diogo Duarte and Yuri F. Saporito), Accepted, Review of Corporate Finance Studies.
[19] “Geographic Deregulation and Bank Capital Structure” (with Allen N. Berger and Raluca A. Roman), Journal of Banking and Finance, 2023, 106761 .
[20] “Short-Selling and Capital Structure”, (with Suchi Mishra and Mohammad Rahman), 2023, Journal of Financial Research, 1–42. https://doi.org/10.1111/jfir.12378 .
[21] “Threats to Human Capital: The Effect of Health Risk on Corporate Financial Policy ”, 2024, Journal of Financial Research, 1–42. https://doi.org/10.1111/jfir.12391.
[22] "Corporate Leverage: Insights From International Data” , 2024, Oxford Research Encyclopedia of Economics and Finance. https://oxfordre.com/economics/view/10.1093/acrefore/9780190625979.001.0001/acrefore-9780190625979-e-939.
[23] “Working capital balances and financial policy” (with Mark J. Flannery), Journal of Corporate Finance, Volume 87,
2024, 102618, ISSN 0929-1199,. https://doi.org/10.1016/j.jcorpfin.2024.102618.
Book Chapters
[1] “Coronavirus Pandemic and Its Economic and Human Capital Costs in US States” (with Ali Gungoraydinoglu and Ilke Oztekin). New Innovations in Economics, Business and Management, 2021, 15040D.
[2] “Are Estimates of Target Capital Structures Meaningful? New Evidence from International Data ”, (with Ali Gungoraydinoglu). New Innovations in Economics, Business and Management, 2021, 1647A.
WORKING PAPERS
[1] "Bank Liquidity Management and Payout Policy under Peer Pressure" (Diogo Duarte and Yuri F. Saporito), Reject & Resubmit, The Review of Asset Pricing Studies.
[2] "Mutual Fund Flow Shocks in the Stock Return-Capital Structure Nexus" (with Suchismitra Mishra and Iván M. Rodríguez, Jr.), under review, The Review of Financial Studies.
[3] "Spillover Effects of Cross-Border Bank Acquisitions on Liquidity Creation" (with John Sedunov and Alvaro G. Taboada), working paper.
[4] "The Financing Role of Private Equity: Global Evidence" (with Gonul Colak and Sofia Johan), working paper.
[5] "Greenwashing Temptations and ESG Rating Changes" (with Flavio Carrillo, Andy Naranjo, and Sabuhi Sardarli), working paper.
FUNDED RESEARCH
“On Regulation, Supervision, (De) Leveraging and Banking Competition: Harder, Better, Faster, Stronger?” with Olivier De Jonghe, Center for Applied Research in Finance (Carefin), University of Bocconi, 2010, €4000.
BOOK REVIEWS
Bonds and Bond Derivatives, 2nd edition, by Miles Livingston.
Financial Markets and Institutions, 6th edition, by Saunders and Cornett.
PROFESSIONAL EXPERIENCE
Treasury Dealer, Garanti Bank, Istanbul, Treasury Department, August 1999-May 2001
Summer Intern, ABN Amro Bank, Istanbul, Treasury Department, July 1998-September 1998
PRESENTED PAPERS AND LECTURES
“Can machines learn capital structure dynamics?” (with Shahram Amini, Ryan Elmore, and Jack Strauss)
37th International Conference of the French Finance Association (AFFI), 2021
Florida International University, Miami, Florida, 2020
Financial Management Association Conference, Virtual, 2020
Boca Corporate Finance and Governance Conference, Virtual, 2020
International Symposium on Forecasting, Virtual Conference, 2020
Virginia Tech, Blacksburg, Virginia, 2019.
University of Denver, Denver, Colorado, 2019
“Firm operations and financing: Evidence based on the relation between working-capital and financial leverage” (with Mark J. Flannery)
University of Illinois Urbana-Champaign, September 2020
University of Florida, September 2019
Florida International University, March 2019
“Short-selling and capital structure” (with Suchi Mishra and Mohammad Rahman)
Financial Management Association Conference, San Diego, California, 2018
Southern Finance Association Annual Meeting, Asheville, North Carolina, 2018
“Geographic deregulation and bank capital structure” (with Allen N. Berger and Raluca A. Roman)
Federal Reserve System 2019 System Conference on Financial Institutions, Regulations, and Markets, Boston, Massachusetts, 2019
Northern Finance Association (NFA) Annual Meetings, Halifax, Canada, 2017
Financial Management Association (FMA) Annual Meetings, Boston, Massachusetts, 2017
Southern Finance Association (SFA) Annual Meetings, Key West, Florida, 2017
“Political Uncertainty and Leverage Adjustments: An International Perspective” (with Gonul Colak and Ali Gungoraydinoglu)
Financial Management Association (FMA) Annual Meetings, Orlando, Florida, 2015.
Aalto University, Helsinki, Finland, February 2015.
University of Florida, Gainesville, Florida, 2014.
Florida State University, Florida, 2014.
Koc University, Istanbul, Turkey, 2014.
Sabanci University, Istanbul, Turkey, 2014.
TOBB University, Ankara, Turkey, 2014.
Istanbul School of Central Banking, Istanbul, Turkey, 2014.
“Institutional Determinants of Capital Structure Adjustment Speeds” (with Mark J. Flannery)
Florida State University, Tallahassee, Florida, October 2011.
Georgia Institute of Technology, Atlanta, Georgia, October 2011.
Virginia Tech, Blacksburg, Virginia, October 2011.
Fordham University, New York, New York, October 2010.
University of Nebraska, Lincoln, Nebraska, November 2010.
“Partial Adjustment toward Optimal Capital Structure Around the World”
Financial Management Association (FMA) Annual Meeting, New York City, New York, October 2010.
Eastern Finance Association (EFA) Annual Meeting, Miami Beach, Florida, April 2010.
Midwest Finance Association (MFA) Annual Meeting, Las Vegas, Nevada, February 2010.
Financial Management Association (FMA) Annual Meeting, Reno, Nevada, October 2009.
Miami University, Oxford, Ohio, November 2008.
Villanova University, Villanova, Philadelphia, November 2008.
Auburn University, Auburn, Alabama, October 2008.
Illinois Institute of Technology, Chicago, Illinois, October 2008.
Iowa State University, Ames, Iowa, October 2008.
Oregon State University, Corvallis, Oregon, October 2008.
University of California at Fullerton, Fullerton, California, October 2008.
University of Memphis, Memphis, Tennessee, October 2008.
University of San Diego, San Diego, California, October 2008.
University of Kansas, Lawrence, Kansas, September 2008.
University of Mississippi, Oxford, Mississippi, September 2008.
“Capital Structure Decisions Around the World: Which Factors Are Reliable Important?”
Financial Management Association (FMA) Annual Meeting, New York City, New York, October 2010.
Eastern Finance Association (EFA) Annual Meeting, Miami Beach, Florida, April 2010.
Midwest Finance Association (MFA) Annual Meeting, Las Vegas, Nevada, February 2010.
University of Nebraska, Lincoln, Nebraska, November 2009.
“Lecture on Swaps”
Villanova University, Villanova, Philadelphia, November 2008.
“What Can We Learn About Capital Structure from Bond Credit Spreads?” (with Mark J. Flannery and Stas Nikolova)
2006 6th Annual Bank Research Conference Sponsored by the FDIC’s Center for Financial Research and the Journal of Financial Services Research.
TEACHING AND RESEARCH EXPERIENCE
Courses Taught
Florida International University, Department of Finance
• Financial Markets and Institutions (FIN 4303), Spring 2021, Summer & Spring 2019, Spring & Fall 2018, Fall & Spring 2017, Fall & Spring 2016, Fall & Spring 2015, Fall & Spring 2013
•Financial Management (FIN 3403), Summer 2021
• Financial Markets and Institutions (FIN 6246): Summer 2021, Summer 2020, Summer 2019, Summer 2018, Summer 2017
• Corporate Finance (FIN 6404): Summer 2021, Summer 2020, Summer 2018, Summer & Fall 2017, Fall 2016, Fall 2015, Fall 2013, Fall 2012
• Financial Theory I (FIN 7808): Fall 2018, Fall 2016
University of Kansas, Department of Finance
• Debt and Money Markets (FIN 400): Fall & Spring 2010
• Financial Markets and Institutions (FIN 430): Fall & Spring 2010
• Analysis of Financial Intermediaries (FIN 710): Fall & Spring 2010
University of Florida, Department of Finance
• Debt and Money Markets (FIN 4243): Summer 2007, Spring 2006
Research Assistant
University of Florida, Department of Finance, Prof. Mark J. Flannery, Fall 2004-2009
University of Florida, Department of Economics, Prof. David Sappington, Fall 2003-2004
Teaching Evaluations by Academic Year
Florida International University, Department of Finance
2012: Mean: 4.6/5.0, Median: 4.6/5.0
2013: Mean: 4.5/5.0, Median: 4.8/5.0
2015: Mean 4.5/5.0, Median: 4.4/5.0
2016: Mean 4.6/5.0, Median: 4.7/5.0
2017: Mean 4.7/5.0, Median: 4.7/5.0
2018: Mean 4.8/5.0, Median: 4.8/5.0
2019: Mean 4.8/5.0, Median: 4.8/5.0
2020: Mean 4.7/5.0, Median: 4.7/5.0
2021: Mean 4.6/5.0, Median: 4.7/5.0
Teaching Evaluations by Course
Florida International University, Department of Finance
Financial Management (FIN 3403), Mean: 4.5/5.0, Median: 4.5/5.0, GPA: 3.2/4.0
Financial Markets and Institutions (FIN 4303), Mean: 4.7/5.0, Median: 4.8/5.0, GPA: 3.2/4.0
Financial Markets and Institutions (FIN 6246), Mean: 4.2/5.0, Median: 4.0/5.0 , GPA: 3.4/4.0
Corporate Finance (FIN 6404), Mean: 4.5/5.0, Median: 4.7/5.0, GPA: 3.4/4.0
Financial Theory I, (FIN 7808), Mean: 4.5/5, Median: 4.5/5.0, GPA: 3.7/4.0
Research Assistantship
University of Florida, Mark J. Flannery, Fall 2004-2009
University of Florida, David Sappington, Fall 2003-2004
SCHOLARSHIPS, AWARDS, AND ACHIEVEMENTS
School/College/Professional
Faculty Fellow in Research and Innovation, Miami, Florida, 2021-2022
Knight Ridder Eminent Scholar, Florida International University, Miami, Florida, 2019-present
Knight Ridder Eminent Scholar Endowment Chair, Florida International University, Miami, Florida, 2019-present
Knight Ridder Center Research Fellow, Florida International University, Miami, Florida, 2015-2018
Best reviewer award, Financial Review, 2017
Certificate of Outstanding Contribution in Reviewing, Journal of Financial Stability, 2019
Certificate of Outstanding Contribution in Reviewing, Journal of Corporate Finance, 2019
Certificate of Outstanding Contribution in Reviewing, Journal of Banking and Finance, 2019
Certificate of Reviewing, Journal of Multinational Financial Management, 2019
Certificate of Reviewing, Journal of International Financial Markets, Institutions, & Money, 2019
Certificate of Reviewing, Economic Systems, 2019Summer Research Grant, College of Business, FIU, 2020
Summer Research Grant, College of Business, FIU, 2014-2020
Research Award, College of Business, FIU, 2013
Research Award, College of Business, FIU, 2012
Research Fellowship, University of Florida, Department of Finance, 2004-2009
Research Fellowship, the Public Utility Research Center (PURC), University of Florida, Economics Department, 2003-2004
Outstanding Academic Achievement Award, National Honor Society in Business and Management, Beta Gamma Sigma Society, 2004
Outstanding Academic Achievement Award, Dean’s High Honors List, Bogazici University, Economics Department, 2001-2003
Outstanding Academic Achievement Award, Dean’s Honors List, Bogazici University, Economics Department, 1995-1999
OTHER PROFESSIONAL ACTIVITIES AND PUBLIC SERVICE
Internal Service to Department, College and University
Committee Chair, Department, Third-Year Review Committee, 2024
Committee Member, Department, Seminar Committee, 2023-present
Committee Member, Department, Diversity, Equity, and Inclusion Committee, 2021-2023
Committee Member, Department, Peer Review Committee, 2012-2020
Committee Member, Department, Tenure and Promotion Committee, 2016
Committee Member, College, Dissertation Advisor Status Evaluation Committee, 2019-2020
Committee Member, University, Evaluating Teaching Project, 2018- 2021
Committee Member, College, Selection of Landon Innovative Educator Awards, 2017
Committee Member, College, Undergraduate Curriculum Committee, College, 2015
Participant, Center for Women’s and Gender Studies, 2018-2021
Course Coordinator, College of Business, Financial Markets and Institutions, 2016-2020
Recruitment Interviews, Department, American Finance Association Annual Meeting, 2015
Faculty Mentor, College, Chaitali Kapadia, 2020-2021
Faculty Mentor, Department, Yeonju Jang, 2018-2021
Letter of support for Dr. Wen Hsiu (Julia) Chou’s application for tenure and promotion, 2013
Dissertation Committee Member, Marcos Velazquez, Department, 2021
Dissertation Committee Member, Le Zhao, Department, 2021
Dissertation Committee Member, Mohammad Rahman, Department of Finance, 2017
Mentoring, PhD Student, Mohammad Hashemijoo, Department of Finance, 2016-2018
Mentoring, PhD Student, Mohammad Rahman, Department of Finance, 2016-2017
Mentoring, PhD Student, Zifeng Feng, Department of Finance, 2015-2016
Mentoring, PhD Student, Ivan M. Rodriguez, Department of Finance, 2015
Mentoring, PhD Student, Catalina Hurwitz, Department of Finance, 2015
Mentoring, PhD Student, Alexandre Aidov, Department of Finance, 2013
Mentoring, PhD Student, Olesya Lobanova, Department of Finance, 2013
Mentoring, Master Student, Alejandro Pacheco, Department of Finance, 2013
Mentoring, Undergraduate Research Associate Program, Alejandra Arauz, College, 2021
Mentoring, Undergraduate Research Associate Program, Volha Nikalayonak, College, 2021
Mentoring, Undergraduate Research Associate Program, Larisa Railean, College, 2021
Recommendation letters for undergraduate- and master-level students, 2012-present
Judge, FIU Senior Project Showcase, University, 2017
Research Discussion on Sabbaticals with John Zdanowicz and George Hu, College, 2017
Participant, Student Orientation, MS in Finance Program, 2012-present
Participant, AACSB Peer Review Team, University, 2021
Participant, AACSB Peer Review Team, University, 2017
Participant, AACSB Peer Review Team, University, 2013
Attending Ph.D. faculty meetings, 2012-present
Participant, research workshop activities, Department, 2012-present
Participant, research seminars, Department, 2012-present
Participant, the PhD students’ research presentations, Department, 2012-present
Professional Service to Academia
Mentoring
Mentor, Adopt a paper mentoring program, Academic Female Finance Committee (AFFECT), 2021.
Associate Editor
The Financial Review (2016-May 2021)
The Financial Review (2024-Present)
Journal of Banking and Finance (2018-Present)
Journal of Financial Stability (2024-Present)
Service to Professional Committees
Committee Member, FMA Publications Committee Chair Search Committee, 2019.
Conference Participation and Organization
Program VP, Southern Finance Association, 2023
Session Chair, American Finance Association Annual Meeting, Virtual, January 2021
Program Committee Member for Financial Management Association Annual Meeting, Virtual, October 2021
Program Committee Member for American Finance Association Annual Meeting, Virtual, January 2021
Program Committee Member for Eastern Finance Association Annual Meeting, Virtual, November 2021
Program Committee Member for Southern Finance Association Annual Meeting, Key West, Florida, November 2020
Program Committee Member for Southern Finance Association Annual Meeting, Key West, Florida, November 2019
Program Committee Member for Southern Finance Association Annual Meeting, Key West, Florida, November 2018
Program Committee Member for Southern Finance Association Annual Meeting, Key West, Florida, November 2017
Presenter, Financial Management Association International’s annual meeting, 2017
Co-presenter, Northern Finance Association annual meeting, 2017
Attendee, Financial Management Association International’s annual meeting, 2011
Program Committee Member for Financial Management Association Annual Meeting, New York City, New York, October 2011
Discussant, Eastern Finance Association Annual Meeting, Miami Beach, Florida, April 2010
Discussant, Midwest Finance Association Annual Meeting, Las Vegas, Nevada, February 2010
Presenter and discussant, Midwest Finance Association International’s annual meeting, 2010
Presenter and discussant, Eastern Finance Association International’s annual meeting, 2010
Presenter, Financial Management Association International’s annual meeting, 2008-2010
Discussant, Financial Management Association Annual Meeting, Orlando, Florida, October 2007
Co-presenter, 6th Annual Bank Research Conference sponsored by the FDIC’s Center for Financial Research and the Journal of Financial Services Research, L. William Seidman Center, 2006
Attendee, American Finance Association’s annual meetings, 2006-2008
Attendee, Conference on Globalization: Prospects and Problems, University of Florida, 2005
Referee
Academic Journals:
Review of Financial Studies
Journal of International Business Studies
Management Science
Journal of Financial and Quantitative Analysis
Review of Finance
Journal of Banking and Finance
Journal of Corporate Finance
Journal of Financial Intermediation
Journal of Money, Credit, and Banking
The Financial Review
Journal of Financial Research
Journal of Financial Services Research
Journal of Financial Stability
Journal of International Financial Markets, Institutions & Money
Comparative Economic Studies
Economic Systems
Emerging Markets Finance and Trade
Journal of Multinational Financial Management
Managerial Finance
Grant Institutions and Conferences:
Research Grant Council of Hong Kong
American Finance Association
Eastern Finance Association
Financial Management Association
Southern Finance Association
Professional Memberships
Academy of International Business
American Finance Association
Eastern Finance Association
Financial Management Association
Midwest Finance Association
Northern Finance Association
Southern Finance Association
Western Finance Association
ACADEMIC PRESENTATIONS
University of Florida (4/14), Georgia Institute of Technology (10/11), Virginia Tech (10/11), Florida State University (10/11), Florida International University (10/11), University of Nebraska (11/10), Fordham University (11/10), University of Nebraska (11/09), University of Florida (9/08), University of Kansas (9/08), University of Mississippi (9/08), Illinois Institute of Technology (10/08), Auburn University (10/08), University of San Diego (10/08), University of California at Fullerton (10/08), University of Memphis (10/08), Iowa State University (10/08), Oregon State University (10/08), Villanova University (11/08), Miami University (11/08)
ACADEMIC REFERENCES
Mark J. Flannery
Department of Finance, Insurance, Real Estate
University of Florida
P.O. Box 117168, Gainesville, FL 32611-7168
Phone: (352) 392 -3184
E-mail: flannery@ufl.edu
Jay Ritter
Bank of America Eminent Scholar of Finance
Cordell Eminent Scholar of Finance
Department of Finance, Insurance, Real Estate
University of Florida
P.O. Box 117168, Gainesville, FL 32611
Phone: (352) 392 -2837
E-mail: jay.ritter@cba.ufl.edu
Andy Naranjo
John B. Hall Professor and Chair
Eugene F. Brigham Finance, Insurance, and Real Estate Department
University of Florida
P.O. Box 117168, Gainesville, FL 32611-7168
Phone: (352) 392-3781
E-mail: andy.naranjo@cba.ufl.edu