Publications

Empirical Asset Pricing & International Finance

• Demographic Trends, the Dividend-Price Ratio and the Predictability of Long-Run Stock Market Returns (joint with Carlo A. Favero and Andrea Tamoni), Journal of Financial and Quantitative Analysis, 2011, 46 (5), 1493-1520. JSTOR, VOX, CFA digest.

• Demographics and the Behaviour of Interest Rates (with Carlo A. Favero and Haoxi Yang), IMF Economic Review, 2016, vol 64(4), 732-776. Presented at 'Secular Stagnation, Growth and Real Interest Rates' Conference in Florence and at SoFiE, SSRN, Springer.

• Global Political Risk and Currency Momentum (with Ilias Filippou and Mark P. Taylor), Journal of Financial and Quantitative Analysis, 2018, 53 (5), 2227-2259. SSRN and JSTOR.

• Stock vs. Bond Yields, and Demographic Fluctuations (with Annaig Morin), Journal of Banking and Finance, 2019, 109, ScienceDirect , Online Appendix. Core Magazine summary

• Exchange Rates and Binary Political Events (with Pedro Venturi, Alex Ferreira and Yujing Gong), Oxford Economic Papers, 2024, 76(3), 797–822, Oxford Academic.

• ETF Arbitrage and International Diversification (with Ilias Filippou and Hari Rozental),  SSRN, Media Coverage: seekingalpha.com, quantpedia,institutional-money.com., Semi-finalist for Best Paper Award in Investments, FMA 2019, Journal of Banking and Finance, 168 (2024): 107274, Sciencedirect.

• The Signal in the Noise: Trump Tweets and the Currency Market (with Ilias Filippou, My T. Nguyen, and Ganesh Viswanath Natraj),  SSRN,  AFA 2022 poster session, WBS Summary, Journal of International Money and Finance, 2025, 156, 103343, JIMF.

• Central Bank Reserves and Currency Volatility (with Alex Ferreira and Joao Mainente),  SSRN,  Open Economies Review, 2026,37, 633-673, Springer. 

      Market Microstructure

• Lot Size Constraints and Market Quality: Evidence from the Borsa Italiana (joint with Pietro Perotti, Barbara Rindi and Roberta Fredella), Financial Management, 2015, 44 (4), 905-945. SSRN, Wiley.

• Intraday Rallies and Crashes: Spillovers of Trading Halts (with Bei Cui), International Journal of Finance and Economics, 2016, 21(4), 472-501. FIRN, SSRN and Wiley , FMA Asia/Pacific CMCRC Research Award.

• Banning Dark Pools: Venue Selection and Investor Trading Costs (with Christian Neumeier, Peter Hoffmann, Peter O'Neill, and Felix Suntheim), FCA Occasional Paper, ScienceDirect . Media Coverage: Reuters,  Journal of Financial Markets,  2023,  65, 100831.

• Liquidity and Price Informativeness of Options: Evidence from Extended Trading Hours (with Liangyi Mu), 2025,45,11, in Journal of Futures Markets,  SSRN, Wiley.

      Experimental Finance

• Pre-trade Transparency and Informed Trading: Experimental Evidence on Undisclosed Orders, Journal of Financial Markets, 2016, 28, 91-115, SSRN, ScienceDirect.

       Book Chapter

• Empirical and Experimental Research on Transparency and Disclosure, Chapter 20 in Market Microstructure in Emerging and Developed Markets edited by Kent Baker and Halil Kiymaz, Kolb Series in Finance, 2013.

Household Finance

• Initial Returns and Stock Market Re-Entry Decisions (with Ozlem Arikan, Gi Kim and Hiroaki Sakaguchi), European Journal of Finance, 2019, 25(10), 883-909, SSRN, Taylor&Francis.

Interdisciplinary Research

• The American Spirit: The Performativity of Folk Economics in Global Financial Markets (with Emre Tarim and Gulnur Muradoglu, EPA: Economy and Space, 2023, 55(8), 1906-1927, SAGE.

Personal

• My Journey on the Sephardic Route,  in This is My New Homeland Life Stories of Turkish Jewish Immigrants - IV edited by Rifat Bali, Libra Kitap, 2019.