Research

My research specializes in empirical financial accounting and draws on insights from financial economics and industrial organization. I study the informational role of corporate disclosure and its implications for decision-making across different market contexts. I am particularly interested in informational frictions in commodity markets and the role of public disclosures in mitigating these frictions. I also examine how regulators and market structures shape corporate behavior and the flow of information within and across markets.

Below, you may find my job market paper and other research. For more information, feel free to contact me at berk.yayvak@utdallas.edu.

Job Market Paper

The Informational Role of Corporate Disclosure in Commodity Markets

Abstract: This paper examines the informativeness of corporate disclosure from the commodity market’s perspective. I find that both realized revenues and management revenue forecasts, when aggregated across firms exposed to commodity price risks, are strong positive predictors of future commodity returns. Their predictive power is stronger when revenue signals are more precise and weaker in markets where information on commodity fundamentals is more transparent. Further, I show that their information content is useful—even simple long-short trading strategies can generate significantly positive returns. I also show that revenue disclosures influence the short-term price discovery process, indicating that they provide timely signals. Overall, my findings suggest that revenue disclosures convey incremental information about commodity fundamentals, yet commodity markets underreact to this information.

Committee members: Ashiq Ali, Stanimir Markov, Bugra Ozel (chair), Gil Sadka
Presented at the Annual Meeting of the Commodity and Energy Markets Association (Best PhD Paper Award Recipient), the FARS Midyear Meeting (Best Paper Award Nominee), the AAA/Deloitte Foundation/J. Michael Cook Doctoral Consortium, the SWFA Conference, Baruch College-CUNY, and the University of Texas at Dallas.

Revenue-based trading strategies significantly outperform a passive commodity index strategy. Returns are substantially higher and risk-adjusted performance is stronger, highlighting the predictive content of corporate disclosures for commodity markets.

Working Papers

“Leniency Laws and Lucrative Trades: The Impact of Antitrust Policy on Insider Profits” with Umit Kurucak and Vikram Nanda.

Selected for the Spark Meeting, AAA Global Connect, and the CCPF Conference; presented at the FARS Midyear Meeting, the EFA Annual Meeting, the SWFA Conference, and the University of Texas at Dallas.

“Antitrust Litigation and Corporate Disclosure”

Presented at the AAA Annual Meeting and the University of Texas at Dallas.

“Information Transparency in Commodity Warehouse Networks and Supply Chain Contracting” with Bugra Ozel.

Work in Progress

“Local Office, Local Interests? Monetary Policy Close to Home: Evidence from Earnings Announcements” with Ahmed Abdalla, Stanimir Markov, and Maria Ogneva.

“The Usefulness of Commodity Disclosure” with Stanimir Markov.

Publications

“Do Time-Varying Betas Help in Asset Pricing? Evidence from Borsa Istanbul” with Levent Akdeniz and Aslihan Altay-Salih

Emerging Markets Finance & Trade 51, no. 4 (2015), pp.747-756.

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