Main Research Interests

Financial Market Microstructure

liquidity, limit order book, intradaily patterns, algorithmic and high-frequency trading, fragmentation, market design, high-frequency data, trading infrastructure and technology

Secondary Research Interests

Behavioral Biases

Asset Pricing

Investment Strategies

Risk Measurement

Financial Management



Dynamiques à haute fréquence sur les marchés dirigés par les ordres: cas de la Bourse d'Istanbul (High-Frequency Dynamics in Order-Driven Markets: the Case of Istanbul Stock Exchange), Université Aix-Marseille III, 2006.

Committee: Claude Bensoussan (supervisor, Aix-Marseille III), Thierry Foucault (HEC), Roland Gillet (Paris I), Eric Girardin (Aix-Marseille II), Raymond Trémolières (Aix-Marseille III)


L'Evolution intrajournalière des transactions à la Bourse d'Istanbul (Intradaily Patterns in Istanbul Stock Exchange), Université de Paris 1 Panthéon-Sorbonne, 2001.

Committee: Gaëlle Le Fol (supervisor), Thérèse Chevallier-Farat

Journal Articles

Articles in Edited Books

Full Text Conference Proceedings

  • Ekinci, C., Yıldırak, K., Taylan, A.S., 2011. An Evaluation of Risk Measures at High Frequency, (International) Financial Engineering Conference, Izmir University of Economics.
  • Taylan, A.S., Can, E., Yıldırak, K., Ekinci, C., 2011. VPIN Measure on TURKDEX, (International) Financial Engineering Conference, Izmir University of Economics.
  • Ansal, H., Ekinci, C., 2009. Finansal Krizde Teknolojinin Rolü (The Role of Technology in the Financial Crisis), TMMOB Sanayi Kongresi, Ankara.
  • Ekinci, C., 2006. A Correlation Analysis of Order Aggressiveness, AFFI Meeting, Poitiers.
  • Ekinci, C., 2005. Limit Order Book Reconstruction and Beyond, EDGE-GREQAM Summer School, Aix-en-Provence.
  • Ekinci, C., 2003. A Statistical Analysis of Intraday Liquidity, Returns and Volatility of an Individual Stock from the Istanbul Stock Exchange, METU Conference in Economics VII, Ankara.

Conference and Seminar Presentations

  • City University of London, Economics seminar, London, 2019
  • A conference in honor of Ramazan Gençay, Bilgi U, Istanbul, 2019
  • Financial Econometrics Conference, Lancaster, 2018
  • SSEM EuroConference, Lodz, 2018
  • CNAM, MBA seminar, Paris, 2017
  • Boğaziçi University Financial Engineering (BUFE), Istanbul, 2013, 2016, 2018
  • Turkish Capital Markets Association Conference, Istanbul, 2016, 2017
  • Turkish Capital Markets Association seminar on Algorithmic Trading, Istanbul, 2016
  • Middle East Technical University, 55th Meeting of EGWCFM, Ankara, 2015
  • Borsa Istanbul Finance and Economics Conference (BIFEC), Istanbul, 2015
  • EconAnadolu Conference, Eskişehir, 2013
  • Okan University, Economics seminar, Istanbul, 2013
  • Okan University, international conference, Istanbul, 2012
  • Bahçeşehir University, BETAM seminar, Istanbul, 2012
  • Middle East Technical University, Economics seminar, Ankara, 2012
  • Istanbul Technical University, Economics seminar, Istanbul, 2012
  • Izmir University of Economics, international conference, Izmir, 2011
  • Istanbul Technical University, ICMFE, Istanbul, 2011
  • Galatasaray University, Economics seminar (GIAM), Istanbul, 2011
  • İş Yatırım Finans Atölyesi, Istanbul, 2010
  • CNAM Econometrics Lab Seminar, Paris, 2007
  • European Doctoral Group in Economics/GREQAM Summer School, Aix-en-Provence, 2007 and 2005
  • Vietnam Chamber of Commerce and Industry (VCCI) seminar, Paris, 2007 and 2005
  • Istanbul Stock Exchange, seminar, Istanbul, 2006
  • French Finance Association (AFFI) Conference, Poitiers, 2006
  • Forecasting Financial Markets Conference, Aix-en-Provence, 2006
  • International Conference on High-Frequency Finance, Konstanz, 2006
  • INSEEC workshop, Paris, 2005
  • RTN MicFinMa Summer School, Konstanz, 2004
  • French Finance Association (AFFI) Conference, Paris, 2003
  • METU International Conference in Economics VII, Ankara, 2003

Theses Supervised


  • Zeynep Çobandağ Güloğlu. Bid-Ask Spread, Liquidity and the Effects of Firm-Level and Market-Level Features, ITU Graduate School of Arts and Social Sciences, PhD Thesis, 2018.


  • Sırma Şeker. How Effective Are the Advertising Expenses Made in the Worst Performing Year? A Worldwide Analysis, ITU Graduate School of Arts and Social Sciences, Master Thesis, 2019.
  • Yağızhan Yılmaz. Profitability of Momentum and Contrarian Trading Strategies in the U.S. Stock Market, ITU Graduate School of Science, Engineering and Technology, Master Thesis, 2018.
  • Ali Eray Bulut. Google Search and Stock Returns: A Study on BIST 100 Stocks, ITU Graduate School of Science, Engineering and Technology, Master Thesis, 2018.
  • Burak Donel. Yapay Sinir Ağları Yöntemi ile Kredi Skorlama (Credit Scoring Using Artificial Neural Networks), ITU Graduate School of Science, Engineering and Technology, Master Thesis, 2012.

Research Projects

Principal Investigator


  • Formation of a detailed high-frequency trading (HFT) management plan based on the analyses of HFT impacts on market mechanisms, market participants and social welfare, TUBITAK 3501 project managed by Oğuz Ersan (November 2019-October 2021)

Other Research Activity

Member of the Scientific Committee

  • Workshop on Market Microstructure and Behavioral Finance (WMMBF), Istanbul, 2019
  • Finans Politik ve Ekonomik Yorumlar, 2016-present
  • Journal of Economics, Finance and Accounting, 2015-present
  • Global İşletme Araştırmaları Konferansı (GİAK), 2015-present
  • SSEM EuroConference, Lodz, 2018
  • International Conference in Mathematical Finance and Economics (ICMFE), Istanbul, 2011

Ad Hoc Reviewer

  • Annals of Operations Research (ANOR)
  • Journal of Banking and Finance (JBF)
  • Emerging Markets Finance and Trade (EMFT)
  • Finance Reseach Letters (FRL)
  • Research in International Business and Finance (RIBAF)
  • Borsa Istanbul Review (BIR)
  • Business Economics Research Journal (BERJ)
  • Finans Politik ve Ekonomik Yorumlar (FPEY)
  • Journal of Economics, Finance and Accounting (JEFA)
  • International Economics and Finance Journal (IEFJ)
  • Journal of Capital Markets Studies (JCMS)
  • BDDK Dergisi
  • Aurum Journal of Social Sciences
  • Elsevier (books)
  • Infiniti Conference, 2013
  • International Conference on Numerical Analysis and Applied Mathematics (ICNAAM), 2010
  • TUBITAK (ARDEB, BIDEB and TEYDEB research projects)
  • ITU Arı Teknokent
  • IU Teknokent (Entertech)

Invited Researcher

  • Université Libre de Bruxelles (ULB), Solvay Business School, 2005 (3 months)

External Member of Dissertation Committee

  • Boğaziçi U
  • Yeditepe U


  • Companies at ITU Arı Teknokent