Research

Selected Publications

• “CDS and Credit: Testing the Small Bang Theory of the Financial Universe with Micro Data” with Yalin Gunduz, Steven Ongena and Yuejuan Yu, Journal of Empirical Finance, 2025, 81, 1-28.
• “Do Exposures to Sagging Real Estate, Subprime or Conduits Abroad Lead to Contraction and Flight to Quality in Bank Lending at Home?” with Steven Ongena and Natalja von Westernhagen, Review of Finance, 2018, 22(4), 1335–1373.
• “The Role of Interbank Relationships and Liquidity Needs” with Ben Craig and Falko Fecht, Journal of Banking and Finance, 2015, 53, 99–111.
• “Transmission of Bank Liquidity Shocks in Loan and Deposit Markets: The Role of Interbank Borrowing and Market Monitoring” with Franklin Allen, Aneta Hryckiewicz and Oskar Kowalewski, Journal of Financial Stability, 2014, 15, 112–126.
• “Creditor Concentration: An Empirical Investigation” with Steven Ongena and Natalja von Westernhagen, European Economic Review, 2012, 56(4), 830–847.
• “Corporate Choice of Banks: Decision Factors, Process and Responsibility – First Evidence” with Steven Ongena and Bram Vermeer, Journal of Corporate Finance, 2011, 17(2), 326–351.
• “Bank Disclosure and Market Assessment of Financial Fragility: Evidence from Turkish Banks' Equity Prices” with María Fabiana Penas, Journal of Financial Services Research, 2010, 37(2), 159–178.

Collaborative Work

• “Reproducibility in Management Science” with Fišar, M., Greiner, B., Huber, C., Katok, E., Ozkes, A., and the Management Science Reproducibility Collaboration, Management Science, Forthcoming.

Working Papers

• “Public Information and Financial Institutions' Investments” with Samet Kutuk and Iman van Lelyveld, to be resubmitted to the Journal of Banking and Finance.
• “Banks and Their Brokers: Information Leakage in Equity Markets” with Tanseli Savaser and Murat Tinic.
• “Political Anchoring Against Deposit Dollarization: The Role of State Banks” with Idil Ayberk and Murat Tinic.
• “Banks' Equity Stakes in Firms: A Blessing or Curse in Credit Markets?” with Falko Fecht, Jose Luis Peydro and Yuejuan Yu, 2021, London: Centre for Economic Policy Research.

Other Publications

• “Do Bank Loans Still Convey Information to the Investors? Evidence from the Split Share Structure Reform in China” with Liping Lu, H. Zhang, B. Xu and W. Wu, Emerging Markets Review, 2021, 48, 1–11.
• “Financial Technology in Developing Economies: A Note on Digital Lending in Turkey” with Hakki Deniz Karaman, Tanseli Savaser, and Murat Tiniç, Economics Letters, 2021, 207, 1–12.
• “Firms’ Choice of Financiers in M&A Deals: The Value of Bank-Firm Relationships” with Rik Pantjes, Economic Notes: Review of Banking, Finance and Monetary Economics, 2017, 46(3), 633–648.
• “Lending Technology, Bank Organization and Competition” with Hans Degryse and Steven Ongena, Journal of Financial Transformation, 2009, 26, 24–30.
• “The Euro and Corporate Valuations: The Case of Greece” with Crina Pungulescu, Financial Studies, 2009, Year XIII, New Series, Volume 1 (43), 131–152.

Book Contributions

• “Gender Gap in Consumer Loan Performance: Evidence from Fintech Lending in an Emerging Economy” with Murat Tiniç, Tanseli Savaser and Hakki Deniz Karaman, 2022, International Finance Review: Fintech, Pandemic and the Financial System: Challenges and Opportunities. Kim, S.-J. (ed.). Emerald Books, Vol. 22.
• “Corporate Governance: A Review of the Role of Banks” with Hans Degryse and Steven Ongena, in Gugler K. P. and B. B. Yurtoglu (eds.), The Economics of Corporate Governance and Mergers, 2008, Edward Elgar, 105–145.

Teaching

Current

• Risk Management in Banking, undergraduate.
• A Big Risk Experience, undergraduate.
• Business Model Assessment, undergraduate.
• Bachelor and Master theses supervision.

Past

• Financial Data Decision Analysis, graduate, 2017–2023.
• Financial Management, graduate, Spring 2019–2020.
• Financial System Design, graduate, Spring 2017.
• Research Project & Research Seminar, graduate, 2010–2024.
• Finance, Banking, and Insurance, undergraduate, Fall 2008–2015.
• PT Master BW Finance, Banking, and Insurance, Spring 2009.

Contact

CV