University of Maryland, Robert H. Smith School of Business Major: Finance, Minor: Economics

Boğaziçi University, MBA1997

Boğaziçi University, BS in Electrical and Electronics Engineering

Refereed Publications:

• “Testing for Systemic Risk using Stock Returns” with Paul Kupiec, Journal of Financial Services Research, 2016, Volume 49 Issue 2-3, 203-227
• “Inside Debt, Bank Default Risk and Performance During the Crisis” with Rosalind Bennett and Haluk Unal, Journal of Financial Intermediation, 2015, Volume 24, Issue 4, 487-513 (Best paper award semifinalist, Financial Management Association Meetings)
• “Corporate Bond Credit Spreads and Forecast Dispersion,” with Dirk Hackbarth, Journal of Banking and Finance, 2010, Volume 34, Issue 10, 2328-2345 (Best paper award, Swiss Society for Financial Market Research Conference)
• “Pricing the Risk of Recovery in Default with APR Violation,” with Dilip Madan and Haluk Unal, Journal of Banking and Finance, 2003, Volume 27, Issue 6, 1001-1025 (Best paper award, Washington Area Finance Conference)

Working Papers:

• “Proving Approval: Dividend Regulation and Capital Payout Incentives” with Stefan Jacewitz and Jon Pogach (Best paper
• award semifinalist, Financial Management Association Meetings, 2015) under review at the Review of Financial Studies
• “A Novel Approach for Implied Recovery Estimation”
• “Estimation of Implied Recovery and Loss Given Default Rates: A Survey”
• “Type of Terrorism and Investor Sentiment” with Barış Çağlar
• “The Valuation of Trust Preferred Securities”
• “Blockholders, Debt Agency Costs and Legal Protection,” with Andrew Ellul and Ugur Lel (Top 10 download in the Social
• Science Research Network)
• “Callable Bonds, Interest-rate Risk and Supply Side of Hedging,” with Nagpurnanand Prabhala and Haluk Unal
• “Investor Sentiment and the Relative Valuation of Stocks and Corporate Bonds,” with Dirk Hackbarth (Inquire Europe
• Research Grant)
• “Pricing Defaultable Callable Coupon Bonds”