Scientific Publications

Publications
Assaf, Ata; Demir, Ender; Ersan, Oguz (2025), "What drives the return and volatility spillover between DeFis and cryptocurrencies?", International Journal of Finance and Economics, Vol.30, No.2, 1302-1318 DOI: 10.1002/ijfe.2969
Bedowska-Sójka, Barbara; Tarantola, Claudia; Mare, Codruta; Paccagnini, Alessia; Öztürkkal, Belma; Pisoni, Galena; Shala, Albulena; Perri, Rezarta; Skaftadótti, Hanna Kristín (2025), "Editorial Boards of Finance Journals: The Gender Gap and Social Networks", Journal of Business Ethics, Vol.200, No.3, 669-687 DOI: 10.1007/s10551-024-05830-9
Ozturkkal, Belma; Wahlstrøm, Ranik Raaen (2025), "Explaining Mortgage Defaults Using SHAP and LASSO", Computational Economics, Vol.66, No.4, 3291-3325 DOI: 10.1007/s10614-024-10763-6
Danisman, Gamze Ozturk; Bilyay-Erdogan, Seda; Demir, Ender (2025), "Economic uncertainty and climate change exposure", Journal of Environmental Management, Vol.373, DOI: 10.1016/j.jenvman.2024.123760
Ngalim, Lawrence; Togan, Asli (2025), "Colonialism in sub-Saharan Africa, access to finance, and firm growth", Emerging Markets Review, Vol.67, DOI: 10.1016/j.ememar.2025.101300
Ngalim, Lawrence; Togan, Asli (2025), "The Private Equity Industry in Africa: Firm Survival and Growth", Journal of African Business, DOI: 10.1080/15228916.2025.2542008
Togan, Aslı; Tiniç, Murat; Giray, Talha Cesim (2025), "Risk perceptions and financial decision making", Borsa Istanbul Review, Vol.25, 30-37 DOI: 10.1016/j.bir.2025.08.007
Togan, Aslı; Togan, Sübidey (2025), "Reforming external debt governance in Turkey to reach external debt sustainability", Journal of Asian Economics, Vol.101, DOI: 10.1016/j.asieco.2025.102020
Benlemlih, Mohammed; Yavaş, Çiğdem Vural (2024), "Economic Policy Uncertainty and Climate Change: Evidence from CO2 Emission", Journal of Business Ethics, Vol.191, No.3, 415-441 DOI: 10.1007/s10551-023-05389-x
Aharon, David Y.; Demir, Ender; Ersan, Oguz (2024), "Where do tourism tokens travel to and from?", Current Issues in Tourism, Vol.27, No.16, 2561-2583 DOI: 10.1080/13683500.2023.2237169
Bilyay-Erdogan, Seda; Danisman, Gamze Ozturk; Demir, Ender (2024), "ESG performance and investment efficiency: The impact of information asymmetry", Journal of International Financial Markets, Institutions and Money, Vol.91, DOI: 10.1016/j.intfin.2023.101919
Assaf, Ata; Demir, Ender; Ersan, Oguz (2024), "Detecting and date-stamping bubbles in fan tokens", International Review of Economics and Finance, Vol.92, 98-113 DOI: 10.1016/j.iref.2024.01.039
Ekinci, Cumhur; Ersan, Oğuz (2024), "Impact of the COVID-19 Market Turmoil on Investor Behavior: A Panel VAR Study of Bank Stocks in Borsa Istanbul", International Journal of Financial Studies, Vol.12, No.1, DOI: 10.3390/ijfs12010014
Sutiene, Kristina; Schwendner, Peter; Sipos, Ciprian; Lorenzo, Luis; Mirchev, Miroslav; Lameski, Petre; Kabasinskas, Audrius; Tidjani, Chemseddine; Ozturkkal, Belma; Cerneviciene, Jurgita (2024), "Enhancing portfolio management using artificial intelligence: literature review", Frontiers in Artificial Intelligence, Vol.7, DOI: 10.3389/frai.2024.1371502
Ağca, Şenay; Togan-Eğrican, Aslı (2024), "Managerial activism", Journal of Corporate Finance, Vol.86, DOI: 10.1016/j.jcorpfin.2024.102588
Ersan, Oguz; Ghachem, Montasser (2024), "Identifying Information Types in the Estimation of Informed Trading: An Improved Algorithm", Journal of Risk and Financial Management, Vol.17, No.9, DOI: 10.3390/jrfm17090409
Tavşanlı, Melike Betül; Tiniç, Murat (2023), "A note on stock market response to elections in the post-communist countries of the European Union", Applied Economics Letters, Vol.30, No.11, 1483-1487 DOI: 10.1080/13504851.2022.2063788
Davutyan, Nurhan (2023), "The Penetration of European Banking into Ottoman Lands During the Second Half of the Nineteenth Century", Journal of Balkan and Near Eastern Studies, Vol.25, No.3, 322-339 DOI: 10.1080/19448953.2022.2143853
Savaser, Tanseli; Tiniç, Murat (2023), "Information shocks and the cross section of expected returns", Borsa Istanbul Review, Vol.23, No.2, 378-401 DOI: 10.1016/j.bir.2022.11.003
Tiniç, Murat; Sensoy, Ahmet; Akyildirim, Erdinc; Corbet, Shaen (2023), "Adverse selection in cryptocurrency markets", Journal of Financial Research, Vol.46, No.2, 497-546 DOI: 10.1111/jfir.12317
Bilyay-Erdogan, Seda; Danisman, Gamze Ozturk; Demir, Ender (2023), "ESG performance and dividend payout: A channel analysis", Finance Research Letters, Vol.55, DOI: 10.1016/j.frl.2023.103827
Bilyay-Erdogan, Seda; Öztürkkal, Belma (2023), "The Role of Environmental, Social, Governance (ESG) Practices and Ownership on Firm Performance in Emerging Markets", Emerging Markets Finance and Trade, Vol.59, No.12, 3776-3797 DOI: 10.1080/1540496X.2023.2223930
Ghachem, Montasser; Ersan, Oguz (2023), "PINstimation: An R Package for Estimating Probability of Informed Trading Models", R Journal, Vol.15, No.2, 145-168 DOI: 10.32614/RJ-2023-044
Ramzan, Imran; Gebizlioğlu, Ömer Lütfi (2023), "Does export intensity of heterogeneous firms affect leverage? Evidence from a small open economy", Economics and Business Letters, Vol.12, No.4, 356-365 DOI: 10.17811/ebl.12.4.2023.356-365
Tanyeri, Başak; Öztürkkal, Belma; Tırtıroğlu, Doğan (2022), "Turkish IPOs in a changing regulatory and economic environment", Borsa Istanbul Review, Vol.22, No.2, 332-340 DOI: 10.1016/j.bir.2021.06.006
Togan Eğrican, Aslı (2022), "Shareholder coordination, investment horizon and hedge fund activism", Applied Economics, Vol.54, No.21, 2390-2415 DOI: 10.1080/00036846.2021.1990205
Ekinci, Cumhur; Ersan, Oğuz (2022), "High-frequency trading and market quality: The case of a “slightly exposed” market", International Review of Financial Analysis, Vol.79, DOI: 10.1016/j.irfa.2021.102004
Demir, Ender; Ersan, Oguz; Popesko, Boris (2022), "Are Fan Tokens Fan Tokens?", Finance Research Letters, Vol.47, DOI: 10.1016/j.frl.2022.102736
Yildirim, Canan; Öztürkkal, Belma (2022), "Regional Expansion of Emerging Market Banks: Evidence from the Middle East", Journal of East-West Business, Vol.28, No.1, 30-60 DOI: 10.1080/10669868.2021.1982103
Ersan, Oguz; Demir, Ender; Assaf, Ata (2022), "Connectedness among fan tokens and stocks of football clubs", Research in International Business and Finance, Vol.63, DOI: 10.1016/j.ribaf.2022.101780
Togan Eğrican, Aslı; Caner, Selçuk; Togan, Sübidey (2022), "Reforming public debt governance in Turkey to reach debt sustainability", Journal of Policy Modeling, Vol.44, No.5, 1057-1076 DOI: 10.1016/j.jpolmod.2022.07.004
Eğrican, Aslı Togan; Kayhan, Fatih (2022), "VOLUNTARY PRIVATE PENSION FUNDS AND CAPITAL MARKET DEVELOPMENT", Asian Academy of Management Journal of Accounting and Finance, Vol.18, No.2, 195-240 DOI: 10.21315/aamjaf2022.18.2.9
Bilgin, Mehmet Huseyin; Danisman, Gamze Ozturk; Demir, Ender; Tarazi, Amine (2021), "Bank credit in uncertain times: Islamic vs. conventional banks", Finance Research Letters, Vol.39, DOI: 10.1016/j.frl.2020.101563
Vural-Yavaş, Çiğdem (2021), "Economic policy uncertainty, stakeholder engagement, and environmental, social, and governance practices: The moderating effect of competition", Corporate Social Responsibility and Environmental Management, Vol.28, No.1, 82-102 DOI: 10.1002/csr.2034
Danisman, Gamze Ozturk; Demir, Ender; Ozili, Peterson (2021), "Loan loss provisioning of US banks: Economic policy uncertainty and discretionary behavior", International Review of Economics and Finance, Vol.71, 923-935 DOI: 10.1016/j.iref.2020.10.016
Ersan, Oguz; Simsir, Serif Aziz; Simsek, Koray D.; Hasan, Afan (2021), "The speed of stock price adjustment to corporate announcements: Insights from Turkey", Emerging Markets Review, Vol.47, DOI: 10.1016/j.ememar.2020.100778
Bayramoglu, Ismihan; Gebizlioglu, Omer L. (2021), "A max–min model of random variables in bivariate random sequences", Journal of Computational and Applied Mathematics, Vol.388, DOI: 10.1016/j.cam.2020.113304
Demirkılıç, Serkan (2021), "Balance sheet effects of foreign currency debt and real exchange rate on corporate investment: evidence from Turkey", Emerging Markets Review, Vol.47, DOI: 10.1016/j.ememar.2021.100796
Tiniç, Murat; Tanyeri, Başak; Bodur, Mehmet (2021), "Who to trust? Reactions to analyst recommendations of domestic versus foreign brokerage houses in a developing stock market", Finance Research Letters, Vol.43, DOI: 10.1016/j.frl.2021.101950
Danisman, Gamze Ozturk; Demir, Ender; Zaremba, Adam (2021), "FINANCIAL RESILIENCE TO THE COVID-19 PANDEMIC: THE ROLE OF BANKING MARKET STRUCTURE", Applied Economics, Vol.53, No.39, 4481-4504 DOI: 10.1080/00036846.2021.1904118
Demir, Ender; Danisman, Gamze Ozturk (2021), "The impact of economic uncertainty and geopolitical risks on bank credit", North American Journal of Economics and Finance, Vol.57, DOI: 10.1016/j.najef.2021.101444
Dalgıç, Nihan; Ekinci, Cumhur; Ersan, Oğuz (2021), "Daily and Intraday Herding within Different Types of Investors in Borsa Istanbul", Emerging Markets Finance and Trade, Vol.57, No.6, 1793-1810 DOI: 10.1080/1540496X.2019.1641082
Nyola, Annick Pamen; Sauviat, Alain; Tarazi, Amine; Danisman, Gamze Ozturk (2021), "How organizational and geographic complexity influence performance: Evidence from European banks", Journal of Financial Stability, Vol.55, DOI: 10.1016/j.jfs.2021.100894
Danisman, Gamze Ozturk; Demir, Ender (2021), "The Effect of Pandemics on Domestic Credit: A Cross-country Analysis", Economics Bulletin, Vol.41, No.2, 444-456
Cevik, Serhan; Öztürkkal, Belma (2021), "Contagion of fear: Is the impact of COVID-19 on sovereign risk really indiscriminate?", International Finance, Vol.24, No.2, 134-154 DOI: 10.1111/infi.12397
Karaman, Hakkı Deniz; Savaser, Tanseli; Tiniç, Murat; Tumer-Alkan, Gunseli (2021), "Financial technology in developing economies: A note on digital lending in Turkey", Economics Letters, Vol.207, DOI: 10.1016/j.econlet.2021.110012
Demir, Ender; Danisman, Gamze Ozturk (2021), "Banking sector reactions to COVID-19: The role of bank-specific factors and government policy responses", Research in International Business and Finance, Vol.58, DOI: 10.1016/j.ribaf.2021.101508
Bilgin, Mehmet Huseyin; Danisman, Gamze Ozturk; Demir, Ender; Tarazi, Amine (2021), "Economic uncertainty and bank stability: Conventional vs. Islamic banking", Journal of Financial Stability, Vol.56, DOI: 10.1016/j.jfs.2021.100911
Togan Egrican, Aslı (2021), "Overlapping board connections with banker directors and corporate loan terms: Evidence from syndicated loans", Global Finance Journal, Vol.50, DOI: 10.1016/j.gfj.2021.100672
Tiniç, Murat; Salih, Aslıhan (2020), "Informed trading, order flow shocks and the cross section of expected returns in Borsa Istanbul", Applied Economics, Vol.52, No.13, 1446-1459 DOI: 10.1080/00036846.2019.1676386
Öztürkkal, Belma; Togan-Eğrican, Aslı (2020), "Art investment: hedging or safe haven through financial crises", Journal of Cultural Economics, Vol.44, No.3, 481-529 DOI: 10.1007/s10824-019-09371-2
Tiniç, Murat; Savaser, Tanseli (2020), "Political turmoil and the impact of foreign orders on equity prices", Journal of International Financial Markets, Institutions and Money, Vol.65, DOI: 10.1016/j.intfin.2020.101174
Vural-Yavaş, Çiğdem (2020), "Corporate risk-taking in developed countries: The influence of economic policy uncertainty and macroeconomic conditions", Journal of Multinational Financial Management, Vol.54, DOI: 10.1016/j.mulfin.2020.100616
Gavriilidis, Konstantinos; Kallinterakis, Vasileios; Öztürkkal, Belma (2020), "Does mood affect institutional herding?", Journal of Behavioral and Experimental Finance, Vol.26, DOI: 10.1016/j.jbef.2020.100290
Danisman, Gamze Ozturk; Tarazi, Amine (2020), "Financial inclusion and bank stability: evidence from Europe", European Journal of Finance, Vol.26, No.18, 1842-1855 DOI: 10.1080/1351847X.2020.1782958
Tiniç, Murat; Iqbal, Muhammad Sabeeh; Mahmud, Syed F. (2020), "Information cascades, short-selling constraints, and herding in equity markets", Borsa Istanbul Review, Vol.20, No.4, 347-357 DOI: 10.1016/j.bir.2020.05.007
Danisman, Gamze Ozturk; Ersan, Oguz; Demir, Ender (2020), "Economic policy uncertainty and bank credit growth: Evidence from European banks", Journal of Multinational Financial Management, Vol.57-58, DOI: 10.1016/j.mulfin.2020.100653
Bilyay-Erdogan, Seda (2020), "Does financial flexibility enhance firm value? A comparative study between developed and emerging countries", Business: Theory and Practice, Vol.21, No.2, 723-736 DOI: 10.3846/btp.2020.12680
Ersan, Oguz; Akron, Sagi; Demir, Ender (2019), "The effect of European and global uncertainty on stock returns of travel and leisure companies", Tourism Economics, Vol.25, No.1, 51-66 DOI: 10.1177/1354816618792398
Gebizlioglu, Omer L.; Eryilmaz, Serkan (2019), "The maximum surplus in a finite-time interval for a discrete-time risk model with exchangeable, dependent claim occurrences", Applied Stochastic Models in Business and Industry, Vol.35, No.3, 858-870 DOI: 10.1002/asmb.2415
Kiymaza, Halil; Öztürkkal, Belma (2019), "Perceived Financial Needs, Income Sources, and Subjective Financial Well-Being in an Emerging Market", Journal of Financial Counseling and Planning, Vol.30, No.2, 191-201 DOI: 10.1891/1052-3073.30.2.191