The graduates of our MS in Finance program will have an intermediary level understanding of financial theory, application and quantitative research tools that will enable them either to continue onto the PhD program of their choice or to work for the financial industry as researchers, consultants or regulators. Our MS program is recognized as the program partner of the Chartered Financial Analyst (CFA) Institute. This partnership allows our students to prepare themselves for the CFA exams and place them with an advantageous position when seeking to enter into the finance industry.

The graduates of the PhD program are expected to conduct original research that contributes to the theory and application of financial economics and to pursue academic careers in prestigious universities. To achieve this objective, students are equipped with a rigorous training in research methods and financial theory.

The finance faculty conducts empirical and theoretical research in specialized fields of asset pricing, corporate finance, mergers and acquisitions, financial intermediation, real estate finance, derivatives markets, financial risk management, market eff iciency and market microstructure. Research support includes excellent computing facilities and library, as well as access to financial databases such as DataStream, The Center for Research in Security Prices (CRSP), Euromonitor International’s Global Market Information Database (GMID), Global Development Finance (GDF), ISI Emerging Markets, International Financial Statistics, World Development Indicators (World Bank).

Faculty: Levent Akdeniz, Kürşat Aydoğan, Zeynep Önder, Süheyla Özyıldırım, Tanseli Savaşer, A. Başak Tanyeri.

Ph.D. dissertations and places of current employment

GÜRSOY, Güner. Equity Ownership Structure and Its Consequences: An Empirical Investigation in Turkish Firms.
Supervisor: Dr. Kürşat Aydoğan. November 2001.
Professor at Okan University.

YÜKSEL BAYAR, Aslı. Three Essays on the Behavior of French Stocks Cross-Listed on the German Stock Markets.
Supervisor: Dr. Zeynep Önder. February 2002.
Professor at Bahçeşehir University.

NEKHILI, Ramzi. Exploration of USD-DEM Exchange Rate Returns at different time Horizons and Its Implication to Risk Management.
Supervisor: Dr. Aslıhan Altay-Salih. September 2002.
Associate Professor at Applied Science University, Bahrain

ARISOY, Yakup Eser. Asset Pricing In a Multiperiod Securities Market with Nonnegative Wealth Constraints.
Supervisor: Dr. Aslıhan Altay-Salih. July 2007.
Associate Professor at Université Paris Dauphine, France.

ŞENDENİZ YÜNCÜ, İlkay. Essays on Financial Development and Economic Growth.
Supervisor: Dr. Kürşat Aydoğan. July 2007.
Visiting Assistant Professor at METU.

UNGAN, Ayşe Ece. Essays on Market Discipline in Emerging Markets.
Supervisor: Dr. Selçuk Caner. Co-Supervisor: Dr. Süheyla Özyıldırım. December 2007.
Lecturer at TED University.

UMUTLU, Mehmet. Financial Liberalization, Foreign Equity Investment and Volatility in Emerging Stock Exchanges.
Supervisor: Dr. Levent Akdeniz. October 2008.
Associate Professor at Yaşar University.

YAŞAR, Burze. Determinants of the Slope of S&P 500 Index Options: A Joint Analysis of Macroeconomic Announcements and Private Information.
Supervisor: Dr. Aslıhan Salih-Altay. September 2014.
Assistant Professor at TED University.

GÜNEŞ DOĞAN, Figen. Inflexible firm commitments, operating leverage risk and expected returns.
Supervisor: Dr. Kürşat Aydoğan. August 2015.
Assistant Professor at TOBB University.

KELEŞ, Gürsu. Theoretical and Empirical Investigation of Fixed Income Securities in Turkey.
Supervisor: Dr. Levent Akdeniz. May 2016.

YILMAZ, Işıl Sevilay. Mergers and Acquisitions During Financial Crisis.
Supervisor: Dr. A. Başak Tanyeri. September 2016.
Faculty Member at TED University.

M.S. thesis and places of current employment

İLKUÇAN, Ayça. The Effects of Political and Economic News on the Intradaily Performance of the Istanbul Stock Exchange.
Supervisor: Dr. Zeynep Önder. September 2004. Assistant Manager at İş Investment.

SİYAHHAN, Baran. Privatization of Forests: A Real Options Approach.
Supervisor: Dr. Selçuk Caner. February 2005.
Assistant Professor at Aarhus School of Business, Denmark.

KÜÇÜKBAHÇIVAN, Yüsra. Does Derivative Usage Affect FirmLevel Risk?
Supervisor: Dr. Aslıhan Altay-Salih. January 2008.
Bank Inspector at Isbank.

ÇAŞKURLU, Tolga. Testing the Effects of Oral Interventions on the Covariance of Exchange Rates in a State-of-theArt Computational Environment.
Supervisor: Dr. Aslıhan Altay-Salih. July 2009.
Assistant Professor at University of Amsterdam

KUŞAKCIOĞLU, Gözde Zeynep. The Sensitivity of Loan Growth and the Existence of Bank Lending Channel During the New Regulatory Environment in Turkey.
Supervisor: Dr. Süheyla Özyıldırım. January 2010.
Ph.D. student at M.E.T.U.

ERDURMUŞ, Ali. Performance Characteristics of Investable Hedge Funds Indexes.
Supervisor: Dr. Levent Akdeniz. May 2010.
Specialist at Capital Market Board.

KARA, Mahmut. The Impact of Non-Pricing Strategies on the Financial Intermediary Role of Turkish Banks.
Supervisor: Dr. Süheyla Özyıldırım. May 2010.
Treasury expert at Undersecretariat of Treasury.

HEKİMOĞLU, Mert Hakan. Stock-Market Reactions to Mergers of Non-Financial Turkish Firms.
Supervisor: Dr. A. Başak Tanyeri. September 2010.
Assistant Professor at Rensselaer Polytechnic Institute.

AKDAĞ, Muhammed. Common Risk Factors in the Returns of Stocks Trading in the Istanbul Stock Exchange.
Supervisor: Dr. Aslıhan Altay-Salih. June 2011.
Managing Director at ENERA.

CAKOVA, Uğur. Determinants of Capital Structures of Turkish SMEs in a Manufacturing Industry.
Supervisor: Dr. Zeynep Önder. September 2011.
CRM Data Mining Assistant Manager at Akbank.

ONAN, Mustafa. Predictable Dynamics in Implied Volatility Smirk Slope: Evidence from the S&P 500 Options.
Supervisor: Dr. Aslıhan Altay-Salih. July 2012.
Strategy and Business Development Associate at Sabancı Holding.

KIRDÖK, Fethiye Ezgi. Dynamic Relationship between Macroeconomic Variables and Returns on Turkish Real Estate Investment Trusts.
Supervisor: Dr. Zeynep Önder. August 2012.
EER Snacks Analytic, Insights Manager, Pepsi Co.

ERDEMİR, Aytaç. Analyzing the Forecast Performance of S&P 500 Index Options Implied Volatility.
Supervisor: Dr. Aslıhan Altay-Salih. September 2012.
Ph.D Student at Norwegian University of Life Sciences, Norway.

SUNGU, Gözde. Banking Relationship and Firm Performance.
Supervisor: Dr. Zeynep Önder. July 2013.
Ph.D. Student at Özyeğin University.

FIRAT, Mustafa. Impact of Global and Domestic Macroeconomic Variables on Borsa Istanbul Stock Returns.
Supervisor: Dr. Aslıhan Altay-Salih. Co-Supervisor: Dr. Cemal Deniz Yenigün. August 2013.

YAYVAK, Berk. Do Time-Varying Betas Help in Asset Pricing? Evidence from the Borsa Istanbul Stock Exchange.
Supervisor: Dr. Levent Akdeniz. August 2013.
Assistant Specialist at Undersecretariat of Treasury.

ÇAKIN, Tuğba. Impacts of short selling restrictions on stocks traded at Borsa İstanbul.
Supervisor: Dr. Aslıhan SalihAltay. August 2014.
Harvard University, Master of Public Administration-International Development.

DERYOL, Ahmet. Basel Capital Requirements and Bank Behavior: Evidence from Turkish Banking System.
Supervisor: Dr. Zeynep Önder. September 2014.
Assistant Specialist at Central Bank of Turkey.

AYDOĞAN, Ayşe. Capital Ratios over the cycle: Evidence from the Turkish Banking Sector.
Supervisor: Dr. Süheyla Özyıldırım. September 2015.
Assistant Specialist at Central Bank of Turkey.

BÜYÜKKARA, Mehmet. Comparison of Loan Default: Participation versus conventional banks in Turkey.
Supervisor: Dr. Zeynep Önder. September 2015.
Assistant Specialist at Central Bank of Turkey.

EMRAH, Nermin. Impact of Liquidity on Stocks Returns Listed in Borsa İstanbul.
Supervisor: Dr. Aslıhan Salih-Altay. September 2015.
Assistant Specialist at Presidency for Turks Abroad and Related Communities.

OKAY, Kaan. Predicting Business Failures in Non-Financial Turkish Companies.
Supervisor: Dr.Burcu Esmer. September 2015

ALP, Ezgi. Market Reaction to Death of Founders and Non-Founding Executive Family Members in Family Firms.
Supervisor: Dr. A. Başak Tanyeri. July 2016.
Research Assistant at TED University.

YILMAZ, Muhammed Hasan. Factors Impacting Bank Net Interest Margin and the Role of Monetary Policy: Evidence from Turkey.
Supervisor: Dr. Süheyla Özyıldırım. Jan 2017.
Assistant Specialist at Central Bank of Turkey