Professor Dr. K. Özgür Demirtaş
Chair Professor of Finance
Sabancı University,
Orhanlı-Tuzla, 34956, İstanbul, TURKEY
Tel: (+90) 216-483-9985 
Fax: (+90) 216-483-9699

EMPLOYMENT

Chair Professor of Finance, Sabanci University
Present
Graduate School of Business, Istanbul
 
Adjunct Associate Professor of Finance, New York University (NYU)
Spring 2012
Stern School of Business, NYU
 
Associate Professor of Finance (with tenure), CUNY
September 2007
Baruch College, City University of  New York
 
Assistant Professor of Finance, CUNY
September 2003
Baruch College, City University of New York
 
   

EDUCATION

Ph.D. in Finance
 
Boston College, Chestnut Hill, Ma
 
B.S. in Electrical and Electronics Engineering
 
Bogazici University, Istanbul
 
   

PROFESSIONAL HONORS, AWARDS, FELLOWSHIPS

Listed within the Top 20 Professors 2010
Out of more than 1 million Professors and using more than 10 million student evaluations in United States, Canada, Scotland, and United Kingdom

 
Earned Marie-Curie Grant with the highest marks achieved by SOM, Sabanci University 2013
The grant is financed by Marie-Curie Reintegration grant by a total amount of 100,000 Euro. It was the only project that was financed in the area of Economics and Finance in Turkey during its term.

 
Media Appearances Summer 2011
Appeared on 43 Live Shows within a 2-month period, 7 Magazine Columns, Several Newspaper Interviews, Haberturk TV, Bloomberg, TRT Haber, ATV, TRT Turk, AHaber, TRT Arapca, 6 News, TGRT, ATV, Hurriyet, Ekonomist, EkoVitrin, and several others

 
Highest evaluation at Stern School of Business (NYU) Spring 2012
Obtained highest the teaching evaluation within the finance classes at NYU-Stern

 
Research Grant from PSC-CUNY 2004-2011
For six years in a row

 
Faculty Recognition Award for Scholarly and Creative Achievements 2005-2011
For seven years in a row

 
Presidential Excellence Award for Distinguished Teaching 2007
Youngest faculty to get this award

 
Recipient of Eugene M. Lang Research Fellowship 2007
For work on Investors' Age and Risk Taking

 
Teaching Excellence, Deans List 2004-2011
For eight years in a row

 
Zicklin School of Business Teaching Excellence Award 2004-2005
Baruch College, City University of New York

 
Donald J. White Teaching Excellence Award 2002
Boston College, Chestnut Hill, Ma

 
Graduate Fellowship 1998-2003
Boston College, Chestnut Hill, Ma

 
Honors List 1998
Bogazici University, Istanbul

 
Ranked within top 50 in Turkish College Entrance Exam 1993
OSYM, Turkey

 
National Academic Excellence Award 1993
Granted by the Prime Minister of Turkey

 
Associate Editorship 2014
Emerging Markets Finance and Trade
 
   

SELECTED PUBLICATIONS

“Aggregate Earnings, Firm-Level Earnings and Expected Stock Returns”
(with Turan G. Bali and Hassan Tehranian)
Journal of Financial and Quantitative Analysis, September 2008, 43(3), 657-684.

“Bond versus Stock: Investors Age and Risk Taking”
(with Turan G. Bali, Haim Levy and Avner Wolf)
Journal of Monetary Economics, September 2009, 56(6), 817-830.

“Is There an Intertemporal Relation Between Downside Risk and Expected Returns?”
(with Turan G. Bali and Haim Levy)
Journal of Financial and Quantitative Analysis, 2009, 44 (4), 883-909.

“Do Hedge Funds Outperform Stocks and Bonds?”
(with Turan Bali and Stephen J. Brown)
Management Science, 2013, 59 (8), 1887-1903

“Implied Volatility Spreads and Expected Market Returns”
(with Yigit Atilgan and Turan Bali)
Journal of Business Economics and Statistics, forthcoming
   

PUBLICATIONS

[25] “Peer Pressure: Industry Group Impacts on Stock Valuation Precision and Contrarian Strategy Performance” (with Turan G. Bali, Armen Hovakimian, and John Merrick)
Journal of Portfolio Management, Spring 2006, 32(3), 80-92.

[24] “Nonlinear Asymmetric Models of the Short Term Interest Rate”
Journal of Futures Markets, 26 (9) 2006.

[23] “Small Sample Bias in Panel Data"
(with Turan G. Bali)”
Finance Letters, August 2007, 5(2), 17-21.

[22] “Aggregate Earnings, Firm-Level Earnings and Expected Stock Returns”
(with Turan G. Bali and Hassan Tehranian)
Journal of Financial and Quantitative Analysis, September 2008, 43(3), 657-684.

[21] “Nonlinear Mean Reversion in Stock Prices”
(with Turan G. Bali and Haim Levy)
Journal of Banking of Finance, May 2008, 32(5), 767-782.

[20] “Testing Mean Reversion in Financial Market Volatility: Evidence from SP 500 Index Futures”
(with Turan G. Bali)
Journal of Futures Markets, January 2008, 28(1), 1-33.  (Lead Article)

[19] “Can Overreaction Explain Part of The Size Premium”
(with A. Burak Guner)
International Journal of Revenue Management, 2008, 2(3)

[18] “Bond versus Stock: Investors Age and Risk Taking”
(with Turan G. Bali, Haim Levy and Avner Wolf)
Journal of Monetary Economics, September 2009, 56(6), 817-830.

[17] “Is There an Intertemporal Relation Between Downside Risk and Expected Returns?”
(with Turan G. Bali and Haim Levy)
Journal of Financial and Quantitative Analysis, 2009, 44 (4), 883-909.

[16] “Predictability of Risk Measures in International Stock Markets”
(with Turan Bali)
Stock Market Volatility, February 2009 edited by Greg N. Gregoriou, , Publisher: Chapman Hall CRC Taylor and Francis, London, UK.

[15] “Corporate Financing Activities and Contrarian Investment”
(with Turan G. Bali and Armen Hovakimian)
Review of Finance, September 2010, 14(3), 543-584.

[14] “Aggregate Earnings and Expected Stock Returns in Emerging Markets”
(with Duygu Zirek)
Emerging Markets Finance and Trade, May/Jun 2011, Vol.  47 Issue 3, 4-22.  (Lead Article)

[13] “Investigating ICAPM in International Futures Markets”
(with Turan Bali and Kishore Tandon)
Review of Futures Markets, 2011, 19(3), 195-216.  (Lead Article)

[12] “International Equity Markets: Risk and Return”
(with Yigit Atilgan and Turan Bali)
Oxford University Press, International Finance: A Survey, New York and Oxford, 2013.

[11] “Downside Risk in Emerging Markets”
(with Yigit Atilgan)
Emerging Markets Finance and Trade, 2013, Vol. 49, Issue3, 64-83.
 
[10] “Initial Credit Ratings and Earnings Management”
(with Kimberly Rodgers Cornaggia)
Review of Financial Economics, forthcoming

[9] “The Intertemporal Relation between Tail Risk and Fund of Hedge Funds”
(with Yigit Atilgan and Turan Bali)  
Reconsidering Funds of Hedge Funds: The Financial Crisis and Best Practices in UCITS, Tail Risk, Performance and Due Diligence, Publisher: Elsevier, Amsterdam, 2013. (Lead Article)

[8] “Reward-to-Risk Ratios in Turkish Financial Markets”
(with Yigit Atilgan)
Iktisat, Isletme ve Finans, 2013, Vol 28, 9-32. (Lead Article)
 
[7] “Reward-to-Risk Ratios of Fund of Hedge Funds”
(with Yigit Atilgan and Turan Bali) )
Reconsidering Funds of Hedge Funds: The Financial Crisis and Best Practices in UCITS, Tail Risk, Performance and Due Diligence, Publisher: Elsevier, Amsterdam, 2013. (Lead Article)

[6] “Do Hedge Funds Outperform Stocks and Bonds?”
(with Turan Bali and Stephen J. Brown)
Management Science, 2013, 59 (8), 1887-1903

[5] “Risk-Adjusted Performances of World Equity Indices”
(with Yigit Atilgan)
Emerging Markets Finance and Trade, forthcoming.

[4] “The Performance of Hedge Fund Indices”
(with Yigit Atilgan and Turan Bali)
Borsa Istanbul Review, forthcoming

[3] “Implied Volatility Spreads and Expected Market Returns”
(with Yigit Atilgan and Turan Bali)
Journal of Business Economics and Statistics, forthcoming

[2] “Studies of Equity Returns in Emerging Markets: A Literature Review”
(with Yigit Atilgan and Koray Simsek)
Emerging Markets Finance and Trade, forthcoming

   
BOOKS
[1]

“Investing in Hedge Funds: A Guide to Measuring Risk and Return Characteristics”
(Yigit Atilgan, Turan Bali, and K. Ozgur Demirtas)
Available through Amazon and Elsevier Store Publisher: Elsevier, Amsterdam, 2013.

   

WORKING PAPERS

[6] “Share Issuance and Cross-Sectional Returns”
(with Yigit Atilgan and Alper Erdogan)

[5] “Exchange Traded Funds”
(with Turan Bali)

[4] “Investing in Stock Market Anomalies”
(with Turan Bali and Stephen J. Brown)

[3] “Identifying a Preference between Emerging and Developed Markets”
(with Turan Bali and Stephen J. Brown)

[2] “Stock Price Synchronicity, Diversication and Expected Stock Returns”
(with Turan Bali and Duygu Zirek)

[1] “Macroeconomics Variables and Individual Stock Returns in ISE”
(with Yigit Atilgan and Alper Erdogan)

   
WORKS IN PROGRESS
[5] “Relation between Risk and Expected Return and Cash Flow News”
(with Turan Bali and Robert Whitelaw)

[4] “The Anatomy of the Relationship Between Analyst Earnings Estimates and Stock Returns”

[3] “Investing in ETFs”

[2] “Decomposing Returns in International Stock Markets”

[1] “What Drives Returns in Turkish Financial Markets?”
   

PRESENTATIONS

Midwest Finance Association (MFA), Orlando, Scheduled
   
Spring 2014
Emerging Markets Risk Management Conference (EMRM), Hong Kong

Summer 2012
European Financial Management Association (EFMA), Barcelona

Summer 2012
IUE-SSEM EuroConference:  Crises and Recovery in Emerging Markets, Izmir

Summer 2011
Midwest Finance Association (MFA), Annual Meeting, Chicago

Spring 2011
Financial Management Association (FMA) Annual Meeting, New York 
     
Fall 2010
FMA meetings, New York

Fall 2010
EuroConference 2010

Spring 2010
MFA meetings, Chicago

Spring 2009
University of Priaeus, Greece

Spring 2009
FMA meetings, Dallas

Fall 2008
EFA meetings, Zurich

Summer 2006
UMASS Amherst, Massachusetts

Spring 2006
FMA meeting, Stockholm

Fall 2006
Penn State University

Fall 2005
Baruch College, New York

Spring 2004
EFA meetings Maastricht, Netherlands

Summer 2004
Boston College, Massachusetts

Fall 2004
Rice University

Spring 2003
Drexel University

Spring 2003
Koc University Spring 2003
   

RESEARCH GRANTS

Risk and Return in Commodity Markets
Sponsored by PSC-CUNY foundation

2010
Repurchase Premium, Extrapolation Hypothesis and Informed Investors
Sponsored by PSC-CUNY foundation

2009
Investors’ Age and Risk Taking
Eugene-Lang Research Fellowship

2008
Mean Reversion in Stock Prices
Sponsored by PSC-CUNY foundation

2007
Almost Stochastic Dominance and Mean Variance Approach
Sponsored by PSC-CUNY foundation

2006
Downside Risk and Expected Stock Returns
Sponsored by PSC-CUNY foundation

2005
Aggregate Earnings, Firm-level Earnings and Expected Stock Returns
Sponsored by PSC-CUNY foundation
2004
   

PROFESSIONAL ACTIVITIES

Reviewer for the:

Management Science

Review of Financial Studies

Journal of Financial and Quantitative Analysis


Journal of Banking and Finance


European Journal of Finance


Review of Quantitative Finance and Accounting


Managerial Finance


Journal of Business Research


Review of Financial Economics


International Review of Economics and Finance


Emerging Markets Finance and Trade


Multinational Finance Journal


Economic Modelling


Journal of Applied Finance


Physic-A


Iktisat, Isletme, Finans


International Journal of Revenue Management

Economic Systems

Quarterly Review of Economics and Finance

   

ACADEMIC SERVICE

Ph.D. Dissertation Committee, Ali Doruk Gunaydin
In process

Ph.D. Dissertation Committee, Alper Erdogan
In process

Ph.D. Dissertation Committee, Duygu Zirek
Placed in University of New Orleans

Ph.D. Dissertation Committee, Yigit Atilgan
Placed in Sabanci University

Ph.D. Dissertation Committee, Irena Yegorova (Hutton)
Placed in Florida State University

Hiring Committee Member, Baruch College

Course Coordinator for MBA level classes

Graduate Curriculum Committee
Baruch College, City University of New York

Undergraduate Honors Committee
Baruch College, City University of New York

Teaching Mentor for the new Business School Faculty,
Baruch College, City University of New York

Chair of the Sub-committee on course syllabi (under Graduate Curriculum Committee)

Mentor and Lecturer for the Investment Club

Member of the Center for International Business Education and Research (CIBER)
Baruch College, City University of New York

Undergraduate Honors Committee
Baruch College, City University of New York

Faculty Advisor, Department of Finance,
Baruch College, City University of New York
   

CONSULTING and PROFESSIONAL PRESENTATIONS

Dask
Developed a Financial Risk Management Software for more than 1 Billion TL under management

2013
Turkish Young Businessman Association (TUGIAD)
Consultant

2012-Present
Association of Automotive Parts and Components Manufacturers (TAYSAD)
Consultant

2013-Present
Finansal Okuryazarlik ve Erisim Dernegi (FODER)
Founding Board Member

2012-Present
ACI Worldwide
Istanbul

11/2012
Ak Sigorta
Istanbul

02/2013
Halkbank
Ankara

02/2013
Halkbank
Istanbul
          
03/2013
Uludag Ihracatcilar Birligi
Bursa

04/2013
EMC
Cyprus

05/2013
Continental Lastikleri
Istanbul

06/2013
Tofas
Istanbul

06/2013
Tofas
Bursa

07/2013
Steel Orbis (yassi celik)
Istanbul

09/2013
Visa Europe
Istanbul

10/2013
Tofas
Istanbul

11/2013
Bosch Ev Aletleri
Mardin

12/2013
Steel Orbis (uzun celik)
Istanbul

12/2013
Yuksel Construction Inc.
Ankara

2014
Turkish Airlines
Antalya

2014
Mercedes
TBA

2014
Akbank Private Banking
Bursa

2014
Akbank Private Banking
Ankara

2014
Akbank Private Banking
Izmır

2014
Akbank Private Banking
Adana

2014
Akbank Private Banking
Istanbul

2014
Swift
Istanbul

06/2014
Schneider Electric
Istanbul

06/2014
Turkish Airlines
Istanbul
06/2014
   
TEACHING EXPERIENCE

I earned the highest teaching evaluations in every section I taught.

My teaching portfolio includes:

Basic Finance (Undergraduate)

Investments (Undergraduate and MS in Finance)

Managerial Finance (MBA and Executive MBA)

Basic Finance (MBA and Executive MBA)

Basic Corporate Finance (Undergraduate)

Financial Decision Making (MBA and Executive MBA)

Option Pricing (MS in Finance)

Fixed Income (MBA and MS in Finance)

Empirical Asset Pricing (Ph.D level)