Dr. Hulusi Bahcivan is Chief Researcher at the Center for Applied Research in Finance (CARF) and Adjunct Finance Faculty at Boğaziçi University. He earned his BA in Economics with an honorary degree from Boğaziçi University, where he also completed his PhD in Finance. His PhD thesis focuses on high-frequency correlation dynamics in the Borsa Istanbul Equity Market, uncovering a distinct day-of-the-week effect for stock co-movements. Dr. Bahcivan subsequently pursued a postdoctoral research fellowship at the University of Groningen, The Netherlands and broadened his research portfolio to include market ambiguity, investor overreaction, and price jumps in U.S. capital markets. He was awarded two grants from the Scientific and Technological Research Council of Türkiye (TÜBİTAK) and his research was presented at prestigious academic events like Financial Management Association (FMA) and European Financial Management Association (EFMA) conferences.
Dr. Bahcivan began his professional career at Garanti BBVA before joining the Borsa Istanbul Exchange Group a year later. The core of his professional background encompasses a range of appointments at the Exchange Group, where he held various roles across both trade and post-trade domains. During his tenure at the Group for almost ten years, he was involved in SME IPOs and trading floor operations, equity clearing & settlement, fund valuation, and risk & collateral management. In the final phase of his time at the Group, he served as Executive Consultant to the CEO of Takasbank. Prior to joining CARF, he spent two years as Director of Risk Management at the BNP Paribas / TEB Investment joint venture.
His research focuses broadly on empirical asset pricing, financial markets, risk & portfolio management and FinTech with ongoing work on return predictability, mispricing, and market ambiguity. With more than 15 years of experience spanning academia, capital markets, and financial institutions, he integrates research with practical insights. Dr. Bahcivan has taught courses on financial risk management, derivatives, and financial econometrics at both undergraduate and graduate levels. He is currently Adjunct Finance Faculty at the Department of Management at Boğaziçi University.
