Publications

  • Vural-Yavaş, Ç., & Bilyay-Erdogan, S. (2026)

    Navigating uncertainty: How do interest rate fluctuations affect ESG performance?

    Journal of International Financial Markets, Institutions and Money, 107, 102282.

  • Vural-Yavaş, Ç., & Bilyay-Erdogan, S. (2026)

    How climate change shapes firm risk-taking behavior: Evidence from investment and environmental channels.

    Journal of Environmental Management, 397, 128214.

  • Karageyim, M.A. and Durmusoglu, S.S. (2025),

    “Relationship marketing challenges in the Turkish banking industry: an exploratory study”

    International Journal of Bank Marketing

  • Bahcivan, H., 2025.

    Day and Night Expected Returns Under Overnight Information Shocks: New Tug-of-War Pattern.

    Finance Research Letters, 86, 108591.

  • Garcia-Gomez, CD, Bilyay-Erdogan, S., Demir, E, JM Diez-Esteban

    A new piece in the puzzle: Corruption and Financial Constraints – Evidence from European Firms

    Business Ethics, the Environment & Responsibility

  • Ozturk-Danısman, G, Bilyay-Erdogan, S., Demir, E

    Economic uncertainty and climate change exposure

    Journal of Environmental Management 373, 123760

  • Akyildirim, Erdinc; Shaen Corbet; Michael Ryan; Abhishek Mukherjee

    The Influence of Maritime Freight Cost Tail Risk on Publicly Traded Industrial and Transport Companies

    Journal of International Money and Finance : 103358

  • Akyildirim, Erdinc; Shaen Corbet; Abhishek Mukherjee; Michael Ryan

    Global perspectives on open banking: Regulatory impacts and market response

    Journal of International Financial Markets, Institutions and Money 101: 102159

  • Akyildirim, Erdinc; Matteo Gambara; Josef Teichmann; Syang Zhou

    Randomized signature methods in optimal portfolio selection

    Quantitative Finance 25, no. 2: 197-216

  • Akyildirim, Erdinc; Shaen Corbet; Juan Luis Nicolau; Les Oxley

    Understanding reputational disaster during economic crises: Evaluating aviation sector response differentials

    Tourism Management 106: 105028

  • Akyildirim, Erdinc; Thomas Conlon; Shaen Corbet; Les Oxley

    ‘Take Back Control’: The implications of Brexit uncertainty on investor perception of ESG reputational events

    European Financial Management 31, no. 1: 72-114

  • Karahan, Cenk C.

    Knight in shining armor: Ambiguity and gold prices

    Economics Letters 248: 112218

  • Li, Iris; Erdinc Akyildirim; Thomas Conlon; Shaen Corbet

    Corporate reputational dynamics and their impact on global commodity markets

    Journal of Commodity Markets 37: 100459

  • Karageyim, M. A.

    “Artificial intelligence in banking: social robots and customers” Conceptual paper on artificial intelligence.

    Bankacılar Dergisi, Türkiye Bankalar Birliği

  • Plotkina, D., Orkut, H. and Karageyim, M.A.

    “Give me a human! How anthropomorphism and robot gender affect trust in financial robo-advisory services”,

    Asia Pacific Journal of Marketing and Logistics

  • Cevheroğlu-Acar, Merve G.; Cenk C. Karahan

    Ambiguity and Asset Prices: A Closer Look in an Emerging Market

    Review of Behavioral Finance 16 (4): 600–618

  • Karahan, Cenk C.; Attila Odabaşı; C. Sani Tiryaki

    Wired together: Integration and efficiency in European electricity markets

    Energy Economics 133: 107505

  • Bilyay-Erdogan, S., Ozturk-Danısman, G, Demir, E

    ESG performance and investment efficiency: The impact of information asymmetry

    Journal of International Financial Markets, Institutions and Money 91, 101919

  • Akgiray, Vedat; Ertunc Aydogdu; Emir Sener

    The Good, the Bad, and the Ugly Sides of a Cashless Society

    World Scientific Annual Review of Fintech : 2440002

  • Akyildirim, Erdinc; Thomas Conlon; Shaen Corbet; Yang Greg Hou

    HACKED: Understanding the stock market response to cyberattacks

    Journal of International Financial Markets, Institutions and Money 97: 102082

  • Candemir, Işıl; Cenk C. Karahan

    Determinants of Time-Varying Equity Risk Premia in an Emerging Market

    International Journal of Emerging Markets 19 (6): 1492–1520

  • Candemir, Işıl; Cenk C. Karahan

    Testing asset pricing models with individual stocks: An instrumental variables approach

    Borsa Istanbul Review 24, no. 5: 952-965

  • Çağlayan-Gümüş, Ayşe; Cenk C. Karahan

    Information content of the limit order book: A cross-sectional analysis in Borsa Istanbul

    Global Finance Journal 62: 101020

  • Karageyim, M. A.

    How engaged are your customers? The rise of an online community for relationship marketing in banking: A European Perspective TERA

    Çukurova üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi

  • Akyıldırım, Erdinc; Alper Ali Hekimoglu; Ahmet Sensoy; Frank J. Fabozzi

    Extending the Merton Model with Applications to Credit Value Adjustment

    Annals of Operations Research

  • Akyıldırım, Erdinc; Tarik Dogru; Oguzhan Cepni; Abhinav Sharma; Ozgur Ozdemir; Hasan Yilmaz

    The Effect of Environmental, Social and Governance Risks on the Value of Tourism Firms

    Annals of Tourism Research 95: 103432

  • Avcı, Bekir Cem; Erdal Kesgin; Masume Atam; Remziye Ilayda Tan

    Spatial-Temporal Response of Sediment Loads to Climate Change and Soil Conservation Practices in the Northern Aegean Watershed, Türkiye

    Water 15 (13): 2461

  • Avcı, Bekir Cem; Erdal Kesgin; Masume Atam; Remziye Ilayda Tan; Mohamed Abdelkader

    Short-Term Climate Change Influence on Surface Water Quality Impacts from Agricultural Activities

    Environmental Science and Pollution Research 30 (39): 90846–62

  • Karahan, Cenk C.; Emre Soykök

    On Illiquidity of an Emerging Sovereign Bond Market

    Economic Systems 47 (2): 101073

  • Morali, Orcun; Neslihan Yılmaz

    Analysis of Even Pricing in Real Estate Markets: Different Asset Types and Implications

    International Real Estate Review 26 (2): 225–44

  • Tiniç, Murat; Ahmet Sensoy; Erdinc Akyıldırım; Shaen Corbet

    Adverse Selection in Cryptocurrency Markets

    The Journal of Financial Research 46 (2): 305–36

  • Tunali, Merve; Volkan Çoban; Ahmet Baban; Nilgün Kıran Cılız

    Life Cycle Assessment of Food Waste Management Options: A Case Study at Campus Level to Foster Sustainable Campus

    Energy Sources, Part A: Recovery, Utilization, and Environmental Effects 45 (2): 5481–93

  • Turp, M. Tufan; Nazan An; Zekican Demiralay; B. Cem Avcı; M. Levent Kurnaz

    Analysis of Projected Changes in Seasonal Precipitation Amounts for Central Asia Using the CMIP6 Multi-Model Ensemble Approach

    EGU General Assembly 2023

  • Bilyay-Erdogan, S., Ozturkkal, B.

    The role of environmental, social, governance (ESG) practices and ownership on firm performance in emerging markets

    Emerging Markets Finance and Trade 59 (12), 3776-3797

  • Bilyay-Erdogan, S., Ozturk-Danısman, G, Demir, E

    ESG performance and dividend payout: A channel analysis

    Finance Research Letters 55, 103827

  • Karageyim, M. A.

    Covid 19 and relationship strategies in retail banking: financial ecosystem and new collaborations”

    International Journal of Financial Economics and Banking Practices

  • Karageyim, M. A.

    Social media as a marketing tool” “Bir pazarlama aracı olarak sosyal medya

    Harvard Business Review TR

  • Akyıldırım, Erdinc; Ahmet Goncu; Alper Ali Hekimoglu; Duc Khuong Nguyen; Ahmet Sensoy

    Statistical Arbitrage: A Factor Investing Approach

    OR Spectrum 45 (3): 827–57

  • Akyıldırım, Erdinc; Oguzhan Cepni; Peter Molnar; Gazi Salah Uddin

    Connectedness of Energy Markets Around the World During the COVID-19 Pandemic

    Energy Economics 109: 105900

  • Akyıldırım, Erdinc; Oguzhan Cepni; Linh Pham; Gazi Salah Uddin

    How Connected Is the Agricultural Commodity Market to the News-Based Investor Sentiment?

    Energy Economics 117: 106174

  • Avcı, Bekir Cem; Erdal Kesgin; Masume Atam; Remziye Ilayda Tan

    Modeling Agricultural Practice Impacts on Surface Water Quality: Case of Northern Aegean Watershed, Turkey

    International Journal of Environmental Science and Technology 19 (12): 12489–506

  • Bahcivan, Hulusi; Cenk C. Karahan

    High Frequency Correlation Dynamics and Day-of-the-Week Effect: A Score-Driven Approach in an Emerging Market Stock Exchange

    International Review of Financial Analysis 80: 102008

  • Cepni, Oguzhan; Rangan Gupta; Cenk C. Karahan; Brian M. Lucey

    Oil Price Shocks and Yield Curve Dynamics in Emerging Markets

    International Review of Economics & Finance 80: 613–23

  • Cılız, Nilgün et al.

    The Contribution of LCA Applications to the Development of National Ecolabel Criteria for the Personal Care and Cosmetic Sector

    International Journal of Innovation Engineering and Science Research 6 (1): 30–40

  • Karahan, Cenk C.; Emre Soykök

    Term Premium Dynamics in an Emerging Market: Risk, Liquidity, and Behavioral Factors

    International Review of Financial Analysis 84: 102355

  • Karakan, İsmet; Ceren Gürkan; Cem Avcı

    Performance Analyses of Mesh-Based Local Finite Element Method and Meshless Global RBF Collocation Method for Solving Poisson and Stokes Equations

    Mathematics and Computers in Simulation 198: 279–302

  • Kumbaroğlu, Gürkan S.; Mehmet Emre Çamlıbel; Cem Avcı

    Techno-Economic Comparison of Bifacials versus Monofacials Panels

    Engineering Structures and Technologies 13 (1): 7–18

  • Morali, Orcun; Neslihan Yılmaz

    Analysis of Spatial Dependence in Real Estate Prices

    Journal of Real Estate Finance and Economics 64 (1): 93–115

  • Üçtuğ, Fehmi Görkem; Cem Avcı; Gürkan Kumbaroğlu

    Effect of Changing Turkey’s Electricity Mix on Adapting the Steel Industry to European Green Deal

    IAEE 2022: Mapping the Energy Future

  • Acar, Merve G. C.; Cenk C. Karahan; Neslihan Yılmaz

    Is There an Analyst (Un)Coverage Premium?

    Research in International Business and Finance 61: 101665

  • Akgiray, Vedat; Serhat Çevikel; Ali Coşkun

    An Assessment of the SME Sector in Turkiye: Recommendation of a Data-based Methodology

    European Bank for Reconstruction and Development (EBRD)

    ,

  • Akyıldırım, Erdinc; Aurelio F. Bariviera; Duc Khuong Nguyen; Ahmet Sensoy

    Forecasting High-Frequency Stock Returns: A Comparison of Alternative Methods

    Annals of Operations Research 313 (1): 1–25

  • Karageyim, M. A.

    “Social media and customer engagement, Sosyal medya ve müşteri etkileşimi”,

    Çukurova üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, (June 2021)

  • Akyıldırım, Erdinc; Duc Khuong Nguyen; Ahmet Sensoy; Mario Sikic

    Forecasting High-Frequency Stock Returns via Data Analytics and Machine Learning

    European Financial Management 29 (3): 834–62

  • Akyıldırım, Erdinc; Ahmet Faruk Aysan; Oguzhan Cepni; S. Pinar Darendeli

    Do Investor Sentiments Drive Cryptocurrency Prices?

    Economics Letters 206: 109980

  • Akyıldırım, Erdinc; Oguzhan Cepni; Shaen Corbet; Gazi Salah Uddin

    Forecasting Mid-Price Movement of Bitcoin Futures Using Machine Learning

    Annals of Operations Research

  • Akyıldırım, Erdinc; Frank J. Fabozzi; Ahmet Goncu; Ahmet Sensoy

    Statistical Arbitrage in Jump-Diffusion Models with Compound Poisson Processes

    Annals of Operations Research

  • Baran, Ümit Altay; Cenk C. Karahan

    Beta Anomaly in Turkish Equity Market

    International Journal of Disciplines Economics & Administrative Sciences Studies 7 (36): 1006–13

  • Celiktas, Mehmet; Neslihan Yılmaz

    Money Illusion, Financial Literacy, and Implications of Self-Perceptions

    Applied Economics Letters 28 (6): 447–50

  • Demiroglu, Cem; Oguzhan Ozbas; Rui Silva; Fatih Ulu

    Do Physiological and Spiritual Factors Affect Economic Decisions?

    Journal of Finance 76 (4): 2047–92

  • Matsusaka, John; Oguzhan Ozbas; Irene Yi

    Can Shareholder Proposals Hurt Shareholders? Evidence from Securities and Exchange Commission No-Action-Letter Decisions

    Journal of Law and Economics 64 (2): 249–83

  • Yao, Shouyu; Xiaoran Kong; Ahmet Sensoy; Erdinc Akyıldırım; Feiyang Cheng

    Investor Attention and Idiosyncratic Risk in Cryptocurrency Markets

    The European Journal of Finance 28 (10): 991–1009

  • Ertan, Arhan S.; Cenk C. Karahan; Ahmet M. Köseli

    Financial Value of Analyst Recommendations: Talent or Risk Factor?

    Sosyoekonomi Journal 28 (46): 303–22

  • Ertan, Arhan S.; Cenk C. Karahan; Teoman. S. Temuçin

    Estimating the Yield Curve for Sovereign Bonds: The Case of Turkey

    Finans Politik & Ekonomik Yorumlar 57 (653): 137–59

  • Morali, Orcun; Neslihan Yılmaz

    Spatial Heterogeneity in Istanbul Housing Market: A Geographically Weighted Approach

    Journal of Economics, Finance and Accounting 7 (4): 298–307

  • Akyıldırım, Erdinc; Shaen Corbet; Ahmet Sensoy; Larisa Yarovaya

    The Impact of Blockchain Related Name Changes on Corporate Performance

    Journal of Corporate Finance 65: 101759

  • Akyıldırım, Erdinç; Shaen Corbet; Douglas Cumming; Brian Lucey; Ahmet Sensoy

    Riding the Wave of Crypto-Exuberance: The Potential Misusage of Corporate Blockchain Announcements

    Technological Forecasting and Social Change 159: 120191

  • Akyıldırım, Erdinc; Shaen Corbet; Marina Efthymiou; Cathal Guiomard; John F. O’Connell; Ahmet Sensoy

    The Financial Market Effects of International Aviation Disasters

    International Review of Financial Analysis 69: 101468

  • Akyıldırım, Erdinc; Shaen Corbet; John F. O’Connell; Ahmet Sensoy

    The Influence of Aviation Disasters on Engine Manufacturers: An Analysis of Financial and Reputational Contagion Risks

    International Review of Financial Analysis 74: 101630

  • Akyıldırım, Erdinc; Ahmet Goncu; Ahmet Sensoy

    Prediction of Cryptocurrency Returns Using Machine Learning

    Annals of Operations Research

  • Eren, Ömer; Cenk C. Karahan

    Mean Reversion in International Equity Markets

    Ege Academic Review 20 (4): 333–55

  • Eren, Ömer; Cenk C. Karahan

    Mean Reversion in Turkish Stock Market and Time-Varying Equity Risk Premium

    Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi 42 (1): 23–42

  • Coskun, Ali; Muhammed Abdullah Sahin; Alperen Zengin

    Financial Literacy in Turkey: A Field Study to Touch Base With the OECD

    International Journal of Research in Business and Social Science 8 (3):01-16

  • Matsusaka, John; Oguzhan Ozbas; Irene Yi

    Opportunistic Proposals by Union Shareholders

    Review of Financial Studies 32 (3): 983–1023

  • Tiranlar, Cem; Cem Avcı; Gürkan Kumbaroğlu

    Analysis of CO2 Emission Reduction and Energy Interactions in Turkey Via Genetic Algorithm and BUEMS-macro for Electric Vehicles

    IAEE 2019: Energy Challenges for the Next Decade

  • Ahi, E.; Vedat Akgiray; E. Şener

    Robust Term Structure Estimation in Developed and Emerging Markets

    Annals of Operations Research 260 (1–2): 23–49

  • Akyıldırım, Erdinc; Duc Khuong Nguyen; Ahmet Sensoy

    A Tale of Two Risks in the EMU Sovereign Debt Markets

    Economics Letters 172: 102–6

  • Erhan, Gözde; Baris Karapinar; Tetsuji Tanaka

    Welfare-at-Risk and Extreme Dependency of Regional Wheat Yields: Implications of a Stochastic CGE Model

    Journal of Agricultural Economics 69 (1): 18–24

  • Cılız, Nilgün; Asude Pelin Korkmaz; Dışeps. Apiş

    Yaşam Döngüsü Analizinin (LCA) Ambalaj Atıklarının Geri Dönüşümündeki Önemi

    Kalkınmada Anahtar Verimlilik Dergisi 29 (340): 46–49

  • Cılız, Nilgün; Şila Temizel-Şekeryan; H.M. Başar

    Kişisel Bakım Ürünleri Üretiminde Karar Verme Mekanizmaları (LCA)

    Kalkınmada Anahtar Verimlilik Dergisi 29 (340): 28–33

  • Matsusaka, John; Oguzhan Ozbas

    A Theory of Shareholder Approval and Proposal Rights

    Journal of Law, Economics, and Organization 33 (2): 377–411

  • Cılız, Nilgün; Aydın Mammadov

    Yaşam Döngüsü Analizi (LCA): Tanımı, Amacı, Sürdürülebilirlik Kavramları ile İlişkisi ve Sanayideki Yeri

    Kalkınmada Anahtar Verimlilik Dergisi 29 (340): 16–21

  • Cılız, Nilgün; Aydın Mammadov; Gülden. Baydar; Dışeps. Apiş

    Türkiye’deki Pamuklu Tekstil Ürünlerinin Yaşam Döngüsü Analizi (LCA)

    Kalkınmada Anahtar Verimlilik Dergisi 29 (340): 22–27

  • Cılız, Nilgün; Başak Daylan; Asude Pelin Korkmaz

    Alternatif Ulaşım Yakıtı olarak Lignoselülozik Biyoetanolün Yaşam Döngüsü Analizi (LCA) ve Çevresel Yaşam Döngüsü Maliyet Analizi

    Kalkınmada Anahtar Verimlilik Dergisi 29 (340): 40–45

  • Cılız, Nilgün; Begüm Hacıyusufoğlu; Hatice Merve Başar

    Farklı Çimento ve Betonların Karşılaştırmalı Yaşam Döngüsü Analizi (LCA) ve LEED Sertifikalı Binalarda Etkilerinin Değerlendirilmesi

    Kalkınmada Anahtar Verimlilik Dergisi 29 (340): 34–39

  • Akgiray, Vedat; Oğuzhan Aygören

    Girişimcilik ve Uzun Vadeli Akıl

    Harvard Business Review Türkiye

  • Akgiray, Vedat; S. Peksevim; E. Şener

    Emeklilik Fonları ve Finansal İstikrar: Şili ve Türkiye Örneklerinden Dersler

    International Journal of Finance and Banking Studies 5 (2): 1–20

  • Akyıldırım, Erdinc; Albert Altarovici

    Partial Hedging and Cash Requirements in Discrete Time

    Quantitative Finance 16 (6): 929–45

  • Cılız, Nilgün; Aydın Mammadov; Figen Şişman Nayal

    Environmental Assessment of Energy Generation from Agricultural and Farm Waste Through Anaerobic Digestion

    Journal of Environmental Management 184 (Pt 2): 389–99

  • Göncü, Ahmet; Erdinc Akyıldırım

    A Stochastic Model for Commodity Pairs Trading

    Quantitative Finance 16 (12): 1843–57

  • Ösken, Latif Cem; Ceylan Onay; Gözde Erhan

    Estimating Defaults in Organized Security Lending Markets

    Journal of Financial Regulation and Compliance 24 (3): 343–62

  • Tekçe, Bülent; Neslihan Yılmaz; Rüstem Bildik

    What Factors Affect Behavioral Biases? Evidence From Turkish Individual Stock Investors

    Research in International Business and Finance 37: 515–26

  • Ünal, Gözde; Ömer Faruk Tan

    Performance Evaluation of A-Type Turkish Mutuals Funds in the Era of Quantitative Easing

    Yildiz Social Science Review 1 (2): 35–46

  • Yilmaz, Neslihan; Can Kalaycioglu

    Can Prospect Theory Predict the Decision Making by Professionals?: Evidence from the Pharmaceutical Industry

    International Journal of Applied Behavioral Economics (IJABE) 5, no.1: 24-47

  • Öztürk, Zafer; Gürkan Kumbaroğlu; Cem Avcı; Merve Küçük

    Electricity Demand Projection for Turkey: Bottom-up Modelling Approach and Comparison with EU and Asia

    38th IAEE International Conference

  • Tekçe, Bülent; Neslihan Yılmaz

    Are Individual Stock Investors Overconfident? Evidence from an Emerging Market

    Journal of Behavioral and Experimental Finance 5: 35–45

  • Yilmaz, Neslihan

    The Effect of CEO Overconfidence on Product Market Performance

    International Journal of Applied Behavioral Economics (IJABE) 4, no.1: 1-19

  • Akgiray, Vedat; Sayad Baronyan; Emrah Sener; Osman Yılmaz

    Predictability of Emerging Market Local Currency Bond Risk Premia

    Emerging Markets Finance and Trade 52 (7): 1627–46

  • Aşçıoğlu, Aslı; Mehmet Oğuz Karahan; Neslihan Yılmaz

    Price Discovery Between the New York Stock Exchange and Istanbul Stock Exchange

    Emerging Markets Finance and Trade 51 (1): 247–58

  • Cılız, Nilgün; Başak Daylan

    Life Cycle Assessment (LCA) and Environmental Life Cycle Costing Analysis of Lignocellulosic Bioethanol as an Alternative Transportation Fuel

    Renewable Energy 89: 578–87

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