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Cakan, Esin (full)
Esin
Cakan
Ph.D.
Associate Professor
Business
Economics
203-932-7496
Maxy126F
Maxcy Hall
Personal

    Education

    Ph.D. in Financial Economics, The Graduate Center, City University of New York (GC-CUNY), 2008

    M.Sc. in Economics, Middle East Technical University (METU), Ankara, Turkey, 1998

    B.S. in Statistics, Middle East Technical University (METU), Ankara, Turkey, 1995

    Areas of Interest

    Research

    Financial Economics, Financial Econometrics, Macroeconomics, Behavioral Economics, Behavioral Finance, Time Series Econometrics.

    Teaching

    Econometrics, Time Series Econometrics, Microeconomics, Macroeconomics, Financial Management, Research Methods, Statistics.

    Awards

    Summer Research Grant and Research Fund, University of New Haven, 2013

    Summer Research Grant and Research Fund, University of New Haven, 2012

    Summer Research Grant and Research Fund, University of New Haven, 2011

    Summer Research Grant and Research Fund, University of New Haven, 2010

    Summer Research Grant and Research Fund, University of New Haven, 2009

    Graduate Teaching Fellowship in Queens College, CUNY, 2004

    PSC/CUNY Tuition Award, CUNY, 2003

    PSC/CUNY Tuition Award, CUNY 2001

    Fellowship from Turkish Academy of Sciences, 2000-2001

    Graduated in with Honors Degree in Statistics, Middle East Technical University, Rank 10 out of 172, 1995

    Professional Affiliations

    Financial Management Association (FMA)

    Southern Finance Association (SFA)

    Western Economic Association

    American Economic Association (AEA)

    Eastern Economic Association (EEA)

    Southern Economic Association

    Academy of International Business (AIB)

    Society for Studies of Emerging Markets (SSEM)

    Northern Business and Economics Association (NBEA)

     

    Academic Service

    Academic Prioritization Task Force

    Faculty Senate

    Finance Faculty Search Committee

    Executive Dean Search Committee

    Faculty Professional Development  Committee

    FE001 Academic Oversight Committee 

    University Undergraduate Curriculum Committee (UUCC)

    CoB Experiential Education/Undergraduate Curriculum Development Committee

    CoB Undergraduate Curriculum Committee

    Assessment of Learning (AoL) Committee

    Editor of Working Paper Series of Economics and Finance (Click Here)

    Editor of UNH Ecofin Blog web site (Click Here)

Academic Credentials

    Published Works In Peer Reviewed Journals

    (publications at IDEAS: http://ideas.repec.org/f/pca532.html)

    Social Science Citation Index (SSCI) Journals (peer-reviewed):

    1. "Herd behavior in the Turkish banking sector",  Applied Economics Letters,  Vol 21,No 2 , 2014 (with Aram Balagyozyan) ( SSCI, Impact Factor: 0.295). Download

    2. "On the nonlinear causality between inflation and its uncertainty in G-3 countries,"  Journal of Applied Economics , Vol. XIV, No. 2, (November 2011), 269-296  (with Z.A.Ozdemir and M. Balcilar) .  (SSCI;  Journal Impact factor: 0.469).   Download.

    3. "Persistence in Real Exchange Rates: Evidence from East Asian Countries,"  Economic Modelling ,  Volume 27, Issue 5, (Sept. 2010), pp. 891-895 (with Z.A. Ozdemir). ( SSCI : Journal Impact factor: 0.557).  Download .

    4. "Non-linear dynamic linkages in the international stock markets,"  Physica A: Statistical Mechanics and Its Applications , Volume 377, Issue 1, (2007), pp. 173-180 (with Z.A. Ozdemir).  ( SSCI;  Journal Impact factor: 1.521).  Download .

    5. "Policy Regime Change and Structural Break in the Velocity of Money: The Turkish Evidence,"  Applied Economics Letters , Vol. 9, issue 11, (2002), pp. 759-62 (with E. Ozmen).( SSCI ; Journal Impact factor: 0.295).

    Peer-Reviewed Journals:

    6. " The Revival of Multiyear Scholarships in the Twenty-First Century: Which Universities Supported and Opposed this Legislation and Why? ",  Journal of Issues in Intercollegiate Athletics , 2014, 7, 207-223 (with Allen Sack and Austin McComas). Download.

    7. "On the Relationship between Exchange Rates and Stock Prices: Evidence from Emerging Markets",  International Research Journal of Finance and Economics , Issue 111, July, (2013), 115-124 (with Demissew Ejara). ( Scopus IS: 4.02 ).  Download

    8. "Non-linear Causality Between Stock Returns And Inflation Uncertainty: Evidence From The US And The UK,"  International Business & Economics Research Journal , Volume 12, No 1, (2013).  Download

    9. "The Business Cycle And Impacts Of Economic News On Financial Markets,"  Journal of Business & Economics Research , Volume 10, Issue 6, (2012).  Download

    10. "Sectoral Growth Effect of United States Mergers and Acquisitions: A Time Series Analysis,"  Journal of Applied Economics and Business Research , Volume 1, Issue 1, (2011), 4-11 (with Nadia Doytch).  Download.

    11. "Growth Effects of Mergers and Acquisitions: A Sector-level Study of OECD countries,"  Journal of Applied Economics and Business Research , Volume 1, Issue 3, (2011), 120-129 (with Nadia Doytch).  Download .

    12. " Structural Breaks, Long  Memory, or Unit Roots in Stock Prices: Evidence from Emerging  Markets,"  International Econometric Review, 2014. (accepted) (With Mehmet Balcilar and Zeynel A. Ozdemir).

    13. " Why some sectors herd more: Evidence from the Turkish stock market", 2014. (under review at  The Singapore Economics Review ).

        Working Papers

        1. "Impact of Military Expenses on the US Economic Growth:A Cointegration Analysis by ARDL Bound Test" by Esin Cakan and Kyoko Mona (2013), UNH Department of Economics and Finance Working Paper Series, WP1311

        2. "Impacts of US Economic News on Emerging Financial Markets" by Esin Cakan, Nadia Doytch and Kamal Upadhyaya, (Febr. 2011), UNH Department of Economics and Finance Working Paper Series, WP1109 . Download.

        3. "Do Good and Bad Economic News Affect The Stock Market Differently From The Bond Market During the Business Cycles?: A Multivariate GARCH Approach," (Oct. 2010), UNH Department of Economics and Finance Working Paper Series, WP1007. Download.

        4. "The business cycle and impacts of economic news on financial markets", (Sept. 2010), UNH Department of Economics and Finance Working Paper Series, WP1006. Download.

        5. "Nonlinear causality between stock returns and inflation uncertainty: Evidence from the US and the UK," UNH Department of Economics and Finance Working Paper Series, WP0905. Download.

          Presentations At Professional Meetings

          World Finance Conference 2014 , "Do US macroeconomic news make emerging financial markets more riskier?"(with Nadia Doytch and Kamal Upadhyaya), July 2-4, Venice, Italy.

          Eastern Economic Association (EEA) Meeting 2013, "Sport Event Sentiment and Turkish Market Return",  (with Terence Fung, Marco Lau, Ender Demir), May, NY 

            Western Economic Association (WEA) Meeting 2012, "Do Institutional Investors Herd? A Markov-Switching Approach" (with Aram Balagyozyan), March, Boston, MA.

            Eastern Economic Association (EEA) Meeting 2012, "Impact of Military Expenditure on US Economic Growth: A Cointegration Analysis by ARDL Bound Test", (with Kyoko Mona), March, Boston, MA.

            Nuclear Medicine Conference, 2011, Comparative Volumetric Analysis of Glioblastoma Multiforme Cases Using F18 FDG PET/MRI Fusion Images in Evaluation of Early Treatment Response to Superselective Intraarterial Cerebral Infusion of Bevacizumab or Temozolamide: A Preliminary Study, with Zuzan Cayci, Chicago, IL.

            Society for Studies of Emerging Markets (SSEM) Euro Conference 2011, “The impact of openness and institutions on the financial development in Asian emerging markets: A cointegration analysis by ARDL bounds tests”, presented June 2011 Izmir, Turkey.

            Multinational Finance Society (MFS) 2011 Annual Conference, "Financial Liberalization and Dynamics of International Stock Prices: Long Memory or Unit Root?", accepted paper, June 26-29, 2011, Rome, Italy (with M. Balcilar and Z.A. Ozdemir).

            Society for Nuclear Medicine (SNM) Conference 2011, “Usefulness of F18-FDG PET in differential diagnosis of common malignant brain tumors and in determining the unknown primary tumors presenting with brain metastases”, presented with Zuzan Cayci,  San Antonio, Texas, USA.

            Eastern Economic Association (EEA) Meeting 2011, "Financial development, openness, and institutions: Time series evidence from 7 Asian economies", (with Mehmet Balcilar and Zeynel Ozdemir),  February, New York, NY.

            Financial Management Association (FMA) 2010 Meeting, NY. Discussant presentation. 

              Southern Financial Association (SFA) Meeting 2010, "Financial Liberalization and Dynamics of International Stock Prices: Long Memory or Unit Root?"(with Zeynel A. Ozdemir), accepted paper, November, Asheville, NC.

              Southern Economics Associaton (SEA) Meeting 2010, “Impacts of  US Economic News on Emerging Financial Markets (with Kamal Upadhyaya and Nadia Doytch), November, Atlanta, GA. 

                Society for Studies of Emerging Markets (SSEM) Euro Conference 2010, "Dynamic linkages between exchange rates and stock prices: Evidence from emerging markets", July 2010 (with Demissew Ejara), Milas, Turkey.

                Eastern Economic Association (EEA) Meeting 2010, "Financial Liberalization and Dynamics of International Stock Prices: Long Memory or Unit Root?"(with Zeynel A. Ozdemir), February,Philadelphia.

                Academy of International Business Conference (AIB) 2009, “Nonlinear causality between stock returns and inflation uncertainty: Evidence from the US and the UK”, October, NY.

                Midwest Economic Association (MEA) meeting 2009,  “On the nonlinear causality between stock returns, inflation and inflation uncertainty”, March, Cleveland, OH.

                Eastern Economic Association (EEA) Meeting 2009,  “Persistence in Real Exchange Rates: Evidence from East Asian Countries”, February, NY.

                Eastern Economic Association (EEA) 2007,  “The effect of macroeconomic news announcements and surprises on the stock and bond markets”, (with Tao Wang), February, NY. 

                  METU International Economic Conference 1998, ‘‘Testing Structural Break In Turkish Monetary Aggregates”, Ankara, Turkey. 

                  RESEARCH IN PROGRESS

                  1.Do Institutional Investors Herd? A Markov-Switching Approach (with Aram Balagyozyan).

                  2. Impact of Military Expenditure on US Economic Growth: A Cointegration Analysis by ARDL Bound Test (with Kyoko Mona).

                  3. Impacts of  US Economic News on Emerging Financial Markets, (with Kamal Upadhyaya and Nadia Doytch).Detecting structural breaks in emerging stock markets volatility.

                  4. Modeling CO2 emission with Financial Development indicators and growth

                  5. Financial development and openness in Asian countries: New Evidence from ARDL Bound Test.

                  6. Estimating the effect of good news on Turkish stock  market volatility.

                  7. The saving and investment nexus for Turkey: evidence from cointegration tests.

                  Professional Activities

                  REFEREE

                  Journal of Applied Economics

                  Economic Modeling

                  Bulletin of Economics Research

                  Economics Bulletin

                  Scientific Research and Essays

                  International Review of Applied Economics

                  International Journal of Banking, Accounting and Finance

                  Studies in Economics and Finance

                  The Journal of North African Studies

                  International Conference on Economics, Business and Research Proocedings

                  International Journal of Economic Policy In Emerging Economies

                  International Journal of Computational Economics and Econometrics

                Industry Experience

                  1. Economist: Turkish Industrialists’ & Businessmen Association, Istanbul, Turkey.
                  2. Research Assistant: International Longevity Center (ILC), NY, USA.
                  3. Research Assistant: Department of Public Affairs, Baruch College, NY, USA.
                  1. Instructor: Queens College, CUNY, NY.
                  2. Instructor: Hunter College, CUNY, NY.
                  3. Instructor: Baruch College, Zicklin School of Business, CUNY, NY.
                  4. Instructor: Hostos Community College, CUNY, NY.
                  5. Teaching Assistant: Barnard College of Columbia University, NY.
                  6. Teaching Assistant: Baruch CollegeZicklin School of Business, NY.
                Curriculum Vitae

                  Esin Cakan, Ph.D.

                  Curriculum Vitae

                  September 2014

                   

                   

                  Address:  University of New Haven

                  College of Business

                  Department of Economics

                  300 Boston Post Road,

                  West Haven, CT 06516

                  Office Phone: 203- 9327496

                  Email: ecakan@newhaven.edu

                   

                  Education:

                  • Ph. D. in Economics, Sept. 2008,  Graduate School and University Center, City University of New York, USA.  Concentration : Financial Economics
                  • M.S. in Economics, Sept. 1998,  Middle East Technical University (METU), Turkey.
                  • B.S. in Statistics, July 1995,  Middle East Technical University ((METU), Turkey.

                  Research Interest Financial Economics, Financial Econometrics, Monetary Economics,  Behavioral  Economics, Behavioral Finance, International Economics, International Finance.

                  Teaching Interest:  Microeconomics, Macroeconomics, Econometrics, Time Series Econometrics, Financial  Management, Research Methods, Statistics, Business Forecasting.

                  Academic   Experience:

                  Associate Professor, Dept. of Economics, University of New Haven, Sept. 2014-present (with tenure).

                  Assistant Professor, Dept. of Economics, University of New Haven, 2011-2014. 

                  Assistant Professor, Dept. of Economics and Finance, Univ. of New Haven, 2008-2011. 

                  Adjunct Professor (Instructor), City University of New York, 2002-2008. 

                  Teaching Assistant, City University of New York, 2002-2008. 

                  Teaching Assistant, Columbia University, Barnard College, 2006-2007.                                    

                  Publications in Peer Reviewed Journals:

                  1. Cakan, Esin and Balagyozyan, Aram. 2014. Herd behavior in the Turkish banking sector, Applied Economics Letters , Vol.21, No: 2, 75-79
                  2. Cakan, Esin and Ejara, Demissew. 2013. On the relationship between exchange rates and stock prices: Evidence from emerging markets, International Research Journal of Finance and Economics , Issue 111, July, 115-124.
                  3. Cakan , Esin . 2013. “Non-linear Causality Between Stock Returns And Inflation Uncertainty:  Evidence From The US And The UK. International Business & Economics Research Journal , Vol 12, No 1, 63-70.
                  4. Cakan, Esin . 2012. The Business Cycle And Impacts Of Economic News On Financial Markets. Journal of Business & Economics Research . Volume 10, Issue, 2012, 385-390.
                  5. Doytch, Nadia and Cakan, Esin . 2011. “Growth Effects of Mergers and Acquisitions: A Sector-level Study of OECD countries”, Journal of Applied Economics and Business Research , Volume 1, Issue 3, 120-129.
                  6. Doytch, Nadia and Cakan, Esin . 2011. Sectoral Growth Effects of United States Mergers and Acquisitions: A Time Series Analysis. Journal of Applied Economics and Business Research , Volume 1, Issue 1, 2011, 4-11.
                  7. Balcilar,Mehmet, Ozdemir, Zeynel Abidin and Cakan, Esin . 2011. On the nonlinear causality between inflation and inflation uncertainty uncertainty in the G3 countries. Journal of Applied Economics , Vol XIV, No. 2, 269-296.
                  8. Ozdemir , Zeynel A. and Cakan, Esin. 2010. Persistence in Real Exchange Rates: Evidence from East Asian Countries. Economic Modelling , Volume 27, Issue 5, 2010, pp. 891–895.
                  9. Ozdemir, Zeynel A. and Cakan, Esin . 2007. Non-linear dynamic linkages in the international stock markets. Physica A: Statistical Mechanics and its Applications , Volume 377, Issue 1 , 173-180.
                  10.   Cakan, Esin and Ozmen, Erdal, 2002. Policy Regime Change and Structural Break in the Velocity of Money: The Turkish Evidence . Applied Economics Letters , Volume 9, Issue 11, 759-62.
                  11. Sack, Allen, McComas, A. and Cakan, Esin. 2014. The Revival of Multiyear Scholarships in the Twenty-First Century: Which Universities Supported and Opposed this Legislation and Why?. Journal of Issues in Intercollegiate Athletics , 2014, 7, 207-223.
                  12. Balcilar, Mehmet, Ozdemir, Zeynel A. and Cakan, Esin. 2014. Structural Breaks, Long Memory, or Unit Roots in Stock Prices: Evidence from Emerging Markets. International Econometric Review . (accepted for publication)
                  13.   Cakan, Esin . 2014. Why some sectors herd more: Evidence from the Turkish stock market (under review at The Singapore Economics Review );

                   Papers Under Review:

                  1.  “Impacts of US Economic News on Emerging Financial Markets , 2014. (with Kamal Upadhyaya and Nadia Doytch), under review at Borsa Istanbul Review.

                  Professional Experience:

                  • Economist,Turkish Industrialists’ & Businessmen Association 2000 – 2001 

                  Analyzed economic data, model to forecast of economic variables, report quarterly, worked on EU and Turkey’s membership application, created reports on EU membership on Agriculture.

                  • Research AssistantatDepartment of Public Affairs, Baruch College, 2004 – 2005 

                  The paper “Do the Determinants of Promotion Differ for White Men Versus Women and Minorities” of Ryan Smith is published in American Behavioral Scientist with a thank you note for my research. http://abs.sagepub.com/cgi/reprint/48/9/1157.pdf

                  • Research Assistant at International Longevity Center (ILC), nonprofit org,  2002 – 2003.
                  The paper “Occupations in an Aging Society: Worker Abilities and Worker Interests”,  presented in 4 th      International Research Conference on Social Security, has an excellent  research note for  my research.  http://www.issa.int/pdf/anvers03/topic3/2muller.pdf

                  Academic Conference Presentations:

                  Presenter

                  1. Do US macroeconomic news make emerging markets riskier?, World Finance Conference, 2014, Venice, Italy, July 3, 2014. (with Nadia Doytch and Kamal Upadhyaya)
                  2. Hedge funds, markets, and causality: Evidence from the US, Eastern Economic Association (EEA) Meeting 2014, Boston, March 7, 2014 (with AramBalagyozyanand Utku Demir)
                  3. The impact of the global financial crisis on the Turkish banking industry, Eastern Economic Association (EEA) Meeting 2014, Boston, March 7, 2014 (with Murat Atan and Sibel Atan)
                  4. Herding behavior in Turkish banking industry, Eastern Economic Association (EEA) Meeting 2013, NY (with Aram Balagyozyan).
                  5. Sport Event Sentiment and Turkish Market Return, Eastern Economic Association (EEA) 2013 NY (with Terence Fung, Marco Lau, Ender Demir).
                  6. Do Institutional Investors Herd? A Markov-Switching Approach, Western Economic Association (WEA) Meeting, San Francisco, CA, June 2012 ((with Aram Balagyozyan).
                  7. Impact of Military Expenditure on US Economic Growth: A Cointegration Analysis by ARDL Bound Test, Eastern Economic Association (EEA) Meeting, Boston, MA, March 2012 (with Kyoko Mona).
                  8. Do Institutional Investors Herd? A Markov-Switching Approach. Eastern Economic Association Meeting, Boston, MA, USA, March 2012 (with Aram Balagyozyan)
                  9. Comparative Volumetric Analysis of Glioblastoma Multiforme Cases Using F18 FDG PET/MRI Fusion Images in Evaluation of Early Treatment Response to Superselective Intraarterial Cerebral Infusion of Bevacizumab or Temozolamide: A Preliminary Study, Nuclear Medicine Conference, Chicago, IL.  December 2011 (with and presented by Zuzan Cayci).
                  10. The impact of openness and institutions on the financial development in Asian emerging markets: A cointegration analysis by ARDL bounds tests, Society for Studies of Emerging Markets (SSEM) Euro Conference , Izmir, Turkey, June 2011
                  11.  Financial development, openness, and institutions: Time series evidence from 7 Asian economies, Eastern Economic Association  (EEA) Meeting, New York, NY, February 2011 (with Mehmet Balcilar and Zeynel Ozdemir).
                  12. Usefulness of F18-FDG PET in differential diagnosis of common malignant brain tumors and in determining the unknown primary tumors presenting with brain metastases”, (with and presented by Zuzan Cayci), Society for Nuclear Medicine (SNM) June 2011, San Antonio, Texas, USA.
                  13. Growth Effects of the Sectoral Distribution of FDI in Latin America and the Caribbean- a Panel Cointegration Study, Eastern Economic Association  Meeting (EEA), New York, NY. February 2011 (with Nadia Doytch).
                  14. Impacts of US Economic News on Emerging Financial Markets, Southern Economics Associaton Meeting, Atlanta, November 2010 (with Kamal Upadhyaya and Nadia Doytch).
                  15. 15.  Dynamic linkages between exchange rates and stock prices: Evidence from emerging markets, Society for Studies of Emerging Markets (SSEM) Euro Conference , Milas, Turkey  July 2010 (with Demissew Ejara).
                  16. Financial Liberalization and Dynamics of International Stock Prices: Long Memory or Unit Root, Eastern Economic Association (EEA) Meeting, Philadelphia, PA, February 2010 (with Zeynel A. Ozdemir).
                  17. Nonlinear causality between stock returns and inflation uncertainty: Evidence from the US and the UK”, Academy of International Business Conference (AIB), Sept. 2009
                  18. On the nonlinear causality between stock returns, inflation and inflation uncertainty, Midwest Economic Association (MEA) Meeting Cleveland, OH, March 2009
                  19. Persistence in Real Exchange Rates: Evidence from East Asian Countries, Eastern Economic Association (EEA) Meeting, New York, NY, February 2009 (with Z.Z. Ozdemir).  
                  20. The effect of macroeconomic news announcements and surprises on the stock and bond markets, (with Tao Wang), Eastern Economic Association (EEA), New York, NY, Feb. 2008
                  21. Testing Structural Break In Turkish Monetary Aggregates” METU International Economic Conference , Ankara, Turkey, June, 1998

                   Discussant:

                  1. Exchange Rates and Foreign Direct Investment: Evidence for sub-Saharan Africa” by Adil H. Elsharif Suliman”, Financial Management Association, October 20-23, 2010, NY, NY.
                  2. Southern Finance Association (SFA) 2010 Meeting, Asheville, NC. 2010.
                  3. Midwest Economic Association (MEA) 2009 Meeting, Cleveland, OH, 2009.

                    Accepted Papers to Academic Conferences:

                  1. Did Institutional Investors Flock into the Tech herd? An Empirical Investigation. (with Balagyozyan, A. and Demir, U. ), Northeast Business & Economic Association Meeting, NJ, USA, November 2014.
                  2. Do U.S. macroeconomic news make emerging financial markets more riskier? (with N. Doytch and K. Upadhyaya), Multionational Finance Society, Prague, Czech Republic, June 2014.
                  3. Do Institutional Investors Herd? A Markov-Switching Test of Institutional Technology Stock Holdings (with Aram Balagyozyan), Western Economic Association  Meeting, Seattle 2013
                  4. Financial Liberalization and Dynamics of International Stock Prices: Long Memory or Unit Root?", with Mehmet Balcilar and Zeynel Ozdemir, 18thMultinational Finance Society Annual Conference, June 26-29 2011, Rome, Italy.
                  5. Financial Liberalization and Dynamics of International Stock Prices: Long Memory or Unit Root?, with Zeynel A. Ozdemir, 2010 Southern Financial Association Meeting, November, Asheville, NC.
                  6. Do Good and Bad Economic News Affect The Stock Market Differently From The Bond Market During the Business Cycles?: A Multivariate GARCH Approach, 2009 Financial Management Association European Conference (FMA Europe) in Turin.

                  Research in Progress:

                  1. Do Institutional Investors Herd? A Markov-Switching Approach (with Aram Balagyozyan).
                  2. Impact of Military Expenditure on US Economic Growth: A Cointegration Analysis by ARDL Bound Test (with Kyoko Mona).
                  3. Modeling CO2 emission with Financial Development indicators and growth
                  4. Financial development and openness in Asian countries: New Evidence from ARDL Bound Test
                  5. Estimating the effect of good news on Turkish stock  market volatility
                  6. The saving and investment nexus for Turkey: evidence from cointegration tests
                  7. Tax as a policy for economic growth

                  Delivered Courses:

                  Taught courses at the University of New Haven: 

                  • Applied Econometrics:                                      Spr 14
                  • Data Evaluation and Modeling (MBA):            Spr. 09-10-11-12.
                  • Financial Management (MBA):                         Wint. 09; Wint.10, Fall 10, Spr 11
                  • Microeconomics and Macroecon. (MBA):        Fall (08-09-10-11-12-12Cohort-13), Win13,

                               Spr.(12-14).

                  • Principles of Economics I:                                 Fall (08-09-11-12-13), Summer 09.
                  • Principles of Economics II:                                Fall 08, Fall 09, Spr. 11, Fall 11, Spr12
                  • Research Methods in Sustainability:                  Spr.12

                  Taught courses at City University of New York (CUNY) Colleges:

                  • Business Statistics:         Queens College (2002-04).
                  • Econometrics:                Hunter College (05), Baruch College (07 Hon), Sum 08 
                  • Microeconomics:            Queens College (2002 –04), Baruch College (05, 07 Honors),

                  Hostos Community Coll. (02-03)

                  • Macroeconomics:           Queens College (02, 04), Hostos Comm. Coll. (02-03)
                  • Money and Banking:     Queens College (2003 –04).

                   T eaching Assistant:

                  • Macroeconomics:           Barnard College of Columbia University (2006- 2007) 
                  • Microeconomics:            Baruch College (2003 - 07)  
                  • Macroeconomics:           Baruch College (2003 - 05)   

                    Academic Activities:

                  Referee Work

                  1. Journal of Applied Economics, February 2009.
                  2. Economic Modelling, December 200
                  3. Bulletin of Economics Research, April 2010.
                  4. Economics Bulletin, July 2010.
                  5. Scientific Research and Essays, October 2010
                  6. Economic Modelling, July 2011
                  7. International Review of Applied Economics, September 2011
                  8. International Journal of Banking, Accounting and Finance, 2011
                  9. Studies in Economics and Finance, September 2011.
                  10.  Economic Modelling, November 2012.
                  11.  The Journal of North African Studies, June 2013.
                  12.  International Conference on Economics, Business and Research (ICEBR2013) Proocedings, “Dynamic Systems in Kuala Lumpur composite index forecasting”, May 2013.
                  13. International Journal of Economic Policy In Emerging Economies, July 2013.
                  14.  International Review of Applied Economics, September 2013.
                  15. International Review of Applied Economics, June 2014
                  16.  International Journal of Computational Economics and Econometrics (IJCEE)
                  17. Global Business and Economics Review, July 2014
                  18. The Singapore Economic Review, August 2014.

                    Working Papers:

                  1. Do Good and Bad Economic News Affect The Stock Market Differently From The Bond Market During the Business Cycles?: A Multivariate GARCH Approach., UNH Department of Economics and Finance Working Paper Series, WP1007.
                  2. The business cycle and impacts of economic news on financial markets, UNH Department of Economics and Finance Working Paper Series, WP1006.
                  3. 3.      Nonlinear causality between stock returns and inflation uncertainty: Evidence from the US and the UK, UNH Department of Economics and Finance Working Paper Series, WP0905. 

                  Invited Presentations:          

                  Seminar at Bentley University, April 2008. 

                  Seminar at Deakin University, May 2008. 

                  Research Forums at University of New Haven, April 2009, 2010, 2011, 2012

                  Economics Department Brown Bag Series at UNH 2012, 2014.

                  Awards & Honors:

                        Summer Research Grant and Research Fund, University of New Haven, 2013

                        Summer Research Grant and Research Fund, University of New Haven, 2012.

                        Summer Research Grant and Research Fund, University of New Haven, 2011.

                        Summer Research Grant and Research Fund, University of New Haven, 2010.

                        Summer Research Grant and Research Fund, University of New Haven, 2009.

                        Graduate Teaching Fellowship in Queens College, CUNY, 2004.         

                        PSC/CUNY Tuition Award, CUNY, 2003.

                        PSC/CUNY Tuition Award, CUNY 2001.         

                        Fellowship from Turkish Academy of Sciences, 2000-2001.

                        Graduated in with Honors Degree in Statistics, Middle East Technical University, Rank 10 out

                        of 172, 1995.

                   Professional Affiliations

                  Financial Management Association (FMA), Southern Finance Association (SFA), American Economic Association (AEA), Eastern Economic Association (EEA), Southern Economic Association, Academy of International Business (AIB), Society for Studies of Emerging Markets (SSEM), Northern Business and Economics Association (NBEA).

                  Academic Service:                  

                  Academic Prioritization Task Force

                  Faculty Senate

                  Executive Dean Search Committee

                  Faculty Search Committee (Finance)

                  Faculty Professional Development  Committee

                  FE001 Academic Oversight Committee

                  University Undergraduate Curriculum Committee (UUCC)

                  CoB Experiential Education/Undergraduate Curriculum Development Comm.

                  CoB Undergraduate Curriculum Committee

                  Assessment of Learning (AoL) Committee

                  Editor of Working Paper Series of Economics and Finance

                  (http://www.newhaven.edu/7/Academic/Econ_Fin/29714/)

                  Editor of UNH Ecofin Blog web site (http://unhecofin.blogspot.com/)

                   

                  Computer Skills   SPSS, STATA, MATLAB, RATS, Mathematica, E-Views., Gauss, Ox. 

                  Citizenship           Turkey

                    Languages            English (fluent), Turkish (native)

                  References          

                  Michael Grossman ,  The Graduate Center, CUNY Ph. D Program in Economics and NBER Coordinator, NY, NY 10016 , (212) 817-7959, mgrossman@gc.cuny.edu

                    Kamal Upadhyaya , Professor of Economics, Chair, Department of Economics, University of New Haven, 300 Boston Post Road, West Haven, CT 06516,

                  (203)9327487, kupadhyaya@newhaven.edu

                  Armando Rodriguez, Associate Dean and Associate Professor, Department of Economics, University of New Haven, 300 Boston Post Road, West Haven, CT 06516, (203)9327487, arodriguez@newhaven.edu

                  ABSTRACTS  

                    Do good and bad economic news affect the stock market differently from the bond market?

                  This study investigates the impacts of good and bad macroeconomic news announcements on the mean and conditional volatility of the U.S. stock and Treasury bond market returns during economic recessions and expansions. By jointly modeling returns and volatilities, we find that surprise in unemployment news has no impact on stock returns during business cycles. These findings are in contradiction to Boyd et al. (2005) who find that increase in unemployment rate is good news for stocks during economic expansions, and bad news during contractions. Furthermore, we find that stock market becomes more risky to an unemployment news shock. On the other hand, the results indicate a significantly positive relation between the short term (long term) bond prices and unemployment surprises during business cycles (expansions), indicating that U.S. government bonds is a complete hedge against      unexpected unemployment. Inflation surprises affect all market returns negatively during good state of the economy, which is well supported in the literature. Hence, both news surprises have  more impact on volatility during economic recessions than expansions.  

                  Non-linear Dynamic Linkages in the International Stock Markets  

                  This study examines the dynamic relationship between the Dow Jones Industrial    Average index of the US and Japan, France, and the UK stock markets by using the non-linear Granger causality test. The empirical evidence indicates that there is a strong bi-directional non-linear causality relationship between the US and the others while the US stock market statistically significant Granger causes the stock markets examined, but Japan and France do not linear Granger causes the US stock market with the exception of UK.

                  On the nonlinear causality between inflation uncertainty and the stock returns in   the G3 countries

                  This study examines the dynamic relationship between the monthly inflation and   inflation uncertainty in Japan, US and the UK by employing the linear and non-linear Granger causality tests for the 1957-2006 period. Using a generalised autoregressive conditional heteroskedasticity (GARCH) model to generate a measure of inflation uncertainty, the empirical evidence indicates that higher inflation rates lead to greater inflation uncertainty for all countries as predicted by   Friedman. However, in all countries, except Japan, inflation uncertainty does not significantly       either rise or fall average inflation. In contrast to linear linkages, there is a strong bi-directional    non-linear causal relationship between inflation and its uncertainty for all countries.

                  The Persistence in Real Exchange Rate: Evidence from East Asian Countries

                   In this article, we examine the degree of persistence in monthly real exchange rate of six East Asian countries in relation to their two major trading partners, the United States and Japan, to study the validity of PPP for the 1976:01-2009:03 period. To investigate the persistency in real exchange rate series, we use sum of the autoregressive (AR) coefficients and the confidence interval for it using grid-bootstrap procedure recently developed by Hansen (1999). We have two findings: First, we find evidence for high persistency in real exchange rate in terms of the Japanese Yen for five countries and for four countries in terms of the US dollar the for the full and pre-crisis sample periods. Second, for the post-crisis period, the presence of low persistency in real exchange rate supports PPP for three countries in terms of the Japanese Yen and five countries in terms of the US dollar. These findings indicate that real exchange rate series of five East Asian countries are mean-revert based on their exchange rate policies and East Asian countries can form a currency union.

                  On the Nonlinear Causality between Inflation and Inflation Uncertainty in the G3 Countries

                  This study examines the dynamic relationship between monthly inflation and inflation uncertainty in Japan, the US and the UK by employing linear and nonlinear Granger causality tests for the 1957:01-2006:10 period. Using a generalised autoregressive conditional heteroskedasticity (GARCH) model to generate a measure of inflation uncertainty, the empirical evidence from the linear and nonlinear Granger causality tests indicate a bi-directional causality between the series. The estimates from both the linear vector autoregressive (VAR) and nonparametric regression models show that higher inflation rates lead to greater inflation uncertainty for all countries as predicted by Friedman (1977). Although VAR estimates imply no significant impact, except for Japan, nonparametric estimates show that inflation uncertainty raises average inflation in all countries, as suggested by Cukierman and Meltzer (1986). Thus, inflation and inflation uncertainty have a positive predictive content for each other, supporting the Friedman and Cukierman-Meltzer hypotheses, respectively.

                  Financial Liberalization and Dynamics of International Stock Prices: Long Memory or Unit Root?

                  This paper investigates whether stock-price indexes of fourteen emerging markets can be characterized as random walk (unit root) or mean reverting long-memory processes. We use a new statistical framework that tests for random walks in the presence of a multiple structural breaks at unknown date. This approach allows us to investigate of a broader range of persistence than the I(0)/I(1) paradigm about the order of integration, usually implemented for testing the random walk hypothesis in stock market indexes, would allow. Our approach extends Robinson (1994) efficient test of unit root against fractional

                  integration to allow endogenously determined multiple structural breaks. In almost all occupations, we find support for random walk hypothesis, only for two stock markets there is very weak evidence of mean reverting-long memory.

                  Herd behavior in the Turkish banking sector

                  This study looks for evidence of investor herding in Turkish banking sector. We apply the methodology of Chang et al. (2000) to daily stock returns between 2007 and 2012, and find evidence of herding. This result is robust under model specifications that control for market and firm fundamentals. Herding behavior shows asymmetric effects and investors herd only in rising markets.