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Ferhat Akbas

Ferhat Akbas, Associate Professor of Finance
  • Associate Professor of Finance

University of Illinois at Chicago  
University Hall 2113
601 S. Morgan St., Chicago, IL 60607

(312) 996-2980


  • Texas A&M University Mays Business School
    PhD in Finance, 2011
  • Texas A&M University
    MS in Economics, 2007
  • Bilkent University, Ankara, Turkey
    BS in Industrial Engineering, 2003


  • Associate Professor of Finance (with tenure), University of Illinois at Chicago, 2017 – present.
  • Assistant Professor of Finance, The University of Kansas, 2011 – 2017.

Classes Taught

  • Investments (FIN 310)
  • Business Investment and Valuations (FIN 494)

Research & Publications

  • Smart Money, Dumb Money, and Capital Market Anomalies (with W. Armstrong, S.Sorescu, and A. Subrahmanyam), Journal of Financial Economics, Volume 118 -2, 211-450, 2015.
  • The Calm Before the Storm, 2016, The Journal of Finance, Volume LXXI-1 225-255,2016.
  • Capital Market Efficiency and Arbitrage Efficacy (with W. Armstrong, S. Sorescu, and A. Subrahmanyam), Journal of Financial and Quantitative Analysis, Volume 51, No. 2, 2016.
  • Corporate Directors and Informed Traders (with Felix Meschke and Jide Wintoki), Journal of Accounting and Economics, Volume 62-1, 1-23, 2016 (Lead Article).
  • Akbas, Ferhat, Chao Jiang, and Paul Koch, 2017. The Trend in Firm Profitability and the Cross-Section of Stock Returns. The Accounting Review, Vol. 92, No. 5, pp. 1–32 (Lead Article).
  • Akbas, Ferhat, Ekkehart Boehmer, Bilal Erturk, and Sorin Sorescu, 2017. Short interest, returns, and fundamentals, Financial Management. Volume 46, Issue2, Pages 455-486.
  • Akbas, Ferhat, Stanimir Markov, Musa Subasi, and Eric Weisbrod, 2018, Determinants and consequences of information processing delay: Evidence from the Thomson Reuters Institutional Brokers’ Estimate System,      Journal of Financial Economics, Volume 127, Issue 2, Pages 366-388.
  • Akbas, Ferhat, Chao Jiang, and Paul Koch, 2018. Insider Holdings and Stock Returns, The Journal of Finance , Forthcoming.
  • Do Mutual Fund Investors Overweight the Probability of Extreme Payoffs in the Return Distribution? (with Egemen Genc),  Journal of Financial and Quantitative Analysis, Forthcoming.

Working Papers

  • Do Investors Fully Understand Overnight Returns? (with Paul Koch and Ekkehart Boehmer)

  • Margin Constraints and Multifactor Models (with Lezgin Ay, Chao Jiang, and Paul Koch)

  • Short Selling and Cross-Firm Price Impact (with Ekkehart Boehmer, Egemen Genc)  

  • The Time-Varying Liquidity Risk of Value and Growth Stocks (with Ekkehart Boehmer, Egemen Genc, and Ralitsa Petkova)  

  • Idiosyncratic Volatility of Liquidity and Expected Stock Returns (with Will J. Armstrong and Ralitsa Petkova)  

  • Do Individual Investors Have News Interpretation Ability? (with Musa Subasi)

  • Redacted Information and Asset Prices (with Paul Koch, Kevin Tseng, and Feng Guo)

  • Learning from the Market and Board Connections (with Rebeka Han, Fikret Polat, Musa Subasi)

  • Disagreement Shocks and Market Returns (with Chao Jiang, Paul Koch and Egemen Genc)