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Ozgur Arslan-Ayaydin

Ozgur Arslan-Ayaydin headshot
  • Clinical Associate Professor of Finance

Office: 2429 UH
Phone: (312) 355-0882
Google Scholar Page


  • Hacettepe University, Ph.D. , Turkey.
  • University of York,(Visiting PhD Student), UK.
  • University of Leicester, MBA in Finance,, UK.
  • Hacettepe University, B.Sc. in Economics, Turkey.


  • Associate Professor of Finance in Hacettepe University, Turkey.
  • External Evaluator and Rapporteur of Marie Curie FP7 Research Projects to European Commission in Brussels, Belgium.

Classes Taught

  • International Financial Markets
  • International Finance
  • Investments
  • Corporate Finance

Research & Publications


Selected Publications

  • (2016) “Managers Set the Tone: Equity Incentives and the Tone of Earnings Press Releases” Journal of Banking and Finance, (Forthcoming) (with Boudt, K and Thewissen, J.)
  • (2016) “The Financial Reward for Environmental Performance in the Energy Sector” Energy and Environment (Forthcoming) (with Thewissen, J.)
  • (2014) "How is Moral Hazard Related to Financing R&D and Innovations?” European Research Studies Journal, 17(4), 111 – 131 (with Barnum, D; Karan, M.B. and Özdemir, H.)
  • (2014) “Financial Flexibility, Corporate Investment and Performance: Evidence from Financial Crises”, Review of Quantitative Finance and Accounting, 42(2), 211- 250. (with C. Florackis and Ozkan, A.)
  • (2012) "Quality in the Financial Sector from the Perspective of Consumer Credits", Total Quality Management and Business Excellence, 23 (11-12), 1453-1463 (with Karan, M.B. and Kucuktalasli,O.)
  • (2010) "Board Structure and Corporate Governance", Managing Global Transitions, 8(1), 3-22. (with Karan, M.B. and Ekşi, C.)
  • (2010) "Consumer Credit Risk Characteristics: Understanding Income and Expense Differentials", Emerging Markets Finance and Trade, 1 (46), 65-82 (with Karan, M.B.)
  • (2009) "Credit Risks and Internationalization of SMEs", Journal of Business, Economics and Management, 4(10), 361-368 (with Karan, M.B.)
  • (2006) “The Role of Cash Holdings on Investment-Cash Flow Sensitivity: Evidence from a Financial Crisis Period in an Emerging Market”, Emerging Markets Review, 7 (4), 320-338. (with Florackis, C. and Ozkan, A.)
  • (2006) “Ownership and Control as Determinants of Corporate Debt Maturity: A Panel Study of an Emerging Market”, Corporate Governance: An International Review, 14 (4), 312-324 (with Karan, M.B.)

Book Chapters

  • (2015) “The Impact of Environmental Strengths and Concerns on the Accounting Performance of Firms in the Energy Sector” in Energy Technology and Valuation Issues, (Peer Reviewed), Springer-Verlag (with Thewissen, J.).
  • (2014) “Geopolitical Market Concentration Risk of Turkish Crude Oil and Natural Gas Imports” in Perspectives in Energy, (Peer Reviewed), Springer-Verlag (with Khagleeva, I.).
  • (2012) “Dynamics of Crude oil Spot and Futures Markets” in Energy Economics and Financial Markets, (Peer Reviewed), Springer-Verlag (with Khagleeva, I.).


  • (2011) Editor of "Financial Aspects in Energy: The European Perspective" Springer (with Dorsman A., Westerman W. and Karan M.B.) ISBN: 978-3-642-19708-6

Working Papers

  • (2016) “Size Matters! Performance and the Readability of CEO Letters to Shareholders” (with Smeyers, J. and Thewissen, J.)
  • (2016) “Islamic Banking and Firm Performance: Costs, Benefits, and Lessons from the Global Financial Crisis on Real Economic Activity”  (with Chirinko, R.S And Binici, M.)
  • (2016) “Labor laws and press releases: Manipulating stakeholder opinion” (with Marciukatyte, D. and Thewissen, J.)

Awards & Affiliations

  • May 2016, UIC Silver Circle Teaching Award
  • April 2010, "Doçent" degree awarded by the Inter University Council, Turkey.
  • May 2007, March 2008, April 2009, Erasmus-Socrates Program (European Council), teaching various Finance courses in German, Finnish and Polish universities.
  • August 2005 - October 2006, Jean Monnet Scholarship (European Council), leading to the award of full-time visiting Ph.D. studentship in University of York, UK, Department of Economics.
  • August 2005 - October 2006, Hacettepe University Senate Fellowship, leading to the award of full-time visiting Ph.D. studentship in University of York, UK, Department of Economics.
  • July 2005, Turkish Academy of Sciences (TUBA), participation support to the Multinational Finance Society, Annual Meeting in Athens, Greece.