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Photo of Arslan-Ayaydin, Özgür

Özgür Arslan-Ayaydin

Clinical Professor and Assistant Department Head

Department of Finance


Building & Room:

UH 2129


601 S. Morgan St., Chicago, IL 60607

Office Phone:

(312) 355-0882

Related Sites:



  • Director of Undergraduate Studies, Department of Finance
  • 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
  • Islamic Banking and Finance

Selected Publications


  • (Forthcoming) “A Sense of Risk: Responses to Crowdfunding Risk Disclosures”, Strategic Entrepreneurship Journal, (with Shrestha, P., Parhankangas, A. and Thewissen, J.)
  • (2023) “Linguistic Errors and Investment Decisions: The Case of ICO Whitepapers,” European Journal of Finance, (with Thewissen, J., Thewissen, J. and Torsin, W.)
  • (2022) “Is Cross-Listing a Panacea for Improving Earnings Quality? The Case of H- and B-share Firms in China,”  International Review of Financial Analysis, 81, 102113, (with Chen, S., Ni, S., and Thewissen, J.)
  • (2021) “Disclosure Tone Management and Labor Unions,” Journal of Business Finance & Accounting,” (with Thewissen, J. and Torsin, W.)
  • (2021) “Institutions, Regulations and Initial Coin Offerings: An International Perspective,” International Review of Economics and Finance, (with Shrestha, P., J. Thewissen, W. Torsin)
  • (2021) “Does Managerial Ability Affect Disclosure? Evidence from Earnings Press Releases,” Asian Review of Accounting, (with Yan, B, J. Thewissen and W. Torsin)
  • (2020) “Managerial career concerns and the content of corporate disclosures: An analysis of the tone of earnings press releases,” International Review of Financial Analysis, (with Bishara, N., Thewissen, J. and Torsin, W.)
  • (2020) “Do Sukuk Provide Diversification Benefits to Conventional Bond Investors? Evidence from Turkey,” Global Finance Journal, (with Pirgaip, B. and Karan, M.B.)
  • (2018) “Avoiding Interest-Based Revenues While Constructing Shariah-Compliant Portfolios: False Negatives and False Positives,” Journal of Portfolio Management, 44 (5), 136-143, (with Boudt, K and Raza, M.W.)
  • (2016) “Managers Set the Tone: Equity Incentives and the Tone of Earnings Press Releases,” Journal of Banking and Finance, 72, 132-147, (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) “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.)
  • (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

  • (2016) “The Green Thumb in the Energy Industry: The Impact of Managerial Political Affiliation on Corporate Environmental Performance,” (Peer Reviewed), Springer-Verlag, (with Thewissen, J.)
  • (2016) “The Financial Reward for Environmental Performance in Energy Sector,” (Peer Reviewed), Springer-Verlag, (with Thewissen, J.)
  • (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.)


  • (2020) Editor of “Regulations in the Energy Industry: Financial, Economic and Legal Implications,” Springer (with Dorsman, A. and Thewissen, J.) ISBN:978-3030322953
  • (2016) Editor of “Energy and Finance: Sustainability in the Energy Industry,” Springer (with Dorsman, A. and Karan, M.B.) ISBN:978-3-319-32268-1
  • (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

Notable Honors

2017, Excellence in Teaching Award, UIC Business

2016, Silver Circle Teaching Award, UIC

2010, "Doçent" Degree, Inter University Council, Turkey

2005-06, Jean Monnet Scholarship (European Council), University of York, UK


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.