Gonul Colak, Ph.D

My Research Interests

Curriculum Vitae (CV)                                 My Research Interests

Associate Professor

Hanken School of Economics

Department of Finance and Statistics

Arkadiankatu 22
P.O. Box 479

00101 Helsinki, Finland

E-mail: gonul.colak@hanken.fi
SSRN Author ID = 329865

My ResearchGate Page
My LinkedIn Page

  • Education

Ph.D. in Finance, The University of Iowa, May 2004
M.S. in Economics, The University of Iowa, 2001
B.S. in Electrical and Electronics Engineering, Bilkent University, Turkey, 1998

  • Areas of Interest

Equity Offerings, Corporate Restructuring, Political Uncertainty, Executive Compensation, Financial Econometrics, S&P 500 Index Firms, Investments.

  • Experience
Associate Professor, Department of Finance and Statistics, Hanken School of Economics, June 2015-present.
Assistant Professor, Department of Finance and Statistics, Hanken School of Economics, January 2015-May 2015.
Visiting Scholar, Istanbul School of Central Banking, Central Bank of Turkey, September 2014-December 2014. 
Assistant Professor, Department of Finance, Florida State University, August 2007-April 2014.
Assistant Professor, FREDS Departments, Wichita State University, August 2004-May2007.
Instructor, Department of Finance, The University of Iowa, August 2003-July 2004.
  • Professional Affiliation

Member of American Finance Association (AFA)
Member of Financial Management Association (FMA)
The Society for Financial Studies (SFS)

  • Publications
    • "Spin-offs, Divestitures, and Conglomerate Investment," with Toni M. Whited, Review of Financial Studies 20 (2007): 557-595.
    • "Cycles in the IPO Market," with Chris Yung and Wei Wang, Journal of Financial Economics 89 (2008): 192-208.
    • “Diversification, Refocusing, and Firm Value,” European Financial Management 16 (2010):422-448.
    • “Strategic Waiting in the IPO Markets,” with Hikmet Gunay, Journal of Corporate Finance 17 (2011): 555-583.

    • “Primary Market Characteristics and Secondary Market Frictions of Stocks,” with Rodney Boehme, Journal of Financial Markets 15 (2012): 286-327. 

    • “IPO Characteristics of Index Firms,” Managerial Finance, 38 (2012): 1134-1159.

    • “Changes in Cash Holdings Around the S&P 500 Additions,” with Eric Brisker and David Peterson, Journal of Banking and Finance, 37 (2013), 1787-1807.

    • “Executive Compensation Structure and the Motivations for Seasoned Equity Offerings,” with Eric Brisker, Don Autore, and David Peterson, Journal of Banking and Finance, 40 (2014), 330-345.

    • “Decoupling by Clienteles and by Time: The Case of Two-Stage Stock-Financed Mergers,” with James Ang and Tai-Wei Zhang, Journal of Corporate Finance, 25 (2014), 360-375.
    • "Political Environment, Financial Intermediation Costs, and Financing Patterns," with Ali Gungoraydinoglu and Ozde Oztekin, Journal of Corporate Finance, 44 (2017), 167-192.
    • "Political Uncertainty and IPO Activity: Evidence from U.S. Gubernatorial Elections," with Art Durnev and Yiming Qian, Journal of Financial and Quantitative Analysis, 52 (2017), 2523-2564.
    • "Global Leverage Adjustments, Uncertainty, and Country Institutional Strength," with Ali Gungoraydinoglu and Ozde Oztekin, Journal of Financial Intermediation, forthcoming. 
  • Presentations

“CEO Mobility and Corporate Policy Risk”

       University of Gothenburg,  Gothenburg, Sweden, September 2016;
       Newcastle University, Newcastle upon Tyne, UK, September 2016;  
       University of Bristol, Bristol, UK, May 2016;
       Lund University, Lund, Sweden, April 2016;

“CEO Compensation Contagion via Peer Benchmarking: Effects of S&P 500 Index Additions”

        FMA Asia Conference in Sydney, Australia, July 2016; 
        FMA European Conference in Helsinki, Finland, June 2016;
        European FMA Conference in Amsterdam, Netherlands, June 2015;
        Hanken School of Economics, Helsinki, Finland, February 2015;       

“Political Uncertainty and Leverage Adjustments: An International Perspective”

        FMA Conference in Orlando, USA, October 2015; 
        Aalto University, Finland, February 2015;
         Koc University, Istanbul, Turkey, November 2014;
         Sabanci University, Istanbul Turkey, November 2014;
         TOBB University, Ankara, Turkey, November 2014;
         Istanbul School of Central Banking, Istanbul, Turkey, October 2014;
         Florida State University, USA, January 2014;

“International IPO Markets and a Foreign IPO Puzzle”

        New Economic School - Moscow, Russia, May 2013;
“Political Uncertainty and IPO Activity: Evidence from U.S. Gubernatorial Elections”

            Arthur Seminar Series, Helsinki, Finland, October 2015;
            Ozyegin University, Istanbul, Turkey, December 2014;
            Xiamen University, Xiamen, China, September 2014;
            HEC Montreal, Montreal, Canada, September 2013;
            University of Edinburgh, United Kingdom, June 2013;
            European FMA Conference in Reading, United Kingdom, June 2013;
            Florida State University, March 2013;
            University of Miami, February 2013;

“Decoupling by Clienteles and by Time in the Financial Markets: The Case of Two-Stage Stock-Financed Mergers”

           European FMA Conference in Barcelona, Spain, June 2012;
           FMA Conference in Denver, October 2011;

“Changes in Cash Holdings Around the S&P 500 Additions”

            University of Central Florida, January 2011;
            Auburn University, October 2010;
“Common Dynamics of Corporate Waves”

            Sabanci University, Istanbul, Turkey, June 2011      
            European FMA Conference in Aarhus, Denmark, June 2010;
“Strategic Waiting in the IPO Markets"
             FMA Conference in Reno, October 2009;  
FMA European Conference in Turin-Italy, June 2009;
             Florida State University - financial Math Program, February 2009;   
Georgia State University, February 2009; 
             University of Alabama, November 2008;
             University of Manitoba, September 2008;
"IPO Characteristics of Index Firms" 
FMA Conference in New York, October 2010;   
University of New Orleans, March 2009;
"Primary Market Characteristics and Secondary Market Frictions of Stocks"
EFMA Conference in Athens, June 2008;
FMA Europe Conference in Prague, June 2008;
Koc Finance Conference, May 2008;
University of Southern Florida, March 2008;
"Cycles in the IPO Market"
SUNY Buffalo, February 2007;
Florida State University, January 2007;
George Mason University, January 2007;
"Top-Ten Percent" session, FMA Conference in Salt Lake City, October 2006; 
University of Kansas, September 2006;
FMA Europe Conference in Stockholm, June 2006; 
University of Nebraska, February 2006;
"Spin-offs, Divestitures, and Conglomerate Investment"
Wichita State University, April 2004; 
York University, February 2004;
Virginia Tech, January 2004;
University of Iowa, November 2003;
"Diversification, Refocusing, and Firm Value"
FMA Europe Conference in Stockholm, June 2006;
              Wichita State University, April 2005;
University of Iowa, April 2003;
"The Preferred Habitat Patterns in the Holdings of Canadian and U.S. Sub-National Debt"
Western Social Sciences Association, Calgary, Canada, April 2007;
"The Effect of Measurement Error in q on Cash Flow Sensitivity of Cash" 
International Conference on Business Management and Economics, Çesme, Izmir, Turkey, June 2006;