Gonul Colak, Ph.D

My Research Interests

Curriculum Vitae (CV)                                 My Research Interests

Professor of Finance

Hanken School of Economics

Department of Finance and Economics

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

Political Uncertainty, Equity Offerings, Corporate Restructuring, Investor Relations, Financial Intermediation and Banking, Executive Compensation, Financial Econometrics, S&P 500 Index Firms.

  • Experience
Professor, Department of Finance and Economics, Hanken School of Economics, March 2019 - present.
Visiting Scholar, Leonard N. Stern School of Business, New York University, January 2019 - present.
Associate Professor, Department of Finance and Economics, Hanken School of Economics, June 2015-March 2019.
Visiting Scholar, Department of Finance, Fordham University, April-May 2017, April 2018. 
Assistant Professor, Department of Finance and Economics, 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.
  • Editorial Service
         Associate Editor, Journal of Financial Stability, January 2019 - present.  

  • 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 Don Autore, Eric Brisker, and David Peterson), Journal of Banking and Finance 40 (2014): 330-345.
    • “Decoupling by Clienteles and by Time in the Financial Markets: 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, 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 35, Part A, (2018): 41-56.
    • "Investor Relations and IPO Performance" (with Salim Chahine, Iftekhar Hasan, and Mohamad Mazboudi), forthcoming in Review of Accounting Studies (2019)            

  • Grants and Awards

    • The Academy of Finland Research Grant, Academy of Finland, 2017-2021 (in collaboration with Timo Korkeamaki, Renée Adams, Magnus Blomkvist); Title:“CEO mobility - to limit or not to limit?”  Amount: 445,412EUR.
    • General Research Fund, Research Grants Council (RGC) of Hong Kong, 2019-2021 (in collaboration with Ji-Chai Lin); Title: "Credit Market Sentiment and the Debt Trap." Amount: 781,500HKD.   
    • Summer Research Grant, Florida State University, Summer 2013; Title: “Political Uncertainty and the IPO Market.” Amount: 12,000USD
    • The Social Sciences and Humanities Research Council of Canada (SSHRC) Special Call on Management Grant, 2009-2011 (in collaboration with Hikmet Gunay); Title: “Beliefs and Learning in Initial Public Offerings and Bank-Runs.” Amount: 69,600CAD
    • Summer Research Grant, Florida State University, Summer 2009; Title: “The Long-Run Performances of the New Additions to the S&P 500 Index: Pre- and Post-Inclusion.” Amount: 8,000USD
    • Council on Research and Creativity (CRC) Grant, Florida State University 2008; Title: “Playing the Waiting Game in the IPO Markets.” Amount: 19,500USD
    • Summer Research Grant, Wichita State University, Summer 2006; Title: “Co-Movement in Waves.” Amount: 8,000USD
    • Summer Research Grant, Wichita State University, Summer 2005; Title: “Hot Issue Market and Time Variation in Adverse Selection.” Amount: 8,000USD