1. Turkey Feels Like Home
  2. Ankara - Turkey's Capital
  3. Bilkent University
    Turkey's First Private, Non-Profit University
  4. School of Applied Languages
  5. Department of Banking and Finance
  6. Department of Accounting Information Systems
Ana Sayfa


During the past fifteen years, the Department of Banking and Finance has focused on various areas of research, including Issues of Efficiency, the Environment, Gender, and Herd Behavior; Exchange rate volatility; Outside indicators such as News Articles; Turkish markets compared to those of Europe, the US, and the World; and X-efficiency and Return to Scale.

Below is a list of Bilkent-affiliated publications by faculty from the Department of Banking and Finance.

Journal Publications


  • B.C. Erbas and E. Guven Solakoglu, "In the presence of climate change, the use of fertilizers and the effect of income on agricultural emissions", Sustainability, 2017 Vol. 9, No. 11, 1989. [See Sustainability.]
  • C. Tunc, M.N. Solakoglu, "Not all firms react the same to exchange rate volatility? A firm level study", International Review of Economics and Finance, 2017 Vol. 51, 417-430. [See Science Direct.]


  • C. Tunc, M.N. Solakoglu, "Does exchange rate volatility matter for international sales? Evidence from US firm level data", Economics Letters, 2016 Vol. 149, 152-156. [See Science Direct.]
  • M.N. Solakoglu, N. Demir, "The role of firm characteristics on the relationship between gender diversity and firm performance", Management Decision, 2016, Vol. 54, 1407–1419. [See Emerald Insight.]


  • N. Demir, M.N. Solakoglu, E. Guven Solakoglu, "A Test for a functioning market economy: Seton's eigenprices for Turkey," Economic Systems Research, 2015 Vol. 27, No. 3, 362–373. [See Taylor & Francis Online.]
  • M.N. Solakoglu, N. Demir, "The effect of news on return volatility and volatility persistence: The Turkish economy during crisis", Emerging Markets Finance & Trade , 2015, Vol. 50, 249-263. [See Emerging Markets Finance and Trade .]


  • M.N. Solakoglu, N. Demir, "Sentimental herding in Borsa Istanbul: informed versus uninformed," Applied Economics Letters, 2014, Vol. 21, No. 14, 965-968. [See Taylor & Francis Online.]


  • E. Guven Solakoglu, S. Er, M.N. Solakoglu, "Technical Efficiency in Cotton Production: The Role of Premium Payments in Turkey," Transition Studies Review, vol. (2013) (PDF)
  • E. Guven Solakoglu, M.N. Solakoglu, N. Demir, "The role of progress factors explaining inefficiencies in Transition countries," Transition Studies Review, vol. 19, pp. 261-274 (2013) (PDF)
  • M.N. Solakoglu, "The role of gender diversity on firm performance: a regression quantile approach," Applied Economics Letters, vol. 20, pp. 1562-1566 (2013) (PDF)


  • N. Demir, S. Ayture, S.E. Mahmud, "X-Efficiency, Returns to Scale and Profitability: Turkey's Banks Before and After the Financial Liberalization," Asia Pacific Journal of Applied Finance, vol. 1, pp. 1-12 (2012)
  • E. Guven Solakoglu, A. Civan, "Does morbidity matter? Perceived health status in explaining the shareof healthcare expenditures," Applied Economics, vol. 44, pp. 2027-2034 (2012) (PDF)


  • N. Demir, S. Mahmud, S. Babuscu, "Depository Banks Were Trapped High Inflation into Cost Inefficiency: The Turkish Experience," International Research Journal of Finance and Economics, vol. 44, pp. 105-111 (2010)
  • M.N. Solakoglu, "Exchange rate exposure and real exports," Applied Economics Letters, vol. 17, pp. 457-462 (2010)


  • E. Saatci, "Problem-Based Learning in an Intercultural Business Communication Course: Communication Challenges Within Intercultural Relationships in Internationalizing Small and Medium-Sized Enterprises," Journal of Business and Technical Communications, vol. 22, pp. 237-260 (2008)
  • E. Guven Solakoglu, "The Effect of Railroads and Price Responsiveness on Acreage Decisions in the Postbellum Period," Applied Economics, vol. 40, pp. 765-771 (2008)
  • M.N. Solakoglu, E. Guven Solakoglu, T. Demirag, "Exchange Rate Volatility and Exports: A Firm-level Analysis," Applied Economics, vol. 40, pp. 921-929 (2008)


  • O. Culpan, T. Marzotto, N. Demir, "Foreign banks: executive jobs for Turkish Women?," Women in Management Review, vol. 22, pp. 608-630 (2007)
  • E. Guven Solakoglu, "The effect of property rights on the relationship between economic growth and pollution for transition economies," Eastern European Economics, vol. 45, pp. 77-94 (2007)
  • S. Zaim, N. Bayyurt, A. Turkyilmaz, M.N. Solakoglu, H. Zaim, "Measuring and Evaluating Efficiency of Hospitals Through Total Quality Management: A Multi-criteria Data Envelopment Analysis," J of Transnational Management, vol. 12, pp. 77-97 (2007)


  • N. Demir, S. Mahmud, S. Babuscu, "The Technical Inefficiency Effects of Turkish Banks After Financial Liberalization," Developing Economies, vol. 43, pp. 396-411 (2005)


  • E. Saatci, "Integrating Financial Analysis into Presentations," Business Communication Quarterly, vol. 67, pp. 316-326 (2004)


  • S. Sayan, N. Demir, "The structural change in agriculture and water requirements in Turkey," Research in Middle East Economics, vol. 5, pp. 289-315 (2003)


  • N. Demir, S. Mahmud, "Agro-Climatic Conditions and Regional Technical Inefficiencies in Agriculture," Canadian Journal of Agricultural Economics, vol. 50, pp. 269-280 (2002)


  • N. Demir, S. Mahmud, "Regional technical efficiency in the Turkish agriculture: a note," Indian Economic Review, vol. 33, pp. 197-206 (1999)


  • S. Sayan, N. Demir, "Measuring the degree of block interdependence," Applied Economics Letters, vol. 5, pp. 329-332 (1998)

Chapters in Books

  • 2016: N. Demir, M.N. Solakoglu, "Herding in Middle Eastern Frontier Markets: Are local and global factors important," Handbook of Frontier Markets: Evidence from Middle East, North Africa and International Comparative StudiesP. Andrikopoulos, G. Gregoriou, and V. Kallinterakis (Eds.), pp. 3-17, Academic Press, Elsevier. Available in ScienceDirect.
  • 2014: N. Demir, S.F. Mahmud, M.N. Solakoglu , "Sentiment and Beta Herding in Borsa Istanbul (BIST)," Risk Management Post Financial Crisis: A Period of Monetary Easing, J.A. Batten, N.F. Wagner (Eds.), pp. 389-400, Emerald Group Publishing Limited; Contemporary Studies in Economic and Financial Analysis as Volume 96.
  • 2011: M.N. Solakoglu, M. Orhan, "Impact of macroeconomic indicators on short selling: Evidence from the Tokyo Stock Exchange," Handbook of Short Selling, G.N. Gregoriou (Eds.), pp. 287-301, Elsevier
  • 2010: M.N. Solakoglu, E. Guven Solakoglu, "Does currency risk depress the flow of trade? Evidence from the European Union and Transition countries" in the Emerging Markets: Performance, Analysis, and Innovation (Edited by Greg N. Gregoriou), pp. 203-214, Chapman & Hall/CRC Finance Series, CRC press, Taylor and Francis group
  • 2009: M.N. Solakoglu, "7 entries "Futures Contract", "Option Contract", "Long Position", "Exercise Option", "Public Offering", "Strike Price", "Multi-Strategy Fund"," Encyclopedia of Alternative Investments, G.N. Gregoriou (Eds.), pp. 171-449, Chapman-Hall/Routledge Taylor and Francis London: UK
  • 2009: A. Köse, M.N. Solakoglu, "Kriz aşamasında şirketlerde finansal planlama faaliyetleri", in the Kriz Yönetimi (Edited by Haluk Sumer and Helmut Pernsteiner), pp. 235-262, Istanbul Bilgi Universitesi yayınları
  • 2009: M.N. Solakoglu, N. Demir, M. Orhan, "Are Macroeconomic Variables Important for the Stock Market Volatility? Evidence from the Istanbul Stock Exchange", Stock Market Volatility, Gregoriou, G.N. (ed.), pp. 519-533., Chapman & Hall/CRC Finance Series, CRC press, Taylor and Francis group
  • 2009: M.N. Solakoglu, A. Köse, "Operational Risk and Stock Market Return", Operational Risk Towards Basel III: Best Practices and Issues in Modeling, Management and Regulation, Edited by Greg N. Gregoriou, John Wiley and Sons
  • 2008: M. Orhan, M.N. Solakoglu, "The Role of Macro and Country-Specific Factors on the Use of Credit Derivatives: Sovereign Credit Default Swap Market," The Credit Derivatives Handbook, G.N. Gregoriou, P.U. Ali (Eds.), pp. 77-90, McGraw-Hill
  • 2007: M.N. Solakoglu, M. Orhan, "Influence of M&A's on Firm Value: Turkish Experience," Mergers and Acquisitions, G.N. Gregoriou, K.N. Neuhauser (Eds.), pp. 83-95, Palgrave-Macmillan

Edited Volumes

  • 2008: "Turk Edebiyati Tarihi", Editors: M. Kalpaklı, O. Horata, Y. Celik, N. Demir, R. Korkmaz, O. Oğuz, Kültür ve Turizm Bakanlığı Yayınları (2008)
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School of Applied Languages, Bilkent University, Ankara, TURKEY 06800
Phone: +90 312 290 1277 - Fax: +90 312 266 4383 - E-mail: sal [-at-] bilkent.edu.tr