CURRICULUM VITAE. EDUCATION Ph.D. Real Estate Finance (December, 2004) Land Economy Department UNIVERSITY OF CAMBRIDGE, Cambridge, England

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1 CURRICULUM VITAE IŞIL EROL Associate Professor of Economics Middle East Technical University Ankara -Turkey Tel: & (Mobile) EDUCATION Ph.D. Real Estate Finance (December, 2004) Land Economy Department UNIVERSITY OF CAMBRIDGE, Cambridge, England M.Phil. Land Economy (thesis option) (2001) Land Economy Department UNIVERSITY OF CAMBRIDGE, Cambridge, England M.Sc. Economics (2000) Department of Economics B.Sc. City and Regional Planning (Urban Economics Emphasis) (1998) Department of City and Regional Planning PROFESSIONAL EXPERIENCE Associate Professor of Economics Department of Economics (June 2010-present) Visiting Scholar (Aug.-Sept. 2009) Business School Finance, Banking, and Property Discipline THE UNIVERSITY OF ADELAIDE, Adelaide Australia Programme Chair Financial Mathematics Institute of Applied Mathematics (Sept to present) Vice-Director (Sept Aug. 2008) Institute of Applied Mathematics Affiliated Researcher Department of Financial Mathematics Institute of Applied Mathematics (June 2006-present) Assistant Professor of Economics (Tenured) (June 2005-June 2010) 1

2 Department of Economics Research and Teaching Assistant ( ) Department of Economics, PUBLISHED BOOK Housing Finance and Inflation-Indexed Mortgages in Turkey, July 2008, published by VDM Verlag, Germany, ISBN: PUBLISHED PAPERS Erol, I. and D. Tirtiroglu (2010) Concentrated Ownership, No Dividend Payout Requirement and Capital Structure of REITs: Evidence from Turkey Journal of Real Estate Finance and Economics, Online publication: March 2010, DOI: /s Erol, I. and Ö. Çetinkaya (December 2009) Originating Long-Term Fixed-Rate Mortgages In Developing Economies: New Evidence from Turkey Metu Studies in Development, 36(2): Erol, I. (2008) The Inflation-Hedging Characteristics of Real Estate and Financial Assets in Turkey: 2000 to 2006 Yapı Kredi Economic Review, Volume 19(1): Erol, I. and D. Tirtiroglu (2008) The Inflation-Hedging Properties of Turkish REITs, Applied Economics, Volume 40 (20): Erol, I. and K. Patel (2007) Pricing the Default Option of Inflation-Indexed Mortgages Using Explicit Finite Difference Method International Real Estate Review, Volume 10(1): Erol, I. and A. Guzel (2006) The Elasticity of Capital Land Substitution in the Housing Construction Sector of a Rapidly Urbanized City: Evidence from Turkey Review of Urban and Regional Development Studies, Volume 18(2): Erol, I. and K. Patel (September 2005) Default Risk of Wage-Indexed Payment Mortgage (WIPM) Contract in Turkey Journal of Housing Economics, Volume 14(3): Erol, I. and K. Patel (2005) Developing Mortgage Market in Turkey: The Key Issues in the Creation of Secondary Market Bogazici Journal: Review of Social, Economic and Administrative Studies, Volume 19(1-2): Erol, I. and K. Patel (2004) Housing Policy and Mortgage Finance in Turkey during the Late 1990s Inflationary Period International Real Estate Review, Volume 7(1): PAPERS PUBLISHED IN CONFERENCE PROCEEDINGS Capital Structure Decisions in Turkish REITs, Proceedings of the 13 th Asian Real Estate Society (AsRES) Annual Conference, 2008, Shanghai-China, ISBN Pricing of Reverse Mortgage on Forward House Sale, October 2006 (with T. Baer, K. Patel, R. Pereira and Y. Sung-Jin) Proceedings of the 5 th International Conference on Computational Intelligence in Economics and Finance), Taiwan ISBN:

3 CURRENT and COMPLETED PROJECTS Primary and Secondary Mortgage Markets and Pricing Mortgage Contracts, Consulting and Education Project for Is Bank, June 2009-June 2010, Financed by T.C. Đş Bankası (Project Leader) GIS and Fuzzy Logic Based Spatial Analysis for the Determinants of REIT-Owned Commercial Property Rents in Istanbul, October 2008, Financed by TUBITAK-1001 (The Scientific and Technological Research Council of Turkey) (Project Leader) Research Grant: $99,595 Pricing Fixed Rate Mortgages in Inflationary Economies: A Numerical Analysis of Partial Integro Differential Equation (PIDE) for jump processes, October 2007, Financed by TUBITAK-1001 (The Scientific and Technological Research Council of Turkey) (Project Leader) Research Grant: $48,850 Spatial Analysis for the Development of Service Sector in Istanbul Metropolitan Area: An Econometric Analysis of the Supply and Demand for Office Space Market in Istanbul, March, 2007, Financed by Istanbul Metropolitan Municipality, Department of Housing and Urban Development. (Researcher in a team of 9 professionals) Research Grant: $115,000 Inflation Hedging Properties of Real Estate Invetsments: An Application of Markov Regime Switching Model, January 2007-December 2007, Research Project in the Department of Financial Mathematics- Institute of Applied Mathematics METU (Project Leader) Research Grant: $6,200 Protection Against the Inflation and Portfolio Risk: Real Estate Investment Trusts in Turkey, January 2007-December 2007, Research Project in the Department of Economics METU (Project Leader) Research Grant: $3,900 RESEARCH IN PROGRESS - High Frequency Inflation Rates and Equity Returns: Sector-level Evidence from USA, Japan, UK, Canada, and South Africa, (joint with D. Tirtiroglu and K. Yildirak) - Inflation-hedging Properties of REITs and Other Financial Assets in Turkey: High and Moderate-to-Low Inflation Processes (joint with D. Tirtiroglu and K. Yildirak) - The Major Determinants of Rental Values for REIT-Owned Commercial Properties in Istanbul: A GIS Analysis (joint with A. Ozbakir) PAPER PRESENTATIONS AT INTERNATIONAL CONFERENCES GIS-Based Spatial Analysis for the Determinants of REIT-Owned Commercial Property Rents in Istanbul Metropolitan Area presented at the 2009 AsRES-AREUEA Joint International Conference in July 11-14, 2009 in Los Angeles, US (with B. A. Ozbakir). Originating Long-term Fixed-Rate Mortgages in Developing Economies: New Evidence from Turkey presented at the 2009 AsRES-AREUEA Joint International Conference in July 11-14, 2009 in Los Angeles, US (with O. Cetinkaya). 3

4 Concentrated Ownership, No Dividend Payout Requirement, and the Capital Structure of REITs: Evidence from Turkey presented at the Accounting & Finance Association of Australia and New Zealand (AFAANZ) Conference in July 5-7, 2009 in Adelaide, Australia ISSN # X, (with D. Tirtiroglu). Inflation-hedging Under Hyper and Moderate-to-Low Inflation Processes: REITs and Other Financial Assets in Turkey presented at the 17 th Annual AREUEA International Conference in July 4-6, 2008 in Istanbul (with D. Tirtiroglu and S.K. Yildirak). Inflation-Hedging Properties of REITs in Inflationary Economies: An Application of Markov Regime-Switching Model presented at the 12 th Asian Real Estate Society (AsRES) Annual Conference and The 2007 AREUEA International Conference in July 9-12, 2007 in Macau, China. (joint with D. Tirtiroglu and S.K. Yildirak) Abstract published in Book of Abstracts. The Inflation-Hedging Properties of REITs in Emerging Markets: The Evidence from Turkey presented at European Real Estate Society (ERES) Conference in 7-10 June 2006 in Weimar, Germany. Abstract published in Book of Abstracts. The Valuation of Index-Linked Mortgages Using A Contingent Claims Approach: The Explicit Finite Difference Method for Pricing Wage-Indexed Mortgages presented at European Real Estate Society (ERES) Conference in 2-5 June 2004 in Milan, Italy. (joint with K. Patel) Abstract published in Book of Abstracts. Optimal Mortgage Contract Design in Less Developed Capital Markets: Wage-Indexed Payment Mortgages (WIPMs) in Turkey presented at European Real Estate Society (ERES) Conference in 2-5 June 2004 in Milan, Italy. (joint with K. Patel) Abstract published in Book of Abstracts. Pricing Default Risk of Index-Linked Mortgages presented in Asian Real Estate Society (AsRES) Conference at 9-12 August 2004, in New Delhi, India. (joint with K. Patel) The Default Risk of Wage Index Adjusted Payment Mortgages presented at American Real Estate and Urban Economics Association (AREUEA) Conference in June 2003 in Cracow, Poland. (joint with K. Patel) Alternative Mortgage Instruments for Inflationary Economies: Adjustable Payment Mortgages in Turkey presented at European Real Estate Society (ERES) Conference in June 2003 in Helsinki, Finland. (joint with K. Patel). The Elasticity of Capital-Land Substitution in the Housing Construction Sector of a Rapidly Urbanized City: Case Study of Ankara presented at American Real Estate and Urban Economics Association (AREUEA) Conference in June 2003 in Cracow, Poland. (joint with A. Guzel) PAPER PRESENTATIONS AT NATIONAL CONFERENCES Inflation-hedging Under High and Moderate-to-Low Inflation Processes: REITs and Other Financial Assets in Turkey presented at Anadolu International Conference in Economics in June 17-19, 2009 in Eskişehir, Turkey (with D. Tirtiroglu and S. K. Yildirak) M.SC. THESES SUPERVISION Completion, Pricing, and Calibration in a Levy Market Model by Busra Zeynep Yılmaz, Department Financial Mathematics, Institute of Applied Mathematics, Middle East Technical University (completed in September 2010). 4

5 Time-Varying Beta Risk of Turkish REITs, by Gozde Altinsoy, Department of Economics, Middle East Technical University (in progress). "The determinants of financial development in Turkey: A principal component analysis", by Mesrur Boru, Department of Economics, Middle East Technical University (completed in August, 2009). Pricing the Default and Prepayment Risk of Fixed Rate Mortgages in Turkey: An Application of Explicit Finite Difference Method,(by Ozgenay Cetinkaya, Department of Financial Mathematics, Institute of Applied Mathematics, Middle East Technical University (completed in July 2009). Financial Leverage Decisions of Turkish REITs, (by Burak Yildirim, Department of Financial Mathematics, Institute of Applied Mathematics, Middle East Technical University (completed in December 2008). TEACHING PORTFOLIO - Have taught undergraduate courses in 1) Microeconomics, 2) Statistics, 3) Intermediate Macroeconomic Theory, 4) Financial Economics, 5) Real Estate Economics and Finance - Have taught Ph.D. courses in 1) Financial Theory and Corporate Finance (contained a large dose of corporate finance topics such as debt financing, principles of asset valuation, options and their valuations, valuation under leverage), 2)Options, Futures and Risk Management, and 3)Real Estate Investment and Finance (contained a large dose of investment theory, portfolio analysis and corporate risk management). PH.D. DISSERTATION Pricing Wage-Indexed Payment Mortgage Contract and the Default Risk in the Turkish Mortgage Market, Department of Land Economy, University of Cambridge, October 2004, Supervisor: Dr. Kanak Patel. HONORS AND SCHOLARSHIPS : Overseas Research Scholarship (ORS) and Bill Gates Cambridge Trust Scholarship : British Chevening/ Turkish Education Foundation Scholarship for the M.Phil. Degree at the University of Cambridge : Honour award for ranking 3 rd in the Department of City and Regional Planning, Middle East Technical University CONSULTING ACTIVITIES - Consultant on the Pricing Mortgage Contracts and Analyzing Primary and Secondary Mortgage Market Development in Turkey, T.C. Đş Bankası, June 2009-June Designed and presented a training program on international financial markets for the junior experts in the Undersecretariat of Foreign Trade Turkey. - Gave lectures in a week-long training program on mortgages and corporate risk management with Is Bankasi A.S., Istanbul Turkey with Professor Dogan Tirtiroglu; 5

6 REFERENCES Dogan Tirtiroglu Professor of Finance and Chair in Banking Business School Adelaide University 10 Pulteney Street, Adelaide AUSTRALIA Tel: Fax: dogan.tirtiroglu@adelaide.edu.au Kanak Patel Fellow and Director of Studies in Economics at Magdalene College Lecturer in Property Finance Land Economy Department University of Cambridge 19 Silver Street Cambridge CB3 9EP UK Tel: or Fax: kp10005@cam.ac.uk Ali Turel (PhD, London School of Economics) Professor and Chair in City and Regional Planning Department Faculty of Architecture Middle East Technical University Ankara Tel: or Fax: turel@arch.metu.edu.tr 6