CURRICULUM VITAE Mustafa Caglayan Office Address Heriot-Watt University School of Management & Languages Edinburgh, EH14 4AS; UK e-mail: M.Caglayan@hw.ac.uk tel: 0131 451 8373 Education PhD in Economics (1997) Boston College, MA, USA MSc in Economics (1991) Bogaziçi University, Turkiye BSc in Electrical Engineering (1987) Bogaziçi University, Turkiye Fields of Specialization Applied Economics, Finance, International Finance and Macroeconomics. Professional Experience 2013 Professor of Finance, Heriot-Watt University, UK 2006 2012 Professor of Economics, University of Sheffield, UK 2005-2006 Professor of Economics, University of Glasgow, UK 2003-2005 Reader, University of Leicester, UK 2000-2003 Senior Lecturer, University of Liverpool, UK 2000 Lecturer (January-September), University of Durham, UK 1998-2000 Assistant Professor, Koç University, Istanbul, Turkiye 1996-1998 Visiting Assistant Professor, Fletcher School, Tufts University, USA 1990-1997 Research and teaching assistant, Boston College, USA 1994-1996 Instructor, Northeastern University, USA Research Associate, World Bank, Policy and Research Department, Summer 1994, Topic: Effects of term finance on firm performance Teaching Current teaching: Equity Markets and Fund Management, Current Topics in Investment Management Past teaching: (MSc) Modern Theory of Banking and Finance, Introduction to Finance, Corporate Finance, International Money and Finance, Advanced Macroeconomics, (graduate, USA) Macroeconomics, Statistics, Mathematics for Economists, Econometrics (undergraduate) Industrial Organization, Principles of Finance, Macroeconomics
Awards and Fellowships 2010 12 5189.00 (The British Academy) The Impact of Uncertainty on Research and Development Investment (with Christopher F. Baum) 2007 08 3397.00 (The British Academy) Effects of Exchange Rate Volatility on the Volume and Volatility of Bilateral Exports: The Case for Developing Countries (with Christopher F. Baum) 2005 06 2723.00 (The British Academy) The effects of Exchange rate movements on international trade flows: a bivariate GARCH approach (with Christopher F. Baum) 1999 (July-August) $2500.00 Harvard-Koç University Visiting Fellow 1994 $2000.00 Summer Dissertation Fellowship Boston College Graduate School of Arts and Sciences 1990-1996 Tuition remission and teaching assistantship, Department of Economics, Boston College Research Trade Flows, Exchange Rate Uncertainty and Financial Depth: Evidence from 28 Emerging Countries (with O. Dahi and F. Demir), Southern Economic Journal, forthcoming. The Role of Uncertainty in the Transmission of Monetary Policy Effects on Bank Lending (with C. F. Baum and N. Ozkan), The Manchester School, forthcoming. Inventories, Sales Uncertainty, and Financial Strength (with S. Mateut and S. Maioli), Journal of Banking and Finance, 2012, 36(9), pp. 2512-2521. The Effect of the Exchange Rates on Investment in Mexican Manufacturing Industry (with R. Munoz-Torres), Open Economies Review, 2011, 22(4), pp. 669-683. Parliamentary Election Cycles and the Turkish Banking Sector (with C. F. Baum and Oleksandr Talavera), Journal of Banking and Finance, 2010, 34, pp. 2709-2719. On the Sensitivity of Firms Investment to Cash Flow and Uncertainty (with C. F. Baum and O. Talavera), Oxford Economic Papers, 2010, 62, pp. 286-306. On the Investment Sensitivity of Debt under Uncertainty (with C. F. Baum and O. Talavera), Economics Letters, 2010, 106, pp. 25-27. 2
Does Real Exchange Rate Volatility Affect Sectoral Trade Flows? (with J. Di), Southern Economic Journal, 2010, 77 (2), pp. 313-335. Effects of Exchange Rate Volatility on the Volume And Volatility of Bilateral Exports (with C. F. Baum), Journal of International Money and Finance, 2010, 29(1), pp. 79-93. Do Institutions, Inequality and Cultural Differences Affect Cadaveric versus Live Kidney Harvesting? (with N. Anbarci), Economics Bulletin, 2010, 30(1), pp. 10-19. The Second Moments Matter: The Response of Bank Lending Behavior to Macroeconomic Uncertainty (with C. F. Baum and N. Ozkan), Economics Letters, 2009, 102, pp. 87-89. Market Structure and the Link Between Inflation and Price Dispersion (with A. Filiztekin and M. T. Rauh), European Economic Review, 2008, 52(7), pp. 1187-1208. Political Patronage in Ukranian Banking (with C. F. Baum, D. Schaefer and O. Talavera), Economics of Transition, 2008, 16(3), pp. 537-557. Uncertainty Determinants of Corporate Liquidity (with C. F. Baum, A. Stephan and O. Talavera), Economic Modeling, 2008, 25, pp. 833-849. Uncertainty Determinants of Firm Investment (with C. F. Baum and O. Talavera), Economics Letters, 2008, 98(3), pp. 282-287. The Impact of Macroeconomic Uncertainty on Cash Holdings For Non-Financial Firms (with C. F. Baum, N. Ozkan and O. Talavera), Review of Financial Economics, 2006, 15(4), pp. 289-304. Incompletely Informed Policymakers and Trade Policy in Oligopolistic Industries (with M. Usman), The Manchester School, 2004, 72(3), pp. 283-297. Nonlinear Effects of Exchange Rate Volatility on the Volume of Bilateral Exports (with C. F. Baum and N. Ozkan), Journal of Applied Econometrics, 2004, 19(1), pp. 1-23. Sectoral Fluctuations in U.K. Firms Investment Expenditures (with C. F. Baum and N. Ozkan), Economics Bulletin, 2003, 5(13), pp. 1-10. Nonlinear Impact of Inflation on Relative Price Variability (with A. Filiztekin), Economics Letters, 2003, 79(2), pp. 213-218. 3
Exchange Rate Effects on the Volume and Variability of Trade Flows (with J. T. Barkoulas, C. F. Baum), Journal of International Money and Finance, 2002, 21(4), pp. 481-496. Exchange Rate Uncertainty and Firm Profitability (with C. F. Baum and J. T. Barkoulas), Journal of Macroeconomics, 2001, 23(4), pp. 565-576. Monetary Instability, the Predictability of Prices and the Allocation of Investment: An Empirical Investigation Using UK Panel Data (with P. Beaudry and F. Schiantarelli), American Economic Review, 2001, 91(3), pp. 648-662. Nonlinear Adjustment to Purchasing Power Parity in the Post-Bretton Woods Era (with J. T. Barkoulas, C. F. Baum), Journal of International Money and Finance, 2001, 20(3), pp. 379-399. Costly Signal Extraction and Profit Differentials in Oligopolistic Markets (with M. Usman), Economics Letters, 2000, 69(3), pp. 359-363. Uncertainty Resolution and the Strategic Trade Policy in Oligopolistic Industries Review of International Economics, 2000, 8(2), pp. 311-318. Persistence in International Inflation Rates (with J. T. Barkoulas, C. F. Baum), Southern Economic Journal, 1999, 65(4), pp. 900-913. Long Memory or Structural Breaks: Can Either Explain Nonstationary Real Exchange Rates under the Current Float? (with C. F. Baum, J. T. Barkoulas), Journal of International Financial Markets, Institutions, 1999, 9, pp. 359-376. Fractional Monetary Dynamics (with J. T. Barkoulas, C. F. Baum), Applied Economics, 1999, 31, pp. 1393-1400. Chapters in Books A Disaggregated Analysis of Price Dynamics (with A. Filiztekin), in The Turkish economy: The Real Economy, Corporate Governance, and Reform, S. Altug and A. Filiztekin (eds.), London: Routledge, 2006, pp. 128-146. Persistent Dependence in Foreign Exchange Rates? A Reexamination (with J. Barkoulas, C. F. Baum, and A. Chakraborty), in Global Financial Markets: Issues and Strategies, D. K. Ghosh and M. Ariff (eds.), Praeger Publishers, 2004, pp. 153-164. 4
Working Papers and Work in Progress The Response of Firms Leverage to Uncertainty: Evidence from UK Public versus Non-Public Firms (with A. Rashid), SERPS No: 2010-19. R&D Expenditures and Export Sales Diversification (with C. F. Baum and O. Talavera), Boston College WP No: 794. Real effects of Inflation Uncertainty in the US (with O. Kandemir and K. Mouratidis), SERPS No: 2011-2. The Impact of Inflation Uncertainty on Economic Growth: A MRS-IV Approach (with O. Kandemir and K. Mouratidis). Monetary Policy Effects on Output and Exchange rates: Results from US, UK and Japan (with K. Mouraditis and E. Saeidinezhad), SERPS No: 2011-16. The Law of One Price in Istanbul, Threshold Adjustments to Deviations and the Market Structure (with A. Filiztekin). Corporate Liquidity Management and Future Investment Expenditures (with C. F. Baum and O. Talavera), Boston College WP No: 712. Capital Structure Adjustments: Do Macroeconomic and Business Risks Matter? (with A. Rashid). Firm Productivity, Exchange Rate Movements, Sources of Finance and Export Orientation (with F. Demir), SERPS No: 2011-4. Asymmetric Monetary Policy Rules for Open Economies: Evidence from Four Countries (with Z. Jehan and K. Mouratidis). Monetary policy effects on output and exchange rates in Mexico, Malaysia and South Korea: An agnostic approach (with K. Mouraditis and E. Saeidinezhad). The Volatility of International Trade Flows and Exchange Rate Uncertainty 2008, (with C. F. Baum), Boston College WP No: 695. The Impact of Macroeconomic Uncertainty on Trade Credit for Non-Financial Firms (with C. F. Baum and N. Ozkan), Boston College WP No: 566. Trend and Cycle Variations in the Cross-Sectional Distribution of Debt for UK Companies: Some Stylized Facts 1994 (with P. Beaudry, M. Devereux, and F. Schiantarelli), Boston College, WP No: 267. Conditional Heteroskedasticity in the Istanbul Stock Market Returns Boston College, mimeo, 1993. 5
Conference Presentations The Law of One Price in Istanbul, Threshold Adjustments to Deviations and the Market Structure (with A. Filiztekin). 18th International Panel Data Conference July 5 6, 2012 Banque de France, Paris; 27th Annual Congress of the European Economic Association in Malaga, August 27 31, 2012; MMF 2012 44th Annual Conference, Trinity College, Dublin 6 8 September Productivity Growth Under Exchange Rate Shocks: Does Access to Domestic or Foreign Capital Markets Matter? (with F. Demir). CHICAGO 2012. MEEA/ASSA paper Inventories and Sales Uncertainty (with S. Mateut and S. Maioli). The European Economic Association, Oslo August 2011; Money Macro and Finance Research Group 39th Annual Conference, Birmingham, 2011. Firm Productivity, Exchange Rate Movements, Sources of Finance and Export Orientation (with Firat Demir) EuroConference 2011: Crises and Recovery in Emerging Markets, Izmir, Turkiye, June, 2011 Parliamentary Election Cycles and the Turkish Banking Sector (with C. F. Baum and O. Talavera), 68th International Atlantic Economic Conference, Boston, USA, 2009; European Public Choice Society, Izmir, Turkiye, 2010; Money Macro and Finance Research Group 38th Annual Conference, Cyrus, 2010. Trade Flows, Exchange Rate Uncertainty and Financial Depth: Evidence from 28 Emerging Countries (with O. Dahi and F. Demir), The Eastern Economic Association 2010 meeting in Philadelphia; 2011 Pre-Annual Meetings of the Middle East Economic Association, University of Colorado, Colorado, USA. Corporate Liquidity Management and Future Investment Expenditures (with C. F. Baum and O. Talavera), RES, Surrey, 2010; Money Macro and Finance Research Group 38th Annual Conference, Cyrus, 2010; 16th International Conference on Panel Data, Amsterdam, 2010. On the Sensitivity of Firms Investment to Cash Flow and Uncertainty (with C. F. Baum and O. Talavera), RES, Surrey, 2009. Does Real Exchange Rate Volatility Affect Sectoral Trade Flows? (with J. Di), RES, Surrey, 2009. The Volatility of International Trade Flows and Exchange Rate Uncertainty (with C. F. Baum), 15th Conference on Panel Data, University of Bonn, 2009. Current and Past PhD Supervision 8. Zainab Jehan, University of Sheffield, expected 2013 6
7. Ozge Kandemir, University of Sheffield, expected 2013 6. Elham Saeidinezhad, University of Sheffield, expected 2013 5. Muhammad Akram, University of Sheffield, defended in November 2012 4. Abdul Rashid, University of Sheffield, Capital Structure Dynamics and Risks: Empirical Evidence University of Sheffield 2012 3. Jing Di, Essays on the Credit Channel of Monetary Transmission University of Sheffield (2011) 2. Simeon Coleman, The Macroeconomics Of The Monetary Union Of Sub-Saharan Africa, The CFA Franc Zone University of Leicester (2007) 1. Rebeca Munoz-Torres, Inflation Targeting in Emerging Economies: An Empirical Assessment University of Leicester, (2006) Workshops Macroeconomic Management: New Methods and Current Policy Issues, Organized by the World Bank at Bilkent University. Topic: Time Series Analysis Ankara, Turkiye, July 7-17, 1998. Professional Services External examining Taught courses: BSc in Economics, University of Strathclyde, 2006-9, City University London, 2009-11. MSc in Finance University of York, 2011-13. PhD theses: Nottingham (2012), Oxford (2011). Referee Activity Canadian Journal of Economics, China Economic Review, Economics Letters, Economic Modeling, Economica, Empirical Economics, Journal of Applied Econometrics, Journal of Financial Stability, Economic Inquiry, Journal of International Economics, Journal of International Money and Finance, Journal of Macroeconomics, Oxford Bulletin of Economics and Statistics, Oxford Economic Papers, Pacific Economic Review, Quarterly Review of Economics and Finance, Recherches Economiques De Louvain, Scottish Journal of Political Economy, World Economy. Academy of Finland, ESRC, BA. Reviewer for Addison Wesley Publishing Company, Elsevier, Oxford University Press. 7