Associate Professor of Finance
Sabanci Business School · Sabanci University
Orhanli, Tuzla · Istanbul 34956, Turkeydorukgunaydin@sabanciuniv.edu+90 216 483 9655I study empirical asset pricing and international finance, with a focus on risk and return in equity markets. My research examines downside risk, return anomalies, and investor behavior. Current work explores how investors respond to uncertainty and how sustainability and carbon risk are reflected in stock returns.
Research
Bali, Turan G., A. Doruk Gunaydin, Thomas Jansson, and Yigitcan Karabulut. “Do the Rich Gamble in the Stock Market? Low Risk Anomalies and Wealthy Households.” Journal of Financial Economics 150(2) (2023): 103715.
Atilgan, Yigit, Turan G. Bali, K. Ozgur Demirtas, and A. Doruk Gunaydin. “Left-Tail Momentum: Underreaction to Bad News, Costly Arbitrage and Equity Returns.” Journal of Financial Economics 135(3) (2020): 725–753.
Atilgan, Yigit, K. Ozgur Demirtas, Alex Edmans, and A. Doruk Gunaydin. “Does the Carbon Premium Reflect Risk or Outperformance?”
Atilgan, Yigit, Turan G. Bali, A. Doruk Gunaydin, and Thomas Jansson. “Institutions Meet Individual Investors: Resolution of Uncertainty in the Equity Market.”
Atilgan, Yigit, K. Ozgur Demirtas, A. Doruk Gunaydin, and Aynur Dilan Tosun. “Investor Memory and the Cross-Section of Equity Returns in China.”
Atilgan, Yigit, K. Ozgur Demirtas, A. Doruk Gunaydin, and Aynur Dilan Tosun. “Brand Premium: Evidence from Asia.” Pacific-Basin Finance Journal 100 (2026): 103335.
Atilgan, Yigit, K. Ozgur Demirtas, A. Doruk Gunaydin, and Aynur Dilan Tosun. “Economic Uncertainty and the Beta Anomaly in G10 Countries.” Finance Research Letters 108 (2026): 110484.
Atilgan, Yigit, K. Ozgur Demirtas, and A. Doruk Gunaydin. “Pollution Premium: Further Evidence.” Global Finance Journal 71 (2026): 101288.
Atilgan, Yigit, K. Ozgur Demirtas, and A. Doruk Gunaydin. “Do Polluters Outperform Non-Polluters?” Applied Economics Letters 33(10) (2026): 1496–1501.
Atilgan, Yigit, K. Ozgur Demirtas, A. Doruk Gunaydin, and Aynur Dilan Tosun. “Regret in Global Equity Markets.” International Review of Financial Analysis 103 (2025): 104198.
Atilgan, Yigit, K. Ozgur Demirtas, A. Doruk Gunaydin, Aynur Dilan Tosun, and Duygu Zirek. “Aggregate Earnings and Global Equity Returns.” Journal of International Financial Markets, Institutions & Money 100 (2025): 102125.
Atilgan, Yigit, K. Ozgur Demirtas, A. Doruk Gunaydin, and Mustafa Oztekin. “Performance Implications of Hedging with Industry ETFs.” Global Finance Journal 61 (2024): 100990.
Atilgan, Yigit, K. Ozgur Demirtas, A. Doruk Gunaydin, and Imra Kirli. “Mood Seasonality Around the Globe.” Pacific-Basin Finance Journal 82 (2023): 102171.
Atilgan, Yigit, K. Ozgur Demirtas, A. Doruk Gunaydin, and Imra Kirli. “Average Skewness in Global Equity Markets.” International Review of Finance 23(2) (2023): 245–271.
Atilgan, Yigit, K. Ozgur Demirtas, A. Doruk Gunaydin, and Mustafa Oztekin. “Price Discovery in Emerging Market ETFs.” Applied Economics 54(47) (2022): 5476–5496.
Atilgan, Yigit, K. Ozgur Demirtas, A. Doruk Gunaydin, and Imra Kirli. “Momentum and Downside Risk in Emerging Markets.” Journal of Portfolio Management 48(8) (2022): 44–58.
Gunaydin, A. Doruk. “Tax Expense Surprise and Emerging Markets Equity Returns.” Borsa Istanbul Review 22(4) (2022): 711–724.
Atilgan, Yigit, K. Ozgur Demirtas, and A. Doruk Gunaydin. “Predicting Equity Returns in Emerging Markets.” Emerging Markets Finance and Trade 57(13) (2021): 3721–3738.
Atilgan, Yigit, K. Ozgur Demirtas, A. Doruk Gunaydin, and Imra Kirli. “Decomposing Value Globally.” Applied Economics 52(42) (2020): 4659–4676.
Atilgan, Yigit, K. Ozgur Demirtas, and A. Doruk Gunaydin. “Downside Beta and The Cross-Section of Equity Returns: A Decade Later.” European Financial Management 26(2) (2020): 316–347.
Atilgan, Yigit, Turan G. Bali, K. Ozgur Demirtas, and A. Doruk Gunaydin. “Global Downside Risk and Equity Returns.” Journal of International Money and Finance 98 (2019): 102065.
Atilgan, Yigit, Turan G. Bali, K. Ozgur Demirtas, and A. Doruk Gunaydin. “Downside Beta and Equity Returns around the World.” Journal of Portfolio Management 44(7) (2018): 39–54.
Atilgan, Yigit, K. Ozgur Demirtas, and A. Doruk Gunaydin. “Liquidity and Equity Returns in Borsa Istanbul.” Applied Economics 48(52) (2016): 5075–5092.
Book chapters
Atilgan, Yigit, Turan G. Bali, and A. Doruk Gunaydin. “Hedge Fund Strategies in the Post-Crisis Era.” In Douglas Cumming, Sofia Johan, and Geoffrey Wood (Eds.), The Oxford Handbook of Hedge Funds, 2021, 136–159, Oxford University Press.
Gunaydin, A. Doruk. “Predicting Equity Returns in Developed Markets.” In Škrinjarić, T., Čižmešija, M., & Christiansen, B. (Eds.), Recent Applications of Financial Risk Modelling and Portfolio Management, 2021, 68–90, IGI Global.
Teaching
I teach finance at the undergraduate, master’s, and doctoral levels, including investments, valuation, and empirical asset pricing.
Recipient of Sabanci University’s
Graduating Class Teaching Award, 2020.
BAGEP Young Scientist Award 2026
Graduating Class Teaching Award 2020
Subject Editor Journal of International Financial Markets, Institutions & Money · 2026–present