Research Interests: corporate finance and capital markets, financial development, privatization
PhD, University of Pennsylvania, 1976; AM, University of Pennsylvania, 1975; MA, Bogazici University, 1974; BSc, Robert College, 1969
Senior privatization adviser to several governments and organizations on issues of privatization and economic reform. Governments include Ukraine, Kazakhstan, Uzbekistan, Poland, Indonesia, Turkemenistan, and Turkey; organizations range from The World Bank and European Bank to the United Nations Development Program to the United States Agency for International Development as well as major international corporations
WEMBA Program Teaching Award, 2003
Wharton: 1981-present (Director, Emerging Economies Program, 1992-93; Co-Director, Weiss Center for International Financial Research, Wharton, 1990-93). Previous appointment: Dartmouth College. Visiting appointments: University of Chicago; Koc University, Istanbul, Turkey
Governor, Central Bank of the Republic of Turkey, 1993; Chief Adviser, to the Ministry of Privatization, Poland, 1990-91, to the Prime Minister of Turkey, 1987-89, 1991; President, Housing Development and Public Participation Administration, Turkey, 1987-89; Director General for Research, Central Bank of the Republic of Turkey, 1986-87
Corporate and Public Sector Leadership 2005-2009
Trustee, Koc University Istanbul, Turkey, 1991-present; Chairman of the Board of Directors, Sumerbank, Turkey; Trustee, American University in Bulgaria, 1995-present; Foundation for Privatization and Ownership Changes, Poland, 1990-present
Bulent Gultekin and A. Penati (1989), Capital Controls and International Capital Market Segmentation: The Evidence from the Japanese and American Stock Markets, Journal of Finance, (September 1989).
Abstract: The paper focuses on two countries, Japan and the U.S., to test the integration of capital markets. In Japan, the enactment of the Foreign Exchange and Foreign Trade Control Law in December of 1980 amounted to a true regime switch that virtually eliminated capital controls. Using multifactor asset pricing models, we show that the price of risk in the U.S. and Japanese stock markets was different before, but not after, the liberalization. This evidence supports the view that governments are the source of international capital market segmentation.
Bulent Gultekin and R.J. Rogalski (1985), “Government Bond Returns, Measurement of Interest Rate Risk and the Arbitrage Pricing Theory.” Journal of Finance (March 1985), Journal of Finance, (March 1985).
Abstract: Empirical tests are reported for Ross' arbitrage pricing theory using monthly data for U.S. Treasury securities during the 1960-1979 period. We find that mean returns on bond portfolios are linearly related to at least two factor loadings. Multivariate test results, however, are not consistent with the APT. Our sample data in the U.S. Treasury securities market are also not consistent with either version of the CAPM. One-month-ahead forecasts of excess returns using factor-generating models are compared with corresponding naive predictions or predictions using the "market model" with various market portfolios.
Bulent Gultekin (1984), A Critical Reexamination of the Empirical Evidence on the Arbitrage Pricing Theory, Journal of Finance, (June 1984).
Abstract: This paper demonstrates that the Roll and Ross (RR) and other previously published tests of the APT are subject to several basic limitations. There is a general nonequivalence of factor analyzing small groups of securities and factor analyzing a group of securities sufficiently large for the APT model to hold. It is found that as one increases the number of securities, the number of "factors" determined increases. This increase in the number of "factors" with larger groups of securities cannot readily be explained by a distinction between "priced" and "nonpriced" risk factors as it is impermissible to carry out tests on whether a given "risk factor is priced" using factor analytic procedures
The objective of this course is to study the major decision-making areas of managerial finance and some selected topics in financial theory. The course reviews the theory and empirical evidence related to the investment and financing policies of the firm and attempts to develop decision-making ability in these areas. This course serves as an extension of FNCE 100 (FNCE 611). Some are as of financial management not covered in FNCE 100 are covered in FNCE 203. These may include leasing, mergers and acquisitions, corporate reorganizations, financial planning and working capital management, and some other selected topics. Other areas that are covered in FNCE 100 are covered more in depth and more rigorously in FNCE 203. These include investment decision making under uncertainty, cost of capital, capital structure, pricing of selected financial instruments and corporate liabilities, and dividend policy.
Integrates the work of the various courses and familiarizes the student with the tools and techniques of research.
This course studies the concepts and evidence relevant to the management of investment portfolios. Topics include diversification, asset allocation, portfolio optimization, factor models, the relation between risk and return, trading, passive (e.g., index-fund) and active (e.g., hedge-fund, long-short) strategies, mutual funds, perfermance evaluation, long-horizon investing and simulation. The course deals very little with individual security valuation and discretionary investing (i.e., "equity research" or "stock picking").
The objective of this course is to study the major decision-making areas of managerial finance and some selected topics in financial theory. The course reviews the theory and empirical evidence related to the investment and financing policies of the firm and attempts to develop decision-making ability in these areas. This course serves as an extension of FNCE 611. Some areas of financial management not covered in FNCE 611 are covered in FNCE 726. These may include leasing, mergers and acquisitions, corporate reorganizations, financial planning, and working capital management, and some other selected topics. Other areas that are covered in FNCE 611 are covered more in depth and more rigorously in FNCE 726. These include investment decision making under uncertainty, cost of capital, capital structure, pricing of selected financial instruments and corporate liabilities, and dividend policy.
The focus of this course is on buying (or acquiring controlling stakes in) firms. The main topics to be covered are mergers and friendly acquisitions, hostile takeovers and buyouts. Using case studies, the course surveys the drivers of success in the transactions. While issues regarding motive and strategy will be discussed, financial theory would be the main lens used to view these control acquiring transactions. This will allow students to (1) evaluate transactions through valuation approaches and (2) structure deals employing financial innovation as a response to legal framework and economic frictions. This course should be of interest to students interested in pursuing careers as private equity investors, advisors in investment banking and corporate managers that deal with these issues. This course assumes familiarity with valuation analysis. During the spring semester students are not permitted to take this course pass fail. In addition to prerequisites, FNCE 726 or 728 are recommended but not required.
Open to MBA, Executive MBA and Undergraduate students, these modular courses are intended to provide unique educational experiences to students in a regional context that has particular resonance with the topic. Taught around the globe, the modular courses help us enrich the curriculum and research on our own campuses in Philadelphia and San Francisco.
This is a Wharton Global Modular Course on finance in the Middle East and North Africa. Its objective is to bring students, academics and industry experts together to study financial markets, practice, and institutions in this region.
Independent Study Projects require extensive independent work and a considerable amount of writing. ISP in Finance are intended to give students the opportunity to study a particular topic in Finance in greater depth than is covered in the curriculum. The application for ISP's should outline a plan of study that requires at least as much work as a typical course in the Finance Department that meets twice a week. Applications for FNCE 899 ISP's will not be accepted after the THIRD WEEK OF THE SEMESTER. ISP's must be supervised by a Standing Faculty member of the Finance Department.
The Arab economies are overly reliant on oil and need to diversify, while Trump’s Jerusalem move is a needless irritant, say experts from Wharton and Johns Hopkins.Knowledge @ Wharton - 12/14/2017
EMBA student Camila Noordeloos, WG’18, talks about the highlights and the value of her experience taking a Global Modular Course on Finance in Europe in London. …Wharton Stories - 08/21/2017