Dr Onur Tosun

Publication

• Date
• Type
• Promoted

Research

My research interest focuses on empirical corporate finance, corporate governance, corporate social responsibility, and institutional investors. My academic work has been published in British Journal of Management, Financial Management, European Financial Management, Journal of International Financial Markets, Institutions and Money, European Journal of Finance, Financial Review, Review of Quantitative Finance and Accounting, International Review of Financial Analysis, Finance Research Letters, Global Finance Journal, Economics Letters, and discussed in the media including Financial Times, Business Review Europe, Business Standard, South China Morning Post, Money Radio, NYU School of Law Blog, Harvard Law School Forum, The Columbia Law School Blog. I am an Associate Editor of Finance Research Letters, International Review of Economics and Finance, Journal of Sustainable Finance & Investment, and conduct reviews regularly for other journals in the field.

REFEREED PUBLICATIONS:

• Benefit Corporation Certification and Financial Performance: Capital Structure Matters (with Ozlem Arikan), (2024), European Financial Management, DOI: 10.1111/eufm.12489.
• Wealth as a Moderating Effect on Gender Differences in Portfolio Holdings, (with Ylva Baeckstrom and Raul Riefler), (2024), Global Finance Journal, 60, 100965.
• Engaged ETFs and Firm Performance, (with Izidin El Kalak and Robert Hudson), (2024), European Financial Management, DOI: 10.1111/eufm.12459.
• The Bank of Japan's Equity Purchases and Stock Price Crash Risk, (with Izidin El Kalak and Kazuo Yamada), (2023), Economics Letters, 229, 111214.
• Learning Financial Survival from Disasters, (with Arman Eshraghi and Gulnur Muradoglu), (2023), Journal of International Financial Markets, Institutions, and Money, 85, 101778.
• The Role of Gender in Sales Behaviour: Evidence from Institutional Financial Brokerage, (with Raul Riefler and Ylva Baeckstrom), (2023), Finance Research Letters, 55, 103914.
• Growth … What Growth? (with Brian Lucey), (2023), Finance Research Letters, 52, 103594.
• The Effect of Board Structure on Firm Performance - New Evidence From Product Market Conditions (with Xiaoyuan Hu and Danmo Lin), (2023), European Journal of Finance, 29, 363-392.
• Do Investors React Differently? Evidence from Hospitality Sector during the Covid-19 Pandemic, (2022), Finance Research Letters, 49, 103099.
• Corporate Decisions in Times of War: Evidence from Russia-Ukraine Conflict, (with Arman Eshraghi), (2022), Finance Research Letters, 48, 102920.
• Fund Manager Skill: Selling Matters More! (with Arman Eshraghi, Richard Taffler, and Liang Jin), (2022), Review of Quantitative Finance and Accounting, 59, 969-999.
• ETF Ownership and Corporate Cash Holdings (with Izidin El Kalak), (2022), European Financial Management, 28, 1308-1346.
• How Female Directors Help Firms to Attain Optimal Cash Holdings (with Izidin El Kalak and Robert Hudson), (2022), International Review of Financial Analysis, 80, 102034.
• Staring Death in the Face: The Financial Impact of Corporate Exposure to Prior Disasters (with Arman Eshraghi and Gulnur Muradoglu), (2021), British Journal of Management, 32, 1284-1301.
• Cyber-Attacks and Stock Market Activity, (2021), International Review of Financial Analysis, 76, 101795.
• Changes in Corporate Governance: Externally Dictated vs Voluntarily Determined, (2021), International Review of Financial Analysis, 73, 101608.
• Fund Manager Conviction and Investment Performance (with Liang Jin, Richard Taffler, and Arman Eshraghi), (2020), International Review of Financial Analysis, 71, 101550.
• Differences in CEO Compensation under Large and Small Institutional Ownership, (2020), European Financial Management, 26,1031-1058.
• Does Internal Board Monitoring Affect Debt Maturity? (with Lemma Senbet), (2020), Review of Quantitative Finance and Accounting, 54, 205-245.
• Why Do Large Shareholders Adopt a Short-Term versus a Long-Term Investment Horizon in Different Firms?, (2019), Financial Review, 54, 763-800.
• Is Firms’ CSR Sufficient Enough to Explain Socially Responsible Investment?, (2017), Review of Quantitative Finance and Accounting, 49, 967-726.
• The Effect of CEO Option Compensation on the Capital Structure: A Natural Experiment, (2016), Financial Management, 45, 953-979.
• ANP Application for Evaluating Turkish Mobile Communication Operator (with Anil Gungor and Ilker Yusuf Topcu), (2008), Journal of Global Optimization – Special Issue, 42, 313-324.

WORKING PAPERS:

• Good Employee Relations for Firm Performance Improvement: Involvement of Socially Responsible Investment Funds (with Katie Moon)
• ETFs Ownership and Firm Delisting (with Izidin El Kalak and Dimitrios Gounopoulos)
• Unintended Consequences of "The Plan For Growth": Earnings Management in the UK
• Executive Compensation and Share Buybacks (with Waqar Ahmed and Richard Taffler)
• Shared Parental Leave and Firm Performance in the UK: A Governance Perspective (with Ylva Baeckstrom)

NATIONAL & INTERNATIONAL RECOGNITION:

• "Discussion on the effect of oil supply shortage on global economy in light of the conflict in Middle East", (April 2, 2024), Asharq News TV – Bloomberg
• "Discussion on the current stage of global economy and financial markets", (March 8, 2024), Asharq News TV – Bloomberg
• “Interview on the current UK recession and the economic and financial outlook for 2024”, (February 16, 2024), Global Radio
• "Discussion on the impact of Red Sea attacks on international trade and economy", (February 8, 2024), Asharq News TV – Bloomberg
• "Discussion on the tension in Red Sea and its impact on international trade, global economy, and investments", (January 7, 2024), Asharq News TV – Bloomberg
• Chairing "5th Sustainable Finance and Regulation Europe" conference, (September 5-6, 2023), Cavendish Conference Centre - London.
• "Discussion on debt restructuring and international tax agreements in G20 finance meeting", (July 17, 2023), Asharq News TV – Bloomberg
• Chairing "32nd European Financial Management Association Annual Conference" , (June 28 - July 1, 2023), Cardiff Business School - Cardiff.
• "Discussion on the G7 countries' strategy for global financial stability and resource-dependence on China", (May 12, 2023), Asharq News TV – Bloomberg
• “Discussion on the collapse of Silicon Valley Bank and Signature Bank and its potential impact on global financial system.”, (March 13, 2023), Asharq News TV – Bloomberg
• “Discussion on the price cap on Russian oil and its bilateral impact on Europe and Russia”, (December 03, 2022), Asharq News TV – Bloomberg
• “Discussion on the UK economy in light of increasing interest rates, taxes, and spending cuts”, (October 29, 2022), Asharq News TV – Bloomberg
• "Discussion on the direction of UK economy and politics after recent announcements by the new Chancellor Jeremy Hunt”, (October 18, 2022), Asharq News TV – Bloomberg
• “Interview on UK financial markets and UK economy in light of the updates by the new Chancellor Jeremy Hunt”, (October 18, 2022), Global Radio, Heart Wales Radio, Capital FM, LBC News
• “Discussion on the impact of the Chancellor’s Mini-Budget announcement on UK economy”, (October 02, 2022), Asharq News TV – Bloomberg
• “Interview on the recent fall of the British Pound against the US Dollar following the Chancellor’s Mini-Budget announcement”, (September 28, 2022), Global Radio
• “Discussion on the future of world economy in light of the Russian invasion of Ukraine”, (August 24, 2022), Asharq News TV – Bloomberg
• “Discussion on the economic impact of the decision by Russia to reduce gas supply to Europe”, (June 24, 2022), Asharq News TV – Bloomberg
• “Discussion on energy crisis and European economy”, (May 21, 2022), Asharq News TV – Bloomberg
• "Companies pay the price for remaining in Russia", (April 5, 2022), SPARK Blogs
• "Businesses affected financially by the 9/11 attacks were better equipped to deal with the economic effect of the COVID-19 pandemic", (September 11, 2021), Heart Wales Radio
• "9/11 prepared firms for economic effects of Covid-19", (September 9, 2021), Cardiff Business School News
• “Cyber-attacks have lasting impact on firms”, (April 30, 2019), SecurityWorldarket.com
• “Researchers find that the impacts of successful cyber-attacks can last for up to five years”, (April 24, 2019), Continuitycentral.com
• "It’s been a bad month for the safety of your data: What happened, and how​ to protect yourself online", (April 4, 2019), Gear Brain
• “When an IT failure should mean ‘goodbye’ for a CEO?”, (September 10, 2018), Board Agenda
• “Cyber-Attacks and Stock Market Activity”, (July 13, 2018), NYU School of Law Blog on Corporate Compliance and Enforcement
• “ETF Ownership and Corporate Investment”, (June 28, 2018), Harvard Law School Forum on Corporate Governance and Financial Regulation
• “Product Markets Offer a New Evidence on How Board Structure Affects Firm Performance”, (June 07, 2018), The Columbia Law School Blue Sky Blog
• “Changes in Corporate Governance: Externally Dictated vs Organically Determined”, (February 20, 2018), The Columbia Law School Blue Sky Blog
• “Sir Martin Sorrell's £60m share scheme bonus likely to anger shareholders”, (March 14, 2016), The Drum
• “Companies caring for employees attract socially responsible funds”, (February 15, 2016), Business Standard
• "Discussion on SRI and the Firm-Employee Relation", (February 4, 2016), Business for Breakfast – Money Radio
• “Companies can raise investment by taking care of their staff”, (January 28, 2016), Fidest – World Press
• “Independent Directors for Good Governance”, (June 23, 2015), Business Review Europe
• “Banks lend more to firms with independent boards”, (June 22, 2015), South China Morning Post
• “On CEO Compensation and Firm Capital Structure”, (3rd Edition, 2015), WBS CORE
• “The increasing cost of being disliked”, (September 26, 2014), Financial Times
• “Investors Hike up interest rates if CEOs are paid with share options”, (September 25, 2014), Consultant News
• “CEOs’ share options rise debt prices”, (September 24, 2014), The WBS News
• “British bosses should be paid more, but bonuses are risky”, (May 2014), The Conversation

Teaching

BST2514 Financial Markets and Institutions (UG, 2023 - present)

BST3577 Corporate Finance and Strategy (UG, 2020 - present)

BST543 Managerial Finance (MBA, 2019)

Biography

I am an Associate Professor (Senior Lecturer) of Finance, a Senior Fellow of the UK Higher Education Academy and also direct Cardiff Sustainable Finance Research Group .I have joined Cardiff Business School in 2019 as an Assistant Professor of Finance. Previously, I have worked at Warwick Business School, and I hold a PhD majoring in Finance and minoring in Economics from Robert H. Smith School of Business at the University of Maryland. I have received my MBA from Bogazici University and BSc in Industrial Engineering from Istanbul Technical University in Turkey.

Honours and awards

• Top 10% Downloaded Paper in 2022 Award by European Financial Management for the paper "ETF ownership and corporate cash holdings"
• Cardiff University Outstanding Contribution Award (2022)
• WBS Top 10% Teaching Excellence Award for PG Teaching (2015, 2017, 2018, 2019)
• WBS Top 10% Teaching Excellence Award for UG Teaching (2016, 2017, 2018, 2019)
• Postgraduate Certificate in Academic and Professional Practice - Fellow of the UK Higher Education Academy (2016)
• Top 3 Paper in 2016 Award by Financial Management for the paper “The Effect of CEO Option Compensation on Capital Structure: A Natural Experiment”

Professional memberships

• British Accounting and Finance Association
• American Finance Association
• European Finance Association
• European Financial Management Association
• Asian Finance Association
• Financial Management Association

Academic positions

Assistant Professor of Finance, Cardiff University; (2019 – 2021)

Assistant Professor of Finance, University of Warwick; (2013 – 2019)

Committees and reviewing

• Programme Director - Undergraduate Accounting and Finance Programmes (2020 - 2023)
• Member, Task and Finish Group on League Tables and Rankings (2024 - present)
• Member, Race Equality Committee (2021 – present)
• Member, Senate (2020 - 2023)
• Member, Court (2020 - 2023)
• Member, Research Ethics Committee (2019 – 2021)
• Member, External Engagement Group (2019 – 2024)

• Associate Editor, Finance Research Letters
• Associate Editor, International Review of Economics and Finance
• Associate Editor, Journal of Sustainable Finance & Investment
• Reviewer, British Journal of Management
• Reviewer, Journal of Banking and Finance
• Reviewer, European Financial Management
• Reviewer, International Review of Financial Analysis
• Reviewer, Financial Review
• Reviewer, Journal of International Business Studies
• Reviewer, Economics Letters
• Reviewer, British Accounting Review
• Reviewer, Financial Management
• Reviewer, Review of Quantitative Finance and Accounting
• Reviewer, Abacus
• Reviewer, African Economic Research Consortium
• Reviewer, China Finance Review International
• Reviewer, International Review of Finance and Economics
• Reviewer, International Journal of Finance and Economics

• Book Reviewer, Pearson Education Limited

Supervisions

I am interested in supervising PhD students in the areas of:

• Corporate Governance
• Institutional Investors
• Corporate Social Responsibility

Current supervision

Xiang Li

Research student