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Dr Onur Kemal Tosun

Dr Onur Kemal Tosun

Senior Lecturer in Finance

Cardiff Business School

Email
tosuno@cardiff.ac.uk
Telephone
+44 (0)29 2087 4517
Fax:
+44 (0)29 2087 4419
Campuses
B04, Aberconway Building, Colum Road, Cathays, Cardiff, CF10 3EU

Overview

I am an Associate Professor (Senior Lecturer) of Finance and a Senior Fellow of the UK Higher Education Academy. 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.

My research interest focuses on empirical corporate finance, executive compensation, capital structure, corporate governance, corporate social responsibility, and institutional investors. My academic work has been published in British Journal of Management, Financial Management, European Financial Management, European Journal of Finance, Financial Review, Review of Quantitative Finance and Accounting, International Review of Financial Analysis, Finance Research Letters, and discussed in the media including Financial Times, Business Review Europe, Business Standard, South China Morning Post, Money Radio, Heart Wales Radio, Asharq News TV - Bloomberg, NYU School of Law Blog, Harvard Law School Forum, The Columbia Law School Blog. I am an Associate Editor of Finance Research Letters and conduct reviews regularly for other journals in the field.

I have been teaching courses and modules on corporate finance, managerial finance at undergraduate, master's, MBA and EMBA level.

Biography

I am an Associate Professor (Senior Lecturer) of Finance and a Fellow of the UK Higher Education Academy. 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

  • 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
  • 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)

Speaking engagements

  • British Accounting and Finance Association (South West Area) Conference (2022),
  • European Finance Association Annual Conference (2022),
  • Behavioural Finance Webinars on Corona Crisis by Queen Mary University of London (2020),
  • Sydney Banking and Financial Stability Conference (2019),
  • British Accounting and Finance Association Conference (2019),
  • Financial Management European Conference (2019, 2018, 2017, 2016, 2015),
  • Financial Engineering and Banking Society Conference (2019, 2018, 2017),
  • International Finance and Banking Society Conference (2018, 2015),
  • Financial Management Annual Conference (2018, 2016, 2015),
  • Asian Finance Association Annual Conference (2018),
  • Financial Management Asia-Pacific Conference (2018),
  • Cardiff  Corporate Governance Research Group International Conference (2018),
  • Euroasia Business and Economics Society Conference (2017),
  • Southwestern Finance Association Conference (2015),
  • Queen Mary University of London (2021),
  • University of Exeter (2018),
  • University of Warwick (2016, 2015, 2014),
  • Ozyegin University (2015, 2014, 2013),
  • University of Maryland (2013),
  • University of Kentucky (2013),
  • University of Cambridge (2013),
  • Norwegian School of Economics (2013),
  • Norwegian Business School (2013)

Committees and reviewing

  • Programme Director - Undergraduate Accounting and Finance Programmes (2020 - present)
  • Member, Race Equality Committee (2021 – present)
  • Member, Senate (2020 - present)
  • Member, Court (2020 - present)
  • Member, Research Ethics Committee (2019 – 2021)
  • Member, External Engagement Group (2019 – present)
  • Associate Editor, Finance Research Letters
  • Reviewer, Journal of Banking and Finance
  • Reviewer, International Review of Financial Analysis
  • Reviewer, Financial Review
  • Reviewer, Journal of International Business Studies
  • Reviewer, British Accounting Review
  • Reviewer, Financial Management
  • Reviewer, Abacus
  • Reviewer, African Economic Research Consortium
  • Reviewer, China Finance Review International
  • Reviewer, International Review of Finance and Economics
  • Book Reviewer, Pearson Education Limited

Publications

2022

2021

2020

2019

2017

2016

2008

Teaching

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

BST543 Managerial Finance (MBA, 2019)

My research interest focuses on empirical corporate finance, executive compensation, capital structure, corporate governance, corporate social responsibility, and institutional investors. My academic work has been published in Financial Management, European Financial Management, European Journal of Finance, Financial Review, Review of Quantitative Finance and Accounting, International Review of Financial Analysis, Finance Research 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 and conduct reviews regularly for other journals in the field.

REFEREED PUBLICATIONS:

  • 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, DOI: 10.1007/s11156-022-01065-9
  • The Effect of Board Structure on Firm Performance - New Evidence From Product Market Conditions (with Xiaoyuan Hu and Danmo Lin), (2022), European Journal of Finance, DOI: 10.1080/1351847X.2022.2049448
  • ETF Ownership and Corporate Cash Holdings (with Izidin El Kalak), (2022), European Financial Management, DOI: 10.1111/eufm.12352
  • 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, (2020), 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 Portfolio Concentration and Firm Performance (with Izidin El Kalak and Robert Hudson)
  • 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)
  • Learning Financial Survival from Disasters (with Arman Eshraghi and Gulnur Muradoglu)
  • Shared Parental Leave and Firm Performance in the UK: A Governance Perspective (with Ylva Baeckstrom)
  • Signalling Authentic Corporate Social Responsibility and Financial Performance: The Legal Form Matters (with Ozlem Arikan and Catarina Silva)

WORK IN PROGRESS:

  • Once a Cheater, Always a Cheater (with Ozlem Arikan)
  • The Role of Gender in Sales Strategy: Evidence from Institutional Financial Brokerage (with Ylva Baeckstrom)
  • Do Institutional Investors Suspect Mergers & Acquisitions? (with Jana Fidrmuc)

NATIONAL & INTERNATIONAL RECOGNITION:

  • “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
  • "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
  • “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

Supervision

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

  • Corporate Governance
  • Institutional Investors
  • Corporate Social Responsibility

Current supervision

Ruth Sagay

Research student

Xiang Li

Research student

alt

Xinhe Huang

Research student

Nouf Aljarbou

Research student