B. BURCIN YURTOGLU


October 2007
Personal Data:
Birth Date: April 21, 1968
Citizenship: Austria and Turkey
Home Address:
Schottenfeldgasse 58/13, A-1070 Vienna-Austria
Telephone: (+43 1) 676 535 93 55
Business Address:
Department of Economics, University of Vienna
BWZ - Brünnerstrasse 72, A-1210 Vienna/Austria
Telephone: (+ 43 1) 4277 37482
Fax: (+ 43 1) 4277 37498
E-mail: burcin.yurtoglu@univie.ac.at
Homepage: http://homepage.univie.ac.at/besim.yurtoglu/

Burçin Yurtoðlu

EDUCATION:

1997     Doctoral degree in Economics, University of Vienna
1994     Master of Arts in Economics, University of Vienna
1991     Bachelor of Arts in Economics, Bogazici University, Istanbul
1987     St. Georg Austrian High School, Istanbul

Dissertation Topic:
Rates of Return on Corporate Investment: An International Comparison

EMPLOYMENT:

2004-current    a.o. Professor (Habilitation - Venia Docendi in Economics), University
                      of  Vienna, Department of Economics
1997-2004       Assistant Professor, University of Vienna, Department of Economics
1995-1997       University of Vienna, Department of Economics, Research and Teaching Assistant

Other Affiliations:

Research Associate, ESRC Centre for Business Research, Judge Institute of Management Studies, University of Cambridge
Member of the Country Team Austria, European Corporate Governance Institute.
Network Faculty, Graduate School of Management, Sabanci University, Istanbul.

Honors:

Vienna Stock Exchange Research Stipend, 1997.
Nestlé-Prize in Economics, 1997, (Prize given to the "best" dissertation in Social Sciences in Austria at the University of Innsbruck.
Finance Paper Honorable Mention, 1998, Sponsored by the Istanbul Stock Exchange at the ERC/METU International Conference on Economics II, Ankara, Turkey.
IVA Award for Investor Protection and Corporate Governance 2002, Interessenverband für Anleger, joint with K. Gugler and Dennis C. Mueller, Vienna.

PUBLICATIONS:

Country Legal Environments and Corporate Investment Performance, joint with D.C. Mueller, German Economic Review (2000), 2, 187-220

Ownership, Control and Performance of Turkish Listed Firms, Empirica (2000), 27 (2), 193-222.

Ownership Structure of Turkish Listed Firms, Istanbul Stock Exchange Finance Award Series (2000) Vol. I, 55-84, Istanbul.

Effekte von Fusionen in Kontinentaleuropa und Deutschland, joint with K. Gugler, D.C. Mueller and C. Zulehner, Quarterly Journal for Economic Research (2001), 2, 204-213.

Turkey, in Corporate Governance and Economic Performance, in (Ed.) K. Gugler (2001), 176-183, Oxford University Press.

Average Q, Marginal Q and the Relation Between Ownership and Performance, joint with K. Gugler, Economics Letters, 78 (3), (2003), 379-84.

The Effects of Mergers: An International Comparison, joint with K. Gugler, D. Mueller, and C. Zulehner, International Journal of Industrial Organization (2003), 21 (5), 625-653.

Corporate Governance and Dividend Pay-out Policy in Germany, joint with K.Gugler, European Economic Review, 47(4), (2003), 731-58.

Marginal q, Tobin's q, Cash Flow and Investment, joint with K. Gugler and D. C. Mueller, Southern Economic Journal (2003), November Vol. 70 (3), 512-531.

The Impact of Corporate Governance on Investment Returns in Developed and Developing Countries, joint with K. Gugler and D.C. Mueller, The Economic Journal (2003) 113 (491), November, F511-F539.

Corporate Governance and Implications for Minority Shareholders in Turkey, Journal of Corporate Ownership & Control (2003), 1 (1) Fall.

Persistence of Firm-level Profitability in Turkey, Applied Economics (2004), 36, 615-625.

The Effects of Mergers on Company Employment in the USA and Europe, joint with K. Gugler, International Journal of Industrial Organization (2004), 22, 481-502.

Corporate Governance and Globalization, joint with K. Gugler and D.C. Mueller, Oxford Review of Economic Policy (2004), 20 (1), 129-156. Reprinted in Corporate Governance and Globalization, Vol. 3 by (Eds.) Thomas Clarke and Marie Dela Rama, SAGE Publications, 2006.

Corporate Governance and the Returns on Investment, joint with K. Gugler and D.C. Mueller, The Journal of Law and Economics (2004), 47 (2), October.

Firm-level Profitability, Liquidity, and Investment, in S. Altug and A. Filiztekin (Eds) The Turkish Economy: The Real Economy, Corporate Governance, and Reform, 2006, RoutledgeCurzon Studies on Middle Eastern Economics, 172-198.

Analyse von Abhilfemaßnahmen im EU-Fusionsverfahren, joint with K.Gugler and T. Duso, in J. Schwarze (Ed), Recht und Ökonomie im Europäischen Wettbewerbsrecht, (forthcoming), Nomos Verlag.

EU Merger Remedies: A Preliminary Empirical Assessment, joint with K.Gugler and T. Duso, in J. Stennek und V. Ghosal (Eds), The Political Economy of Antitrust, (forthcoming), North-Holland.

Investitionsdeterminanten in Japan - die Rolle der Keiretsu, joint with Jörg Mahlich, 2006, Zeitschrift für Betriebswirtschaft, Special Issue 3/2006, 25-48.

Corporate Governance in Turkey: An Introduction to the Special Issue, joint with Melsa Ararat, 2006, Corporate Governance: An International Review, Volume 14 (4), 201-206.

The Impact of Corporate Governance Structures on the Corporate Investment Performance in Turkey, joint with Hakan Orbay, 2006, Corporate Governance: An International Review, Volume 14 (4), 349-363.

The Impact of Legal Systems and Owner Identities on Economic Performance, Capiatl markets Board of Turkey, 2006. [Kurumsal Yönetimde Hukuk Sistemleri ve Ýktisadi Aktörlerin Ekonomik Performansa Etkileri, 2006, in Aktan, C.C. (Ed.) Kurumsal Þirket Yönetimi, Sermaye Piyasasi Kurulu.]

Corporate Governance and the Returns to Acquiring Firms’ Shareholders, joint with Dennis C. Mueller, fortcoming in Managerial and Decision Economics.

Global Competiton Report on Turkey, Editor together with G. Ulusoy, S. Öz, S. Karaata, M. Ararat, and H. Yegenoglu, Competion Forum of Turkey & Turkish Industrialists' and Businessmen's Association (TUSIAD).

Corporate Governance and Global Competition, in Global Competiton Report on Turkey, Editor together with G. Ulusoy, S. Öz, S. Karaata, M. Ararat, and H. Yegenoglu, Competion Forum of Turkey & Turkish Industrialists' and Businessmen's Association (TUSIAD).

Different Approaches to Differentiating "Better Governed" Companies; Market Segmentation in BOVESPA and Rating Based Indexing in ISE, joint with Melsa Ararat, forthcoming in FOCUS.

Corporate Governance and Determinants of Investment, joint with K. Gugler and D.C. Mueller, forthcoming in Journal of Institutional and Theoretical Economics.

Working Papers:

The Determinants of Merger Waves, joint with K. Gugler and D.C. Mueller.

The Effects of Ownership Concentration and Identity on Investment Performance: An International Comparison, joint with K. Gugler and D.C. Mueller.

Is the Event Study Methodology Useful for Merger Analysis? A Comparison of Stock Market and Accounting Data, joint with T. Duso and K. Gugler.

How Effective is European Merger Control? joint with T. Duso and K. Gugler.

Ownership Structure and Executive Compensation in Germany, joint with A. Haid.

The Gender Wage Gap in Top Corporate Jobs is Still There, joint with C. Zulehner.

Corporate Financing in the New Member States: Firm-Level Evidence for Convergence and Divergence Trends, joint with Evgeni Peev.

Funded Research Projects:


1. The Performance of Austrian Corporations: An International Comparison, Jubiläumsfonds der OeNB, Projekt Nr. 5996, 1.9.1996 - 31.8.1998.
2. Investment Decisions in Europe: Determinants, Effects and Relationship to Ownership Structure, Jubiläumsfonds der OeNB, Projekt Nr. 8090, September 1999 - August 2002.
3. Determinants and Effects of Mergers: An International Comparison, Jubiläumsfonds der OeNB, Projekt Nr. 8861, January 2001 - December 2003, Project Leader with K. Gugler.
4. Corporate Governance and the Determinants of Investment, Jubiläumsfonds der OeNB, Projekt Nr. 10257, October 2003 - October 2006.
5. Corporate Governance and Investment: An International Research Network, Project 2-11 at the Centre for Business Research, University of Cambridge (Program Director: Simon Deakin).
6. Managergehälter und Unternehmensperformance, Hochschuljubiläumsstiftung, 1/2005 - 1/2006, Project Leader.
7. Grenzüberschreitende Investoren und Investitionen, Jubiläumsfonds der OENB, 1/2006-12/2008, Projekt Nr. 11782, Project Leader.

Teaching:

Lectures in Applied Econometrics, Macroeconomics, Microeconomics and Industrial Economics, International Economics (Complete list available upon request).
Advisor of several master theses on industrial economics and financial economics, "Diplomarbeiten". (Complete list available upon request).
Administrative Duties:
2003-2004, Member of the Studienkommission IBW/BW
2006 - , Vice-Director of Studies at the Faculty of Business, Economics, and Statistics

Referee:

Corporate Governance: An International Review, Contemporary Economic Policy, Corporate Governance: the International Journal of Business in Society, Emerging Markets Finance and Trade, Empirica, Empirical Economics, International Journal of the Economics of Business, International Journal of Industrial Organization, Journal of Empirical Finance, Journal of Industrial Economics, Journal of Social Research, Journal of Institutional and Theoretical 6
Economics, METU Studies in Development, Review of Economics and Statistics, Review of Finance, Elsevier/North-Holland.
Austrian National Bank Research Foundation, Academy of Sciences of the Czech Republic.

Membership:

American Economic Association, EARIE, Verein für Socialpolitik, Industieökonomischer Ausschuss des Vereins für Socialpolitik, European Economic Association, European Corporate Governance Network (ECGN), Austrian Economic Association (NOeG), Turkish Economic Association (TEK).

Conference Participation/Presentations/Discussions:

1996, at the School on Empirical Research in Industrial Economics, Copenhagen.
1996, EARIE Conference in Vienna.
1996, 11th Annual Congress of the European Economic Association (EEA), Istanbul.
1997, Conference on Corporate Governance and Incentives, Humboldt University, Berlin.
1998, University of Cambridge, ESRC Centre For Business Research.
1998, ERC/METU International Conference on Economics II, Ankara.
1999, EARIE Conference in Turin.
1999, ERC/METU International Conference on Economics, Ankara.
1999, Workshop on Corporate Governance and Investment, Aarhus Business School, Aarhus.
2000, 9th WZB Conference on "Antitrust Issues in International Markets" jointly organized with CEPR, Berlin.
2000, ERC/METU International Conference on Economics, Ankara.
2000, Invited Presentation at the Austrian Research Centers: Seibersdorf, Department of Systemforschung.
2000, Workshop on Corporate Governance and Investment (DIW), Europäische Akademie Berlin.
2001, Annual Meeting of Verein für Socialpolitik: Ausschuss für Industrieökonomik, Passau.
2001, 28th Annual Meeting of the European Finance Association (EFA), Barcelona.
2001, 16th Annual Congress of the European Economic Association (EEA), Lausanne.
2001, ERC/METU International Conference on Economics, Ankara.
2001, ESRC Seminar at the CBR, Judge Institute of Management Studies, University of Cambridge.
2002, Workshop on Corporate Governance and Investment, Judge Institute of Management Studies, University of Cambridge.
2002, Economics Department Research Seminar, University of Vienna.
2002, EARIE Conference in Madrid.
2002, Invited Presentation at the ERC/METU International Conference on Economics, Ankara.
2002, Economics Department Research Seminar, Koc University, Istanbul.
2003, Workshop on Corporate Governance and Executive Compensation, DIW Berlin.
2003, 30st Annual Conference of the European Association for Research in Industrial Economics (EARIE), Helsinki.
2003, Workshop on Corporate Governance and Investment, University of Vienna.
2004, International Conference on Family Firms and Corporate Governance in Istanbul.
2004, International J. A. Schumpeter Society 10th ISS Conference, Universita Bocconi, Milan.
2004, Workshop on Empirical Industrial Organization, Vienna University of Economics and Business.
2004, 19th Annual Congress of the European Economic Association (EEA), Madrid.
2004, 31st Annual Conference of the European Association for Research in Industrial Economics (EARIE), Berlin.
2005, Workshop on Corporate Governance and Investment, Palma de Mallorca, Universitat de les Illes Balears.
2005, Round Table on Corporate Governance Trends and Issues in the UNECE Region, Industrial Restructuring, Energy and Enterprise Development Division, United Nations Economic Commission for Europe, Geneva.
2005, Annual Meeting of the Ausschuss für Industrieökonomik of the Verein für Socialpolitik, ZEW, Mannheim.
2005, Policy Issues in Mergers, Acquisitions, and Alliances, Tjalling C. Koopmans Institute, Utrecht School of Economics.
2005, International Conference on Business, Management and Economics, Yasar University.
2005, The WZB Economics and Politics Seminar Series, Wissenschaftszentrum Berlin.
2005, 32nd Annual Conference of the European Association for Research in Industrial Economics (EARIE), Porto.
2005, Symposium on Innovation and Technology, Austrian Federal Economic Chamber.
2006, Annual Meeting of the Ausschuss für Industrieökonomik of the Verein für Socialpolitik, RIW, Essen.
2006, Annual Conference of the European Association for Research in Industrial Economics (EARIE), Amsterdam.
2006, International Workshop on Executive Compensation, Stirling University, Scotland.
2007, Invited presentation at the Workshop on the Market for Corporate Control Regulation and Corporate Governance Issues, IAG Louvain School of Management, March 22, 2007
2007, Invited presentation at the AFI Seminar, Katholieke Universiteit Leuven, June 15, 2007.

Non-academic Presentations:

2003, Corporate Governance and Foreign Direct Investment in Turkey, Symposium zum 80jährigen Bestehen der Republik Türkei, Organized by OTW - Universität Wien, Institut für Orientalistik, Türkische Historische Gesellschaft and Diplomatische Akademie Wien.
2004, Staat und Religion in der Türkei: Unterschiede zur Arabischen und Persischen Welt, (10.05.2004) in St. Pölten, Rotary Club.
2004, "Gold rush"? What are the Effects of Recent Privatisations?, The Symposium Central and Eastern Europe: Connecting Corporate and Academic Europe, (19. 11. 2004), Vienna.
2004, Der EU-Beitritt aus der Sicht der Türkei, (9.12.2004), Theresianum.
2005, Symposium "Gehört die Türkei nach Europa?", Symposium organisiert von der LSV (Landesschülervertretung) Steiermark, (25.04.2005), Landhaus, Graz.
2007, Symposium AWO-Länderforum Türkei, May 6th, 2007.

Consulting:

Contributer to an expert opinion on the Austrian Gasoline Market (2002).
Contributer to an expert opinion on the merger between OBB (Austrian Railways) and PostBus AG (2003).
Contributer to an expert opinion on the EU Draft Commission Notice on the appraisal of horizontal mergers under the Council Regulation on the control of concentrations between undertakings (2003).
Contributer to a report on Corporate Governance of State Owned Enterprises for the Holding and Privatization Management of Austria (Österreichische Industrieholding AG) (2004).
Contributer to an expert opinion on the merger between Wüstenrot and LBA (2004).
Contributer to a study of Buyer Power in the Austrian Food Retailing Sector, (for the Federal Competition Authority) (2005).
Contributer to an expert opinion on the Haftungsverbund der Sparkassen (2005).
Lectures on the Econometrics and Application of Demand Estimation in Antitrust Cases, Bundeswettbewerbsbehörde (The Federal Competition Authority of Austria), (May 2006).
Consultant to AKBANK, Global Reporting Initiative (2006).
Consultant to PHARMIG, The Impact of Intangible Assets on the Profitability of Pharmaceutical Companies (2006).
Contributer to an expert opinion on the merger between Morawa and Leykam (2006).
Lectures on the Econometrics and Application of Estimation of Demand for Differentiated Goods in Antitrust Cases, RTR (The Austrian Regulatory Authority for Broadcasting and Telecommunications) & Bundeswettbewerbsbehörde (The Federal Competition Authority of Austria), (November 2006).
Independent consultant to the GCGF (Global Corporate Governance Forum) at the IFC / World Bank, 2007.
Consultant to RTR (The Austrian Regulatory Authority for Broadcasting and Telecommunications) (The Federal Competition Authority of Austria), (January-February 2007).
Contributer to an expert opinion on the cartel case between Austrian Airlines and ÖMV, 2007.
Consultant to the Austrian Chamber of Trade and Industry: Determinants of R&D Expenditures, 2007.
Consultant to the Austrian Chamber of Trade and Industry: Effects of CSR Ratings on Corporate Performance, 2007.