Gonul Colak

University of Sussex

Professor of Accounting and Finance

Jubilee Building

Falmer

Brighton, BN1 9SN

United Kingdom

Hanken School of Economics

Professor of Finance

P.O. Box 479

Arkadiankatu 22

FI-00100 Helsinki, 00100

Finland

  • University of Sussex

  • Hanken School of Economics

SCHOLARLY PAPERS

38

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200

CROSSREF CITATIONS

26

Scholarly Papers (38)

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1.

Spin-Offs, Divestitures, and Conglomerate Investment

Number of pages: 57 Posted: 04 Mar 2005 Last Revised: 23 Nov 2009
Gonul Colak and Toni M. Whited
University of Sussex and University of Michigan, Stephen M. Ross School of Business
Downloads 1,097 (34,880)
Citation 14

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Conglomerate discount, refocussing, investment, endogeneity, measurement error

2.

Political Uncertainty and IPO Activity: Evidence from U.S. Gubernatorial Elections

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 76 Posted: 20 Jun 2013 Last Revised: 13 Aug 2016
Gonul Colak, Art Durnev and Yiming Qian
University of Sussex, University of Iowa - Henry B. Tippie College of Business and University of Connecticut - Department of Finance
Downloads 961 (42,151)
Citation 89

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political uncertainty, initial public offerings, gubernatorial elections, IPO pricing

3.

Cycles in the IPO Market

Downloads 860 (49,114)
Citation 9

Cycles in the IPO Market

Number of pages: 58 Posted: 22 Mar 2007 Last Revised: 29 Dec 2009
Chris Yung, Gonul Colak and Wei Wang
University of Virginia - McIntire School of Commerce, University of Sussex and Cleveland State University
Downloads 860 (48,411)
Citation 9

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Initial public offerings, adverse selection, underpricing, delisting rates, nonparametric, heat measures, cross-sectional return variance

Cycles in the IPO Market

Journal of Financial Economics (JFE), Vol. 89, pp. 192-208, 2008
Posted: 29 Dec 2009
Chris Yung, Gonul Colak and Wei Wang
University of Virginia - McIntire School of Commerce, University of Sussex and Cleveland State University

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Initial public offerings, adverse selection, underpricing, delisting rates, nonparametric, heat measures, cross-sectional return variance

4.

ESG and CEO Turnover

Proceedings of Paris December 2020 Finance Meeting EUROFIDAI - ESSEC
Number of pages: 63 Posted: 14 Oct 2020
Gonul Colak, Timo Korkeamaki and Niclas Oskar Meyer
University of Sussex, Aalto University - Aalto University School of Business, Department of Finance, Students and Hanken School of Economics
Downloads 825 (52,135)
Citation 1

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5.

The Impact of COVID-19 Pandemic on Bank Lending Around the World

Journal of Banking and Finance, Forthcoming
Number of pages: 53 Posted: 18 Oct 2020 Last Revised: 05 Jun 2021
Gonul Colak and Özde Öztekin
University of Sussex and Florida International University (FIU)
Downloads 810 (53,406)
Citation 1

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Bank loans; credit supply; COVID-19; difference-in-difference; entropy balancing

6.

Primary Market Characteristics and Secondary Market Frictions of Stocks

Journal of Financial Markets, Vol. 15, Issue 2, p. 286-327, May 2012
Number of pages: 55 Posted: 05 Dec 2008 Last Revised: 31 Jan 2012
Rodney D Boehme and Gonul Colak
Wichita State University - Department of Finance, Real Estate & Decision Sciences (FREDS) and University of Sussex
Downloads 773 (56,770)
Citation 1

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idiosyncratic risk, incomplete information, initial public offerings, liquidity, market frictions, short-sale constraints

7.

Diversification, Refocusing, and Firm Value

Europen Financial Management Journal, Vol. 16, pp. 422-448, 2010
Number of pages: 27 Posted: 04 Nov 2007 Last Revised: 03 Aug 2010
Gonul Colak
University of Sussex
Downloads 614 (76,412)

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Diversification Discount, Refocusing, Excess Value, Simultaneity Bias

8.

Strategic Waiting in the IPO Markets

Journal of Corporate Finance, Vol. 17, pp. 555-583, 2011
Number of pages: 29 Posted: 12 Mar 2009 Last Revised: 25 Sep 2011
Gonul Colak and Hikmet Gunay
University of Sussex and University of Manitoba
Downloads 558 (86,135)
Citation 1

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IPO Clustering, IPO Cycles, Social Learning, Strategic Waiting, Survival Analysis

9.

Comovements in Corporate Waves

Downloads 424 (119,989)
Citation 1

Comovements in Corporate Waves

Number of pages: 48 Posted: 17 Mar 2010
Gonul Colak and Necati Tekatli
University of Sussex and affiliation not provided to SSRN
Downloads 229 (228,925)
Citation 1

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Bayesian, Corporate Events, Factor Analysis, Time Series Analysis, Waves

Comovements in Corporate Waves

Number of pages: 45 Posted: 21 Mar 2009
Gonul Colak and Necati Tekatli
University of Sussex and affiliation not provided to SSRN
Downloads 195 (265,892)

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Bayesian, Corporate Events, Factor Analysis, Time Series Analysis, Waves

10.

Changes in Cash Holdings Around the S&P 500 Additions

Journal of Banking and Finance, Vol. 37, No. 5, 2013
Number of pages: 21 Posted: 24 Sep 2011 Last Revised: 26 Mar 2013
Eric R. Brisker, Gonul Colak and David R. Peterson
The University of Akron, University of Sussex and Florida State University - Department of Finance
Downloads 360 (144,314)
Citation 3

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cash holdings, corporate governance, liquidity policy, S&P 500 Index

11.

International IPO Markets and a Foreign IPO Puzzle

Number of pages: 45 Posted: 04 Jun 2014 Last Revised: 01 Jul 2014
Gonul Colak, Candace Jens, April M. Knill and Kelsey Syvrud
University of Sussex, Syracuse University - Whitman School of Management, University of South Carolina - Darla Moore School of Business and Florida State University
Downloads 295 (178,424)
Citation 1

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initial public offerings, international, legal bonding, underpricing

12.

IPO Characteristics of Index Firms

Number of pages: 26 Posted: 21 Nov 2009 Last Revised: 15 Oct 2013
Gonul Colak
University of Sussex
Downloads 281 (187,551)

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Initial Public Offerings, S&P 400, S&P 500, S&P 600

13.

Global Leverage Adjustments, Uncertainty, and Country Institutional Strength

Journal of Financial Intermediation, Forthcoming
Number of pages: 40 Posted: 20 Mar 2017 Last Revised: 25 May 2018
Gonul Colak, Ali Gungoraydinoglu and Özde Öztekin
University of Sussex, Florida International University (FIU) and Florida International University (FIU)
Downloads 252 (209,167)
Citation 14

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14.

The Timing of Voluntary Delisting

Number of pages: 68 Posted: 13 Jan 2020 Last Revised: 22 Apr 2021
Alcino Azevedo, Gonul Colak, Izidin El Kalak and Radu Tunaru
Aston Business School, University of Sussex, Cardiff Business School and University of Sussex
Downloads 248 (212,458)

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Voluntary Delisting; Delist Timing; Political Uncertainty, Real Options; Survival Analysis.

15.

Tournament Incentives and IPO Failure Risk

Journal of Banking and Finance, Forthcoming
Number of pages: 51 Posted: 11 Feb 2019 Last Revised: 28 May 2021
Gonul Colak, Dimitrios Gounopoulos, Georgios Loukopoulos and Panagiotis Loukopoulos
University of Sussex, University of Bath - School of Management, University of Sussex Business School and University of Strathclyde - Department of Accounting and Finance
Downloads 236 (223,072)

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CEO Pay Gap, Tournament Incentives, Initial Public Offerings, IPO Survival

16.

Compensation Contagion: The Role of Peer Benchmarking

Kelley School of Business Research Paper No. 17-67
Number of pages: 60 Posted: 05 Sep 2017
Gonul Colak, Jun Yang and Pengfei Ye
University of Sussex, Indiana University - Kelley School of Business - Department of Finance and Virginia Tech
Downloads 220 (238,550)
Citation 1

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CEO Compensation, Pay Contagion, Compensation Peers, S&P 500 Recomposition

17.

Climate Change Denial and Corporate Environmental Responsibility

Number of pages: 63 Posted: 25 Apr 2023 Last Revised: 27 Nov 2023
Mansoor Afzali, Gonul Colak and Sami Vähämaa
Hanken School of Economics, University of Sussex and University of Vaasa
Downloads 219 (239,537)
Citation 1

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Climate change, climate change denial, environmental responsibility, corporate social responsibility, sustainability

18.

Political Power Local Policy Uncertainty and IPO Pricing

Journal of Corporate Finance, Forthcoming
Number of pages: 61 Posted: 25 Nov 2018 Last Revised: 10 Feb 2021
Gonul Colak, Dimitrios Gounopoulos, Panagiotis Loukopoulos and Georgios Loukopoulos
University of Sussex, University of Bath - School of Management, University of Strathclyde - Department of Accounting and Finance and University of Sussex Business School
Downloads 204 (255,790)
Citation 1

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Initial Public Offering, Underpricing, Political Uncertainty, Political Proximity, Policy Risk

19.

Decoupling by Clienteles and by Time in the Financial Markets: The Case of Two-Stage Stock-Financed Mergers

Journal of Corporate Finance, Vol. 25, 2014
Number of pages: 16 Posted: 11 Apr 2012 Last Revised: 25 Feb 2014
James S. Ang, Gonul Colak and Tai-Wei Zhang
Florida State University, University of Sussex and Ming Chuan University
Downloads 161 (314,770)

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decoupling hypothesis; market segmentation; mergers and acquisitions; method of payment; SEO/IPO; use of proceeds

20.

Social Capital and Accounting Conservatism

Number of pages: 42 Posted: 30 Sep 2022 Last Revised: 22 Jun 2023
Mansoor Afzali, Gonul Colak, Iftekhar Hasan and Minna Martikainen
Hanken School of Economics, University of Sussex, Fordham University and University of Vaasa
Downloads 137 (358,843)

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Social capital, accounting conservatism, firm risk

21.

Investor Relations and IPO Performance

Forthcoming in the Review of Accounting Studies
Number of pages: 61 Posted: 19 Jul 2019 Last Revised: 22 Jul 2019
Salim Chahine, Gonul Colak, Iftekhar Hasan and Mohamad Mazboudi
American University of Beirut - Olayan School of Business, University of Sussex, Fordham University and American University of Beirut
Downloads 135 (362,898)
Citation 15

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Initial public offering; Investor relations; Media; Agency problems; Underwriters; Venture capitalists; Analyst forecasts

22.

Executive Compensation Structure and the Motivations for Seasoned Equity Offerings

Journal of Banking and Finance 40, 330-345.
Number of pages: 45 Posted: 09 Jan 2014 Last Revised: 05 Feb 2014
Eric R. Brisker, Don M. Autore, Gonul Colak and David R. Peterson
The University of Akron, Florida State University - College of Business, University of Sussex and Florida State University - Department of Finance
Downloads 126 (382,486)
Citation 1

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Seasoned equity offerings; Executive compensation; Equity-based compensation

23.

Financial Uncertainty and the Cross-Section of Cryptocurrency Returns

Number of pages: 53 Posted: 24 Jul 2023
Gonul Colak, Joshua Della Vedova, Sean Foley and Sinh Thoi Mai
University of Sussex, The University of San Diego - Knauss School of Business, Macquarie University and Hanken School of Economics
Downloads 110 (422,632)

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Cross-section of cryptocurrency returns, Financial uncertainty, Taxonomy of cryptocurrencies

24.

The Financing Role of Private Equity: Global Evidence

Downloads 94 (470,963)

The Financing Role of Private Equity: Global Evidence

Number of pages: 48 Posted: 06 Oct 2022 Last Revised: 24 Dec 2022
Özde Öztekin and Gonul Colak
Florida International University (FIU) and University of Sussex
Downloads 84 (510,207)

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Private equity, financial markets, government policy and regulation

The Financing Role of Private Equity: Global Evidence

Number of pages: 50 Posted: 08 Nov 2023
Özde Öztekin and Gonul Colak
Florida International University (FIU) and University of Sussex
Downloads 10 (1,017,666)

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Private equity, Public debt, Bonds, Bank loans, uncertainty, Government Policy and Regulation

25.

Political Environment, Financial Intermediation Costs, and Financing Patterns

Journal of Corporate Finance, Forthcoming
Number of pages: 58 Posted: 20 Mar 2017 Last Revised: 25 May 2018
Ali Gungoraydinoglu, Gonul Colak and Özde Öztekin
Florida International University (FIU), University of Sussex and Florida International University (FIU)
Downloads 89 (487,451)
Citation 16

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Elections; External Financing; Information Risk; Institutions; International; Leverage; Policy Uncertainty; Financial Intermediation; Issuance Costs

26.

Economic Uncertainty and Corruption: Evidence From Public and Private Firms

Journal of Financial Stability, Forthcoming
Number of pages: 60 Posted: 02 Aug 2021 Last Revised: 15 Sep 2021
Mansoor Afzali, Gonul Colak and Mengchuan Fu
Hanken School of Economics, University of Sussex and Bentley University
Downloads 81 (516,219)
Citation 3

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economic policy uncertainty, private firms, corruption, bribery, cheating on taxes, trust, religiosity

27.

COVID-19 and Disruptions of Trade Credit along the Supply Chains

Number of pages: 71 Posted: 13 Feb 2023
Gonul Colak and Jonas Gustafsson
University of Sussex and Hanken School of Economics - Department of Finance and Statistics
Downloads 74 (544,020)

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COVID-19, lockdown, end-consumer, supply chain, trade credit

28.

Lean against the Wind: the Effect of Policy Uncertainty on a Firm's Corporate Social Responsibility Strategy

Journal of Corporate Finance, Forthcoming
Number of pages: 59 Posted: 03 Feb 2023
Daoju Peng, Gonul Colak and Jianfu Shen
Capital University of Economics and Business, University of Sussex and The Hong Kong Polytechnic University
Downloads 70 (560,836)

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Corporate Social Responsibility (CSR), Policy Uncertainty, Gubernatorial Election, Hedging Strategy

29.

Corporate Agility and Monetary Policy Transmission

Number of pages: 80 Posted: 28 Feb 2023
Gonul Colak and Sinh Thoi Mai
University of Sussex and Hanken School of Economics
Downloads 64 (587,748)

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corporate agility; machine learning; monetary policy; word2vec

30.

Easy Clean-ups or Forbearing Improvements: The Effect of CEO Tenure on Successor’s Performance

Journal of Financial Stability, Forthcoming
Number of pages: 70 Posted: 03 Feb 2023
Gonul Colak and Eva Liljeblom
University of Sussex and Swedish School of Economics and Business Administration
Downloads 61 (602,036)

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CEO Tenure; CEO Term Limits; Restructuring Costs; Shareholder Value; Firm Performance; Hazard Model

31.

ESG Issues and Career Prospects of Directors: Evidence from the International Director Labor Market

Financial Markets, Institutions and Instruments, Forthcoming
Number of pages: 64 Posted: 20 Oct 2022
Gonul Colak, Timo Korkeamaki, Kent Hickman and Niclas Oskar Meyer
University of Sussex, Aalto University - Aalto University School of Business, Department of Finance, Students, Gonzaga Univesity and Hanken School of Economics
Downloads 54 (638,249)

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Director Career Prospects, Director Labor Market, ESG, Stakeholder Orientation, Shareholder Value, Legal Origin

32.

Management Guidance and Monetary Policy Transmission in the Eurozone

Number of pages: 66 Posted: 01 Mar 2023
Mansoor Afzali, Gonul Colak, Sinh Thoi Mai and Pavel G. Savor
Hanken School of Economics, University of Sussex, Hanken School of Economics and DePaul University - Kellstadt Graduate School of Business
Downloads 53 (643,806)

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Management earnings guidance; monetary policy; European Central Bank; Information asymmetry

33.

CEO Mobility and Corporate Policy Risk

Journal of Corporate Finance, Forthcoming
Number of pages: 91 Posted: 02 Aug 2021
Gonul Colak and Timo Korkeamaki
University of Sussex and Aalto University - Aalto University School of Business, Department of Finance, Students
Downloads 49 (666,256)
Citation 1

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CEO mobility, corporate policy risk, shareholder value, severance packages

34.

On Modelling IPO Failure Risk

Economic Modelling, Forthcoming
Number of pages: 54 Posted: 17 Mar 2022
Gonul Colak, Mengchuan Fu and Iftekhar Hasan
University of Sussex, Bentley University and Fordham University
Downloads 47 (678,164)

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IPOs, Machine Learning, IPO Failure Risk, IPO delisting, Gradient Boosting

35.

Comovements in Corporate Waves and the Monetary Policy

Number of pages: 61 Posted: 02 Mar 2021
Gonul Colak, Iftekhar Hasan and Necati Tekatli
University of Sussex, Fordham University and Kutztown University College of Business
Downloads 46 (684,289)

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Corporate Event Waves, Monetary Policy, Uncertainty, Factor Analysis, Bayesian Estimation

36.

Commitment or Constraint? The Effect of Loan Covenants on Merger and Acquisition Activity

Finance Research Letters, Forthcoming
Number of pages: 16 Posted: 03 Feb 2023
Gene Ambrocio, Gonul Colak and Iftekhar Hasan
Bank of Finland, University of Sussex and Fordham University
Downloads 44 (696,894)

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Mergers & Acquisitions, Takeovers, Loan Covenants

37.

Does Economic Uncertainty Affect Default Risk? Evidence from Mutual Fund Fire Sale Episodes

Number of pages: 15 Posted: 18 Oct 2022
Gonul Colak and Ali Malik
University of Sussex and Hanken School of Economics
Downloads 40 (723,309)

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Economic Uncertainty, flow-driven trading pressure, distance-to-default, mutual funds, stock returns

38.

Why Are Some Chinese Firms Failing in the US Capital Markets? A Machine Learning Approach

Pacific-Basin Finance Journal, Forthcoming
Number of pages: 53 Posted: 02 Aug 2021
Gonul Colak, Mengchuan Fu and Iftekhar Hasan
University of Sussex, Bentley University and Fordham University
Downloads 40 (723,309)

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initial public offerings, machine learning, China, underpricing, delistings, long-run returns, cross-listings, prediction