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

44

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226

Scholarly Papers (44)

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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, Department of Economics
Downloads 1,155 (39,443)
Citation 14

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Conglomerate discount, refocussing, investment, endogeneity, measurement error

2.

ESG and CEO Turnover Around the World

Journal of Corporate Finance, forthcoming
Number of pages: 84 Posted: 14 Oct 2020 Last Revised: 26 Mar 2024
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 1,055 (44,904)
Citation 11

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CEO Turnover, Environmental, Social, and Governance (ESG), Firm Misbehavior, Legal Origin, Shareholder Value Maximization, Stakeholder Society Approach

3.

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 1,033 (46,282)
Citation 1

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

4.

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 1,011 (47,708)
Citation 119

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

5.

Cycles in the IPO Market

Downloads 935 (53,147)
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 935 (52,293)
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

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 841 (61,537)
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 629 (89,743)

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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 577 (100,095)
Citation 1

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

9.

The Timing of Voluntary Delisting

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 58 Posted: 13 Jan 2020 Last Revised: 21 Mar 2024
Alcino Azevedo, Gonul Colak, Izidin El Kalak and Radu Tunaru
Aston Business School, University of Sussex, Cardiff Business School and University of Sussex
Downloads 468 (129,375)
Citation 1

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Voluntary Delisting; Political Uncertainty; Regulatory Uncertainty; Competing Risk

10.

Comovements in Corporate Waves

Downloads 440 (139,362)
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 243 (262,176)
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 197 (320,940)

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

11.

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 377 (166,116)
Citation 3

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

12.

Climate Change Denial and Corporate Environmental Responsibility

Journal of Business Ethics, Forthcoming
Number of pages: 63 Posted: 25 Apr 2023 Last Revised: 19 Jan 2024
Mansoor Afzali, Gonul Colak and Sami Vähämaa
Hanken School of Economics, University of Sussex and University of Vaasa
Downloads 370 (169,651)
Citation 1

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

13.

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 352 (179,149)
Citation 18

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

14.

Financial Uncertainty and the Cross-Section of Cryptocurrency Returns

Downloads 332 (190,944)
Citation 1

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 ISEG Lisbon School of Economics and Management,Universidade de Lisboa
Downloads 239 (266,440)

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

Financial Uncertainty and the Cross-Section of Cryptocurrency Returns

Number of pages: 64 Posted: 16 Mar 2024
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 ISEG Lisbon School of Economics and Management,Universidade de Lisboa
Downloads 93 (591,167)
Citation 1

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Cross-Section of Cryptocurrency Returns, Financial Uncertainty, Taxonomy, Bitcoin

15.

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 326 (194,675)
Citation 1

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initial public offerings, international, legal bonding, underpricing

16.

IPO Characteristics of Index Firms

Number of pages: 26 Posted: 21 Nov 2009 Last Revised: 15 Oct 2013
Gonul Colak
University of Sussex
Downloads 292 (218,881)

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

17.

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 285 (224,500)
Citation 16

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18.

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 257 (249,403)

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

19.

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 249 (257,474)
Citation 1

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

20.

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 237 (270,216)
Citation 1

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

21.

Impact of Size and Volume on Cryptocurrency Momentum and Reversal

Number of pages: 17 Posted: 08 Mar 2023 Last Revised: 03 Apr 2024
Milan Fičura and Gonul Colak
University of Economics, Prague - Faculty of Finance and Accounting and University of Sussex
Downloads 216 (295,413)

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cryptocurrency, momentum, reversal, high-momentum, size, liquidity, asset pricing

22.

Social Capital and Accounting Conservatism

Downloads 216 (296,666)

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 199 (319,467)

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Social capital, accounting conservatism, firm risk

Social Capital and Accounting Conservatism

Number of pages: 51 Posted: 24 Dec 2024
Mansoor Afzali, Gonul Colak, Iftekhar Hasan and Minna Martikainen
Hanken School of Economics, University of Sussex, Fordham University and University of Vaasa
Downloads 17 (1,194,875)

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Social capital, civic norms, social networks, accounting conservatism, asymmetric earnings timeliness

23.

The Financing Role of Private Equity: Global Evidence

Downloads 188 (336,215)
Citation 1

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 128 (465,781)

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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 60 (759,130)
Citation 1

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

24.

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 174 (360,335)

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

25.

Corporate Agility and Monetary Policy Transmission

Number of pages: 92 Posted: 28 Feb 2023 Last Revised: 28 Dec 2023
Gonul Colak and Sinh Thoi Mai
University of Sussex and ISEG Lisbon School of Economics and Management,Universidade de Lisboa
Downloads 161 (385,388)

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corporate agility; machine learning; monetary policy; word2vec

26.

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 136 (442,279)
Citation 1

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Seasoned equity offerings; Executive compensation; Equity-based compensation

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 125 (472,753)

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

28.

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 110 (520,879)

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

29.

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 110 (520,879)
Citation 17

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

30.

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 109 (524,314)

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

31.

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 103 (546,495)
Citation 6

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

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, ISEG Lisbon School of Economics and Management,Universidade de Lisboa and DePaul University - Kellstadt Graduate School of Business
Downloads 95 (576,910)

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

33.

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 85 (617,957)

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

34.

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 71 (683,239)

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

35.

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 69 (693,666)
Citation 1

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

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 65 (715,378)

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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 62 (732,647)

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

38.

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 58 (756,853)

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

39.

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 57 (763,315)

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

40.

Gold, Platinum, and Mutual Fund Flows

Number of pages: 72 Posted: 10 Jan 2024
Ali Malik, Gonul Colak and Anders Löflund
University of Leicester - School of Business, University of Sussex and Hanken School of Economics
Downloads 46 (841,414)

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gold to platinum price ratio, mutual funds, economic distress, fund flows, downside risk, risk-adjusted return

41.

FOMC Meetings, Monetary Policy Uncertainty, and Mutual Fund Alpha

Number of pages: 54 Posted: 21 Dec 2024
Ali Malik and Gonul Colak
University of Leicester - School of Business and University of Sussex
Downloads 38 (909,465)

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mutual fund flows, FOMC announcements, monetary policy uncertainty, alpha consistency, portfolio holdings

42.

Organization Capital and IPO Performance

Posted: 27 Dec 2023
Georgios Loukopoulos, Panagiotis Loukopoulos, Gonul Colak, Dimitrios Gounopoulos and Dimitrios Konstantios
University of Sussex Business School, University of Strathclyde - Department of Accounting and Finance, University of Sussex, University of Bath - School of Management and ALBA Graduate Business School

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Organization capital, IPO Underpricing, IPO Performance

43.

Do Classified Boards Affect the Choice of Debt Source?

Posted: 13 Dec 2023
Gonul Colak, Georgios Loukopoulos and Panagiotis Loukopoulos
University of Sussex, University of Sussex Business School and University of Strathclyde - Department of Accounting and Finance

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Classified boards, staggered boards, debt choice, debt financing, bank debt, public debt, agency problems

44.

Idiosyncratic Political Risk and Bad News Hoarding

Gonul Colak, Georgios Loukopoulos and Panagiotis Loukopoulos
University of Sussex, University of Sussex Business School and University of Strathclyde - Department of Accounting and Finance

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Firm-Level Political Risk, Bad News Hoarding, Stock Price Crash Risk