Resume - Özyeğin Üniversitesi

CURRICULUM VITAE
IŞIL EROL
Associate Professor of Real Estate Finance
Banking and Finance Department
Faculty of Business - Özyeğin University
34794 Istanbul -Turkey
Tel: +90-216- 5649391
E-mail: [email protected]
EDUCATION
PhD in Real Estate Finance
Land Economy Department, University of Cambridge
(December, 2004)
MPhil in Land Economy (Thesis option)
Land Economy Department, University of Cambridge
(2001)
MSc in Economics
Department of Economics
Middle East Technical University, Ankara-Turkey
(2000)
BSc in City and Regional Planning (Urban Economics Emphasis)
Department of City and Regional Planning
Middle East Technical University, Ankara-Turkey
(1998)
RESEARCH AREAS
Housing Finance and Mortgage Markets, Urban Geography, Economics of Shopping Centers, Real Estate
Valuation, Corporate Finance and Real Estate Investment Trusts (REITs), Mortgage Pricing, Structural and
Reduced-form Option Pricing Models.
PH.D. DISSERTATION
“Pricing Wage-Indexed Payment Mortgage Contract and the Default Risk in the Turkish Mortgage Market”,
Department of Land Economy, University of Cambridge, October 2004, Supervisor: Dr. Kanak Patel.
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PROFESSIONAL EXPERIENCE
Academic Director
aA Retail and Real Estate Center
Özyeğin University, Istanbul - Turkey
(Nov. 2013 – present)
Associate Professor of Real Estate Finance
Banking and Finance
Özyeğin University, Istanbul - Turkey
(Sept. 2013 – present)
Vice-Chair
Department of Economics
Middle East Technical University, Ankara - Turkey
(Feb. 2011 – Sept. 2013)
Associate Professor of Economics
Department of Economics
Middle East Technical University, Ankara - Turkey
(June 2010-Sept. 2013)
Visiting Scholar
Business School
Finance, Banking, and Property Discipline
University of Adelaide, Adelaide - Australia
(Aug.-Sept. 2009)
Programme Chair
Financial Mathematics
Institute of Applied Mathematics
Middle East Technical University, Ankara - Turkey
(Sept. 2008 – Feb. 2011)
Vice-Director
Institute of Applied Mathematics
Middle East Technical University, Ankara - Turkey
(Sept. 2006- Aug. 2008)
Assistant Professor of Economics
Department of Economics
Middle East Technical University, Ankara - Turkey
(June 2005-June 2011)
Research and Teaching Assistant
Department of Economics,
Middle East Technical University, Ankara - Turkey
(1999- June 2005)
PUBLICATIONS
SSCI Publications
1) Kutlukaya, M. and I. Erol “Analysis of Cross-Country Variations in the Depth of European Mortgage
Markets”, accepted for publication in the Journal of Housing and the Built Environment, Springer
Netherlands, July, 23, 2015, DOI: 10.1007/s10901-015-9473-2, 'Online First' on Springer Link.
2) Cakici, N., Erol, I. & D. Tirtiroglu (March 2014). Tracking the Evolution of Idiosyncratic Risk and CrossSectional Expected Returns for US REITs, Journal of Real Estate Finance and Economics, 48(3), 415-440,
Springer.
3) Erol, I. & A. Ileri (October 2013). What Determines REIT Returns in Turkey? An Application of TimeVarying Arbitrage Pricing Model in an Emerging REIT Market, İktisat İşletme ve Finans, 28(331), 41-60.
4) Erol, I. & B.A. Ozbakir (2012) Globalizing Polycentricity in Istanbul: Mamdani Type Fuzyy Rule-Based
Model of Downtown Office Space Rents. Urban Geography, 33(8), 1212-1248, Routledge.
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5) Erol, I. & D. Tirtiroglu (July 2011). Concentrated Ownership, No Dividend Payout Requirement and
Capital Structure of REITs: Evidence from Turkey. Journal of Real Estate Finance and Economics. 43(1-2),
174-204, Springer.
6) Erol, I. & D. Tirtiroglu (2008). The Inflation-Hedging Properties of Turkish REITs. Applied Economics,
40 (20), 2671-2696, Taylor & Francis Journals.
7) Erol, I. & K. Patel (2005). Default Risk of Wage-Indexed Payment Mortgage (WIPM) Contract in Turkey.
Journal of Housing Economics, 14(3), 271-293, Elsevier.
Book Chapters
1) Erol, I. (forthcoming in November 2015). Real Estate and Economic Growth in Turkey in Real Estate,
Construction and Economic Development in Emerging Market Economies Edited by Raymond, T.A., O.
Franklin, E. Ochieng and M. Vida, published by Routledge.
2) Erol, I. (Nisan 2015) “Türkiye’de Konut Balonu Var Mı? Konut Sektörü Kapitalizasyon Oranları Analizi”,
Sayfa 323-344, Türkiye Ekonomisinin Dünü, Bugünü, Yarını, Derleyenler Emre Özçelik ve Erol Taymaz,
İmge Kitabevi Yayınları, Ankara, ISBN 978-975-533-, 2015.
3) Erol, I. (2012). Gayrimenkul Ekonomisi, ISBN: 978-975-06-1430-9, ÜNİTE 2: “Gayrimenkul
Ekonomisine Giriş” - Introduction to Real Estate Economics), Anadolu Üniversitesi Yayın No: 2766,
Açıköğretim Yayın No: 1724.
4) Erol, I. (2012). Gayrimenkul Ekonomisi, ISBN: 978-975-06-1430-9, ÜNİTE 3: “Kentsel Mekan” –
(Urban Space), Anadolu Üniversitesi Yayın No: 2766, Açıköğretim Yayın No: 1724.
5) Erol, I. (2012). Gayrimenkul Ekonomisi, ISBN: 978-975-06-1430-9, ÜNİTE 4: “Gayrimenkul Sistemi” –
(Real Estate System), Anadolu Üniversitesi Yayın No: 2766, Açıköğretim Yayın No: 1724.
6) Erol, I. (2012). Gayrimenkul Ekonomisi, ISBN: 978-975-06-1430-9, ÜNİTE 5: “Gayrimenkul Ekonomisi
için Bugünkü Değer Matematiği” – (Present Value Mathematics for Real Estate Economics), Anadolu
Üniversitesi Yayın No: 2766, Açıköğretim Yayın No: 1724.
Other Refereed Publications:
1) Erdem, O. & I. Erol (2013). Ev Sahipliği-İşsizlik İlişkisi Üzerine: Oswald Hipotezinin Türkiye Örneğinde
Test Edilmesi. İktisat ve Toplum Dergisi Sayı:27, 17-24.
2) Altinsoy, G., I. Erol & Ş.K. Yıldırak (2010). Time-varying Beta Risk of Turkish Real Estate Investment
Trusts. Metu Studies in Development, 37 (August), 83-114.
3) Erol, I. & Ö. Çetinkaya (Aralık 2009). Originating Long-Term Fixed-Rate Mortgages In Developing
Economies: New Evidence from Turkey. Metu Studies in Development, 36(2), 325-362.
4) Erol, I. (2008). “The Inflation-Hedging Characteristics of Real Estate and Financial Assets in Turkey:
2000 to 2006”, Yapı Kredi Economic Review, 19(1), 39-66.
5) Erol, I. & K. Patel (2007). Pricing the Default Option of Inflation-Indexed Mortgages Using Explicit
Finite Difference Method, International Real Estate Review, 10(1), 48-92.
6) Erol, I. & A. Güzel (2006). The Elasticity of Capital–Land Substitution in the Housing Construction
Sector of a Rapidly Urbanized City: Evidence from Turkey. Review of Urban and Regional Development
Studies, 18(2), 85-101.
7) Erol, I. & K. Patel (2005). Developing Mortgage Market in Turkey: The Key Issues in the Creation of
Secondary Market. Bogazici Journal: Review of Social, Economic and Administrative Studies, 19(1-2), 3154.
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8) Erol, I. & K. Patel (2004). Housing Policy and Mortgage Finance in Turkey during the Late 1990s
Inflationary Period. International Real Estate Review, 7(1), 98-120.
International Conference Proceedings
Erol, I. (2008). Capital Structure Decisions in Turkish REITs. 12-15 July 2008, Proceedings of the 13th
Asian Real Estate Society (AsRES) Annual Conference, Shanghai-China, ISBN 978-7-5642-0263-7
Baer, T., K. Patel, I. Erol, R. Pereira, & Y. Sung-Jin (October 2006). Pricing of Reverse Mortgage on
Forward House Sale. Proceedings of the 5th International Conference on Computational Intelligence in
Economics and Finance) 8-11 October 2006, Taiwan ISBN: 978-90-78677-01-7.
BOOK-IN-PROGRESS
“Mortgage Contracts and Their Embedded Options” – in Turkish with D. Tirtiroglu.
RESEARCH PROJECTS
Ongoing Projects
Project Leader - The Scientific and Technological Research Council of Turkey (TUBITAK) 1001 Project
Project Title: “Analysis of the Determinants of Declining Home Ownership Rate in Turkey”, April 2015 –
April 2016.
Completed Projects
Project Leader - The Scientific and Technological Research Council of Turkey (TUBITAK) 1001 Project
Project Title: “Pricing Turkish REIT Industry under the Corporate Finance Theories: Applications of
Arbitrage Pricing Model and Event Study for Tax Arbitrage”, November 2011-November 2012
Project Leader - İş Bankası Consulting and Education Project
Project title: “Primary and Secondary Mortgage Markets and Pricing Mortgage Contracts”, Consulting and
Education Project for Is Bank, June-December 2009 & February-June 2010.
Project Leader - The Scientific and Technological Research Council of Turkey (TUBITAK) 1001 Project
Project Title: “GIS and Fuzzy Logic Based Spatial Analysis for the Determinants of REIT-Owned
Commercial Property Rents in Istanbul”, October 2008-2010.
Project Leader - The Scientific and Technological Research Council of Turkey (TUBITAK) 1001 Project
Project Title: “Pricing Fixed Rate Mortgages in Inflationary Economies: A Numerical Analysis of Partial
Integro Differential Equation (PIDE) for jump processes”, October 2007-2009.
EU – European Commission Seventh Framework Program, FESSUD (Financialization, Economy, Society
and Sustainable Development) Project, December 2011 – December 2014 (Researcher in a team of fifteen
participating international universities).
Scientific Research Projects financed by METU
Project Leader - BAP-07-05-2010-04: “Testing the Efficient Market Hypothesis (EMH) fort he US, UK, and
Japanese Stock Markets: Application of Signal Processing, Pattern Recognition, Artificial Intelligence and
Probabilistic Graphical Modelling Techniques”, January 2010- December 2010.
Project Leader - BAP- 2008-07-05-03: “Investment Performance of Real and Financial Assets under HighFrequency (Weekly) Inflation in Turkey”, January 2008- December 2008.
Project Leader - BAP- 2007-07-05-04: “Inflation Hedging Properties of Real Estate Investments: An
Application of Markov Regime Switching Model”, January 2007-December 2007.
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CONSULTING ACTIVITIES
- One-year training program on ‘Pricing mortgage contracts and the development of secondary mortgage
market in Turkey’ for over 4,000 İş Bank employees.
- One-day training program on “international financial markets” for the junior experts in the Undersecretariat of Foreign Trade Turkey.
- A week-long training program on ‘mortgages and corporate risk management’ to a group of İş Bankası
employees.
CONFERENCE ORGANIZATIONS
International Real Estate Markets Workshop organized by Alp Alkaş Retail and Real Estate Center (aA
RREC) at Özyeğin University and sponsored by Borsa Istanbul, in June 19-20, 2014 in Istanbul.
CONFERENCE PRESENTATIONS
International Conferences
1) Erol, I. ve E. Cüneydoğlu (Kasım 2015), “Türkiye’de Konut Satın Alma Gücü Azalıyor mu? Konut Sahiplik
Oranının Hanehalkı Düzeyinde Analizi”, 14. Ulusal Sosyal Bilimler Kongresi, 23-25 Kasım, ODTÜ – Ankara.
2) Ceylan, R., I. Erol, and B.A. Ozbakir (July, 2015), “Mapping the Urban Story of Shopping Malls in
Istanbul, Session: How GIS Is Transforming Real Estate?, paper will be presented by B.A. Ozbakir in the
2015 ESRI User Conference (Esri UC) to be held in San Diego, CA, USA, 20-24 July, 2015.
3) Erol, I., D. Tirtiroglu, and E. Tirtiroglu (August 2015), “Pricing of IPOs: The Unique Case of Turkish
REITs”, accepted and will be presented in the second International Conference in Economics (EconWorld
2015), to be held in Torino, Italy, 18-20 August, 2015.
4) Ceylan, R., I. Erol, and B.A.Ozbakir (July 2015), “Raster Based Walkability Index Mapping of Shopping
Malls in Istanbul, Session: Planning for Physical Activity and Health, paper will presented by B.A. Ozbakir
in the 2015 ESRI User Conference (Esri UC) to be held in San Diego, CA, USA, 20-24 July, 2015.
5) Erol, I. (April 2015), “An Econometric Analysis of the Spatial Distribution of Organized Retail Space in
Istanbul” presented in the 2015 Annual Meeting of the Association of American Geographers (AAG) held in
Chicago, Illinois, USA, 21-25 April, 2015.
6) Erol, I. (Nisan, 2015), “İnşaat Sektörü, Mortgage Piyasası ve Ekonomik Büyüme”, Türkiye Ekonomisi ve
Kalkınma İktisadı Çalıştayı – Fikret Şenses’e Armağan, 2-4 Nisan 2015.
7) “Urban Dynamics of Shopping Center Development in Istanbul” presented at the 2014 Annual Meeting of
the Association of American Geographers (AAG), in April 8-12, 2014, in Tampa, Florida, USA (joint with
B.A. Ozbakir).
8) “Pricing REIT IPOs under Complete Flexibility in Dividend Policy and Legally Mandated Concentrated
Ownership: The Unique CASE OF Turkish REITs” presented at the 2013 AREUEA International
Conference, in June 23-26, in Jerusalem, Israel (joint with D. Tirtiroglu) .
9) “Macroeconomic Risk Factors in Turkish REIT Returns” presented at European Real Estate Society
(ERES) Conference in June 13-16, 2012 in Edinburgh, Scotland, UK.
10) “Housing Finance System in Turkey and the European Union Harmonization Process” presented at the
15th Annual Mediterranean Studies Association Conference in May 30 – June 2, 2012.
11) “GIS-Based Spatial Analysis for the Determinants of REIT-Owned Commercial Property Rents in
Istanbul Metropolitan Area” presented at the 2009 AsRES-AREUEA Joint International Conference in July
11-14, 2009 in Los Angeles, US (with B. A. Ozbakir).
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12) “Originating Long-term Fixed-Rate Mortgages in Developing Economies: New Evidence from Turkey”
presented at the 2009 AsRES-AREUEA Joint International Conference in July 11-14, 2009 in Los Angeles,
US (with O. Cetinkaya).
13) “Concentrated Ownership, No Dividend Payout Requirement, and the Capital Structure of REITs:
Evidence from Turkey” presented at the Accounting & Finance Association of Australia and New Zealand
(AFAANZ) Conference in July 5-7, 2009 in Adelaide, Australia ISSN # 1328-780X, (with D. Tirtiroglu).
14) “Inflation-hedging Under Hyper and Moderate-to-Low Inflation Processes: REITs and Other Financial
Assets in Turkey” presented at the 17th Annual AREUEA International Conference in July 4-6, 2008 in
Istanbul (with D. Tirtiroglu and S.K. Yildirak).
15) “Inflation-Hedging Properties of REITs in Inflationary Economies: An Application of Markov RegimeSwitching Model” presented at the 12th Asian Real Estate Society (AsRES) Annual Conference and The 2007
AREUEA International Conference in July 9-12, 2007 in Macau, China. (joint with D. Tirtiroglu and S.K.
Yildirak)
16) “The Inflation-Hedging Properties of REITs in Emerging Markets: The Evidence from Turkey”
presented at European Real Estate Society (ERES) Conference in 7-10 June 2006 in Weimar, Germany.
17) “The Valuation of Index-Linked Mortgages Using A Contingent Claims Approach: The Explicit Finite
Difference Method for Pricing Wage-Indexed Mortgages” presented at European Real Estate Society
(ERES) Conference in 2-5 June 2004 in Milan, Italy. (joint with K. Patel)
18) “Optimal Mortgage Contract Design in Less Developed Capital Markets: Wage-Indexed Payment
Mortgages (WIPMs) in Turkey” presented at European Real Estate Society (ERES) Conference in 2-5 June
2004 in Milan, Italy. (joint with K. Patel)
19) “Pricing Default Risk of Index-Linked Mortgages” presented in Asian Real Estate Society (AsRES)
Conference at 9-12 August 2004, in New Delhi, India. (joint with K. Patel)
20) “The Default Risk of Wage Index Adjusted Payment Mortgages” presented at American Real Estate and
Urban Economics Association (AREUEA) Conference in June 2003, in Cracow, Poland. (joint with K. Patel)
21) “Alternative Mortgage Instruments for Inflationary Economies: Adjustable Payment Mortgages in
Turkey” presented at European Real Estate Society (ERES) Conference in June 2003 in Helsinki, Finland.
(joint with K. Patel).
22) “The Elasticity of Capital-Land Substitution in the Housing Construction Sector of a Rapidly Urbanized
City: Case Study of Ankara” presented at American Real Estate and Urban Economics Association
(AREUEA) Conference in June 2003 in Cracow, Poland. (joint with A. Guzel)
National Conferences
1) Kentsel ve Bölgesel Araştırmalar Ağı, 6. Sempozyumu: Gayrimenkul Odaklı Büyümeden Üretime Dayalı
Büyümeye Doğru, 17-19 Eylül 2015, İzmir. Panel konuşma başlığı: Türkiye Ekonomisinde Erken
Sanayisizleşme Süreci, İnşaat Sektörü ve Ekonomik Büyüme, Erol, I.
2) “Türkiye’de Konut Sahipliği Oranı Neden Azalıyor?” – (Why Does the Home Ownership Ratio Decline in
Turkey) presented at the National Congress of Harran University (EconHarran), October, 23-24 2014, in
Şanlıurfa-Turkey.
3) “Küresel Finansal Kriz ve Türkiye’de Bankacılık Sektörü Düzenlemeleri” presented at the 13th National
Congress of the Turkish Socail Sciences Association, December 4-6, 2014, in METU Ankara.
4) “Inflation-hedging Under High and Moderate-to-Low Inflation Processes: REITs and Other Financial
Assets in Turkey” presented at Anadolu International Conference in Economics in June 17-19, 2009 in
Eskişehir, Turkey (with D. Tirtiroglu and S. K. Yildirak)
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5) “What Determines REIT Returns in Turkey? An Application of Time-Varying Arbitrage Pricing Model in
an Emerging REIT Market” presented at Turkish Economic Association (TEK) conference in November 1-3,
2012 in Çeşme-İzmir.
MSC THESES SUPERVISION
Department of Financial Mathematics, Institute of Applied Mathematics
“Pricing Default and Financial Distress Risks in Foreign Currency-Denominated Corporate Loans in
Turkey”, by Aycan Yilmaz, METU, September 2011 (Sole supervisor)
Department of Financial Mathematics, Institute of Applied Mathematics
“Completion, Pricing and Calibration in a Levy Market Model”, by B. Zeynep Yılmaz, METU, September
2010 (Co-supervisor)
Department of Financial Mathematics, Institute of Applied Mathematics
"Office Rent Variation in Istanbul CBD: An Application of Mamdani and TSK-Type Fuzzy Rule Based
System", by Azar Karimov, METU, August 2010 (Principal supervisor)
Department of Economics
“Time-Varying Beta Risk of Turkish REITs”, by Gözde Altınsoy, December 2009 (Sole supervisor)
Department of Economics
"The determinants of financial development in Turkey: A principal component analysis", by Mesrur Boru,
METU, August 2009 (Sole supervisor)
Department of Financial Mathematics, Institute of Applied Mathematics
“Pricing the Default and Prepayment Risk of Fixed Rate Mortgages in Turkey: An Application of Explicit
Finite Difference Method”, by Özgenay Çetinkaya, METU, July 2009 (Sole supervisor)
Department of Financial Mathematics, Institute of Applied Mathematics
“Financial Leverage Decisions of Turkish REITs,“ by Burak Yıldırım, METU, December 2008 (Sole
supervisor)
PHD- THESES SUPERVISION
Turkish Mortgage Market: An Assessment of Its Potential and Riskiness, April 2015, with Mahmut
Kutlukaya, Completed thesis.
The Impacts of the Structural Differences of Turkish REITs from the Global REIT Industry, February, 2015,
with Erkan Yönder, Completed thesis.
Transport Economics: Congestion Charging by Spatial Computable General Equilibrium (CGE) Models
(Ongoing thesis with Ozhan Yılmaz).
TEACHING PORTFOLIO
Have taught undergraduate courses in 1) Microeconomics, 2) Statistics, 3) Intermediate Macroeconomic
Theory, 4) Principles of Finance, 5) Real Estate Economics and Finance, 6) Real Investment Analysis with
Options.
Have taught graduate courses in 1) Financial Theory and Corporate Finance (contained a large dose of
corporate finance topics such as debt financing, principles of asset valuation, options and their valuations,
valuation under leverage), 2) Real Estate Finance, and 3) Options and Risk Management.
Econ 101 –
Econ 102 –
Econ 106 –
Econ 202 –
Econ 406 –
Introduction to Microeconomics (METU)
Introduction to Macroeconomics (METU)
Introduction to Research Methods-II (METU)
Macroeconomic Theory (METU)
Real Estate Economics and Finance (METU)
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Econ 408 –
BUS 152 –
BUS 281 –
FIN 302 -
Real Investment Analysis with Options (METU)
Statistics for Social Sciences (METU-NCC Campus)
Principles of Finance (METU-NCC Campus)
Corporate Finance (Ozyegin University)
Econ 630 –
CorpFin7020 –
EF 505 –
GF 850530 –
EMBA 802 –
FERM 537 FIN 901
EMBA 802
FIN 202
Financial Theory and Corporate Policy at PhD level (METU)
Options, Futures and Risk Management (University of Adelaide, Business School)
Theory of Finance (Bogazici University, Department of Economics, Spring 2010)
Real Estate Finance (Ankara University, Real Estate Development Graduate
Program, Fall 2010, Fall 2011)
Corporate Finance for Executive MBA students (Ozyegin University)
Real Estate Finance and Investment with Real Options Analysis, Financial
Engineering and Risk Management Program (Ozyegin University)
Corporate Finance (OzU)
Corporate Finance (OzU)
Finance (OzU)
HONORS AND SCHOLARSHIPS
2001-2003:
Bill Gates - Cambridge Scholarship for the PhD Degree at the University of Cambridge.
2001-2003:
Overseas Research Scholarship (ORS), Universities UK, Department of Education and Skills
(DfES) for the PhD Degree at the University of Cambridge.
2000-2001:
British Chevening and Turkish Education Foundation (TEV) Scholarship for the MPhil.
Degree at the University of Cambridge.
1993-1998:
Honour award for ranking 3rd in the Department of City and Regional Planning, Middle East
Technical University
2009:
Best Paper Award. Financial Integrity Research Network (FIRN) Research Day in Finance
Conference: “Do Equity Returns Provide a Hedge Against Inflation? An Analysis of High
Frequency, Cross-Country and Sector Level Data, 1975-2009”.
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