Dissertation Title:

An Empirical Investigation of Time Series Properties of Quarterly Cash Flows and Usefulness of Earnings in Predicting Cash Flows.

M.B.A., May 1982.
Syracuse University, Syracuse, New York.
Majors: Accounting and Management Information Systems.

M.A. in Finance, October 1976.
Bogaziçi University (former Robert College) Istanbul, Turkey.

B.A. in Operations Management, June 1975.
Bogaziçi University (former Robert College) Istanbul, Turkey.

"Time-Series Properties, Adjustment Processes and Forecasting of Financial Ratios." Journal of Accounting, Auditing & Finance, Winter, 1996. Co-authors: Claire Eckstein, William H. Greene, and Joshua Ronen.

"An Empirical Analysis of the Causal Relationship Between Short Interest and Stock Prices." Journal of Business Finance & Accounting, July, 1995. Co-author: Erdal Gunay.

"Efficiency of Combinations of Forecasts Using Inequality Restricted Least Squares." Economic and Financial Modelling, Spring, 1994. Co-author: Sevket I. Gunter.

"Improving Computational Efficiency by State Space Reduction in Semi-Markov Decision Processes." Economic and Financial Computing, Spring, 1994. Co-author: Sevket I. Gunter.

"Characterizing Optimal Policies in Systems with Multiple Delayed Controls and Capacity Allocation Among Products." Economic and Financial Computing, Spring, 1994. Co-author: Sevket I. Gunter.

"An Empirical Analysis of the Accuracy of SA, OLS, ERLS, and NRLS Combination Forecasts." International Journal of Forecasting, June, 1992. Co-author: Sevket I. Gunter.

"Forecasting with Vector ARMA and State Space Methods." International Journal of Forecasting, May, 1991. Co-author: Jack Y. Narayan.

"N-Step Combinations of Forecasts." Journal of Forecasting, July-September, 1989. Co-author: Sevket I. Gunter.

"Causality Testing Based on Ex Ante Forecasts." In Time Series Analysis: Theory and Practice 7. Ed: O.D. Anderson, North-Holland, Amsterdam & New York, 1985. Co-author: Jack Y. Narayan.

"State Space Forecasting of Treasury-Bill Rates." In Understanding Business Forecasting. Eds: A. Migliaro and C.L. Jain, Graceway Publishing Company, Inc., Flushing, 1985; previously published in The Journal of Business Forecasting, Spring, 1983. Co-author: Jack Y. Narayan.

Paper under review with Journal of Business Finance & Accounting. (Sole author.)

Paper under revision with Journal of Business Finance & Accounting. (Sole author.)

Interested parties may contact the author for further information.

"Modeling and Forecasting Quarterly Accounting Earnings in the Presence of Outliers and Structural Changes." Paper presented at University of St. Gallen, Finance and Economics Faculty, St. Gallen, Switzerland, June 1999; Rutgers University-Camden, Accounting Faculty, Camden, New Jersey, November, 1997.

"Statistical Learning in an Emerging Stock Market." Paper presented at the Eighteenth International Symposium on Forecasting, Edinburgh, Scotland, June, 1998. Co-author: Vedat Akgiray.

"Identification of Forecasting Needs for Competitiveness Analysis." Paper presented at the Fifteenth International Symposium on Forecasting, Toronto, Canada, June, 1995. Co-author: Muhittin Oral.

"Time-Series Properties, Adjustment Processes and Forecasting of Financial Ratios." Paper presented at Rutgers University-Newark, Accounting and Information Systems Department, Newark, New Jersey, March, 1995; Chapman University, Accounting Faculty, Orange, California, March, 1995. Co-authors: Claire Eckstein, William H. Greene, and Joshua Ronen.

"An Empirical Investigation of the Causal Relationship between Stock Prices and the Short Ratio." Paper presented at the Fourteenth International Symposium on Forecasting, Stockholm, Sweden, June, 1994. Co-author: Erdal Gunay.

"The Incremental Information Content of Revenues in Predicting Earnings." Paper presented at the Thirteenth International Symposium on Forecasting, Pittsburgh, Pennsylvania, June, 1993. Co-author: Gerald Lobo.

"The Estimation of Time Series Models of Accounting Earnings in the Presence of Outliers and Variance Changes." Paper presented at University of North Carolina, Accounting Faculty, Chapel Hill, North Carolina, April, 1993; Lehigh University, Department of Accounting, Bethlehem, Pennsylvania, September, 1991; the Eleventh International Symposium on Forecasting, New York, New York, June, 1991; the annual Decision Sciences Institute National Meeting, San Diego, California, November, 1990. Co-author: David Reilly.

"An Empirical Analysis of the Accuracy of OLS, ERLS, and NRLS Combination Forecasts." Paper presented at the Tenth International Symposium on Forecasting, Delphi, Greece, June, 1990. Co-author: Sevket I. Gunter.

"On the Efficiency of Restricted Combinations with Nonnegativity Constraints." Paper presented at the Ninth International Symposium on Forecasting, Vancouver, Canada, June, 1989. Co-author: Sevket I. Gunter.

"Forecasting with Multivariate ARMA and State Space Methods." Paper presented at the Eighth International Symposium on Forecasting, Amsterdam, The Netherlands, June, 1988. Co-author: Jack Y. Narayan.

"Combinations of N-Step-Ahead Forecasts Using a State Space Technique." Paper presented at the Eighth International Symposium on Forecasting, Amsterdam, The Netherlands, June,1988. Co-author: Sevket I. Gunter.

"State Space Modeling of Cash Flows and Accounting Earnings." Paper presented at Cornell University, Accounting Faculty, Ithaca, New York, April, 1988; New York University, Department of Accounting, New York, New York, March, 1988; Northeastern University, Accounting Group, Boston, Massachusetts, March, 1988; Temple University, Department of Accounting, Philadelphia, Pennsylvania, January, 1988; the Sixth International Symposium on Forecasting, Paris, France, June, 1986.

"A Comparison of State Space Procedures from SAS and SSI." Paper presented at the Seventh International Symposium on Forecasting, Boston, Massachusetts, May, 1987. Co-author: Jack Y. Narayan.

"Predictive Ability and Asymptotic Behavior of N-Step-Combination Forecasts." Paper presented at the Seventh International Symposium on Forecasting, Boston, Massachusetts, May, 1987. Co-authors: Sevket I. Gunter, and Mine H. Aksu.

"State Space Model: A New Analytical Review Technique for the Auditor." Paper presented at the first annual conference of the International Association of Business Forecasting, New York, New York, December, 1986. Co-author: Jerrell W. Habeggar.

"Effects of Adding/Dropping Products on Total Manufacturing Costs." Paper presented at the annual ORSA/TIMS meeting, Atlanta, Georgia, November, 1985. Co-author: Sevket I. Gunter.

"State Space and Multivariate ARIMA: A Comparison of Two Multivariate Procedures." Paper presented at the Fifth International Symposium on Forecasting, Montreal, Canada, June,1985. Co-author: Jack Y. Narayan.

"Forecasting Stock Prices." Paper presented at the Fifth International Symposium on Forecasting, Montreal, Canada, June, 1985. Co-author: Erdal Gunay.

"An Empirical Investigation of Time Series Properties of Quarterly Cash Flows and Usefulness of Earnings in Predicting Cash Flows." Paper presented at Boston University, Department of Accounting, Boston, Massachusetts, March, 1985; Lehigh University, Department of Accounting, Bethlehem, Pennsylvania, February, 1985; Georgia State University, School of Accountancy, Atlanta, Georgia, February, 1985.

"Stochastic Cost-Volume-Profit Analysis with Convex Costs." Paper presented at the Northeast Regional Meeting of the American Accounting Association, Syracuse, New York, April, 1985. Working Paper 84-14, Syracuse University, School of Management, Syracuse, New York. Revised 1987.

"Modeling and Forecasting Time Series Using Transfer Function and State Space Methods." Paper presented at the Fourth International Symposium on Forecasting, London, England, July, 1984. Co-author: Jack Y. Narayan.

"Causality Testing Based on Ex Ante Forecasts." Paper presented at the International Time Series Meeting (ITSM), Toronto, Canada, August, 1983. Co-author: Jack Y. Narayan.

"Forecasting Performance of Univariate and Multivariate Time Series Models for Treasury Bill Rates." Paper presented at the Third International Symposium on Forecasting, Philadelphia, Pennsylvania, June, 1983. Working Paper WP 83-17, Syracuse University, School of Management, Syracuse, New York. Co-author: Jack Y. Narayan.

"Modeling and Forecasting Quarterly Accounting Earnings in the Presence of Outliers and Structural Changes."

"Time Series Properties and Forecasting of Quarterly Cash Flows."

"A Framework for Evaluating and Developing Forecast Error Measures." Co-author: Sevket I. Gunter.

"An Empirical Investigation of the Causal Relationship between Stock Prices and Short Ratio". Co-author: Erdal Gunay.

"Statistical Learning in an Emerging Stock Market." Co-author: Vedat Akgiray.

"Prediction of Successful Troubled Debt Restructurings (TDR) and Excess Returns from TDR Profiles." Co-author: Mine H. Aksu.

"Regression Based Robust Combinations of Forecasts." Co-author: William Wei.

(academic year)
1995-Present:		Visiting Associate Professor, Koç University, Istanbul, Turkey.
1993-1994:		Visiting Assistant Professor, The Wharton School of the University of Pennsylvania, Philadelphia, Pennsylvania.
1988-1995:		Assistant Professor, Temple University, Philadelphia, Pennsylvania.
1985-1988:		Lecturer, Syracuse University, Syracuse, New York.
1982-1985:		Teaching Associate, Syracuse University, Syracuse, New York.
1980-1982:		Teaching Assistant, Syracuse University, Syracuse, New York.
1975-1976:		Graduate Assistant, Bogaziçi University, Istanbul, Turkey.

Undergraduate Level:

Syracuse University: Managerial Accounting; Cost Analysis and Control.

Temple University: Cost Accounting; Principles of Accounting II; Independent Study.

The Wharton School of the University of Pennsylvania: Cost Accounting.

Koç University: Cost Accounting; Financial Statement Analysis; Independent Study.

Graduate Level:

Syracuse University: Cost Accounting; Budgetary Planning and Control.

Temple University: Managerial Cost Accounting; Advanced Management Accounting; Ph.D. Seminar in Managerial Accounting; Ph.D. Seminar in Research Methods in Accounting; Independent Study.

The Wharton School of the University of Pennsylvania: Fundamentals of Managerial Accounting.

Koç University: Managerial Accounting; Financial Statement Analysis; Independent Study.

Koç University (Executive MBA): Financial and Managerial Accounting; Cost Accounting.

Koç University (Executive Development Program): Management Accounting.

Management Consultant
BIGES International Transport Ltd., Istanbul, Turkey, 1998.

Design and development of management information and cost accounting systems. Restructuring/reorganization of the company.

Assistant Vice President
Garanti Bank, Inc., International Banking Department, Istanbul, Turkey, 1978-1979.

Monitored documentary credits. Supervised commercial and central bank accounts. Daily involvement with operating and financial controls.

International Banking Trainee
Bankers Trust Company, New York, NY, 1978. (Bankers Trust is acquired by Deutsche Bank in June 1999.)

Participated in a training program designed to provide an overview of U.S. banking, the financial community in New York, and the organization of a large money market bank.

Financial Consultant
Datotek, Inc., Istanbul, Turkey, 1976-1978.

Financial and economic analysis and consultancy. Participated in the development and implementation of management information system for Polylen, Inc. (Bursa), and cost accounting systems for Karam Yag Sanayii, Inc. (Tarsus), Yüryag, Inc. (Adana), and Maysan, Inc. (Bursa). Evaluated macroeconomic developments and analyzed different sectors of Turkish economy. Evaluated investment projects for The Industrial Development Bank of Turkey. Supervised administrative and support staff.

Citation of Excellence, Editorial Advisory Board, ANBAR (now Emerald Reviews) Management Intelligence, 1998. Awarded for research impact of the paper "Usefulness of Heuristic N(E)RLS Algorithms for Combining Forecasts" Journal of Forecasting, November, 1997, co-authored with Sevket I. Gunter.

Citation of Excellence, Editorial Advisory Board, ANBAR (now Emerald Reviews) Management Intelligence, 1998. Awarded for research impact of the paper "Time-Series Properties, Adjustment Processes and Forecasting of Financial Ratios" Journal of Accounting, Auditing & Finance, Winter, 1996, co-authored with Claire Eckstein, William H. Greene, and Joshua Ronen).

Doctoral Consortium Fellow, American Accounting Association, 1984.

Beta Gamma Sigma, Syracuse University, 1983.

Beta Alpha Psi, Syracuse University, 1981.

Honors & Dean's List, Bogaziçi University, 1975.

Faculty Development Award, Pricewaterhouse Coopers LLP, 1998.

Summer Research Grant, Accounting Department, School of Business and Management, Temple University, 1989, 1990.

Summer Research Grant, Accounting Department, School of Management, Syracuse University, 1986, 1987.

Member, Academic Council, Graduate School of Business, Koç University, October 1996-present.

Member, Executive Committee, Graduate School of Business, Koç University, October 1996-present.

Member, Faculty Council, College of Administrative Sciences and Economics, Koç University, October 1996-present.

Member, Executive Committee, College of Administrative Sciences and Economics, Koç University, October 1996-present.

Chair, Recruiting Committee, Accounting Area, College of Administrative Sciences and Economics, Koç University, 1997-present.

Coordinator, Accounting Workshop Series, Graduate School of Business, Koç University, January 1996-present.

Wharton Research Data Services (WRDS) Faculty Representative, Koç University, February 2000-present.

Member, (ad hoc) Statistics Curriculum Committee, Graduate School of Business, Koç University, Spring 2000.

Member, Undergraduate Advising Faculty, College of Administrative Sciences and Economics, Koç University, January 1996-present.

Member, (ad hoc) Accounting/Finance Curriculum Committee, College of Administrative Sciences and Economics, Koç University, 1997.

Member, Ph.D. Committees of Asli Gürler (May 1997-July 2000), Onur Uman (June 1998-present), Alptekin Sabuncuoglu (May 1996-present), School of Business Administration, Bogaziçi University.

Member, Ph.D. Qualifying Exam Committee of Jack Telyaz (December 2000), School of Business Administration, Marmara University.

Member, Ph.D. Qualifying Exam Committee of Hamza Baturalp Candemir (January 2000), Selim Didi (February 1999), Mustafa Göktas (April 1998), School of Business Administration, Bogaziçi University.

Member, Representative Faculty Senate, Temple University, September 1991-June 1993.

Coordinator, Accounting Workshop Series, School of Business and Management, Temple University, September 1989-June 1993.

Member, Ph.D. Committee, Accounting Department, School of Business and Management, Temple University, September 1989-September 1992.

Member, Recruiting Committee, Accounting Department, School of Business and Management, Temple University, September 1989-June 1993.

Member, Freshman Orientation and Advising Faculty, School of Management, Syracuse University, 1987.

Member, Management Accounting Committee, Accounting Department, School of Management, Syracuse University, 1987.

Member, Turkish Accounting and Auditing Standards Committee (TMUDESK - Türkiye Muhasebe ve Denetim Standartlar Kurulu), March 1998 - present.

Acting Associate Editor - International Journal of Forecasting, 1991. (CURRENT EDITORIAL BOARD)

Referee

Journal of Accounting, Auditing & Finance,

Decision Sciences,

International Journal of Forecasting,

European Journal of Operational Research,

Journal of Economics and Business,

American Accounting Association-Financial Accounting and Reporting Section,

International Journal of Operations and Quantitative Management.

Member, Career and Higher Education Advising Faculty - Vehbi Koç Foundation, The Koç School, 1997, 1998; and Yuzyil Isil High School, 2001.

Session Chairperson - "Bayesian Methods", 20th International Symposium on Forecasting, Lisbon, Portugal, June, 2000.

Program Chairperson - 16th International Symposium on Forecasting, Istanbul, Turkey, June, 1996.

Session Organizer & Chairperson - "Multivariate Models", 16th International Symposium on Forecasting, Istanbul, Turkey, June, 1996.

Session Organizer & Chairperson - "Combining Forecasts", 16th International Symposium on Forecasting, Istanbul, Turkey, June, 1996.

Session Chairperson - "Applications" 15th International Symposium on Forecasting, Toronto, Canada, June, 1995.

Track Organizer & Chairperson - "Accounting and Finance", 13th International Symposium on Forecasting, Pittsburgh, Pennsylvania, June, 1993.

Session Organizer & Chairperson - "Forecasting Accounting Earnings", 13th International Symposium on Forecasting, Pittsburgh, Pennsylvania, June, 1993.

Session Organizer & Chairperson - "Earnings Forecasting Research: Its Implications for Capital Markets Research", 13th International Symposium on Forecasting, Pittsburgh, Pennsylvania, June, 1993.

Session Organizer & Chairperson - "Forecasting Accounting Earnings", 11th International Symposium on Forecasting, New York, New York, June, 1991.

Track Organizer & Chairperson - "Accounting and Finance", 9th International Symposium on Forecasting, Vancouver, Canada, June, 1989.

Session Organizer & Chairperson - "State Space Forecasting", 8th International Symposium on Forecasting, Amsterdam, The Netherlands, June, 1988.

Session Organizer & Chairperson - "Forecasting with ARMA and State Space Methods", 8th International Symposium on Forecasting, Amsterdam, The Netherlands, June, 1988.

Conducted a pre-conference workshop on "Univariate and Multivariate Time Series Methods" along with David Reilly, 15th International Symposium on Forecasting, Toronto, Canada, June, 1995.

Conducted a workshop on "Forecasting Methods" along with David Reilly, Stockholm School of Economics, Stockholm, Sweden, June, 1994.

Made an invited presentation titled "Modeling in the Presence of Outliers, Level Shifts, and Variance Changes" to the Research Technology Group at the New York Stock Exchange, New York, New York, January, 1992.

Participant, Management Accounting in the Service Sector Symposium, organized by American Accounting Association and National Association of Accountants, Atlanta, Georgia, March, 1990.

Participant, New Faculty Consortium, organized by American Accounting Association, St. Charles, Illinois, February, 1989.

Participant, Management Accounting Symposium, organized by National Association of Accountants and American Accounting Association, Memphis, Tennessee, November, 1988.

Select link above to access the references list.

NOTE: References are password-protected.
Password is provided upon request.,