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Dr. Deniz Ozenbas


Professor | Accounting & Finance | Feliciano School of Business

Email: ozenbasd@mail.montclair.edu

Telephone: 9736557522

Office: Feliciano School of Business, 357

Biography

Deniz Ozenbas is a Professor of Finance at Montclair State University School of Business. Her research is mainly in the field of market microstructure and market efficiency. Her work has been published or forthcoming in journals that include International Finance, Journal of Portfolio Management, Economics Letters, BE Press Journal of Macroeconomics and was presented at domestic and international conferences.

She has been awarded the Nasdaq Dissertation Fellowship by the Nasdaq Stock Market, and received the Oscar Lasdon Award for best dissertation in the area of Finance from Baruch College, City University of New York. Her joint work with Robert A Schwartz and Robert A. Wood has received the Award for Excellence / Outstanding Paper award at the Global Conference on Business and Economics annual meeting in London, England.

Dr. Ozenbas holds a PhD in Finance from Baruch College, City University of New York, and a BA from Bogazici University, Turkey.

Areas of Expertise

Market Volatility
Equity Markets
Market Structure
Trading Efficiency
Risk Management
Financial Derivatives
Corporate Financial Management

Education

  • Ph D, Finance, 2002, Baruch College (CUNY)
  • MS, Finance, 2001, Baruch College (CUNY)
  • MBA, , 2000, Baruch College (CUNY)

Refereed Publications

  • Ozenbas D., San Vicente Portes L., (2014). Stock Price Volatility and Firm Capital Structure Decisions During the Financial Crisis. . The Journal of American Academy of Business, Cambridge.19 (2).
  • Ozenbas D., San Vicente Portes L., (2011). Does Firm Size Matter? The Relationship between Firm Level Volatility, GDP Volatility and Capital Structure Decisions for Firms of Different Size Groups. . The Business Review, Cambridge.17 (2).
  • Ozenbas D., San Vicente Portes L., (2011). Idiosyncratic Volatility and Capital Structure: Firms’ Response to Larger Risk within a Financial Accelerator Framework. Jacksonville, AL. Financial Decisions.23 Summer 2011 (1). (pp. 24).
  • Ozenbas D., San Vicente Portes L., (2010). Capital Structure and Firm-Level Risk: Trends and Macroeconomic Implications. . Review of Business Research.10 (4).
  • Ozenbas D., Schwartz R., Pagano M., (2010). Accentuated Intra-Day Stock Price Volatility: What is the Cause?. . Journal of Portfolio Management.Spring 2010
  • San Vicente Portes L., Ozenbas D., (2009). On Balance Sheets, Idiosyncratic Risk and Aggregate Volatility. . The B. E. Journal of Macroeconomics.9 (1). (pp. 1-25).
  • Ozenbas D., San Vicente Portes L., (2009). Relationship between GDP Volatility, Idiosyncratic Stock Price Risk and Firms’ Capital Structure: An Explanation within the Financial Accelerator Framework. . The Business Review, Cambridge .14 (1). (pp. 1-8).
  • Ozenbas D., (2008). The Effect of Extending the Trading Hours on Volume and Volatility: The Case of Euronext Paris and Deutsche Boerse. . Journal of American Academy of Business, Cambridge.11 (2). (pp. 34-39).
  • Ozenbas D., (2008). Intra-Day Trading Volume Patterns of Equity Markets: A Study of U.S. and European Stock Markets. . International Business & Economics Research Journal.7 (8). (pp. 79-94).
  • Ozenbas D., (2006). Pattern of Short-Term Volatility Accentuation Within the Trading Day: An Investigation of the US and European Equity Markets. . International Business & Economics Research Journal.5 (2). (pp. 11-24).
  • Ozenbas D., (2006). Intra-Day and Inter-Day Price Volatility in the US and European Equity Markets: A Measure of Trading Friction, 2006. . Journal of American Academy of Business, Cambridge.9 (2). (pp. 154-160).
  • Ozenbas D., Zamanian Z., (2006). Day of the Week Effects in Intra-Day Volatility Patterns of Equity Markets: A Study of US and European Stock Markets. . International Business & Economics Research Journal.5 (6). (pp. 45-58).
  • Ozenbas D., Guirguis H., Giannikos C., (2003). Is Volatility of Equity Markets a Volume Story? A Non-parametric Analysis. . International Journal of Business and Economics.2 (1). (pp. 49-55).
  • Ozenbas D., Wood R., Schwartz R., (2002). Volatility in U.S. and European Equity Markets: An Assessment of Market Quality. . International Finance.5 (3). (pp. 437-461).
  • Ozenbas D., Giannikos C., (2002). Investment in Real Assets and Information Acquisition: The OCE Preferences Case. . Economics Letters.77 (1). (pp. 73-78).
  • Ozenbas D., San Vicente Portes L., (). Aggregate Investment Cycles, Firm-Level Risk and Capital Structure: Does Firm Size Matter?. . Journal of International Finance and Economics.11 (1).

Published Books

  • Ozenbas D., Pagano M., Schwartz A. R., (2011). Volatility (Chapter 8: "Accentuated Intra-Day Stock Price Volatility"). (pp. 111-126). . Springer.
  • Ozenbas D., (2009). Volatility and Price Discovery in Stock Markets: An Intra-day Analysis of the New York Stock Exchange, Nasdaq Stock Market, London Stock Exchange, Euronext Paris and Deutsche Boerse. (pp. 1-125). . VDM Verlag Publishing House.
  • Ozenbas D., Schwartz R., (2005). A trading desk view of market quality, Chapter 1: Recent evidence on Market Quality. (pp. 1-35). . Kluwer Academic Publishers.
  • Ozenbas D., Schwartz R., Wood R., (2001). Improving trading efficiency in European Equity Markets. (pp. 1-101). . Westminister and City Programmes.

Published Proceedings

  • Ozenbas D., Yuce H., Baser O., Xie L., Vaidya N., Keshishian N., Xin K., (2016). Evaluating the economic burden and health care utilization of lung cancer in the US Medicare population. . International Society for Pharmacoeconomics and Outcomes Research . Refereed
  • Ozenbas D., Xie L., Yuce H., Baser O., Wang Y., Zhang Q., Xin K., (2016). Health care utilization and economic burden of pancreatic cancer in the US Medicare population. . International Society for Pharmacoeconomics and Outcomes Research. Refereed
  • Ozenbas D., San Vicente Portes L., (2011). Idiosyncratic Volatility and Capital Structure: Firms’ Response to Larger Risk within a Financial Accelerator Framework. . Twelfth International Conference of the Society for Global Business & Economic Development. Refereed
  • Ozenbas D., Pagano M., Schwartz R., (2007). Rude Awakenings: The Behavior of Volatility at the Open and Across the Trading Day. . Proceedings of the 10th International Conference on Global Business and Economic Development.
  • San Vicente Portes L., Ozenbas D., (2006). On Balance Sheets, Idiosyncratic Risk and Aggregate Volatility: Is Firm Volatility Good for the Economy?. . Proceedings of the 6th Global Conference on Business and Economics..
  • Ozenbas D., Pagano M., Schwartz R., (2006). The Behavior of Volatility at the Open and Across the Trading Day. . Journal of Banking and Finance 30th Anniversary Conference.
  • Ozenbas D., (2005). Intra-Day and Inter-Day Price Volatility as a Measure of Trading Friction in Domestic and International Equity Markets. . Global Business and Economic Development.
  • Ozenbas D., (2003). Volatility in U.S. and European Equity Markets: An Assessment of Market Quality. . Global Conference on Business and Economics annual meeting.

Awards and Honors

  • 2017 University Distinguished Scholar Award Recipient, Montclair State University (2017)
  • Invitation to the Commissioned Research Initiative of the Economic Policy and Research Department, National Stock Exchange of India (2015)
  • Invited Keynote Speech, The Finance, Global Management, Economics & Information Technology Research Conference (2015)
  • Article Quotation, Bloomberg Institute (2015)
    Opinion article titled “Trading Rooms: A Bridge to Reality” quoted in information brochures.
  • TV Interview, TRT Turk (2015)
    Interview about the developments in the US economy and their potential effects on developing countries.
  • NASDAQ Stock Market Data Grant, NASDAQ Stock Market (2014)
  • Best Presenter Award, The Economics, Finance, MIS & International Business Research Conference (2013)
  • Certificate of Appreciation, Southwestern Finance Association (2013)
  • Faculty Research Fellowship Award, Montclair State University (2012)
    Research fellowship between 2012-2014.
  • Book Recommended in Popular Media, Securities Technology Monitor (2012)
    Securities Technology Monitor listed my book titled "Volatility and Price Discovery in Stock Markets: An Intra-day Analysis of the New York Stock Exchange, Nasdaq Stock Market, London Stock Exchange, Euronext Paris and Deutsche Boerse" as a recommended reading in their daily newsletter.
  • Invited Visiting Professor, Bogazici University (2012)
    Invitation to be a Visiting Professor for the Fall 2011 semester from Bogazici University, Turkey. Bogazici University is the top-ranked university in Turkey according to the scores of its entering class in the mandatory nation-wide university entrance examination.
  • Invited Keynote Speaker, Economics & International Business Research Conference (2009)
  • Best Presenter Award, Economics & International Business Research Conference (2008)
  • Research reviewed in popular media, CFA Digest, Volume 33, Number 4 (2003)
  • Award for Excellence, Outstanding Paper in the area of Economics and Finance, Global Conference on Business and Economics (2003)
  • Oscar Lasdon Award for the best dissertation in the area of Finance or Business, Baruch College, CUNY (2003)
    Awarded to only one Phd recipient per year, comes with a stipend.
  • Invited presenter / grant recipient at the Doctoral Student Seminar of the Financial Management Association annual meeting, Financial Management Association (2002)
    International competition, comes with a stidend.
  • NASDAQ Dissertation Fellowship , NASDAQ (2001)
    Awarded to only two doctoral students that year among an international applicant pool, $15,000 award
  • Research reviewed in popular media, Security Industry News, Vol. XIII Number 47 (2001)
    Article titled “Stock market quality: Perspectives from the US and Europe” is a summary from my published work.
  • Honor student, Bogazici University, Turkey (1993)

Research

  • Blockchain, Bitcoin and Other Cryptocurrencies
  • Financial Disaster Preparedness and Renewal: Turkey’s Banking Sector Recovery in the Wake of the Global Financial Crisis
  • Intraday Liquidity Relationship between ETFs and Component Stocks
  • Intraday Volatility and the Implementation of a Closing Call Auction at Borsa Istanbul
  • News Announcements and Intraday Volatility in Small versus Large Capitalization Stocks
  • The Relationship between Capital Structure Decisions and Firm-Level Risk during the Financial Crisis
  • Trade Clustering and Sidedness in Equities Markets, an Analysis of High Frequency Trading
  • Volatility and the Flash Crash