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School of Business and Management

Professor Gulnur Muradoglu


Professor of Finance

Telephone: +44 (0)20 7882 6929
Room Number: Room 4.01, Francis Bancroft Building, Mile End Campus




She has worked as the Director of Postgraduate Research at the Management Committee of School of Business and Management at Queen Mary, and Director of PhD Program for Cass Business School, as Director of MSc Finance for Manchester Business School and as assistant and associate professor respectively for Bilkent University. 

Gulnur is currently doing research on behavioural finance and corporate finance and has been an Associate Editor of European Journal of Finance, Journal of International Financial Markets Institutions and Money, Emerging Markets Finance and Trade, Finance Research Letters and Frontiers of Finance and Economics. Further, Gulnur has been on the Editorial Boards of the journals Comparative Economic Systems, International Journal of Behavioural Accounting and Finance, and Qualitative Research in Financial Markets. 

Professor Muradoglu founded the Behavioural Finance Working Group in 2008 and has co-chaired its annual conferences since then. Between 2008 and 2012 BFWG conferences were hosted by Cass Business School. Since 2013 they are hosted By School of Business and Management at Queen Mary. She has organised and chaired the 11th Multinational Finance Society Meeting in Istanbul in 2004 and the EWGFM Conference in London in 2008. 

Gulnur has published more than sixty articles in various journals including The Journal of Banking and Finance, European Journal of Financial Management, Journal of International Financial Markets Institutions and Money, European Journal of Finance, The Journal of Behavioural Finance, Journal of Economics and Business, Journal of International Business, Multinational Finance Journal, Applied Financial Economics, Developing Economies, European Journal of Operational Research, Journal of Forecasting, International Journal of Forecasting, and Emerging Markets Finance and Trade.



  • BUS331: Company Valuation


  • BUSM085: Behavioural Finance and Decision Making


Research Interests:

Professor Muradoglu’s main research interests include issues in behavioural finance with emphasis on financial crisis, corporate leverage and finance professional’s behaviour. Currently her research concentrates on, corona crisis, determinants and implications of corporate leverage in financial integration and during financial crisis and group decision making and biases in finance. She works on the financial crisis with a view to measure the impact of various agencies in crisis resolution and impact on corporate sector. She has undertaken consultation work on based on her research on corporate sector and crisis.

Professor Muradoglu has established research teams and worked with more than 100 co-authors, about 25 PhD students and Postdocs, more than 20 practitioners for academic papers and consultation projects with industry.

Centre and Group Membership:



Recent selected publications

  • The impact of Covid-19 on G7 stock markets volatility : Evidence from a ST-HAR model”, Izzeldin, M., Muradoglu, G.,, Sivaprasad, S. International Review of Financial Analysis, 2021, 74, 101671, 01.03.2021.
  • “Groups, Social Processes and Decision Making in Finance”, Preda, A, Muradoglu, G., Qualitative Research in Financial Markets, 2019, 11(4), 429-455.
  • “Enhancing Momentum Investment Strategy using Leverage” with C. F. Rodriguez and Sivaprasad S., Journal of Forecasting, 2018, 37 (5), 573-588.
  • “Do International Institutions Affect Financial Markets?: Evidence from the Greek Sovereign Debt Crisis”, Gogstad, M., Kutan, A., Muradoglu, G., European Journal of Finance, 2018, 24, 584-605.
  • “Determinants of Time Varying Co-movements among International Stock Markets during Crisis and Non-crisis periods”, Hou, A.J., Mobarak, A. Muradoglu G., Mollah S., Journal of Financial Stability, 2016, 24, 1-11.
  • “Worldwide Impact Of IMF Policies during the Asian Crisis: Who does the IMF Help, Creditors or Crisis Countries?”, Kutan, A. Muradoglu, G. Yu, X., Journal of Economic Policy Reform, 2016, 19 (2), 116-147.
  • “Home Bias in Foreign Direct Investments”, Levis, M., Muradoglu, G., Vasileva, K. European Journal of Finance, 2015, 22, 782-802.
  • “How does a Firm’s Capital Structure Affect Stock Returns?, Adami, R., Gough, O. Muradoglu G., Sivaprasad, S., Frontiers of Economics and Finance, 2015, 12(1) 1-35.
  •   “Foreign Debt Usage in Non-Financial Firms: A Horserace Between Economic and Balance Sheet Exposure Hedging”, Aabo, T., Hansen, M. and Muradoglu, G., European Financial Management, 2015, 21590-611.
  • "Stock market Returns and Shipping Freight Market Information: Yet another puzzle”, Alizadeh, A., Muradoglu, G., Journal of International Financial Markets, Institutions & Money, 2014, 33, 445-461.
  • “Investor Wealth, The IMF, and the Asian Crisis” Kutan, A. and Muradoglu, G., International Review of Financial Analysis, May 2014, 33, 130-137
  • “European Integration and Corporate Financing”, Onay, C. Muradoglu, Y. Phylaktis, K., International Review of Financial Analysis, May 2014, 33, 138-157.
  • “Portfolio Diversification Individual Investors”, Fuertes, AM., Muradoglu, G, Ozturkkal, B. European Journal of Finance. April 2014, 499-523.
  • “Behavioural Finance: The Role of Psychological Factors in Financial Decisions”, Muradoglu, G., Harvey N, Review of Behavioural Finance, 2012, 4(2), 68 - 80.
  • “Capital Structure and Abnormal Returns”, Muradoglu G, Sivaprasad, S., International Business Review, 2012, 21(3) 328-341.
  • “The Impact of IMF announcements on Real versus Financial Sector Returns during the Asian Crisis”, Kutan, A., and Muradoglu, G. Journal of Banking and Finance. 2012, 36/1, p.164-182.
  • “Using Firm Level Leverage as an Investment Strategy”, Muradoglu, G., Sivaprasad, S., Journal of Forecasting, 2012, 31, 260–279.
  • “Financial Distress Resolution in China - Two Case Studies”, Kam A., Citron D., Muradoglu, G. Qualitative Research in Financial Markets. 2010, 2/2, p.46-79.
  • “The Banking and Financial Crisis of 2008: What is real and what is behavioural?, Muradoglu, G., Qualitative Research in Financial Markets, 2010, 2/1, p.1-15.
  • “What can behavioural Finance teach us about finance?” DeBondt, W., Forbes, W., Hamalainen, P., Muradoglu, G. Qualitative Research in Financial Markets, 2010, 2/1, p.29-36.
  • “Behavioural Finance:Quo Vadis?”, DeBondt, W. Muradoglu, G., Shefrin, H. Staikouras, S. K., Journal of Applied Finance, 2009,  18(2) p.7-21
  • “Distress and restructuring in China: Does ownership matter?”, Kam A., Citron, D., Muradoglu, G., 2008, China Economic Review, 19(4), p.567-579. (2)
  • “Portfolio Performance of Experts Forecasts of Stock returns”, Muradoglu G., Salih, A., and Mercan, M., Journal of Behavioural Finance. 2005 Vol. 6 No.4 pp.202-212.
  • “Financial Liberalisation: From Segmented to Integrated Economies” 2003 55(6) 529-555. Journal of Economics and Business. Taskin, F., Muradoglu, G.
  • “Measuring the Systematic Risk of Initial Public Offerings Using Empirical Bayes Estimates”,2003 8(3), 315-334. International Journal of Business. Muradoglu, G., Orhan, M., and Zaman, A.
  • "Trends in Market Reactions: Stock Dividends and Rights Offerings at ISE". European Journal of Finance. 2003, 9/1, 41-60, Muradoglu, G., Aydogan, K.
  • “Dissemination of Stock Recommendations and Small Investors: Who Benefits?”, Multinational Finance Journal.2002, 6, 29-42. Yazici, B., Muradoglu G.
  • "Portfolio Manager's and Novices’ Forecasts of Risk and Return: Are there Predictable Forecast Errors". Journal of Forecasting. 2002, 21, 395-416. Muradoglu, G.
  • "Is there a Long Run Relationship between Stock Returns and Monetary Variables: Evidence from an Emerging Markets. Applied Financial Economics, 2001, 11, 641-649. Muradoglu, G., Metin, K, and Argaç, R..
  • "Turkish Stock Market: Anomalies and Profit Opportunities". Security Market Imperfections in Worldwide Equity Markets. Cambridge University Press. (ed. Keim, D., Ziemba, W.). 2000, 364-390. Muradoglu, G.


Current Doctural Students:

1st Supervisor

  • Xianmin Liu, 'Corporate Social Responsibility and International Mergers and Acquisitions', joint with Ni Peng.
  • Shafaq Malik, 'Firm’s Innovative Activities, Performance and Stock Returns', joint with Deven Bathia. 
  • Zeenat Murtaza, 'Cash Holdings and Corporate Governance', joint with Deven Bathia.
  • Loan Nguyen, 'Bank Culture and Liquidity Creation', 2020-current, joint with Roman Matousek.
  • Huai Qin, 'Early Announcements in Mergers and Acquisitions.', joint with Ni Peng and Chunlung Xia.
  • Jiaxin Wang, 'Ownership structure and firm performances: an empirical analysis of the listed firms in China.', joint with Deven Bathia. 
  • Rukaiyat Yusuf, 'Executive compensation, risk and performance of UK listed firms.', joint with Deven Bathia. 



  • Mercy Kano, 'Investment Groups and Group Behaviour in Portfolio Decisions.' (Joint with Robert Mudida, Strathmore University, Nairobi, Kenya.)

PhD Supervision Completions:

(whilst at the School of Business and Management, QMUL)

  • Dinjanyu Yin, 'Corporate Governance in China.' Awarded 2018. Now working at Shenzhen Capital Holding, joint with Almudena Sevilla
  • Bayan Alsedais, 'Zero Leverage Firms.' Awarded 2018. Now working at Qassim University at Saudi Arabia, joint with Lutao Ning
  • Fan Wang, 'Productivity Spillovers in China.' Awarded 2017. Now working at Ministry of Industry Technology in China, joint with Lutao Ning
  • Alain Woussam, 'Momentum and Overreaction worldwide.' Awarded 2016. Now working at Coventry University, joint with Nick Tsitsianis
  • Mehmet Evran, 'Mergers and Acqusitions and Market Learning.' Awarded 2014. Now working at University College London. Joint with Frances Bowen

Public Engagement

Professor Muradoglu is an expert on behavioural finance. She founded the Behavioural Finance Working Group in 2008 and is its Director and co-chair of its annual conferences. Professor Muradoglu is Co-Editor of the Journal Review of Behavioural Finance and a former Executive Trustee of the British Accounting and Finance Association. Professor Muradoglu has been at the Wharton School of the University of Pennsylvania as a Fulbrighter and at Warwick Business School as a Visiting Fellow. She has considerable research and consulting experience as a leader in the field. She has consulted widely regulators and financial institutions. She can discover new problems, reveal opportunities, and innovate original process. Her skills include excellence in strategic thinking, networking, communications and resilience.