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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
Twitter: @YazgulnurM




As a finance person, Professor Muradoglu studies how financial decisions are made by real people, and how financial markets react to those decisions. She published widely on behavioural issues in asset management and corporate finance and other subjects that are conventionally addressed by traditional finance.  The behavioural issues she studied in finance has impact on countries in preventing bank runs and managing financial crisis, on corporations in improving performance and mitigating impact of crisis situations and on asset managers in reducing their biases in investment decisions.  She aligns her research with the Behavioural Finance Working Group as its founder and director and Review of Behavioural Finance as its Editor in Chief.

Professor Muradoglu has worked as the Director of Postgraduate Research at the Management Committee of School of Business and Management at Queen Mary, as 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. 

She is the Editor in Chief for Review of Behavioural Finance.  She founded the Behavioural Finance Working Group in 2008 and has co-chaired its annual conferences since then. She 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. 

Gulnur has published more than seventy articles in various journals including The British Journal of Management, Journal of Banking and Finance, European Journal of Financial Management, Journal of International Financial Markets Institutions and Money, European Journal of Finance, Journal of Asset Management, International Review of Financial Analysis, 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

Gulnur is an experienced teacher that taught at every level, Executive MBA, MBA, PhD, MSc, Undergraduate and several executive programmes. She likes using case studies and hands on approaches that facilitates student participation, designing research in finance and computer lab practices.


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.

Gulnur is an expert on behavioural finance  and corporate finance and has worked extensively with several international teams.

Centre and Group Membership:


Recent selected publications

  • “Investor Attention and Early Announcements in Mergers and Acquisitions”, Muradoglu, G., Qin, H., Peng, N. and Xia, C., International Review of Financial Analysis,  forthcoming
  • “The Changing Behavior of the European Credit Default Swap Spreads During the Covid-19 Pandemic: A Bayesian Network Analysis” Computational Economics, 2023, Cinicioglu, E.N., Huyuguzel-Kısla, G., Onder, A.O. Muradoglu, G.,
  • “Learning Financial Survival from Disasters”, Tosun, O.K., Eshraghi, A., Muradoglu, G.  Journal of International Financial Markets, Institutions & Money, 2023, 85 101778,
  • “The American spirit:  The performativity of folk economics in global financial markets", Gozluklu, E., Muradoglu, G., Tarim, E., Environment and Planning A: Economy and Space, 2023,
  • “The Impact of the Russian-Ukrainian War on Global Financial Markets”, Izzeldin, M., Muradoglu, G., Pappas, V., Petropoulou, A., Sivaprasad. S., International Review of Financial Analysis, 2023, 87,102598
  • ” Levis M, Muradoglu, G. and Vasileva, K., International Review of Financial Analysis, 2023, 86, 102503,
  • “Making Sense of the Global-Momentum Trading Strategies” Wouassom A., Muradoglu, G and Tsitsianis, N., Journal of Behavioral and Experimental Finance, 2022, 36, 100756,
  • "Spillovers from one country’s sovereign debt to Credit Default Swap (CDS) spreads of others during the European crisis: A Spatial Approach", Kisla, G., Muradoglu, G., Onder, O, Journal of Asset Management, 2022, 23(4), 277–96
  • Capital Structures of Small Family Firms in Developing Countries", Bas, T. Muradoglu Y.G., Phylaktis K., Review of Corporate Finance (Special Issue on Finance and Family Business), 2022, 2(4) 745-790.
  • The impact of Covid-19 on G7 stock markets volatility : Evidence from a ST-HAR model”, with Izzeldin, M.  Muradoglu, G., , Sivaprasad, S., Pappas, V.,  International Review of Financial Analysis, 2021, 74, 101671, 01.03.2021.
  • "Personal routes into behavioural finance", Review of Behavioral Finance, Hudson, R. and Muradoglu, G. (2020), 12 (1), 1-9.
  • “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. (International collaboration)
  • “Do International Institutions Affect Financial Markets?: Evidence from the Greek Sovereign Debt Crisis”, Gogstad, M., Kutan,, Muradoglu, G., European Journal of Finance, 2018, 24, 584-605. (International collaboration)
  • “Impact of Credit Risk and Business Cycles on Momentum Returns”, Sarwar, S.M., Lin, S., Muradoglu, Y.G., Handbook of Recent Advances in Commodity and Financial Modeling, International Series in Operations Research and Management Science, 257, Consigli G., Stefani, S. and Zambruno, G., 2017 Springer, Milton Keynes, UK. (International collaboration)
  • “Determinants of Time Varying Co-movements among International Stock Markets during Crisis and Non-crisis periods”, Hou, A.J., Mobarak, A. Muradoglu G., Mollah, Journal of Financial Stability, 2016, 24, 1-11. (International collaboration)
  • “Worldwide Impact Of IMF Policies during the Asian Crisis: Who does the IMF Help, Creditors or Crisis Countries?”, Kutan, Muradoglu, G. Yu, X., Journal of Economic Policy Reform, 2016, 19 (2), 116-147. (International collaboration)
  • “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.
  • “Financial and Real Sector Returns, IMF-Related News, and the Asian Crisis” Kutan, A., Muradoglu G., Finance Research Letters, 2016, 16, 28-37. (International collaboration)
  • “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, 21, 590-611. (International collaboration)
  • “'The Impact of Leverage on Stock Returns in the Hospitality Sector: Evidence from the UK” Muradoglu, G., Sivaprasad, S., Tourism Analysis, 2014, 19, 161-171.
  • "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, 2014, 33, 130-137. (International collaboration)
  • “European Integration and Corporate Financing”, Onay, C. Muradoglu, Y. Phylaktis, K., International Review of Financial Analysis, 2014, 33, 138-157. (International collaboration)
  • “A Behavioral Analysis of Investor Diversification”, Fuertes, AM., Muradoglu, G, Ozturkkal, B. European Journal of Finance, 20 (6), 2014, 499-523. (International collaboration)
  • Macroeconomic Risks, Idiosyncratic Risks and Momentum Profits”, Monira-Sarwar, S., Muradoglu, G., Borsa Istanbul Review, 2013, 13(4), 99–114. (International collaboration)
  • “The Effect of Leverage Mimicking Portfolios in Explaining Stock Returns Variations”, Muradoglu, G., Sivaprasad, S., Studies in Economics and Finance, 2013, 30(2), 94 – 107.
  • “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.
  • “Optimism Following Distressful Conditions” Lasfer M, Lin, S. and Muradoglu G., Review of Behavioural Finance, 2012, 4(1), 8-27.
  • “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. (International collaboration)
  • “Using Firm Level Leverage as an Investment Strategy”, Muradoglu, G., Sivaprasad, S., Journal of Forecasting, 2012, 31, 260–279.


Current Doctoral Students:

  • Han Fan, Award Winning Funds and Financial Biases, 2023-current, joint with Deven Bathia
  • Fatima Ali, Cultural Ties and Stock Market Contagion, 2021-current, joint with Deven Bathia
  • Ines Saddi Ep Oueslati, Culture and Liquidity in Banking, 2021-current, joint with Roman Matousek
  • Jeffery Bondzie, Corporate Restructuring, 2021-current, joint with Ni Peng
  • Loan Nguyen, Corporate Culture and Loan Decisions in Banking, 2020-current, joint with Roman Matousek


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


  • Younes El Hichou El Maya (from UCLouvain, Belgium)  'Retail Investor Behaviour during Crisis” joint with Deven Bathia.

PhD Supervision Completions:

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

  • Xianmin Liu, Corporate Social Responsibility and Mergers and Acquisitions of International Firms, 2019-2023, joint with Ni Peng
  • Huai  Qin, Early Announcement of Mergers and Acquisitions, 2019-2023, joint with Ni Peng and Chunling Xia
  • Shafaq Malik, R&D, Corporate Governance and Firm Performance, 2017-2021, joint with Deven Bathia, working at Aston University
  • Rukaiyat Yusuf, CEO Compensation and Corporate Risk Taking Behavior, 2017-2021, joint with Deven Bathia, working at Birmingham University
  • Jiajin Wang, State Share in Ownership, Corporate Governance and Firm Performance, 2017-2021, joint with Deven Bathia, in the job market
  • Dinjanyu Yin, Corporate Governance in China, 2016-2018, joint with Almudena Sevilla, working in Shenzen Capital Holding in China.
  • Bayan Alsedais, Zero Leverage Firms, 2014-2018, joint with Lutao Ning, Working at Qassim University at Saudi Arabia
  • Fan Wang, Productivity Spillovers in China, 2014-2017 joint with Lutao Ning, Working at Ministry of Industry Technology in China
  • Alain Woussam, Momentum and Overreaction worldwide, 2013-2016, joint with Nick Tsitsianis, Working at Queen Mary University of London
  • Mehmet Evren, Mergers and Acqusitions and Market Learning, 2012- 2014, joint with Frances Bowen, Working at University College London.

Sponsored Post-Doctoral Fellows and Visitors

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

  • Dr. Younes Elhichou, Sponsored by UCLouvain, Belgium, 2021
  • Dr. Hana Cosic, Sponsored by University of Strasbourg, 2018
  • Dr. Abdurrahman Korkmaz, Sponsored by Izmir Katip Celebi Universitesi, 2015
  • Professor Ozlem Onder, Sponsored by Ege University, 2012
  • Professor Silvana Stephanie, Sponsored by University of Milan, 2011-2014

Supervision of Sponsored Doctoral Fellows

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

  • Younes Maya, Sponsored by UCLouvain Belgium,  joint with Mikael Petitjean, Catherine D’Hondt and Deven Bathia 2021
  • Marco D’Errico, Sponsored by University of Milan, 2010-2014, joint with Silvana Stefanie,
  • Hana Cosic, Essays in Behavioural Economics”, Sponsored by Erasmus and University of Pisa, 2013-2014, joint with Luigi Marengo, received PhD in 2014
  • Gul Kisla, Sponsored by Ege University, 2012-2013 joint with Ozlem Basci

Gulnur is happy to consider PhD candidates in behavioural finance and corporate finance.

Public Engagement

Professor Muradoglu is an expert on behavioural finance. She has considerable research and consulting experience as a leader in the field. She has consulted widely with regulators and financial institutions. She can discover new problems, reveal opportunities, and innovate original processes. Her skills include excellence in strategic thinking, networking, communications and resilience.

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 is a former Executive Trustee of the British Accounting and Finance Association.

Gulnur has been active in consultancy and policy advice to several financial institutions including asset managers and regulators worldwide.

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