Şenay Ağca

Associate Professor of Finance


George Washington University

Department of Finance

2201 G St NW, Funger Hall 505

Washington, DC 20052

Ph: (202) 994-9209

Fax: (202) 994-5014

Email: sagca@gwu.edu

Curriculum Vitae



Ağca, Ş. and A. Mozumdar, 2015, Investment-Cash Flow Sensitivity: Fact or Fiction?” Journal of Financial and Quantitative Analysis, forthcoming. (Online Appendix)

Ağca, Ş., G. De Nicolo and E. Detragiache, 2013, Banking Sector Reforms and Corporate Leverage in Emerging Markets”, Emerging Markets Review, 17, 125-149.

Ağca, Ş. and O. Celasun, 2012, “Sovereign Debt and Corporate Borrowing Costs in Emerging Markets”, Journal of International Economics, 88, 198-208. (Nominated for the Best Paper Award, 2012 FMA Conference and 2011 European FMA Conference).

Ağca, Ş. and O. Celasun, 2012, “Banking Sector Reforms and Corporate Borrowing Costs in Emerging Markets”, Emerging Markets Finance and Trade, 48, 71-95.

Ağca, Ş. and S. Islam, 2010, “Can CDO Equity Be Short on Correlation?” Journal of Alternative Investments, Spring, 85-96.

Ağca, Ş. and A. Mozumdar, 2008, The Impact of Capital Market Imperfections on the Investment-Cash Flow Sensitivity”, Journal of Banking and Finance, 32, 207-216

Ağca, Ş. and S. Mansi, 2008, Managerial Ownership, Takeover Defenses, and Debt Financing”, Journal of Financial Research, Summer, 31, 85-112. [Lead Article] [2008 Outstanding Paper Award]

Ağca, Ş., D. Agrawal and S. Islam, 2008, “Implied Correlations: Smiles or Smirks?” Journal of Derivatives, Winter, 7-35.[Lead Article]

Ağca, Ş, 2005, "The Performance of Alternative Risk Measures and Immunization Strategies under a Heath-Jarrow-Morton Framework", Journal of Financial and Quantitative Analysis, September 2005, 40, 645-669.

Ağca, Ş. and D. M. Chance, 2004, "Two Extensions for Fitting Discrete Time Term Structure Models with Normally Distributed Factors", Applied Mathematical Finance, September, 11, 187-205.

Ağca, Ş., and D. M. Chance, 2003, Speed and Accuracy Comparison of Bivariate Normal Distribution Approximations for Option Pricing”,  Journal of Computational Finance, Summer, 6, 1-96.

Ağca, Ş., and B. Ekşioğlu, and J. B. Ghosh, 2000,LagrangianSolutionstoMaximumDispersionProblems,Naval Research Logistics, March, 47, 97-114.


Working Papers:

Fiscal Policies and the Cost of Credit” (with Deniz Igan)

“The Lion’s Share: Evidence from Federal Contracts on the Value of Political Connections” (with Deniz Igan)

Fiscal Consolidation Policies and Corporate Investment Horizon” (with Xiangming Fang and Deniz Igan)

Managerial Activism” (with Asli Togan-Egrican)

“Financial Integration and Cash Holdings”



Fixed Income Security Valuation (Graduate), Financial Management (Undergraduate and Graduate), Topics in Empirical Finance (Ph.D.)




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