Role
Sercan Demiralay is a Principal Lecturer in Finance in the division of Accounting and Finance and Continuous Improvement Manager at Nottingham Business School. He holds a Ph.D. in Financial Economics. Before joining NTU in July 2020, he worked as a Lecturer in Finance at the International Faculty of the University of Sheffield in Thessaloniki, Greece. Sercan is a Fellow of the Higher Education Academy.
Sercan has previously taught modules in Financial Econometrics, Derivatives and Risk Management, Financial Engineering, International Finance, and Financial Management. He currently teaches Research Methods for Finance, Valuation of Investment Products and Global Financial Markets.
As a continuous improvement manager, Sercan runs a systemised continuous improvement process which takes a variety of forms to build on the impact of processes such as module and course health. He analyses student data to identify opportunities for enhancing the quality of NBS modules and utilises quality improvement techniques. He works with academics and Heads of Departments to drive improvements in student achievement, supports the Head of Accreditations & Quality in strategic/operational activities and provides line management for designated staff.
Career overview
Before joining NTU, Sercan has held academic positions at University of Sheffield, Istanbul Gelisim University and Yeditepe University.
Research areas
Sercan’s research interests include Financial Econometrics, Applied Time Series Modeling, Financial Risk Management and Alternative Investments, such as Cryptocurrencies and Commodity Futures. He has published several papers in reputable international journals, including ABS 4* and ABS 3*. Sercan welcomes PhD applications in all areas of his research interests. Recently, he is particularly interested in supervising projects in the areas of Alternative Investments and Portfolio Optimization.
External activity
Sercan regularly acts as a reviewer for high quality academic journals, including Economics Letters, Energy Economics, International Review of Financial Analysis, International Journal of Finance & Economics and Quarterly Review of Economics & Finance, among others.
Publications
Selected Publications
"Geopolitical tensions and sovereign credit risks" (with Kaawach S., Kilincarslan E. and Semeyutin A.), Economics Letters 236, 111609, 2024.
"Geopolitical risks and climate change stocks" (with Yan W. and Chen C.), Journal of Environmental Management, 352, 119995, 2024.
"Risk-return profile of environmentally friendly assets: Evidence from the NASDAQ OMX green economy index family" (with Gencer, G.,and Kilincarslan, E.), Journal of Environmental Management, 337, 117683, 2023.
"Industry cost of equity: Evidence from frontier markets" (with Hourani A, Wang Y. and McGroarty F.), International Review of Financial Analysis, Elsevier, 87,102573, 2023.
"Carbon credit futures as an emerging asset: Hedging, diversification and downside risks" (with Gencer H. G. and Bayraci, S.), Energy Economics, Elsevier, 113, 106196, 2022.
"Uncertainty Measures and Sector-Specific REITs in a Regime-Switching Environment" (with Kilincarslan E.). Journal of Real Estate Finance and Economics, Springer, 2022.
"How do Artificial Intelligence and Robotics stocks co-move with traditional and alternative assets? Implications and insights for the COVID-19 period"(with Hatice Gaye Gencer and Selcuk Bayraci), Technological Forecasting and Social Change , Elsevier, 171,120989, 2021.
"On the dynamic equicorrelations in cryptocurrency market" (with Petros Golitsis), The Quarterly Journal of Economics and Finance, Elsevier, 80, 524-533, 2021.
“Should stock investors include cryptocurrencies in their portfolios after all? Evidence from a conditional diversification benefits measure" (with Bayraci S.), International Journal of Finance and Economics, John Wiley & Sons, 26(4), 6188-6204, 2021.
“Dynamic co-movements and directional spillovers among energy futures”. (with Hourvouliades, N and Fassas, A.). Studies in Economics and Finance, Emerald, Vol. 37 No. 4, pp. 673-696, 2020.
“Political uncertainty and US tourism index returns’’. Annals of Tourism Research, 84, 102875, 2020
“The impact of geopolitical risks on travel and leisure stocks’’. (with Erhan Kılıncarslan), Tourism Management, Elsevier, 75, 460-476, 2019.
“Time-varying diversification benefits of commodity futures” (with Selcuk Bayraci and H. Gaye Gencer), Empirical Economics, Springer, 56(6), 1823-1853, 2019
“The effects of terrorism on Turkish financial markets” (with Mine Aksoy), Defence and Peace Economics, Taylor&Francis, 30(6), 733-755, 2018
“Stock‐Bond co‐movements and flight‐to‐quality in G7 countries: a time‐frequency analysis” (with Selcuk Bayraci and H. Gaye Gencer). Bulletin of Economic Research, John Wiley & Sons, 70(1), 29-49, 2018
“How has the behavior of cross-market correlations altered during financial and debt crises?” (with Veysel Ulusoy). The Manchester School, John Wiley & Sons, 85 (6), 765-794, 2017
"Energy demand and stock market development in OECD countries: a panel data analysis" (with Veysel Ulusoy). Renewable and Sustainable Energy Reviews, Elsevier, 70, 141-149, 2017
“Volatility modeling and Value-at-Risk (VaR) forecasting of emerging stock markets in the presence of long memory, asymmetry and skewed heavy tails” (with H. Gaye Gencer), Emerging Markets Finance and Trade, Taylor & Francis, 52 (3) 639-657, 2015
“Non-linear volatility dynamics and risk management of precious metals” (with Veysel Ulusoy), The North American Journal of Economics and Finance, Elsevier, 30, 183-202, 2014