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Sercan Demiralay

Sercan Demiralay

Senior Lecturer

Department of Accounting and Finance

Nottingham Business School

Staff Group(s)
Department of Accounting and Finance


Sercan Demiralay is a Senior Lecturer  in Finance in the division of Accounting and Finance 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 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.

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, Economic Modelling, International Journal of Finance and Economics and Quarterly Review of Economics and Finance, among others.


Selected Publications

"Industry cost of equity: Evidence from frontier markets" (with Hourani A, Wang Y. and McGroarty), 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 Erhan Kilincarslan).  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 Selcuk Bayraci), 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

See all of Sercan Demiralay's publications...