Loyola University Chicago

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Faculty & staff Details

Vefa Tarhan
Title: Professor
Office #: Maguire Hall 564
Phone: 312-915-7073
E-mail: vtarhan@luc.edu


Personal Information

Degrees

  • Ph.D., University of California at Santa Barbara, 1978
  • M.A., University of California at Santa Barbara, 1974
  • B.A., Robert College, Istanbul, Turkey, 1971

Research Interests

  • Monetary policy
  • Mergers and acquisitions
  • Share repurchases
  • Bank portfolio management

Professional Associations

  • American Finance Association
  • Financial Management Association

Professional Activities

  • Reviewer for:
    • Journal of Monetary Economics
    • Journal of Money Credit and Banking
    • Journal of Banking and Finance
    • Journal of Economic Dynamics and Control
    • Journal of Economics and Business

    Courses Taught

    • GSB 450: Financial Management
    • GSB 457: Cases in Corporate Finance
    • GSB 458: International Banking and Corporate Finance

    Research Listings


    REFEREED PUBLICATIONS
    "The Capital Allocation in Developing Economies and their Vulnerability to External Shocks," The Journal of American Academy of Business Cambridge, March 2007
    "What does Form of Payment Indicate about Post-Merger Prospects," Abante, March 2006

    "Globalization and Turmoil in Emerging Market Economies," Economic Dialogue, September 2006

    "The Capital Allocation in Developing Economies and their Vulnerability to External Shocks," The Journal of American Academy of Business, Camridge, December 2006

    "Emerging Market Capital Markets: The Need for Structural Reforms," Financial World, , October 2006

    "General Characteristics of Developing Country Capital Markets and Asymmetry Related Allocation Problems," The Journal of Economic Asymmetries, Vol.2, No. 1 2005

    "Inflation, macroeconomic growth and investment decisions: A corporate finance perspective," Economics, Management and Finance, Vol 18, Feb, 2003

    "Criticisms of the IMF and postelection relations between the IMF and Turkey," Economics, Management and Finance, Vol 18, Jan 2003

    "Asian Currency Crisis of 1987-98: Is the Turkish Economy Vulnerable to a Similar Crisis?," Money and Finance in the Global Economy, 191-205 2002

    "Share Repurchases and Firm Performance: New Evidence on the Agency Costs of Free Cash Flow," Journal of Financial Economics, 1998 , Co-Authors: Tom Nohel


    PAPERS PRESENTED AT PROFESSIONAL MEETINGS
    "How Do Firms Finance their Investments? The Relative Importance of Equity Issuance and Debt Contracting Costs," Financial Management Association Meetings, Fall 2007 , Co-presenting: V. Gatchev and P. Spindt
    "Globalization of Capital Markets and the Role of Hedge Funds," Athenian Policy Forum, Chicago, January 2007

    "Cashflow Sensitivities with Constraints," American Finance Association Meetings, Chicago, January 2007 , Co-presenting: Todd Pulvino

    "The Joint Dynamics of Debt and Equity Financing," DePaul University, April 2006

    "Why Are Emerging Market Capital Markets Vulnerable to External Shocks," Forum Istanbul Finance Conference, Keynote Speaker, November 2006

    "Corporate Investment Decision Practices and the Hurdle Rate Premium Puzzle," Southern Finance Association Meetings, Destin, November 2006 , Co-presenting: Iwan Meier

    "Corporate Investment Decision Practices and the Hurdle Rate Premium Puzzle," Kellog Graduate School of Management, Brown Bag Seminar Series, November 2006 , Co-presenting: Iwan Meier

    "Corporate Investment Decision Practices and the Hurdle Rate Premium Puzzle," European Financial Management Association Meetings, Madrid, July 2006 , Co-presenting: Iwan Meier

    "How Do Firms Finance their Investments? The Relative Importance of Equity Issuance and Debt Contracting Costs," Kellogg Graduate School of Management, Finance Department Seminar, October 2006 , Co-presenting: V. Gatchev and P. Spindt

    "How Do Firms Finance their Investments? The Relative Importance of Equity Issuance and Debt Contracting Costs," 2006 China International Conference in Finance, Xi'an, July 2006 , Co-presenting: V. Gatchev and P. Spindt

    "Globalization of Capital Markets and the Role of Hedge Funds," The Turkish Economic Association Meetings, Ankara, September 2006

    "Globalization of Capital Markets and the Role of Hedge Funds," Turkish Central Bank, Ankara, December 2006

    "General Characteristics of Developing Country Capital Markets and Asymmetry Related Allocation Problems," Athenian Policy Forum, March 2005

    "The Joint Dynamics of Debt and Equity Financing," Invited Seminar, College of Business, HEC Montreal, Center for Research, November 2005

    "Cash Flow Sensitivities with Constraints," Invited Seminar, Tippie College of Business, The University of Iowa, October 2005 , Co-presenting: Todd Pulvino

    "Cash Flow Sensitivities with Constraints," Financial Management Association Meetings (won the Best Corporate Finance Award), October 2005 , Co-presenting: Todd Pulvino

    "The Connection Between Capital Markets and the Real Sector of the Economy," Global Business and Economic Conference, August 2005

    "Corporate Investment Decision Practices and Hurdle Rate Premium Puzzle," Invited Seminar, Sabacni University, August 2005 , Co-presenting: Iwan Meier

    "The Joint Dynamics of Debt and Equity Financing," European Financial Management Meetings, June 2005 , Co-presenting: Vladimir Gatchev and Paul Spindt

    "Allocating Dollar of Cash Flow: Investment Financing and Distribution Decision Sensitivities," Invited Seminar, The Federal Reserve Bank of Chicago, May 2005 , Co-presenting: Todd Pulvino

    "Allocating Dollar of Cash Flow: Investment Financing and Distribution Decision Sensitivities," Invited Seminar, Kellog Graduate School of Management, Northwestern University, March 2005 , Co-presenting: Todd Pulvino

    "Allocating Dollar of Cash Flow: Investment Financing and Distribution Decision Sensitivities," Invited Seminar, De Paul University , January 2005 , Co-presenting: Tood Pulvino

    "Allocating Marginal Cashflow: Investment, Financing and Distribution Decision Sensitivities," DePaul University Finance Department Seminar Series, December 18 2004 , Co-presenting: Todd Pulvino, Northwestern University

    "Are Firms Constrained From Accessing Capital Markets," APF Conference at the German Central Bank, Frankfurt , July 2004

    "Capital Markets in Developing Economies ," Illinois Economic Association Meetings, October 15 2004

    "Recent developments in corporate finance and their impact on the economic environment," Demir Demirgi Memorial Seminar Series, University of Bosphorus, May, 2003

    "Joint Estimation of Investment, Financing, and Distribution Cash Flow Sensitivities," Loyola University, Chicago, March 2002 , Co-presenting: Todd Pulvino

    "Joint Estimation of Investment, Financing, and Distribution Cash Flow Sensitivities," Tulane University, Finance Seminar Series, April 2002 , Co-presenting: Todd Pulvino

    "Joint Estimation of Investment, Financing, and Distribution Cash Flow Sensitivities," Koc University, Finance/Economics Seminar Series, December 2002 , Co-presenting: Todd Pulvino

    "The Internet Bubble and its Causes," Athenian Policy Forum, Loyola University Chicago, August 2002

    "The Turkish Economy in a Crossroad: One More Time," The Forum Istanbul Conference, March 2002

    "Asian Currency Crisis, Its Causes, and the Likelihood of a Similar Crisis for the Turkish Economy," Athenian Policy Forum, Izmir, Turkey, August 2000

    "Joint Investment and Financing Decision: An Empirical Analysis," Northwestern University Finance Seminar Series, April 2000

    "Form of Payment in Mergers and Post Merger Performance," Northwestern University Finance Seminar Series, November 1999

    "Investor Valuation of Corporate Acquisitions as Joint Investment and Financing Decisions," Tenth Annual Conference on Financial Economics and Accounting, University of Texas at Austin, October 1999 , Co-presenting: Tom Nohel, Paul Spindt

    "Investor Valuation of Corporate Acquisitions as Joint Investment and Financing Decisions," Financial Management Association-International, Barcelona, 1999 , Co-presenting: Tom Nohel, Paul Spindt

    "Share Repurchases and Firm Performance: New Evidence on the Agency Costs of Free Cash Flow," First Annual FMA International Conference, Zurich, 1997


    CONTRIBUTIONS OR CHAPTERS IN BOOKS
    "The connection between the real and the financial sector: A corporate finance view," Turkish Capital Markets Board eds., The role of the real sector in financial markets, March 2003

    "The Asian Currency, Crisis: Is the Turkish Economy Vulnerable to a Similar Crisis?," B.Batavia and A.G.Malliaris eds., (Athenian Policy Forum Press), 2002

    "Determination of Levered and Unlevered Cash Flows, Cost of Capital, and Investment Decisions," (Financial World), September 2002

    "Alternative Firm Valuation Methods: The Comparison of the APV, WACC, and Cash Flows to Equity Methods," (Financial World), October 2002


    OTHER RESEARCH ACTIVITY
    "In 2004 Refeered articles for: The Journal of Finance, The Journal of Financial Economics, and The Journal of Economic Asymmetries," 2004

    "Corporate Finance Revolution," Presentation for the Executive MBA students, University of Piraeus, December, 15 2004

    "The Bridge Between the Reel and the Financial Sides of The Economy: What Can Be Done to Improve the Turkish Capital Markets?," Keynote Speaker., December,12 2002

    "Historical Investment Bubbles and the Internet Sector," D�nya Gazetesi, June 4 2002

    "The First Two phases of the Internet Bubble: Business to Consumer, and the Business to Business Models, Why They Failed," D�nya Gazetesi, June 24 2002

    "The Last Stage of the Internet Sector Bubble and the Lessons to be Learned by the Investors," D�nya Gazetesi, June 27 2002

    "A Myopic Look at the Economy: the Early Election Decision," D�nya Gazetesi, August 29 2002

    "The Sustainability of Debt May Prove to be a Bigger Problem for the Turkish Economy than its Chronic Inflation," D�nya Gazetesi, November 27 2002

    "Post-Election Policy Recipes for the New Government," D�nya Gazetesi, December 24 2002

    "Tax Reform and Privatization Policy Suggestions," Star Gazetesi, December 8 2002

    "Economic policies Need to Change After a Heart-Attack Size Financial Crisis," D�nya Gazetesi, March 29 2002

    "Inflation May be Manageable if in the Short-Run the Turkish Economy Gives up its High Growth Targets," Zaman Gazetesi, April 1 2002

    "The Negotiation Strategies for Turkey�s Entrance to the European Union," D�nya Gazetesi, December 16 2002