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Personal profile


Mustafa Graduated from Bogazici University, Istanbul, Turkey and gained BSc in Electrical Engineering in 1987. He then started studying MSc in Economics at Bogazici and later joined Boston College (MA) in 1990, USA, to pursue his PhD. Completing his PhD, he worked at Tufts University Fletcher School of Law and Diplomacy (MA, USA), Koc University (Istanbul, Turkey), University of Liverpool, University of Leicester. He took up a Chair in Economics at the University of Glasgow in 2005 and later joined the University of Sheffield as a Professor of Economics. Mustafa joined the School of Management and Languages in January 2013 as a Professor of Finance.

Research interests

Mustafa's research interests lie in the areas of financial economics, international finance and applied macroeconomics. His recent research concentrates on firm investment and cash holding behaviour; international trade flows and exchange rate movements; corruption; the role of financial dept; bank lending; firm leverage and inventories; and price dynamics. See Mustafa's recent working papers (downloadable from RePec) for examples of research areas. Mustafa is interested in supervising PhD students in above areas.

Mustafa  has published several research articles in field and general journals including The American Economic Review, European Economic Review, Economic Inquiry, Economics Letters, Journal of Banking and Finance, Journal of Applied Econometrics, Journal of International Money and Finance, Oxford Economic Papers, Southern Economic Journal, The Manchester School and The World Development

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Research Output

Decision time and investors' portfolio strategies

Zhang, J., Zhang, W., Li, Y. & Caglayan, M., 11 May 2020, In : Pacific-Basin Finance Journal. 101344.

Research output: Contribution to journalArticle

  • Expert imitation in P2P markets

    Gao, G., Caglayan, M., Li, Y. & Talavera, O., 13 Jun 2020, In : Manchester School.

    Research output: Contribution to journalArticle

    Open Access
  • 1 Downloads (Pure)
  • 18 Downloads (Pure)

    The risk-taking channel in the United States: A GVAR approach

    Alzuabi, R., Caglayan, M. & Mouratidis, K., 22 Jul 2020, In : International Journal of Finance and Economics.

    Research output: Contribution to journalArticle

    Open Access
  • What does not kill us makes us stronger: the story of repetitive consumer loan applications

    Caglayan, M., Talavera, O., Xiong, L. & Zhang, J., 20 Jul 2020, In : European Journal of Finance. p. 1-20 20 p.

    Research output: Contribution to journalArticle