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2023 Hakan Orbay Research Award

Sabancı Business School Hakan Orbay Awards 2023 Winners:

The 10th Hakan Orbay Awards have been presented to the following researchers this year:

Young Researcher Award: Dr. Deniz Aydın, Olin Business School, Washington University in St. Louis. Paper: "Forbearance vs. Interest Rates: Tests of Liquidity and Strategic Default Triggers in a Randomized Debt Relief Experiment"

Ph.D. Student Award: Chenchuan Shi, University of Oxford. Article: "Risk, Uncertainty, and Entrepreneurship"

Congratulations to our winners.

Hakan Orbay Awards Committee

Starting with 2013, Sabancı Business School has established a research award in memory of Hakan Orbay. The aim of this annual award is to encourage young researchers to undertake original research in finance and microeconomics. Awards for 2022 presented to:


Young Researcher Award:  Prof. Umut Dur (PhD from University of Texas at Austin & Professor of Economy North Carolina State University) with her paper written with Julien Combe, Olivier Tercieux, Camille Terrier, M. Utku Ünver “Market Design for Distributional Objectives in (Re)assignment: An Application to Improve the Distribution of Teachers in Schools’’ 


PhD Student Award: Mrs. Ece Yegane (MA from Sabanci University & PhD student at University of Maryland) with her paper “Stochastic Choise with Limited Memory’’ 

Hakan Orbay

Award Amounts

Young Researcher Award1500 USD
PhD Student Award750 USD


Award Schedule

Call for Paper15 March 2023
Application Deadline28 July 2023
Announcement of the Winner15 September 2023


Application Guidelines:
•    Although the application is open to all theoretical and applied work in the areas of finance and microeconomics, priority will be given to research papers in firm theory, theory of incentives and contracts, corporate finance, corporate governance, and research papers analyzing markets in emerging economies.
•    All researchers with PhD degrees who are younger than 40 years old at the application deadline are eligible to apply for young researcher award. Coauthored papers are also welcome, as long as the applying coauthor satisfies the award application rules.
•    Applicants who are PhD students at the date of application are eligible to apply for PhD student award.
•    Applications must include one paper and the CV of the applicant. The first page of the paper should have an abstract. Papers and CVs can be in Turkish or English. For Applications please fill out below link contact us at
•    Only original research articles not accepted for publication on the application date will be considered for the award. Papers under consideration for publication are eligible for application.
•    Awardees will be asked to acknowledge the award in the published version of their papers and to present the papers in the award ceremony.
•    In case of insufficient applications in desired quality for PhD student award, Jury has the authority to give the same award as second-best young researcher award. 

If you have any questions, please e-mail us at 


Award Jury

Benan Zeki Orbay, Istanbul Bilgi University

İzak Atiyas, Sabancı University

Eren İnci, Sabancı University

Aziz Şimşir, Sabancı University

Koray Deniz Şimşek, Rollins College

Melsa Ararat, Founding Director of Sabancı University Corporate Governance Forum of Turkey & Advisory Board  Member

Yiğit Atılgan, Sabancı University

Tayfun Sönmez, Boston College


Coordinator: Burcu Albayrak, Sabancı University


Short Bio of Hakan Orbay:

After graduating from Ankara Science High School in 1979, Hakan Orbay received his undergraduate degrees in Electrical Engineering and Physics from Bogazici University in 1983. He obtained his Master’s degree in Electrical Engineering from Calgary University and subsequently returned to Turkey to work in the Information Technology area of the banking sector between1988-1991. He kept close links with academia during those years and eventually went to the U.S. for his doctoral studies in 1991. After obtaining a PhD in Economics from Stanford University, Graduate School of Business, he worked as a faculty member at Koc University until 1999. Next, he joined the Sabancı School of Management during its establishment years and worked there as a faculty member until his untimely death in 2011. Hakan Orbay produced original research in microeconomics and finance and made important contributions to the establishment and development of the Sabancı School of Management, Istanbul, Turkey.

2022 Winners

Young Researcher AwardUmut Dur (PhD: University of Texas at Austin & Professor at NC State University) Julien Combe, Olivier Tercieux, Camille Terrier, M. Utku Ünver ile ortak çalışması olan “ Market Design for Distributional Objectives in (Re)assignment: An Application to Improve the Distribution of Teachers in Schools’’
PhD Student AwardEce Yegane (MA: Sabancı University & PhD student at University of Maryland) “Stochastic Choise with Limited Memory’

2021 Winners

Young Researcher AwardBegüm Güney, PhD: New York University, Ozyegin University Faculty Member, “Games with Switching Cost and Endogenus References?”.

2020 Winners

PhD Student AwardUmit Yılmaz, PhD: Swiss Finance Institute & USI, Ozyegin University Faculty Member, “Why do firms borrow from Foreign Banks?”.

2019 Winners

Young Researcher Award

Oğuzhan Karakaş, University Senior Lecturer in Finance Cambridge Judge Business School, University of Cambridge, “Coordinated Engagements”
PhD Student AwardGüner Velioğlu, PhD Candidate, Warrington College of Business, University of Florida, “Why Are Commercial Loans So Sticky? The Effect of Private Information on Loan Spreads”

2018 Winners

Young Researcher AwardSelman Erol, Tepper School of Business, Carnegie Mellon University, “Network Hazard & Bailouts”
PhD Student Award Adrian Aycan Çorum,Former PhD Candidate, The Wharton School, UPENN (Finance Department), “Activist Settlements”

2017 Winners

Young Researcher AwardSemih Üslü, Carey Business School, John Hopkins University,“Pricing and Liquidity in Decentralized Asset Markets”
PhD Student AwardNaime Usul, PhD Adayı, Faculty of Business Administration (Finance) Bilkent University, “Affect-Based Stock Investment decision: The Role of Affective Self-Affinity”

 2016 Winners

Young Researcher AwardNaim Buğra Özel, Jindal School of Management, University of Texas at Dallas, “Earnings Expectations and Employee Safety”
PhD Student Award Kazım Anıl Eren, PhD Candidate, Institute of Social Sciences, Ph.D. of Economics, Koç University, “The Determinants of Happiness in Turkey Evidence from City Level Data”

2015 Winners

1.Ümit Gürkan Gürün, Naveen Jindal School of Management, University of Texas at Dallas, “Resident Networks and Firm Trade”
2.Mehmet Ihsan Canayaz, PhD Candidate, Saïd Business School, University of Oxford, “Is the revolving door of Washington a back door to excess corporate returns?”
3.Cem Demiroğlu, CASE, Koç University, “ Indicators of Collateral Misreporting”

2014 Winners

1.Mathis Wagner, Department of Economics, Boston College, “Immigrants versus Natives? Displacement and Job Creation”
2.Haluk Çitçi, Faculty of Business Administration, Gebze Institute of Technology, “Agency and Transparency in Financial Markets”
3.Aygün Dalkıran, Department of Economics, Bilkent University, “Limits of Reputations”

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