Prof. Dr. Orcun Kaya

ZHAW School of Management and Law
Center for Corporate Finance and Capital Markets
Gertrudstrasse 8
8400 Winterthur

+41 (0) 58 934 46 99
orcun.kaya@zhaw.ch

Work at ZHAW

Position

Professor of Financial Management

Focus

Financial Management, Corporate Finance

Teaching

Corporate Finance
Risk Management
Doing Business in Asia

Experience

Senior Economist
Deutsche Bank
01 / 2017 - 03 / 2020
Economist
Deutsche Bank
10 / 2012 - 12 / 2016
Program Manager and Research Assistant
Goethe University
05 / 2008 - 10 / 2012

Education and Continuing education

Education

Ph.D. in Economics / Dissertation: Essays on Household Finance and Sovereign Debt
Goethe University Frankfurt
09 / 2007 - 12 / 2012

Network

Membership of networks

EURAM

ORCID digital identifier

ORCID ID: 0000-0003-3592-5268

Projects

Publications

Articles in scientific journal, peer-reviewed

Kaya, O., Mostowfi, M., & Sugandhita, S. (2026). Foreign investment screening and cross-border M&A in sensitive sectors : evidence from Germany. Finance Research Letters, 92(109525). https://doi.org/10.1016/j.frl.2026.109525
Kaya, O., & Çatak, Ç. (2025). Do pre-market notifications and stock volatility trigger circuit breakers? Evidence from Turkish post-IPO stocks. Finance Research Letters, 81(107509). https://doi.org/10.1016/j.frl.2025.107509
Kaya, O., & Orpiszewski, T. (2025). Determinants of impact investments : evidence from portfolio-level data. Journal of Sustainable Finance and Accounting, 6(100018). https://doi.org/10.1016/j.josfa.2025.100018
Kaya, O. (2024). The impact of late payments on SMEs’ access to finance : evidence from credit rationing and loan terms. Economic Modelling, 141(106896). https://doi.org/10.1016/j.econmod.2024.106896
Kaya, O., & Demirel, M. (2024). The nexus between inflation and financial integration in the euro area. Applied Economics Letters, 32(17), 2407–2411. https://doi.org/10.1080/13504851.2024.2333457
Kaya, O., & Mostowfi, M. (2022). Low-volatility strategies for highly liquid cryptocurrencies. Finance Research Letters, 46(102422). https://doi.org/10.1016/j.frl.2021.102422
Kaya, O. (2022). Determinants and consequences of SME insolvency risk during the pandemic. Economic Modelling, 115(105958). https://doi.org/10.1016/j.econmod.2022.105958
Kaya, O. (2017). CDS spreads in the aftermath of central clearing. International Journal of Financial Markets and Derivatives, 6(2), 75–101. https://doi.org/10.1504/IJFMD.2017.087958

Written conference contributions, peer-reviewed

Kaya, O. (2021). Insolvency risk of European SMEs during pandemic. 21st EURAM Annual Conference, Montréal, Canada (Online), 16-18 June 2021.

Other publications

Chardonnens, P., Danko, F., Streichenberg, U., Camenisch, J., Schweizer, A., & Kaya, O. (2023). KMU ZH Monitor 2023. Zürcher Kantonalbank. https://www.zkb.ch/media/zkb/dokumente/publikationen/kmu-zh-monitor-2023.pdf
Schweizer, A., Danko, F., Streichenberg, U., Hüfner, A., Kaya, O., Affolter, B., Bittel, A., & Camenisch, J. (2022). KMU ZH Monitor 2022. Zürcher Kantonalbank. https://www.zkb.ch/media/zkb/dokumente/publikationen/kmu-zh-monitor-2022.pdf
Kaya, O. (2021). Insolvency risk of European SMEs during pandemic. 37th International Conference of the French Finance Association (AFFI), Online, 26-28 May 2021.
Kaya, O. (2021). Insolvency risk of European SMEs. Qatar Centre for Global Banking and Finance Annual Conference 2021 : Challenges Facing Central Banks in the 2020s, Online, 17-18 May 2021.
Kaya, O. (2021). Insolvency risk of European SMEs during pandemic. 5th Entrepreneurial Finance (ENTFIN) Association Annual Meeting, Virtual, 25-26 June 2021.
Schweizer, A., Affolter, B., Danko, F., Hüfner, A., Kaya, O., & Streichenberg, U. (2021). KMU ZH Monitor 2021. Zürcher Kantonalbank. https://www.zkb.ch/media/dokumente/publikationen/kmu-zh-monitor-2021.pdf
Kaya, O. (2021). Insolvency risk of European SMEs during pandemic. European Economics and Finance Society Annual Conference, Online, 23-25 June 2021.
Kaya, O. (2020). Kunden- und prozessorientierte Lösungen : wo Banken bereits KI nutzen. In Künstliche Intelligenz für Kreditinstitute : Anwendungsbeispiele und Methoden (pp. 33–44). Bank-Verlag.
Kaya, O., & von Martens, T. (2020). German robo-advisors : march of the machines driving passive investments. Deutsche Bank Research. https://www.dbresearch.com/PROD/RPS_EN-PROD/PROD0000000000505172/German_robo-advisors%A3_March_of_the_machines_drivin.pdf
Kaya, O., & Mai, H. (2020). Cost of negative interest rates to German households. Deutsche Bank Research. https://www.dbresearch.com/PROD/RPS_EN-PROD/PROD0000000000506314/Cost_of_negative_interest_rates_to_German_househol.pdf
Kaya, O. (2020). Financial resilience of German households to Corona triggered income shock. SUERF Policy Briefs, 17. https://www.suerf.org/publications/suerf-policy-notes-and-briefs/financial-resilience-of-german-households-to-corona-triggered-income-shock/

Oral conference contributions and abstracts

Kaya, O., & Meyer, J. (2024, October 24). Determinants of late payments. 5th Annual Business Administration Conference: Current Issues in Business Management, Istanbul, Turkey, 24-25 October 2024.
Kaya, O. (2022). Late payments to SMEs : a factor that affects their access to finance. 22nd EURAM Annual Conference, Winterthur, Switzerland, 15-17 June 2022.
Thompson, M. J., Orpiszewski, T., Laube, P., & Kaya, O. (2022). TECH4SDG : guiding Swiss asset managers towards high-impact SMEs. SSF/ZHAW Novel Data Solutions: Big Data and AI for Sustainable Investing - from Biodiversity Risks to Sustainable Gold, Zurich, Switzerland, 2 November 2022.
Kaya, O. (2022). Late payments to SMEs : a factor that affects their access to finance. European Financial Management Association Annual Meeting, Rome, Italy, 29 June - 2 July 2022.

Publications before appointment at the ZHAW

Other publications

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