CHICAGO - University of Chicago Department of Economics

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Oktay Akkus 1215 E. Hyde Park Blvd. Apt. 410 akkus@uchicago.edu Chicago, IL 60615 http://home.uchicago.edu/~akkus Cell: (773) 620-0455 Education Ph.D. Economics University of Chicago (expected June 2009) M.A. Economics University of Chicago 2004 M.A. Economics Sabanci University, Turkey 2002 B.S. Industrial Engineering Marmara University, Turkey 2000 Fields Primary: Industrial Organization Secondary: Corporate Finance, Applied Econometrics, Computational Economics Job Market “Endogenous Matching and the Determinants of Underpricing in IPO Markets” 2008 Paper Underpricing of initial public offerings, defined by the first-day closing price being higher than the issue price, is a well-documented phenomenon that has been studied extensively in the finance literature. These prior studies have analyzed underpricing only through reduced form regressions on the observed characteristics of the issuer firms and the underwriters. Such an approach, however, yields biased estimates if some of the characteristics are not perfectly observed and there is endogenous matching between the issuers and the underwriters based on both the observed and unobserved characteristics. This paper solves the biased estimation problem by putting the IPO process into a two-sided matching framework, and using a novel econometric method to control for the endogenous matching. This methodological improvement brings computational ease and flexibility that allows the use of bank-specific fixed effects to analyze the preferences of match partners rigorously; which, in turn, enables the separation of the market equilibrium sorting effect and the direct influence of the match partners’ characteristics on underpricing. The analysis of the matching shows that underwriters’ total and industry-specific experiences are the most significant factors in issuer firms’ preferences, while the underwriters prefer bigger and venture-backed firms. According to the resulting decomposition, only two-thirds of the underwriter reputation effect, which is among the most emphasized determinants of underpricing in the literature, is accounted for by the direct influence. Secondary “Determinants of Bank Mergers: A Revealed Preference Analysis”, with Ali Hortacsu 2007 Paper This paper analyzes bank mergers in a two-sided matching framework with endogenous transfers, where the two sides are formed by buyers and targets. When a buyer is matched with a target, there is a value created by this match. We impose a functional form for this value and estimate it by employing two maximum score estimators: one that uses transfer data, and one that does not. Our semi-parametric estimates show that the relative sizes of both assets and branches for each side of the match do matter. The closer these values for a matching pair are, the higher the value created. Secondly, geographical proximity, such as the buyer's and the target's branches being in the same markets or in neighboring markets, increases the value. Moreover, same market mergers obtain higher values than neighboring market mergers. Finally, at the time of the announcement of the merger, mergers resulting in Antitrust violation of the post-merger local market concentration have lower values. Academic RA for Prof. Ali Hortacsu Experience TA: Industrial Organization, Microeconomics, Game Theory, Public Finance 2005-2008 Presentations Midwest Economic Association Conference, Minneapolis March 2007 International Industrial Organization Conference, Savannah April 2007 University of Chicago, Industrial Organization Seminar August 2006, November 2007 November 2008 (scheduled) Referee International Journal of Industrial Organization Honors & Esther and T. W. Schultz Dissertation Fellowship 2007-2008 Awards Social Sciences Division Fellowship 2002-2006 Top-ranking graduate among all engineering students in Marmara University 2000 References Ali Hortacsu (Chair) (773) 702-8250 hortacsu@uchicago.edu Jeremy Fox (773) 702-7587 fox@uchicago.edu Chad Syverson (773) 702-7815 chad.syverson@chicagogsb.edu
KARNA BASU Department of Economics The University of Chicago 1126 E. 59th St. Chicago, IL 60637 karna@uchicago.edu http://home.uchicago.edu/~karna (c) 1-617-642-4918 (w) 1-773-702-9014 CURRENT EMPLOYMENT UNIVERSITY OF CHICAGO, Chicago, IL, USA Postdoctoral Fellow & Instructor, Department of Economics, 2006-2009 EDUCATION MASSACHUSETTS INSTITUTE OF TECHNOLOGY, Cambridge, MA, USA Ph.D., Economics, 2006 YALE UNIVERSITY, New Haven, CT, USA B.A., Economics and Mathematics, cum laude, 2000 RESEARCH AND TEACHING AREAS Development Economics, Behavioral Economics, Applied Microeconomic Theory PAPERS (abstracts and full papers available on my website) • “Renegotiating with One’s Self” • “The Provision of Commitment in Informal Banking Markets: Implications for Takeup and Welfare” • “Hyperbolic Discounting and the Sustainability of Rotational Savings Arrangements” (under review) • “A Behavioral Model of Simultaneous Borrowing and Saving” (under review) • “Seasonality in Consumption: Evidence from a Field Experiment in Eastern Indonesia” (in progress, with Maisy Wong) • “Social Networks and Microfinance” (in progress, with Abhijit Banerjee, Esther Duflo, and Matthew Jackson) TEACHING EXPERIENCE University of Chicago: Theoretical Models of Development (Graduate, joint with Roger Myerson) Intermediate Microeconomics (Undergraduate) Topics in Development and Economic Growth (Undergraduate) MIT: Introductory and Intermediate Microeconomics (Undergraduate) Applied Economics for Managers (Sloan School of Management, Tutor) Environmental Policy and Economics (Undergraduate, Teaching Assistant) HONORS, SCHOLARSHIPS, AND FELLOWSHIPS 2006 – present: Short Term Consultant, The World Bank 2008: NSF research grant (with Abhijit Banerjee, Esther Duflo, and Matthew Jackson) 2007: Research grant from “Japanese Social Development Fund” (with Maisy Wong) Summer 2004: Selected Participant, Summer Institute in Behavioral Economics, Trento, Italy 2000 – 2002: MIT Department of Economics Fellowship 2000: Distinction in Economics and Mathematics, Yale University REFERENCES Abhijit Banerjee Dept. of Economics, MIT banerjee@mit.edu 617-253-8855 Xavier Gabaix Stern School of Business, NYU xgabaix@stern.nyu.edu 212-998-0257 Roger Myerson Dept. of Economics, U. Chicago myerson@uchicago.edu 773-834-9071
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