What can we help you find?

Frequently searched

Halil Kiymaz

Halil Kiymaz, Ph.D., CFA

Bank of America Professor of Finance

Teaching at Crummer is both a rewarding and challenging experience as the quality of students ensures that you are on top of your game.

Halil Kiymaz joined the Crummer Graduate School of Business at Rollins College faculty in 2004. He is the Bank of America Professor of Finance. He also holds the Chartered Financial Analyst (CFA) designation. 

Professor Kiymaz maintains an extensive research agenda and has published more than 100 articles in scholarly and practitioner journals. He also has seven books titled “The Art of Capital Restructuring: Creating Shareholder Value through Mergers and Acquisition (John Wiley & Sons, Inc., 2011), “Market Microstructure in Emerging and Developed Markets” (John Wiley & Sons, Inc., 2013), “Private Equity: Opportunities and Risks” (Oxford University Press, 2015), “Mutual Funds – Building Blocks for Investment Portfolios,” (Oxford University Press, 2016) and “The Savvy Investor’s Guide to Pooled Investments (Emerald Publishing, 2019),  Equity Market Valuation and Analysis (John Wiley & Sons, Inc. 2020), and Social Finance: Mobilizing Markets for Good (Palgrave Macmillan, 2025, Forthcoming).

His research has appeared in the Journal of Banking and Finance, Financial Review, Global Finance Journal, Journal of Applied Finance, International Journal of Emerging Markets, Journal of Economics and Finance, Review of Financial Economics, Quarterly Journal of Business and Economics, Pacific-Basin Finance Journal, International Journal of Economics and Finance, Borsa Istanbul Review, and European Journal of Management. He has received several research awards, including the McGraw-Hill Irwin Best Paper Award and Outstanding Research Awards at the Global Conference on Business and Finance. He also serves on the editorial board of numerous journals. He is the former president of the Academy of Financial Services and served as the International Journal of Emerging Markets finance editor. 

Professor Kiymaz has consulting and training experience with various governmental and public organizations. He has been listed on multiple biographies, including Who’s Who Among America’s Teachers, Who’s Who in Business Higher Education, Academic Keys Who’s Who in Finance and Industry, International Who’s Who of Professionals by Who’s Who Historical Society, and Marquis Who’s Who. 

Before coming to Rollins, Dr. Kiymaz taught at the University of Houston-Clear Lake, Bilkent University, and the University of New Orleans. He also has had visiting faculty positions at various international universities. 

Research & Articles

Borsa Istanbul Review, 24:3, 2024 (with S. Haque and A. Choudhury)

The literature on working capital management (WCM) provides mixed evidence on the effect of working capital on firm profitability and performance. We use firms from developed and emerging economies to explore how working capital and its components relate to firms’ performance while controlling for firm-specific and macroeconomic factors. The findings show that the cash conversion cycle (CCC) is inversely related to firm performance in developed and emerging economies—however, there are differences in the CCC’s components. While firms in developed economies exhibit higher firm performance with longer days’ inventory on hand, firms in emerging economies have lower firm performance with longer days’ inventory on hand, extended collection periods, and longer payable periods. Company-specific factors, such as firm size, growth, profitability, and leverage, influence the efficiency of WCM. We also find that country-specific variables such as gross domestic product (GDP), interest rate, and inflation have varying impacts on a firm’s WCM.

https://doi.org/10.1016/j.bir.2024.03.004 (SSCI Indexed)

International Journal of Finance and Economics,28:3, 2023, 2449-2474 (with W.S. Kim and S. Oh)

We examine why Korean firms issue hybrid securities, including convertible bonds and bonds with warrants. In particular, we investigate whether there exist any differences between companies issuing convertible bonds and those issuing bonds with warrants. Our findings show that younger firms with more growth opportunities, larger size, high leverage, low profitability, low credit rating, and low ownership concentrations are likely to issue more hybrid securities rather than straight debt or equity. Also, we find that firms with more growth opportunities, larger size, low profitability, and higher ownership concentrations prefer to issue convertible bonds rather than bonds with warrants. Although we find that the announcement effects of both convertible bonds and bonds with warrants are significantly positive, the cumulative abnormal returns are higher for convertible bonds than for bonds with warrants.

https://doi.org/10.1002/ijfe.2544  (SSCI Indexed)

International Journal of Emerging Markets, 2021, Volume 17 (with W.S Kim)

Purpose
The impact of founder CEOs on firm value continues to be debated in the finance literature. While earlier studies suggest that founding family ownership and founding CEO structure create less value than public ownership, later studies provide contradicting evidence. This study examines how founder CEOs affect firm value in the business group context while controlling for firm-specific variables and various CEO characteristics.

Design/methodology/approach
The authors use a sample of publicly listed Indian firms from 2010 to 2015 with 997 firm-year data observations. While 306 of these are in business groups, the remaining 691 are in a nonbusiness group. The authors also divide the sample into various sector subgroups, including materials (170), industrials (198), consumer (422) and others (198). They use two different models, including the fixed effect model (FEM) and pooled generalized method of moments (GMM) model to run regressions.

https://doi.org/10.1108/IJOEM-05-2019-0351 (SSCI Indexed)