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Deniz Ozenbas

Professor, Accounting and Finance, Feliciano School of Business

Office:
School of Business 357
Email:
ozenbasd@montclair.edu
Phone:
973-655-7522
Degrees:
BA, Bogazici University, Istanbul (Turkey)
MBA, City University of New York
MPhi, City University of New York
PhD, City University of New York
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Bio

Deniz Ozenbas is a Professor of Finance at Montclair State University School of Business. Her research is mainly in the field of market microstructure and market efficiency. Her work has been published or forthcoming in journals that include International Finance, Journal of Portfolio Management, Economics Letters, BE Press Journal of Macroeconomics and was presented at domestic and international conferences.

She has been awarded the Nasdaq Dissertation Fellowship by the Nasdaq Stock Market, and received the Oscar Lasdon Award for best dissertation in the area of Finance from Baruch College, City University of New York. Her joint work with Robert A Schwartz and Robert A. Wood has received the Award for Excellence / Outstanding Paper award at the Global Conference on Business and Economics annual meeting in London, England.

Dr. Ozenbas holds a PhD in Finance from Baruch College, City University of New York, and a BA from Bogazici University, Turkey.

Expertise

Market Volatility
Equity Markets
Market Structure
Trading Efficiency
Risk Management
Financial Derivatives
Corporate Financial Management

Research

  • Blockchain, Bitcoin and Other Cryptocurrencies
  • Trade Clustering and Sidedness in Equities Markets, an Analysis of High Frequency Trading

Professional Experience

  • Associate Professor, Montclair State University (2006 - 2011)
  • Assistant Professor , Montclair State University (2002 - 2006)
  • Substitute Instructor / Adjunct Instructor, Baruch College / CUNY (2000 - 2002)
  • Professor, Montclair State University (2011 - Present)
  • Feliciano Entrepreneurship Center Economics and Finance Dept Faculty Representative, Montclair State University (2012 - 2013)
  • Visiting Professor of Finance, Bogazici University (2012 - 2012)

Consulting

  • Technical/Professional Work, Goldman Sachs. (July 2020 - Present). Technical training of new hires.
  • Technical/Professional Work, JP Morgan Chase. (July 2019 - Present). Technical training of new hires.

Honors & Awards

  • Research reviewed in popular media, Security Industry News, Vol. XIII Number 47 (December 2001)
  • NASDAQ Dissertation Fellowship , NASDAQ (December 2001)
  • Invited presenter / grant recipient at the Doctoral Student Seminar of the Financial Management Association annual meeting, Financial Management Association (October 2002)
  • Oscar Lasdon Award for the best dissertation in the area of Finance or Business, Baruch College, CUNY (May 2003)
  • Best Presenter Award, Economics & International Business Research Conference (December 2008)
  • Award for Excellence, Outstanding Paper in the area of Economics and Finance, Global Conference on Business and Economics (July 2003)
  • Research reviewed in popular media, CFA Digest, Volume 33, Number 4 (November 2003)
  • Book Recommended in Popular Media, Securities Technology Monitor (March 2012)
  • Invited Visiting Professor, Bogazici University (January 2012)
  • Invited Keynote Speaker, Economics & International Business Research Conference (December 2009)
  • Certificate of Appreciation, Southwestern Finance Association (March 2013)
  • Faculty Research Fellowship Award, Montclair State University (April 2012)
  • TV Interview, TRT Turk (January 2015)
  • NASDAQ Stock Market Data Grant, NASDAQ Stock Market ( 2014)
  • Best Presenter Award, The Economics, Finance, MIS & International Business Research Conference (July 2013)
  • Article Quotation, Bloomberg Institute (January 2015)
  • 2017 University Distinguished Scholar Award Recipient, Montclair State University ( 2017)
  • Invitation to the Commissioned Research Initiative of the Economic Policy and Research Department, National Stock Exchange of India ( 2015)
  • Invited Keynote Speech, The Finance, Global Management, Economics & Information Technology Research Conference (May 2015)

Refereed Published Articles

  • D. Ozenbas, H. Guirguis, C. Giannikos (2003). Is Volatility of Equity Markets a Volume Story? A Non-parametric Analysis. International Journal of Business and Economics
  • D. Ozenbas, C. Giannikos (2002). Investment in Real Assets and Information Acquisition: The OCE Preferences Case. Economics Letters
  • D. Ozenbas, R. Wood, R. Schwartz (2002). Volatility in U.S. and European Equity Markets: An Assessment of Market Quality. International Finance
  • R. Schwartz, J. Ross, D. Ozenbas (2022). Equity market structure and the persistence of unsolved problems: A microstructure perspective. The Journal of Portfolio Management
  • D. Ozenbas, R. Schwartz (2022). The Return of the Call Auction. The Journal of Portfolio Management
  • D. Ozenbas, R. Schwartz (2020). The Interplay Between Regulation, Competition, and Technology and the Transformation of Our Equity Markets. Journal of Portfolio Management
  • D. Ozenbas, R. Schwartz (2018). Do High Frequency Trading Firms Provide Two-Sided Liquidity?. Journal of Portfolio Management
  • D. Ozenbas, C. Inci (2017). Intraday Volatility and the Implementation of a Closing Call Auction at Borsa Istanbul. Emerging Markets Review
  • D. Ozenbas (2016). Complexity in Equity Market Trading. The Journal of American Academy of Business, Cambridge
  • A. Meziani, L. San Vicente Portes, D. Ozenbas (2015). Liquidity under Extreme Market Volatility: The Case of the SPY, IVV and RSP Funds. Financial Decisions
  • D. Ozenbas, A. Meziani, L. San Vicente Portes (2014). Liquidity Effects of Firm Size and Market Distress on Index Tracking ETFs. Journal of International Financial Studies
  • D. Ozenbas, L. San Vicente Portes (2014). Stock Price Volatility and Firm Capital Structure Decisions During the Financial Crisis. The Journal of American Academy of Business, Cambridge
  • D. Ozenbas, L. San Vicente Portes (2011). Does Firm Size Matter? The Relationship between Firm Level Volatility, GDP Volatility and Capital Structure Decisions for Firms of Different Size Groups. The Business Review, Cambridge
  • D. Ozenbas (2006). Intra-Day and Inter-Day Price Volatility in the US and European Equity Markets: A Measure of Trading Friction, 2006. Journal of American Academy of Business, Cambridge
  • D. Ozenbas, Z. Zamanian (2006). Day of the Week Effects in Intra-Day Volatility Patterns of Equity Markets: A Study of US and European Stock Markets. International Business & Economics Research Journal
  • D. Ozenbas (2006). Pattern of Short-Term Volatility Accentuation Within the Trading Day: An Investigation of the US and European Equity Markets. International Business & Economics Research Journal
  • D. Ozenbas (2008). The Effect of Extending the Trading Hours on Volume and Volatility: The Case of Euronext Paris and Deutsche Boerse. Journal of American Academy of Business, Cambridge
  • D. Ozenbas (2008). Intra-Day Trading Volume Patterns of Equity Markets: A Study of U.S. and European Stock Markets. International Business & Economics Research Journal
  • , D. Ozenbas, L. San Vicente Portes (2009). Relationship between GDP Volatility, Idiosyncratic Stock Price Risk and Firms’ Capital Structure: An Explanation within the Financial Accelerator Framework. The Business Review, Cambridge
  • D. Ozenbas, L. San Vicente Portes (2010). Capital Structure and Firm-Level Risk: Trends and Macroeconomic Implications. Review of Business Research
  • , D. Ozenbas, R. Schwartz, M. Pagano (2010). Accentuated Intra-Day Stock Price Volatility: What is the Cause?. Journal of Portfolio Management
  • L. San Vicente Portes, D. Ozenbas (2009). On Balance Sheets, Idiosyncratic Risk and Aggregate Volatility. The B. E. Journal of Macroeconomics
  • D. Ozenbas, L. San Vicente Portes (2011). Idiosyncratic Volatility and Capital Structure: Firms’ Response to Larger Risk within a Financial Accelerator Framework. Financial Decisions

Published Proceedings

  • D. Ozenbas (5s). 2003. Volatility in U.S. and European Equity Markets: An Assessment of Market Quality Global Conference on Business and Economics annual meeting
  • D. Ozenbas, H. Yuce, O. Baser, L. Xie, N. Vaidya, N. Keshishian, K. Xin (5s). 2016. Evaluating the economic burden and health care utilization of lung cancer in the US Medicare population International Society for Pharmacoeconomics and Outcomes Research
  • D. Ozenbas, L. Xie, H. Yuce, O. Baser, Y. Wang, Q. Zhang, K. Xin (5s). 2016. Health care utilization and economic burden of pancreatic cancer in the US Medicare population International Society for Pharmacoeconomics and Outcomes Research
  • D. Ozenbas, L. San Vicente Portes (5s). 2011. Idiosyncratic Volatility and Capital Structure: Firms’ Response to Larger Risk within a Financial Accelerator Framework Twelfth International Conference of the Society for Global Business & Economic Development
  • D. Ozenbas (5s). 2005. Intra-Day and Inter-Day Price Volatility as a Measure of Trading Friction in Domestic and International Equity Markets Global Business and Economic Development
  • L. San Vicente Portes, D. Ozenbas (5s). 2006. On Balance Sheets, Idiosyncratic Risk and Aggregate Volatility: Is Firm Volatility Good for the Economy? Proceedings of the 6th Global Conference on Business and Economics.
  • D. Ozenbas, M. Pagano, R. Schwartz (5s). 2006. The Behavior of Volatility at the Open and Across the Trading Day Journal of Banking and Finance 30th Anniversary Conference
  • D. Ozenbas, M. Pagano, R. Schwartz (5s). 2007. Rude Awakenings: The Behavior of Volatility at the Open and Across the Trading Day Proceedings of the 10th International Conference on Global Business and Economic Development

Books & Chapters

  • D. Ozenbas, R. Schwartz, R. Wood (2001). Improving trading efficiency in European Equity Markets. Westminster and City Programmes
  • D. Ozenbas, R. Schwartz (). Market Microstructure: Future Trends. Springer
  • D. Ozenbas, M. Pagano, R. Schwartz, B. Weber (2021). Liquidity, Markets and Trading in Action: An Interdisciplinary Perspective. Springer
  • D. Ozenbas, R. Schwartz (2005). A trading desk view of market quality, Chapter 1: Recent evidence on Market Quality . Kluwer Academic Publishers
  • D. Ozenbas (2009). Volatility and Price Discovery in Stock Markets: An Intra-day Analysis of the New York Stock Exchange, Nasdaq Stock Market, London Stock Exchange, Euronext Paris and Deutsche Boerse. VDM Verlag Publishing House
  • D. Ozenbas, M. Pagano, R. Schwartz (2011). Volatility (Chapter 8: "Accentuated Intra-Day Stock Price Volatility"). Springer