Profile photo of Dr. Kurtay Ogunc

Dr. Kurtay Ogunc

Assistant Professor

Director of MS in Finance Program

Department of Finance

Office Location: BA 210

Phone: (903) 468-2067


Professional Vita



Asset allocation, portfolio rebalancing, manager selection, alternative investments, risk management and derivatives comprise my research interests. I design mathematical, statistical and behavioral models to explain the volatility of various asset classes, the psychological aspects of financial markets, and decision making processes of institutional investors such as pension funds, university endowments and private foundations within the context of asset liability management. In addition, I provide normative solutions on how to effectively combine hedge fund strategies, futures overlay and venture capital funds to increase the financial efficiency of institutional and individual portfolios.


“Flexibility Theory as a Corporate Governance Mechanism,” Journal of Investment Consulting, vol. 15/1, 2014

“Strategic Flexibility for Transformative Growth,” Journal of Financial Transformation, April 2014

“Disappointment in the Delegation of Currency Hedging Decision,” forthcoming in Journal of Behavioral Finance and Economics

“Decisive Risk Management for Corporate Governance” A Handbook of Corporate Governance and Social Responsibility, eds. G. Aras and D. Crowther, 2010 (March), 249-264, Gower Publishing

“Behavioral Currency Hedging for International Portfolios” International Review of Financial Analysis, 2008 (September), 17/4, 716-727

“Spending Rules for Endowment Funds: A Dynamic Model with Subsistence Levels” Review of Quantitative Finance and Accounting, 2006 (August), 27/1, 93-107, co-authored with Isabelle Bajeux-Besnainou

“The Fund-Of-Funds Route” Global Pensions, June 2004

“Categorical Thinking in Stock Portfolio Management: A Puzzle?” Journal of Behavioral Finance, 2003, 4/3, 118-120, co-authored with Isabelle Bajeux-Besnainou

“Putting the Case Beyond Doubt: Active Currency Management” Investments & Pensions Europe, September 2001, 59-60

“Designing Portable Alpha Engines” Investments & Pensions Europe, October 2000, 54-55


“A Volatility Model for Financial Time Series in the Generalized Pearson Setting: Theory and Estimation”

“Transformational Asset Management for Institutional Investors”

“Hedge Fund Investing for Institutional Investors: Diversified vs. Specialized Fund-of-Funds”

“Forecasting the Price Changes of Mortgage-Backed Securities via Treasury Based Derivatives: An Error Correction Model”

“Bayesian Failure Modeling for Multi-Manager Portfolios”

“Uncertainty Management: The Venture Capitalist Perspective”

“Flexible Portfolio Management for Diversified Multinational Corporations”

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