Dr Oğuzhan Karakaş of Cambridge Judge Business School wins the 4Nations Cup for financial economics based on a paper about exchange-traded funds.
Dr Oğuzhan Karakaş, University Senior Lecturer in Finance at Cambridge Judge Business School, was the co-winner of the 4Nations Cup, a contest for financial economics held earlier this month at the HEC Paris Le Château.
The paper examines how the short-selling
of exchange-traded funds (ETFs) creates “phantom” ETF shares with
cash flow rights but no associated voting rights – and that an increase in
phantom shares is associated with a decrease in the number of proxy votes cast
and other effects on firm governance and value.
The 10 May contest was
divided into teams from participating nations comprised of the most promising young
scholars who completed their PhD less than 10 years ago. The candidates are
selected by a scientific committee whose members are affiliated with
universities in the countries participating in the tournament. The audience
votes for the winner, and the highest score this year went to the UK team
comprising Oğuzhan and Ashwini Agarwal of the London School
of Economics (who presented on a different topic). The other teams represented
France, Switzerland and the Netherlands.