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Opera paper sings


Dr Oğuzhan Karakaş of Cambridge Judge Business School wins the 4Nations Cup for financial economics based on a paper about exchange-traded funds.

Opera paper sings
Oğuzhan Karakaş
Dr Oğuzhan Karakaş

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.

Oğuzhan was a winner for a seminar presentation based on a paper he co-authored, “Phantom of the opera: ETFs and shareholder voting”.

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.