Isil Erel holds a PhD in financial economics from MIT Sloan School of Management. She received her Bachelor of Arts in economics and business administration from Koc University, Turkey. Her research spans a variety of areas within corporate finance, with particular emphasis on mergers and acquisitions, corporate governance, and banking. This research has been published in the Journal of Finance, Journal of Financial Economics and Review of Financial Studies. Erel teaches Financial Institutions in both MBA and undergraduate programs at Fisher.

Areas of Expertise

• Corporate Finance
• Mergers and Acquisitions
• Corporate Governance
• Banking

Education

• PhD in finance from the MIT Sloan School of Management
• Bachelor of Arts in economics and business administration from Koc University, Turkey

FIN 726/826 - Management of Financial Institutions

This course covers financial institutions or “intermediaries”, the risks faced by financial institutions and the risk management approaches used to mitigate these risks. The course focuses on the U.S. financial services industry, but international issues will be incorporated through class discussion.

• Macroeconomic Conditions and the Structure of Securities (with Brandon Julio, Woojin Kim, and Michael Weisbach), Review of Financial Studies, forthcoming.
• Differences in Governance Practice between U.S. and Foreign Firms: Measurement, Causes, and Consequences (with Reena Aggarwal, René Stulz, and Rohan Williamson), 2009, Review of Financial Studies 22/8, pg. 3131-3169.
• Does Governance Travel Around the World? Evidence from Institutional Investors (with Reena Aggarwal, Miguel Ferreira and Pedro Matos), Journal of Financial Economics, forthcoming.
  • (Governance data used in this paper can be downloaded here: http://faculty.msb.edu/aggarwal/Gov.xls)
• The Effect of Bank Mergers on Loan Prices: Evidence from the United States, 2011, Review of Financial Studies, 24/4, pg. 1068-1101.
• Determinants of Cross-Border Mergers and Acquisitions (with Rose Liao and Michael Weisbach), 2011, Journal of Finance, forthcoming.

• Financing-Motivated Acquisitions (with Yeejin Jang and Michael Weisbach)
• Why did U.S. Banks Invest in Highly-Rated Securitization Tranches? (with Taylor Nadauld and René M. Stulz)
• Economic Nationalism in Mergers and Acquisitions (with Serdar Dinc)
  (Revise and Resubmit, Journal of Finance)
• Capital Allocation (with Stewart C. Myers and James A. Read, Jr.)
• Incentive-based Regulation of Banks: An Interpretation of Basel II