Deniz Ozenbas

Biography

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.

Education

• BA, Bogazici University, Istanbul (Turkey)
• MBA, City University of New York
• MPhi, City University of New York
• PhD, City University of New York

Publications

• Journal Article: D. Ozenbas, R. Wood, R. Schwartz (2002). Volatility in U.S. and European Equity Markets: An Assessment of Market Quality. International Finance
• Conference Proceedings: D. Ozenbas (2003). Volatility in U.S. and European Equity Markets: An Assessment of Market Quality. Global Conference on Business and Economics annual meeting
• Book: D. Ozenbas, R. Schwartz, R. Wood (2001). Improving trading efficiency in European Equity Markets. Westminster and City Programmes
• Journal Article: 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
• Journal Article: D. Ozenbas, C. Giannikos (2002). Investment in Real Assets and Information Acquisition: The OCE Preferences Case. Economics Letters
• Conference Proceedings: D. Ozenbas (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
• Book Chapter: D. Ozenbas, R. Schwartz (2005). A trading desk view of market quality, Chapter 1: Recent evidence on Market Quality . Kluwer Academic Publishers
• Journal Article: 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
• Journal Article: 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
• Journal Article: 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
• Conference Proceedings: D. Ozenbas, M. Pagano, R. Schwartz (2006). The Behavior of Volatility at the Open and Across the Trading Day. Journal of Banking and Finance 30th Anniversary Conference
• Conference Proceedings: L. San Vicente Portes, D. Ozenbas (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.
• Conference Proceedings: D. Ozenbas, M. Pagano, R. Schwartz (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
• Journal Article: 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
• Journal Article: 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
• Book: 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
• Journal Article: L. San Vicente Portes, D. Ozenbas (2009). On Balance Sheets, Idiosyncratic Risk and Aggregate Volatility. The B. E. Journal of Macroeconomics
• Journal Article: , 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
• Journal Article: D. Ozenbas, L. San Vicente Portes (2010). Capital Structure and Firm-Level Risk: Trends and Macroeconomic Implications. Review of Business Research
• Journal Article: , D. Ozenbas, R. Schwartz, M. Pagano (2010). Accentuated Intra-Day Stock Price Volatility: What is the Cause?. Journal of Portfolio Management
• Book Chapter: D. Ozenbas, M. Pagano, R. Schwartz (2011). Volatility (Chapter 8: "Accentuated Intra-Day Stock Price Volatility"). Springer
• Journal Article: D. Ozenbas, L. San Vicente Portes (2011). Idiosyncratic Volatility and Capital Structure: Firms’ Response to Larger Risk within a Financial Accelerator Framework. Financial Decisions
• Conference Proceedings: D. Ozenbas, L. San Vicente Portes (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
• Journal Article: 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
• Journal Article: D. Ozenbas, L. San Vicente Portes (). Aggregate Investment Cycles, Firm-Level Risk and Capital Structure: Does Firm Size Matter?. Journal of International Finance and Economics
• Magazine/Trade Publication: D. Ozenbas, R. Schwartz (2014). Trading Rooms: A Bridge to Reality. BizEd
• Journal Article: 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
• Journal Article: 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
• Journal Article: 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
• Conference Proceedings: D. Ozenbas, H. Yuce, O. Baser, L. Xie, N. Vaidya, N. Keshishian, K. Xin (2016). Evaluating the economic burden and health care utilization of lung cancer in the US Medicare population. International Society for Pharmacoeconomics and Outcomes Research
• Conference Proceedings: D. Ozenbas, L. Xie, H. Yuce, O. Baser, Y. Wang, Q. Zhang, K. Xin (2016). Health care utilization and economic burden of pancreatic cancer in the US Medicare population. International Society for Pharmacoeconomics and Outcomes Research
• Journal Article: D. Ozenbas (2016). Complexity in Equity Market Trading. The Journal of American Academy of Business, Cambridge
• Journal Article: D. Ozenbas, C. Inci (2017). Intraday Volatility and the Implementation of a Closing Call Auction at Borsa Istanbul. Emerging Markets Review
• Magazine/Trade Publication: D. Ozenbas, R. Schwartz (2019). Trading Goes to College. BizEd
• Journal Article: D. Ozenbas, R. Schwartz (2018). Do High Frequency Trading Firms Provide Two-Sided Liquidity?. Journal of Portfolio Management
• Journal Article: D. Ozenbas, R. Schwartz (2022). The Return of the Call Auction. The Journal of Portfolio Management
• Book: D. Ozenbas, M. Pagano, R. Schwartz, B. Weber (2021). Liquidity, Markets and Trading in Action: An Interdisciplinary Perspective. Springer
• Journal Article: D. Ozenbas, R. Schwartz (2020). The Interplay Between Regulation, Competition, and Technology and the Transformation of Our Equity Markets. Journal of Portfolio Management
• Book: D. Ozenbas, R. Schwartz (). Market Microstructure: Future Trends. Springer
• Journal Article: R. Schwartz, J. Ross, D. Ozenbas (2022). Equity market structure and the persistence of unsolved problems: A microstructure perspective. The Journal of Portfolio Management
• Journal Article: D. Ozenbas, R. Schwartz, J. Hua, J. Wang (). Technical Analysis Versus Random Walk. Financial Review
• Magazine/Trade Publication: D. Ozenbas, R. Schwartz, J. Wang (). A Random Walk Through the Classroom: What Are We Teaching Our Finance Students?. AACSB Insights
• Journal Article: D. Ozenbas, R. Schwartz, J. Hua, J. Wang (2025). Equity Markets in a Divergent Expectations World: A Bridge between Theory and Reality. Journal of Portfolio Management

Honors & Awards

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