B·D Burak Doğan
Burak Doğan
Assistant Professor

Burak Doğan

Bahçeşehir University · Department of Economics · Istanbul

Law and Economics · Corporate Finance · Capital Markets Law

About

Asst. Prof. Dr. Burak Doğan is a faculty member and researcher who combines a doctorate in economics with a degree in law, and who holds both theoretical and applied expertise in finance and capital markets. Through his faculty position in the Department of Economics at Bahçeşehir University, his legal consultancy and his research oriented toward market practice, he presents an integrated profile that brings together finance theory, regulation and real case-file experience.

Doğan was born in Mersin in 1987. He completed his secondary education at Adana Science High School (2004). He began his undergraduate studies in the Department of Computer Engineering at Bilkent University and completed them in the same university's Department of Management, with a major in finance (2011). He carried out graduate-level studies in Information Systems at Middle East Technical University (2011–2013). He received his master's degree in Capital Markets and Finance from Bahçeşehir University (2013–2018), where he wrote a thesis entitled "Constructing a Volatility Index Using Borsa Istanbul 30 Index Warrants" under the supervision of Prof. Dr. Ümit Erol. In this thesis he constructed a volatility index for Borsa Istanbul by computing it from warrants, a method that had not previously been applied to that market.

Between 2018 and 2022 he pursued the Ph.D. program in economics at Istanbul Technical University and the undergraduate law program at Istanbul University simultaneously; he completed his law degree in 2022 and his doctorate in economics in 2023. His doctoral research concentrated on applications of microeconomics: under the supervision of Dr. Sinan Ertemel, he adapted questions of Islamic inheritance law to the cooperative game theory branch of microeconomics. Through this interdisciplinary work he examined disputed legal cases from Islamic history within a game-theoretic framework and introduced the divisions he compiled from Islamic history into the literature as fair division rules. He presented this work at conferences, symposia and departmental seminars at Istanbul Technical University, Istanbul University, Istanbul Medeniyet University and Istanbul Sabahattin Zaim University. The articles he produced from the same research with Dr. Ertemel were published in the Journal of Islamic Accounting and Business Research, the Pamukkale University Journal of Social Sciences Institute and Darulfunun İlahiyat.

Doğan has worked at Bahçeşehir University since 2013. He served as an academic assistant at the university's Financial Research and Application Center (2013–2018) and in its Department of International Finance (2018–2022), and acted as coordinator and instructor in numerous finance certificate programs organized in cooperation with Bloomberg and Matriks. This experience covers financial literacy and statistics programs as well as training in terminal-based market data analysis. Today he also delivers professional training for brokerage houses and financial institutions in financial literacy, capital markets regulation, fundamental analysis and investment advisory.

Between 2022 and 2024 Doğan prepared more than fifty expert reports for the Istanbul Commercial Courts of First Instance in disputes involving banking transactions, VIOP (Borsa Istanbul derivatives) transactions, disguised profit transfers, bankruptcy and negotiable instruments. In 2024 he obtained his attorney's license from the Istanbul Bar Association. He currently provides consultancy in capital markets and commercial law, and concentrates his academic work on the intersection of economics and law and of finance and law.

Doğan joined the Department of Economics at Bahçeşehir University as a lecturer in 2022 and has served as an assistant professor since April 2024; over this period he has taught more than 4,000 students. To date he has taught Mathematics for Social Sciences, Business Mathematics, Corporate Finance, Microeconomics, Research Methods and Statistics, and Applied Statistics.

Three master's students have graduated to date under Doğan's thesis supervision. His graduates work at distinguished financial institutions in Morocco, Libya and Tunisia.

Doğan has numerous articles published in leading journals of his field indexed in international databases. His interdisciplinary work covers companies' adoption of blockchain and artificial intelligence and their ESG performance, the effect of the FX-Protected Deposit (KKM) scheme on investor losses in VIOP, the effects of boycotts on publicly traded companies, the effects of mergers and acquisitions on target companies, and herding behavior in the stock market.

His single-authored article published in 2025 in Borsa Istanbul Review, one of the leading journals in finance, also attracted public attention; he gave an interview on the same subject to Anadolu Agency.

Doğan has served as a referee for numerous leading journals of his field indexed in international databases. He is currently a Collection Editor of the Topical Collection “The Economics of Crime” in Encyclopedia (MDPI).

Corporate finance, financial literacy, capital markets law, capital markets professional conduct rules, investment advisory and the use of financial data are the prominent topics in Doğan's corporate and professional training programs.

Publications
2026
Doğan, B. & Saleh, D. (2026). The Football Portfolio in an Emerging Market: Volatility, Event Sensitivity, and Determinants of Returns. International Journal of Sport Finance (in press).
Doğan, B. (2026). Kur Korumalı Mevduat Açıklaması Sonrası VİOP Yatırımcı Zararları: İdarenin Mali Sorumluluğu Üzerine Bir İnceleme (VİOP Investor Losses after the FX-Protected Deposit Announcement: An Examination of the Financial Liability of the Administration). Anadolu Üniversitesi Sosyal Bilimler Dergisi (in press).
Gaisina, A., Doğan, B. & Teklie, D. K. (2026). The Impact of Blockchain Technology Adoption on Sustainability Performance: A Sectoral Analysis. Process Integration and Optimization for Sustainability. doi:10.1007/s41660-026-00850-6
Doğan, B. & Teklie, D. K. (2026). The Diffusion of Artificial Intelligence in Corporate Disclosure: A Decade of S&P 500 10-K Filings, 2015–2025. Journal of Risk and Financial Management, 19(7), 473. doi:10.3390/jrfm19070473
Sedghiani, N. & Doğan, B. (2026). A Survey on Comparative Analysis of ESG Performance: FinTech vs. Traditional Financial Institutions. Industrial Policy. doi:10.61192/indpol.1883149
2025
Doğan, B. & Uğurlu, U. (2025). Which Islamic Index to Invest? Journal of Risk and Financial Management, 18(11), 651. doi:10.3390/jrfm18110651
Doğan, B. (2025). Examining the Financial Effects from Boycotting Israel: Event-Study and Modern Portfolio Theory Approaches with Data from Borsa Istanbul. Borsa Istanbul Review, 25, 1026–1037. doi:10.1016/j.bir.2025.06.002
In the press: Anadolu Agency · AA Ayrımcılık Hattı · Interview video
2024
Doğan, B. & Uğurlu, U. (2024). Financial Performance of the Target Companies before and after Acquisitions. Journal of Risk and Financial Management, 17(12), 581. doi:10.3390/jrfm17120581
Teklie, D. K. & Doğan, B. (2024). Analyzing the Dynamics: Asymmetric Effects of Economic Growth, Technological Innovation, and Renewable Energy on Carbon Emissions in Africa. International Journal of Energy Economics and Policy, 14. doi:10.32479/ijeep.16488
Erol, Ü. & Doğan, B. (2024). How Herding Led to a Speculative Bubble during a Period of Severely Negative Macro Fundamentals? Eurasian Economic Review, 14, 361–395. doi:10.1007/s40822-024-00267-x
Doğan, B. & Ertemel, S. (2024). İslam Hukukundan Paylaşım Meselelerinin Mikroiktisatın Adil Paylaşım Alanına Uyarlanması: Üç Problemin Aksiyomatik Analizi (Adapting Islamic Law Disputes to Fair Division in Microeconomics: An Axiomatic Analysis of Three Problems). Darulfunun İlahiyat, 35, 79–106. doi:10.26650/di.2022.34.2.1328850
2023
Aygün, O., Ertemel, S. & Doğan, B. (2023). Kıt Kaynakların Paylaştırılması: Talepler Problemi Literatürü Üzerine Bir İnceleme (Allocating Scarce Resources: A Survey of Claims Problems). Anadolu Üniversitesi Sosyal Bilimler Dergisi, 23(3), 989–1004. doi:10.18037/ausbd.1320872
Doğan, B. & Ertemel, S. (2023). A Game-Theoretical Approach to Islamic Law Disputes. Journal of Islamic Accounting and Business Research, 16(3), 484–505. doi:10.1108/JIABR-03-2023-0100
Doğan, B. & Ertemel, S. (2023). Miras Hukuku Sistemlerinde Bir İflas Problemi Uyarlaması: İslam Miras Hukuku Örneği (An Application of the Bankruptcy Problem to Inheritance Law Systems: The Case of Islamic Inheritance). Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 55, 415–428. doi:10.30794/pausbed.1117221
Book chapters
Doğan, B. (2025). Finansal tablolar ve hisse senedi performansları üzerinden Türkiye'deki boykota dair bir değerlendirme (An Assessment of the Boycott in Türkiye through Financial Statements and Stock Performance). In Y. E. Aydınbaş (Ed.), Finansal, toplumsal ve fıkhî boyutlarıyla boykot (The Boycott in Its Financial, Social and Fiqh Dimensions) (Research Reports 19). İLKE Foundation for Science, Culture and Education. https://ilke.org.tr/yayinlar/finansal-toplumsal-ve-fikhi-boyutlariyla-boykot
Doğan, B. (2024). Analyzing the Distribution of Cryptocurrency Airdrops as a Fair Division Problem: An Axiomatic Perspective. In İ. A. Karaaslan & D. İliç (Eds.), Sosyal, Beşerî ve İdari Bilimler Alanında Araştırmalar ve Değerlendirmeler (Research and Evaluations in the Social, Human and Administrative Sciences) (pp. 89–110). Gece Kitaplığı.
Conference papers and invited talks
Aljahani, L. & Doğan, B. (2026). Corporate Governance as a Private Substitute for Regulation in Frontier-AI Equity Markets. 6th Global Conference on Entrepreneurship and Economy in an Era of Uncertainty, Bali, Indonesia.
Gaisina, A., Doğan, B. & Teklie, D. K. (2026). The Impact of Blockchain Technology Adoption on Sustainability Performance: A Sectoral Analysis. 6th Academy of Sustainable Finance, Accounting, Accountability & Governance Conference, Boğaziçi University, Istanbul.
Doğan, B. (2025). The Financial Effects of the Boycott. Konya Metropolitan Municipality Jerusalem Studies Group, invited presentation, online.
Maraşlı, O., Yıldıran, S., Doğan, B., Ertemel, S., Denk, M. M. & Durmuş, A. (2025). The Potential Impact of Zakah of Agricultural Products on Poverty and Income Inequality in Turkiye. Accounting, Governance, and Sustainability Conference 2025, KFUPM, Dhahran, Saudi Arabia.
Saleh, D. & Doğan, B. (2025). From Pitch to Portfolio: Seasonality, Governance Shocks and Risk in Türkiye's Big-Four Football Stocks. 52nd EBES Conference, Istanbul.
Doğan, B. (2025). Finansal tablolar ve hisse senedi performansları üzerinden Türkiye'deki boykota dair bir değerlendirme (An Assessment of the Boycott in Türkiye through Financial Statements and Stock Performance). IKAM, invited presentation, Istanbul.
Doğan, B. (2024). Axiomatic Analysis of Cryptocurrency Airdrop Distributions. 2nd International Palestra Scientific Research Congress, Skopje, North Macedonia.
Doğan, B. (2024). TVIX: Constructing a Volatility Index for Borsa Istanbul using Index Warrants. 10th International Turkcess Education and Social Sciences Congress, Prizren Ukshin Hoti University, Kosovo.
Doğan, B. (2024). Islamic or not? An Axiomatic Examination of Selected Fair Division Rules through Maqasid al-Shariah. 8th International Artemis Scientific Research Congress, Bucharest, Romania.
Doğan, B. (2024). Fair Division on Islamic Inheritance Law. Istanbul Medeniyet University, invited presentation, Istanbul.
Doğan, B. (2024). Applications of Fair Division Problem. Wealth and Law in the Ottoman Empire in the 18th Century online seminar series, invited presentation.
Doğan, B. (2023). A Fair Division Approach to Understanding Distribution Principles in Islamic Law of Inheritance. Istanbul Sabahattin Zaim University, invited presentation, Istanbul.
Uğurlu, U. & Doğan, B. (2023). Financial Performance of the Target Companies after Acquisitions: A Comparison of High and Low Value Deals. 14th International Istanbul Scientific Research Congress on Life, Social, and Health Sciences, Istanbul.
Doğan, B. (2023). New Fair Division Applications: Munazaa Method, Problems of Contested Garment and Sword. Taras Shevchenko IX International Congress on Social Sciences, Lesya Ukrainka Volyn National University, Ukraine.
Doğan, B. & Uğurlu, U. (2023). Cash vs. Non-Cash M&A: An Analysis of Financial Performance & Stability over Time. Taras Shevchenko IX International Congress on Social Sciences, Lesya Ukrainka Volyn National University, Ukraine.
Doğan, B. (2022). Strategic Manipulation in Inheritance Law in Bankruptcy Problem Framework: The Case of Islamic Law. VIII. Islamic Law Graduate Student Conference, Istanbul.
Doğan, B. & Ertemel, S. (2022). İslam Miras Hukukunun Seçilmiş Vakalarının İflas Problemi Bağlamında Modellenmesi (Modelling Selected Cases of Islamic Inheritance Law in the Context of the Bankruptcy Problem). 3rd International Islamic Economics and Finance Graduate Student Symposium, Istanbul.
Doğan, B. & Ertemel, S. (2022). Rationing for Islamic Inheritance Disputes. ITU International Graduate Research Symposium (IGRS'22), Istanbul.

Refereeing and editorial work: Referee for Financial Innovation, Economic Research-Ekonomska Istraživanja, Review of Development Economics, SAGE Open, Circular Economy and Sustainability, Journal of Islamic Accounting and Business Research, Fractal and Fractional, Journal of Risk and Financial Management, Risks, Frontiers in Environmental Economics, Frontiers in Environmental Science, Frontiers in Artificial Intelligence, Encyclopedia, Central European Economic Journal, International Review of Economics and Finance, SN Business & Economics, Discover Artificial Intelligence, Discover Sustainability, Humanities and Social Sciences Communications, Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, Journal of Research in Economics, İşletme Bilimi Dergisi, İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi, İslam Ekonomisi ve Finansı Dergisi, Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi and Industrial Policy; Collection Editor of the Topical Collection “The Economics of Crime” in Encyclopedia (MDPI).

Writings

Case notes and commentaries on capital markets and commercial law, written in Turkish. The titles below are given in English; each link opens the Turkish text.

December 2025
The Financial Effects of the Global Boycott on the Brands Concerned Commentary written for the Jerusalem Studies Group.
February 2025
On Ethics-Violation Decisions in Associate Professorship Applications and the Annulment Action Against Them Grounds for annulment, re-application periods, the disciplinary process and the annulment action against the Interuniversity Board (ÜAK).
November 2024
Contractual and Default Interest on Credit Card Statement Balances: Calculations and Calculation Errors How contractual interest, default interest, BSMV and KKDF are calculated; where the errors arise and where to apply.
July 2024
Profit or Loss on a Silver Contract? A Scenario Table in Pursuit of the Closing Price A 527-contract position, a sale price of unknown origin and the anatomy of a forty-four-line scenario calculation.
July 2024
Losses Exceeding Collateral: Two Fronts of the Article 19 Defense A protective provision written for forex, invoked from two different fronts in two VIOP files, and the stop-out debate.
May 2024
Scalping, Algorithmic Orders and the Boundary of Manipulation in Leveraged Trading Accounts run from the same IP, fictitious prices created through order cancellations and the legal fate of blocked gains.
April 2024
Three Times the Rediscount Rate and a Contract with No Visible Approval A contract set bearing no trace of approval, the standard-terms review of a triple default-interest clause and a two-option calculation for eight days.
March 2024
Individual Portfolio Management in Crypto Markets and Legal Liability for Losses Sharing crypto-exchange passwords with third parties, the finding of gross negligence in portfolio management and a financial volatility analysis.
February 2024
Appraisal Fees in a Loan Relationship: Two Valuations One Month Apart An unexplained discount, a charge reaching nine times the minimum tariff and the reasonableness review of the expenses clause.
February 2024
A Pricing Error in a Synthetic Cross Rate and the Bank's Right of Set-Off A silver/yen cross rate misquoted through a gram–ounce mix-up, weekend trades and a blocked profit running into the millions.
January 2024
When the Appropriateness Test Is Missing from the File: Possible Administrative Sanction and the Private-Law Debt The single form missing from a twenty-six-document electronic approval set; breach of the Communiqué and the recourse debt on separate planes.
January 2024
582 Lira 79 Kuruş: The Anatomy of a Micro-Claim From five-lira postage costs to an unsupported notice-fee item: a line-by-line contract review at micro scale.
January 2024
Valuation in a Bankruptcy Estate: One Says Zero, the Other Sixty-Two Million Balance sheets reconstructed from the journal, the method test of Article 343 of the Turkish Commercial Code and a value settled at the average of two methods.
January 2024
The Prohibition on Deductions from a Public Fund and the Limits of the “Service Fee” Characterization The mandatory deduction ban of Law No. 4447 against a fee charged to the Unemployment Insurance Fund account.
January 2024
The Legal Liability of Crypto Exchanges in Cyber Attacks and the Apportionment of Fault Exchanges' fault arising from past data leaks in account-hacking cases and the calculation of financial compensation (BTC/TRY).
December 2023
A Margin Shortfall Exceeding One Hundred Million Lira The giant shortfall that arose in the September 2022 turbulence; the manipulation defense, attribution of the trades and a stress test of the recourse mechanism.
December 2023
The Invalidity of Letters of Guarantee Issued to a Fund Whose Legal Basis Has Lapsed The story of three letters of guarantee issued in the 1990s in a declaratory action filed a quarter-century later, and the risk of restitution.
November 2023
Margin Calls in VIOP Trading, Takasbank Procedures and the Burden of Proof The evidential weight of call recordings and Takasbank documents in recourse actions by brokerage houses that covered an investor's margin shortfall.
November 2023
The Mandatory “Demo Account” in Leveraged (Forex) Trading and the Fault-Based Liability of the Brokerage House The validity of electronic contracts in forex trading, the CMB's six-day demo-account rule and causation in investor losses.
October 2023
Liquidation by Offsetting Trade and Recourse: The Same Contract Clause, Two Different Files A multi-million liquidation in the December 2021 currency shock versus a 51-thousand-lira shortfall on a single-stock contract; call recordings and Article 128 of the Code of Civil Procedure.
September 2023
The Interest Rate on a Recourse Claim: Unilateral Announcement, Article 1530 of the Turkish Commercial Code and the Advance Interest Rate What happens when the contract says “the rate is announced on the website”? Standard-terms review and a period-by-period advance-interest calculation.
August 2023
The Chain of Addenda in Margin Trading and the Credit Decision Book A limit quadrupled in five steps, consecutive limit-downs in a single stock and a credit-committee book nowhere in the file.
August 2023
Uncertificated Shares in a Family Company: A Panel Review on the Trail of the Share Ledger A line-by-line trace of the share ledger after the Court of Cassation's reversal, unexplained decreases in shareholdings and the transfer of shares not embodied in certificates.
July 2023
Liability, Limitation Periods and the Interest Regime in SDIF Recourse Actions Arising from Banking Transactions The 20-year limitation period for banking irregularities, the apportionment of fault between commercial actors and employees, and multiple interest calculations.
July 2023
De Facto Portfolio Management by Brokerage Houses in VIOP Trading and Contributory Fault Brokerage houses' trades outside the contract, the evidential weight of call recordings and the apportionment of fault between investor and firm.
June 2023
21 December, 09:25 a.m.: Judicial Review of a VIOP Price-Limit Decision An announcement shared by mistake, the elements of an administrative act and the causal bridge between procedural irregularity and loss.
June 2023
The Basis of Default Interest on VIOP Recourse Claims The contract says “twice the loan rate”, but the tariff it refers to is not in the file: the anatomy of a three-scenario interest calculation.
June 2023
Can a Retail Client Be Held Liable for Losses Exceeding Their Collateral? Appropriateness-test and margin-call records missing from the file although the electronic approvals are complete; the protection of Article 19 of Communiqué III-37.1.
May 2023
Reviewing the Penalty Charge in a Telecom Commitment The arithmetic of the average-monthly-bill condition, unsupported penalty items and a market-price test of the gold promotion.
May 2023
The “Appropriateness Test”, Risk Disclosures and the Investor's Own Fault in Forex Trading The brokerage house's legal liability when an investor who failed the appropriateness test under CMB rules takes on risk of their own accord.
May 2023
Bearer Shares in Joint-Stock Companies: Million-Lira Expectations and Legal Realities Proof of possession of inherited bearer shares, claims raised after a merger (M&A) and the financial calculations that reduced a million-lira claim to a symbolic sum.
March 2023
Return Invoices, the Concordat Shield and Bad-Faith Objection Damages in Commercial Disputes The consequences of not objecting to a return invoice in commercial actions, the distinction between claims before and after the concordat moratorium, and the financial calculations.
January 2023
When Does a Penalty Clause Become Excessive? Four Possibilities, Three Dates A twelve-cell matrix testing a foreign-currency penalty clause against the debtor's balance sheet, and the story of the single adverse cell.
December 2022
Disguised Profit Transfers in Publicly Held Companies and the Legal Liability of Directors The conditions of disguised profit transfer under Article 21 of the Capital Markets Law, sham transactions and recourse actions against directors.
Curriculum Vitae

Curriculum vitae · English · October 2026

Burak Doğan's curriculum vitae, page 1
Remaining pages 2–4Burak Doğan's curriculum vitae, page 2 Burak Doğan's curriculum vitae, page 3 Burak Doğan's curriculum vitae, page 4
Contact
burak.doganbau.edu.tr
+90 (212) 381 04 88
Bahçeşehir University, Faculty of Economics, Administrative and Social Sciences, Department of Economics
Çırağan Cad. Osmanpaşa Mektebi Sk. No: 4, 34353 Beşiktaş / Istanbul
LinkedIn · Instagram · ORCID · Academicalc
Location

Bahçeşehir University, Beşiktaş South Campus
Çırağan Cad. Osmanpaşa Mektebi Sk. No: 4, 34353 Beşiktaş / Istanbul

Open in Google Maps The map loads from Google Maps when you press the button.