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Dr. Gokhan Sonaer is the H.J. Halliwell Faculty Fellow of in Finance and Associate Professor of Finance at the Palumbo-Donahue School of Business. His teaching interests are primarily in investments, corporate finance, and financial markets. He is currently teaching Financial Markets and Institutions, International Financial Management, and Business Finance courses at the undergraduate level.

Prior to joining Duquesne University, Dr. Sonaer taught at Virginia Tech while pursuing his doctoral degree. Before entering academia, he worked at Finansbank as a Financial Analyst.

Dr. Sonaer's research interests lie mainly in the area of investments and corporate finance with emphasis on topics such as institutional investors and market efficiency. His research has been published in various journals including Journal of Banking and Finance, Review of Quantitative Finance and Accounting, European Journal of Finance, and Journal of Economics and Finance.


  • Ph.D., Finance, Virginia Tech University
  • M.B.A., University of North Carolina at Charlotte
  • M.S. Civil Engineering, Middle East Technical University
  • B.S., Civil Engineering, Middle East Technical University

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Articles in Journals

Caglayan, M., Celiker, U., & Sonaer, G. (2022). Disagreement Between Hedge Funds and Other Institutional Investors and the Cross-section of Expected Stock Returns. Financial Review, 57(3), 663-689.

Sonaer, G., Celiker, U., & Caglayan, M. O. (2021). Industry Herding by Hedge Funds. European Journal of Finance, 27(18), 1887-1907.

Umut, C., Chowdhury, J., & Sonaer, G. (2020). Undervaluation of Employee Satisfaction. Journal of Investing, 30(4), 51-64.

Caglayan, M.O., Celiker, U., & Sonaer, G. (2018). Hedge fund vs. non-hedge fund institutional demand and the book-to-market effect.  Journal of Banking and Finance 92, 51-66.

Chowdhury, J., Celiker, U., & Sonaer, G. (2018). Market share growth and stock returns. Accounting & Finance 58, 97-129.

Bhattacharya, D. & Sonaer, G. (2018). Herding by mutual funds: impact on performance and investors' response. The European Journal of Finance 24, 283-299.

Bhattacharya, D., Li, W., & Sonaer, G. (2017). Has Momentum Lost its Momentum? Review of Quantitative Finance and Accounting, 48 (1), 191-218.

Celiker, U., Kayacetin, V., Kumar, R., & Sonaer, G. (2016). Cash flow news, discount rate news, and momentum. Journal of Banking and Finance, 72, 240-254.

Chowdhury, J. & Sonaer, G. (2016). Ex-dividend Day Abnormal Returns for Special Dividends. Journal of Economics and Finance, 40 (4), 631-652.

Celiker, U., Chowdhury, J., & Sonaer, G., (2015). Do Mutual Funds Herd in Industries? Journal of Banking and Finance 52, 1-16.

Chowdhury, J.Sonaer, G. (2015). Executive compensation and product market behavior. Applied Economics Letters 22, 558-562.

Chowdhury, J., & Sonaer, G. (2015). Investment and Managerial Preferences. Economics Bulletin 35-1