Professor Mustafa Caglayan

Head of Finance and Director of the Centre for Finance and Investment

Mustafa is interested in supervising PhD students in the areas of financial economics, international finance and applied macroeconomics. His recent research concentrates on firm investment and cash holding behaviour; international trade flows and exchange rate movements; corruption; the role of financial debt; bank lending; firm leverage and inventories; and price dynamics. Download examples of Professor Caglayan's research work.

Areas of interest

  • Financial economics, international finance and applied macroeconomics


  • PhD in Economics (1997) Boston College, MA, USA
  • MSc in Economics (1991) Bogazici Universitesi, Turkey
  • BSc in Electrical Engineering (1987) Bogazici Universitesi, Turkey


Professional Experience

2021 Head of Finance, Heriot-Watt University, UK

2013 Professor of Finance, Heriot-Watt University, UK

2006-2012 Professor of Economics, University of Sheffield, UK

2005-2006 Professor of Economics, University of Glasgow, UK

2003-2005 Reader, University of Leicester, UK

2000-2003 Senior Lecturer, University of Liverpool, UK

2000 (January-September) Lecturer, University of Durham, UK

1998-2000 Assistant Professor, Koc Universitesi, Istanbul, Turkeye

1996-1998 Visiting Assistant Professor, Fletcher School, Tufts University, USA

Recent publications

View all publications on Research Portal External link

Projects/Research showcase

A gold trophy against a blurred halo of lights


2017-2021 February, ESRC and National Natural Science Foundation of China: ES/P004741/1 (PI). Proposal Title: Peer-to-Peer Lending Market in China: Pricing, Risk Management and Regulation", with O. Talavera (Swansea University), L. Xiong (Robert Gordon University) J. Maltby (University of Sheffield).