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Assist. Prof. Dr. Osman Altay

Faculty of Economics, Administrative and Social Sciences


Assist. Prof. Dr. Osman Altay

Faculty of Economics, Administrative and Social Sciences

A. Education

Program University Degree Year
Business Admin., Acct. Roosevelt University Undergraduate (B.S) 1986
Business Admin., Fin. Roosevelt University Graduate (MBA) 1990
Business Admin., Fin. Çukurova University Ph.D 2000


B.Academic Titles

Academic Titles University  Scientific Field  Year
 Assist. Prof. Dr. Girne American University Business – Finance 2001


C.  Work Experience

Program  Position  University Period
Business Administration Lecturer Near East University 1992-1997
Banking and Finance Lecturer Girne American University 1997-2012
Banking and Finance Lecturer European University of Lefke 2012-2019
Banking and Finance Lecturer Cyprus Science University 2019-2021
Banking and Finance Lecturer Bahçeşehir Cyprus University 2021- still


D. Administrative Positions

Program  Position  University Period
Business & Economics Dean (Acting) Girne American Üniversity 2005-2009
Banking & Finance Head of Dept. Girne American Üniversity 2009-2011
Banking & Finance Head of Dept. European University of Lefke 2015-2019
Banking & Finance Head of Dept. Cyprus Science University 2020-2021


 E. Supervised Thesis

1. Master’s Degree

a. Lütfi Olkan, “Performance Analysis of Commercial Banks in TRNC”, 2015.

b. Emetullah Öğütveren, “Effect of Sectoral Development on Economic Growth: A Study on Turkey and TRNC”, 2018.

c. Kelvin Onyibor, “Forecasting Economic Activity of Africa Through The Yield Curve – (2000-2013)”, 2018.

2. PhD

a. Kaan Kutlay, “Factors Affecting Profitability in Banking Sector: TRNC Example”, 2019.

b. Buğra Özbeşer, “Relationship between Public Expenditures and Economic Growth in TRNC”, 2019.


F. Publications

1. Publications listed under Scopus

a. Altay, Osman & Onyibor, Kelvin, “Forecasting Economic Activity of East Asia through the Yield Curve – (2000-2013), (Predicting East Asia’s Economic Growth & Recession”, Springer Proceedings in Business & Economics, Emerging Trends in Banking & Finance, pages 115-131, 27 Oct., 2018. (ISBN: 978-3-030-01784-2).

2. Conference Publications

a.Altay, Osman, “Proceeding on Financial Markets in Eastern Mediterranean”, International Conference: East Mediterranean and Cyprus: Economic and Political Relations; Cooperation and Integration from Past to Future”, GAU Proceedings Book 2010 , 15 December 2010, Girne American University, Kyrenia.

b. Şafaklı, O.V. & Altay, O.A, “A Case Analysis on Ratio Analysis: A Public Sector Example from TRNC”, YEBKO-2017 Proceedings Book, 5 May 2017, Çukurova University, Adana.

c. Altay, Osman & Onyibor, Kelvin “Forecasting Economic Activity of East Asia through the Yield Curve – (2000-2013), (Predicting East Asia’s Economic Growth & Recession)”, 3rd International Conference on Banking & Finance Perspectives (25-27 April, 2018), Eastern Mediterranean , Famagusta.


G. Research Topics

 1. Effect of Exchange Rates Risk on Stock Returns in Istanbul Stock Exchange (ISE)

This area of research intends to analyse the relationship between change in trade-weighted real exchange rates on a sample of stock real returns trading in ISE over 10 year period using time-series regression analysis. Research findings have indicated a weak to moderate effect on stock returns.

2. Forecasting Economic Growth/Recession through Yield Curve in U.S, Europe and East Asian Countries

This research topic intends to use the predictive power of yield curves using term-spreads (interest rates differential between short-term (3 month) and long-term (10 years bonds)in forecasting future economic growth or recession by use of probit regression model in U.S, Germany and East Asian countries such as Japan, China and S. Korea. Research findings have indicated that term-spreads have a 4 quarters predictive power ahead of time in U.S, 5 quarters in Germany and Japan, 3 quarters in China and none in S. Korea.