Confirm cookie choices
Cookies are pieces of code used to track website usage and give audiences the best possible experience.
Use the buttons to confirm whether you agree with default cookie settings when using

Çağatay Bircan


Çağatay Bircan is a Lead Research Economist at the EBRD and Industrial Professor at the Institute for Finance and Technology at University College London (UCL).  Prior to joining the EBRD, Çağatay worked as a Fixed Income Strategist and Economist at Bank of America Merrill Lynch.  At EBRD, he worked both as a country economist and as research economist.

Çağatay holds a PhD in Economics from University of Michigan and his research focuses on topics at the intersection of international and organisational economics, finance, and development. His latest research is on knowledge work in teams and multinationals (with a focus on gender gaps), value creation in private equity, and how financial intermediation can help entrepreneurship in developing countries.

Visit personal website:
Twitter: @cagataybircan


2012 - Ph.D. Economics, University of Michigan
2009 - M.A. Economics, University of Michigan
2007 - B.A. Economics, German, Mathematics, Williams College

Research interests

  • Entrepreneurial Finance
  • International Trade & FDI
  • Banking
  • Organisations
  • Innovation & Productivity

Publications in journals

Working papers

  • Blended Finance and Female Entrpreneurship
    (with H. I. Aydin and R. De Haas)
  • Knowledge Teams, Careers, and Gender
    (with G. Friebel and T. Stahl)
  • Creation and Diffusion of Knowledge in the Multinational Firm
    (with B. Javorcik and S. Pauly)
  • Value Creation in Private  Equity
    (with Markus Biesinger and Alexander Ljungqvist)
    View latest version
    View EBRD WP 242
    View CEPR DP 14676
  • Optimal Degree of Foreign Ownership under Uncertainty
    View EBRD WP 166
  • Foreign Direct Investment and Wages: Does the Level of Ownership Matter?
    View EBRD WP 157

Policy writing and chapters in books

GDPR Cookie Status