Isil Erel

Assistant Professor of Finance, The Ohio State University

Isil Erel holds a PhD in financial economics from MIT Sloan School of Management. She received her Bachelor of Arts in economics and business administration from Koc University, Turkey. Her research spans a variety of areas within corporate finance, with particular emphasis on mergers and acquisitions, corporate governance, and banking. This research has been published in the Journal of Finance, Journal of Financial Economics and Review of Financial Studies. Erel teaches Financial Institutions in both MBA and undergraduate programs at Fisher.

Content by this Author

  • Non-bank Financing for Middle Market Firms

    While many forms of financial activity have bounced back from the 2008-09 financial crisis, bank lending to middle market companies remains constrained. A 2012 National Center for the Middle Market (NCMM) survey found that 54 percent of middle market companies said one of their key challenges was gaining access to financing. And as banks face tightening regulations, from Dodd-Frank to Basel III, prospects for opening the lending spigots seem limited. As a result middle market companies need to pay close attention to the availability of financing available from non-bank sources. There are, in fact, a substantial number of institutions that provide funds to middle market companies.  Read More >
  • A New Case for Acquisitions: Target Firms that Benefit from Financial Synergy

    Middle market interest in mergers and acquisitions is stronger than in recent years, with close to 40% of mid-sized companies at least open to - if not actively seeking - suitors. But, which target to go after? Frequently, the recommendation is to pair up with a target such that the combination will produce operational synergies, whether it is the elimination of redundant costs or new growth through the pooling of their joint capabilities. But, what about financial synergy? Could not a well-endowed acquirer benefit a resource-constrained target, which might otherwise pass on profitable investments? Helping the target to fund these profitable investments could create value for the mutual benefit of the acquirer and target. Therein lies a new recommendation for seeking a target, particularly in the days ahead when surely the Fed's stimulus will end and capital will be harder to obtain.  Read More >

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