Ugur Lel
Department of Finance

Nalley Distinguished Chair in Finance, Associate Professor

B363 Amos Hall
620 S. Lumpkin St.
Athens, GA, 30602
Email Address
Google Scholar


PhD, Finance, Indiana University - Kelley School of Business, 2005

MS, Finance, Indiana University - Kelley School of Business, 2003

Prior Professional Positions

Virginia Tech, Associate Professor, 2016 to 2016

Virginia Tech, Assistant Professor, 2011 to 2016

Federal Reserve Board of Governors, Financial Economist, 2005 to 2011


Ph.D. Program Director, 2019-present

Graduate Coordinator, 2019-present

College Diversity and Inclusion Advisory Board, 2017-2019

Research Interests

  • International Finance
  • Corporate Governance
  • Corporate Finance

Selected Publications

Journal Articles

  • Ugur Lel, Darius Miller. 2019. The labor market for directors and externalities in corporate governance: evidence from the international labor market. Journal of Accounting and Economics. 
  • Ugur Lel. Can institutional investors restrain earnings management activities in weak investor protection countries? The role of foreign and domestic institutional investors, 2019. Journal of International Business Studies.
  • Ugur Lel, Natalia Reisel, Darius Miller, 2019. Explaining top management turnover in private corporations: The role of cross-country legal institutions and capital market forces. Journal of International Business Studies.
  • Ugur Lel, Ricardo Correa. 2016. Say on pay laws, executive compensation, pay slice, and firm valuation around the world. Journal of Financial Economics
  • Ugur Lel, Darius Miller. 2015. Does takeover activity cause managerial discipline? Evidence from international M&A laws. Review of Financial Studies.
  • Ugur Lel, Antonio Falato, Dalida Kadyrzhanova. 2014. Distracted directors: Does board busyness hurt shareholder value? Journal of Financial Economics.
  • Ugur Lel, Jason Kotter. 2011. Friends or foes? Target selection decisions of sovereign wealth funds and their consequences. Journal of Financial Economics.
  • Ugur Lel, Darius Miller, Nuno Fernandes. 2010. Escape from New York: the market impact of SEC rule 12h-6, 2010. Journal of Financial Economics.
  • Ugur Lel, Darius Miller. 2008. International cross-listing, firm performance and top management turnover: a test of the bonding hypothesis. Journal of Finance.
  • Ugur Lel, Darius Miller, George Allayannis. 2012. The use of foreign currency derivatives, corporate governance, and firm value around the world. Journal of International Economics.
  • Ugur Lel. 2012. Currency hedging and corporate governance: a cross-country analysis. Journal of Corporate Finance.
  • Ugur Lel, Dogan Tirtiroglu, Harjeet Bhabra. 2004. Political risk and business relocations: evidence from Quebec and the rest of Canada. Journal of Banking and Finance.
  • Ugur Lel, Dogan Tirtiroglu, Harjeet Bhabra. 2002. Stock market reaction to headquarters relocation decisions in Canada. Canadian Journal of Administrative Sciences.