MATHEMATICAL THEOREM FOR FINANCIAL CRISES
Turkish mathematicians developed new theorems on crises, issue that finance sector struggles with. The theorem “Marshall-Olkin Distributions: Advances in Theory and Applications”, presented by Cemal Murat Özkut, Research Asst. at IUE Department of Mathematics and thesis advisor Prof. Dr. İsmihan Bayramoğlu, Dean of Faculty of Arts and Science, at the symposium in Bologna, attracted a great deal of attention.
The experts stated that studies conducted by Izmir University of Economics academicians would be greatly welcomed in finance and insurance applications. Research Asst. Murat Özkut got an offer from University of Bologna after he completed his thesis. Joint studies between Izmir University of Economics and University of Bologna will begin soon. After the symposium organized by University of Bologna, Department of Statistical Sciences and School of Science, the decision has been made to hold the next meeting at Izmir University of Economics.
Dean Prof. Dr. İsmihan Bayramoğlu indicated that the proven theorems would be used in finance sector. As the financial mathematics and actuary subjects became widely popular among the whole planet lately, the areas of application for mathematicians expanded greatly, and Marshall-Olkin distributions started to be used at crisis models, one of significant subjects of financial mathematics, remarked Prof. Dr. Bayramoğlu. He said, “Marshall-Olkin crisis models, which are mainly used in calculating and anticipating the risks in credit managements successfully, attract great deal of attention. Scientific groups of academicians from University of Bologna, Technical University of Munich, Germany, University of Sao Paulo, Brazil, and Polytechnic University of Turin focus their researches on this subject and conduct many joint projects with financial institutions. Cemal Murat Özkut’s study takes the dimensions of the crises into consideration for the first time.”
“They appear in the academia”
Prof. Dr. Bayramoğlu, who indicated that graduates of IUE Department of Mathematics conduct leading studies in math, stated the following:
“IUE Department of Mathematics programs are very successful since the core courses in math, probability, statistics, and stochastic are taught successfully in accordance with the instruction programs of leading universities worldwide. Our graduates have the opportunity of pursuing academic careers or enter business life successfully due to their accumulation of knowledge. Department of Mathematics also successfully conduct masters programs in Financial Mathematics, Applied Statistics, and Ph.D. programs in Applied Mathematics and Statistics within the body of Graduate School of Natural and Applied Sciences. Just this year, 4 students graduated from the Ph.D. programs and qualified for their doctoral gowns and took their first steps to academic world with their international publications.”