Academic

Questions worth
investigating.

Research on AI narratives, entrepreneurial finance, behavior, and the methods that connect language to economic outcomes.

Featured thesis · TUM Chair of Entrepreneurial Finance

Cheap Talk or Costly Signal?

AI Narratives as Weak Signals in Venture Capital Financing Across the Hype Cycle

Do investors reward a venture’s AI label, its underlying activity, or both? The thesis separates self-reported narratives from an independent AI classification, then studies financing outcomes.

Master’s thesis · public summary available · full manuscript on request

376,366 technology ventures
869,172 financing events
2010–2024 venture founding cohorts

Thesis results

One finding, three estimators.

The quiet-AI graduation advantage is similar under three different estimation approaches.

Reported point estimates relative to the non-AI baseline, in percentage points. These are aggregate thesis results, not predictions for individual ventures.

Read the methods and limitations ↗
Quiet AI · reported graduation advantage
FE-LPM 19.1 pp
CEM 18.4 pp
AIPW 18.6 pp

Source: supplied thesis summary. Point estimates only; see the study for assumptions and uncertainty.

Thesis & papers

Research projects and manuscripts.

Earlier research spans behavioral economics, entrepreneurship, macroeconomics, sustainability, software testing, and mathematics. Each entry identifies the project context and access route.

Research assistantship · TUM Chair of Entrepreneurial Finance · Started 2025

Institutional Private Equity: Investment-Level Valuations & Fund Performance

Research assistantship · confidential

Read the project summary

Institutional PE research with an external industry partner: extracting, validating, and standardizing confidential deal and valuation data, and time-series modeling across portfolio companies to improve methodological rigor and data transparency.

Confidential project · methodology discussed on request Discuss the method ↗

Research stay (Erasmus+) · KU Leuven, Faculty of Economics and Business · 2023

Generative AI in Behavioral Economics: Synthetic Consumers for Testing Nudges

Research project · manuscript on request

Read the project summary

A research design for bringing generative AI into behavioral economics: using generative models to create synthetic consumer profiles, then exposing them to behavioral nudges in a simulated environment to test which interventions shift decisions before anything reaches real people. The work pairs this with a serious ethical framework (informed consent, anonymization, algorithmic-bias mitigation) and a hybrid validation strategy, synthetic data for fast, low-risk hypothesis testing followed by traditional lab and field methods to confirm the results hold in the real world.

Request manuscript ↗

Program for Undergraduate Research (PURE) · Sabancı University · lead author · Feb – May 2023

Exploring the Skills and Scope of ChatGPT in Academic Writing

Research project · manuscript on request

Read the project summary

A controlled experiment run months after ChatGPT's release: students wrote the same history assignment twice, with and without the tool, and language instructors graded both versions blind to which was which. The result cut against the hype, and prefigures a theme I would return to in my thesis: the AI-assisted papers averaged no higher (48% versus 51%), because a fluent, generic voice graded worse than an authentic one. Coded interviews with the participants mapped where the tool genuinely helped (summarizing, brainstorming, time management) against where it failed (reliability, fabricated detail, academic-integrity concerns), an interdisciplinary study across computer-science and social-science students.

Request manuscript ↗

Program for Undergraduate Research (PURE) · Sabancı University · supervised by Asst. Prof. Kerem Kılıç · Oct – Dec 2022

Identifying and Measuring Personality Traits that Make Entrepreneurs

Research project · manuscript on request

Read the project summary

Part of a study asking whether entrepreneurial traits can be trained. A cross-country literature review, deliberately spanning developed and developing economies to avoid geographic bias, converged on grit and perseverance as the traits most predictive of entrepreneurial success. The team then built a custom game to measure it: a deliberately frustrating, Flappy-Bird-inspired catch-the-ball prototype in Python, where how long a player keeps chasing a randomly-moving target stands in for perseverance under uncertainty, ready to be fielded pre- and post-training to test whether the trait shifts.

Request manuscript ↗

Project course (PROJ 201) · Sabancı University · 2019 – 2020

The Demography of Venture Capital in Turkey

Research project · manuscript on request

Read the project summary

What venture capitalists look for in startups, the trade-offs of raising VC funding, and a documented map of the Turkish venture-capital ecosystem and its common exit strategies.

Request manuscript ↗

Program for Undergraduate Research (PURE) · Sabancı University · solo project · supervised by Emrehan Aktuğ · 2023

Marginal Propensity to Consume in a Developing Economy

Research project · manuscript on request

Read the project summary

A solo empirical-macroeconomics project on the marginal propensity to consume in Turkey, the share of an income change that is spent rather than saved, which sits at the heart of the fiscal multiplier and of how tax and spending policy move aggregate demand. The work gathers the literature on MPC, identifies a current framework for estimating it in a developing-country setting, and reweighs earlier findings against new empirical evidence.

Request manuscript ↗

Program for Undergraduate Research (PURE) · Sabancı University · Feb – May 2021

Supply Chain Sustainability in the Textile & Apparel Industry

Research project · manuscript on request

Read the project summary

A mixed-methods study of how the sustainability disclosures of major international fashion brands actually affect their suppliers. Starting from the Fashion Transparency Index 2020, the work narrowed 250 brands to the Turkish suppliers serving several of them at once, combined that quantitative disclosure data with in-depth supplier interviews, and surfaced a sampling paradox worth its own study: because disclosed suppliers are pre-selected for good practice through brand codes of conduct, they cannot reveal the effect on the firms hiding poor practice. The recurring theme across cases was that audits, not disclosure, are the real lever, since their absence lets non-compliant competitors undercut the firms paying to be sustainable.

Request manuscript ↗

Program for Undergraduate Research (PURE) · Sabancı University · supervised by Assoc. Prof. Cemal Yılmaz · 2020 – 2021

A New Approach to Mobile Application Testing

Research project · manuscript on request

Read the project summary

A testing approach that lets non-technical stakeholders test their own mobile apps without a developer, by pairing the visual, block-based simplicity of Google Blockly with the power of professional tooling. The team authored behavior-driven (Given / When / Then) test scenarios by recording capture-and-replay scripts in TestProject and running them through a modified Blockly environment against Android apps on an emulator. Timing data confirmed the core problem, that users unfamiliar with code were markedly slower with professional tools, and pointed to a visual interface as a plausible way to close the gap.

Request manuscript ↗

Two-year mathematics research project · İzmir Private Fatih Science High School · advisor Ümit Karademir · 2016 – 2017

Investigation of Regular, Semi-Regular and Isovalent Tilings

Research project · manuscript on request

Read the project summary

Original geometry and number-theory research on regular, semi-regular and isovalent tilings, developed over two years as a mathematics-olympiad student. The work uses Euler’s formula, Diophantine equations, and GeoGebra to classify and construct polygon configurations. Awards include an ICYS bronze medal, TÜBİTAK regional first place, and MATDER gold.

Request manuscript ↗

Research practice

Make the chain of evidence inspectable.

Methods I work with

Text-based features, classification, event-study designs, linear-probability models, survival analysis, matching, and doubly robust estimation.

Read about the research pipeline ↗

Manuscripts & collaboration

The public case study and one-page summary provide an entry point to the thesis. For a manuscript, project discussion, or potential collaboration, please mention the work you are interested in.

Get in touch ↗

Citation

Reference the thesis.

Akçay, E. (2026). Cheap Talk or Costly Signal? AI Narratives as Weak Signals in Venture Capital Financing Across the Hype Cycle. Master’s thesis, Technical University of Munich.