About



Innovating now, investing for future.


Adem Cetinkaya Advisory provides financial advisory services to governments and not-for-profit organizations. The company offers strategic transactional support services in the areas of financial planning, M&A, deals, transaction structuring, financial crime investigation, governance, board/commission assistance, swap advisory, reinvestment 
services, closing, and post transaction analysis. 


Our Mission

By taking time to analyse your organization and the issues and challenges you are facing, our Advisory team use local and global knowledge to help you challenge conventions and introduce and deliver strategies that work specifically for you.

Our Services






For Investors


Certificate of Incorporation

AC ADV.INC. a corporation organized and existing under the laws of Jersey Comt. St. (the “Corporation”), hereby certifies as follows:

A. The name of the Corporation is AC ADV.INC. The Corporation’s original Certificate of Incorporation was filed with the Secretary of State of Jersey on July 23, 2017.

B. This Amended and Restated Certificate of Incorporation was duly adopted in accordance with Sections 242, 245 and 228 (by written consent of the sole stockholder of the Corporation) of the General Corporation Law of the St of Jersey, and restates, integrates and further amends the provisions of the Corporation’s Certificate of Incorporation.

Certificate of Incorporation

Code of Conduct


Employees of AC ADV.INC and its subsidiaries and controlled affiliates (“AC ADV.INC”) should do the right thing – follow the law, act honorably, and treat co-workers with courtesy and respect.

We expect all of our employees and Board members to know and follow this Code of Conduct. Failure to do so can result in disciplinary action, including termination of employment. Any waivers of this Code for directors or executive officers must be approved by our Board.

Never retaliate against anyone who reports or participates in an investigation of a possible violation of the Code.

If you are employed by a subsidiary or controlled affiliate of AC ADV.INC, please comply with your employer’s code of conduct. If your employer doesn’t have its own code of conduct, if you have a question or concern about this Code or believe that someone may be violating it, or if you want to remain anonymous, you can make a report of a suspected violation or concern through our Helpline. Finally, if you believe a violation of law has occurred, you can always raise that through the Ethics & Compliance helpline or with a government agency.



Take a look at our publications:

Price Theory Applied Mathematics

Calculus for Economics

Financial Crime & Investigation: Case Studies

Speculative Growth: Extreme Stock Market Valuations

Economic Complexity Report

EU Zone Economic Forecast 2017-2020

Regression Analysis Guide

Estimation with Multi Variables

Macroeconomic Accounts Statistics Guide 

Probability Theory

Matrix Algebra


Growth and change are two realities that no organization/government can afford to ignore. Sustainable strategies that help your organization innovate and grow while reducing costs and leveraging talent are just as essential as having the agility and creativity to respond to rapidly changing environments.

Research Interest List

Dividend signalling; share price behaviour associated with information events; decision-making under uncertainty (prospect theory, expected utility theory, etc.), Financial incentives and agency problems; corporate governance and executive compensation; real options; corporate finance, financial crime investigation, The economics of risk and risk sharing; The economic theory of insurance markets; Price Theory, Applied Mathematics

Publications


Applied Mathematics and Economics Series


Financial Crime & Investigation: Case Studies

Financial crime over the last 30 years has increasingly become of concern to governments throughout the world. This concern arises from a variety of issues because the impact of financial crime varies in different contexts. It is today widely recognised that the prevalence of economically motivated crime in many societies is a substantial threat to the development of economies and their stability. It is possible to divide financial crime into two essentially different, although closely related, types of conduct. 
ISBN-10: 1975616529 ISBN-13: 978-1975616526

The Price Theory

The socially optimal price level, which takes an intuitive Ramsey-pricing form, is always below cost. Subsidies may be desirable even if the profits of the firm are disregarded. In determining optimal price balance, seemingly similar welfare criteria generally conflict. Consumers on one side of the market may want to make transfers to the other side in order to thicken their pool of partners. Unbalanced competition that undermines such transfers may harm all parties. A number of implications for policy are discussed. 
ISBN-10: 1974667456 ISBN-13: 978-1974667451

Calculus: For Economics

Although introductory economics courses, such as those most college students must complete in the course of their studies, involve little math, an in-depth study of economics requires a rigorous understanding of mathematics, including calculus. Calculus provides the language of economics and the means by which economists solve problems. Calculus is especially significant in illustrating what a leading economist calls a key principle of economics.
ISBN-10: 1974689387 ISBN-13: 978-1974689385

Speculative Growth: Extreme Stock Market Valuations

Speculative Growth Analysis based on linearized version of Diamond (1965) overlapping generations model with growth funding mechanism, capital gains mechanism, fiscal surpluses and capital flows,financial constraits with proofs.
ISBN-10: 1975975316 ISBN-13: 978-1975975319


Macroeconomic Accounts Statistics Guide 

Designed to meet the basic needs of economists and statisticians, this pamphlet is unique in providing an explanation of the key principles underlying macroeconomic statistics when viewed as an integrated system. It highlights the interrelationships between the various sectors and provides a bridge linking the various macroeconomic accounts statistics-national accounts, balance of payments, government finance statistics, and monetary and financial statistics-to assist the reader in understanding the main concepts underlying these statistics. It does so by simplifying many of the concepts, explaining common features and differences, showing how the four key statistical areas harmonize, and providing examples to demonstrate the practical application and uses of the concepts within the conceptual framework.
ISBN-10: 1976538319 ISBN-13: 978-1976538315


Probability Theory

Probability theory is the branch of mathematics concerned with probability. Although there are several different probability interpretations, probability theory treats the concept in a rigorous mathematical manner by expressing it through a set of axioms. Typically these axioms formalise probability in terms of a probability space, which assigns a measure taking values between 0 and 1, termed the probability measure, to a set of outcomes called the sample space. Any specified subset of these outcomes is called an event. Central subjects in probability theory include discrete and continuous random variables, probability distributions, and stochastic processes, which provide mathematical abstractions of non-deterministic or uncertain processes or measured quantities that may either be single occurrences or evolve over time in a random fashion.

ISBN-10: 1976591716 ISBN-13: 978-1976591716


Matrix Algebra

Applications of matrices are found in most scientific fields. In every branch of physics, including classical mechanics, optics, electromagnetism, quantum mechanics, and quantum electrodynamics, they are used to study physical phenomena, such as the motion of rigid bodies. In computer graphics, they are used to manipulate 3D models and project them onto a 2-dimensional screen. In probability theory and statistics, stochastic matrices are used to describe sets of probabilities; for instance, they are used within the PageRank algorithm that ranks the pages in a Google search. Matrix calculus generalizes classical analytical notions such as derivatives and exponentials to higher dimensions. Matrices are used in economics to describe systems of economic relationships. A major branch of numerical analysis is devoted to the development of efficient algorithms for matrix computations, a subject that is centuries old and is today an expanding area of research. Matrix decomposition methods simplify computations, both theoretically and practically. Algorithms that are tailored to particular matrix structures, such as sparse matrices and near-diagonal matrices, expedite computations in finite element method and other computations. Infinite matrices occur in planetary theory and in atomic theory. A simple example of an infinite matrix is the matrix representing the derivative operator, which acts on the Taylor series of a function.
ISBN-10: 1976595452 ISBN-13: 978-1976595455

Contact Us

Araksi Saroyan
Global and Asia Pacific, Americas (APA) Advisory leader