Sabutay Fatullayev

Department of Accounting


Sabutay commenced the PhD program in the Department of Accounting in 2015 and is currently in his final year of studies. He holds a Bachelor’s degree with a double major in Business Administration (Accounting) and Economics from the American University in Bulgaria, and a Master’s degree in Commerce (Accounting) from the University of Melbourne. Prior to commencing his PhD studies, Sabutay served in the military and worked as an accountant in Embafinans in Azerbaijan.

Sabutay’s main research interests lie in financial accounting, with a stronger focus on credit ratings and debt contracting. He has presented his work at the 2018 Doctoral Symposium organised by the Accounting and Finance Association of Australia and New Zealand (AFAANZ), where he won the AFAANZ Doctoral Symposium Pitching Competition. He has also presented his work at the 2019 European Accounting Association (EAA) Doctoral Colloquium as the representative of AFAANZ (awarded by AFAANZ) and in workshops in various Australian institutions.


"Can risk-rebalancing explain the negative correlation between stock return differential and currency? Or, does source status drive it?" with Numan Ulku and Daria Diachenko, Journal of Financial Markets 27 (2016): 28-54.

Research interests

  • Empirical financial accounting
  • Credit ratings
  • Debt contracting