Ania
Zalewska, Professor of Finance
Contact details
E-mail Address: A.Zalewska@bath.ac.uk
Telephone: +44 (0)1225 384354
Fax: +44 (0)1225 386473
Office location: E10
2:80
Current
Positions:
·
Professor of Finance, School of Management,
University of Bath, since 2005
·
Director of the Centre for
Governance and Regulation and Industrial Strategy (CGR&IS), School of Management, University of
Bath, since 2009
·
Scientific Committee Member of the Dioscuri Centres of Excellence, Max Planck Society,
Germany, since 2019
·
Trustee of the South West Heritage Trust,
since 2022
·
Member of the Advisory Board and Trustee of the Polish Studies Foundation, since 2019
·
Member of the Social Sciences Research Committee, Polish
Science Society, Poland, since 2017
·
Member of the Research Quality Review Board, National
Research Council, Ministry for Higher Education, Luxemburg, since 2016
·
Chair of the International Finance and Banking
Society’s Awards Committee, since 2016
·
Member of the Board of Directors of the European Financial Management Association (EFMA), since 2014
·
Director-at-Large of the Multinational Finance Society (MFS), since 2011
·
Associate
Editor of the Multinational Finance
Journal, since 2011
Past Positions:
·
Board Member of the Oxford Noble Foundation, St.
Antony’s College, Oxford, 2016-2019
·
Secondee at the Institute for Mathematical Innovation,
University of Bath, 2016
·
Associate Editor of the Journal of Banking and Finance,
2014-2019
·
Co-editor of a Special Issue of the Journal of Banking
and Finance, 2016
·
Research Visitor at the NYU Stern School of Business, New
York, USA, 2015
·
Research Visitor at the Rutgers Business School, Newark,
USA, 2015
·
Research Visitor at the COPPEAD Business School, Rio de
Janeiro, Brazil, 2015
·
Research Visitor at the Hanken Business School, Helsinki,
Finland, 2014
·
External Examiner at the University of Mauritius,
Mauritius, 2014 -2016
·
Guest Editor of the Journal of Empirical Finance, 2013
·
Research Scholar at the Haas School of Business,
University of Berkeley, California, USA, 2010
·
External Examiner at the Judge Business School, Cambridge
(MBA, Executive MBA, PhD Programme), 2010-2018
·
External Examiner at the Exeter Business School,
2008-2011
·
Associate Member of the ESRC Centre for Market and Public Organisation, University of Bristol,
2001-2019
·
Assistant Professor of Finance, Limburg Institute of
Financial Economics, Maastricht University, NL, 2000-2005.
·
Lecturer in Economics, Department of Economics,
University of Bristol, UK, 1998-2000
·
CEPR Scholar in the Transition Economics Programme,
1998-2000.
·
Research Officer, Centre for Economic Forecasting, London
Business School, UK, 1997-1998
·
Assistant Lecturer in Mathematics in the Department of
Differential Equations, Institute of Mathematics, Marie Curie-Sklodowska
University, Lublin, Poland, 1988-1993
Administrative Duties at the
University of Bath
• Member of
the Equality, Diversity and Inclusion Committee, since 2020
• Member of
the University Senate, 2012-2013 and 2018-2021
• Member of
the University Court, 2013 and since 2019-2021
• Member of
the Steering Group at the Institute for Mathematical Innovation, 2015-2016
• Member of
the University Ginger Committee for Open Access, 2014-2015
• Founder and
Director of the Centre for Governance and Regulation (CGR; currently
CGR&IS), since 2009
• Organiser
of the Accounting and Finance Group Seminar Series, 2007-2015
• Chair of the
IT Committee, 2006-2009
• Member of
the Research Committee, 2007-2010
• Member of
the Postgraduate Students Committee, 2007-2010
• Member of
the Research Assessment Exercise Committee, 2005-2008
Expert Academic Advisor to:
• National
Infrastructure Commission, 2019
• UKRI,
London, 2018-2019
• Technopolis
Group Plc., 2018-2019
• Department
for Business, Environment and Industrial Strategy (BEIS), 2017-2019
• Department
for Energy and Climate Change (DECC), London, 2015
• Committee
on Standards in Public Life, London, 2015-2016
• Competition
Commission, London, 2010
• Financial
Services Authorities (FSA), London, 2009
• Water UK,
London, 2008-2009
• Her Majesty
Revenue and Customs (HMRC), London, 2006
• Indepen
Consulting Ltd., London, 2003
• National
Economic Research Associates (NERA), London, since 2002-2019
Qualifications:
Finance and Economics
·
PhD;
London Business School, University of London, 1998. Doctoral Student of the
European Commission; London Business School, UK, 1995-1997.
·
MA
in European Economic Studies, Department of Economics, University of Leicester,
UK, 1995.
Mathematics
·
PhD;
Institute of Mathematics, Polish Academy of Sciences, 1998. Doctoral Student of
the Polish Academy of Sciences; Scholarship of the Institute of Mathematics,
Polish Academy of Sciences, Warsaw, Poland, 1993-1995;
·
MSc
with Distinction in Theoretical Mathematics, Department of Mathematics and
Physics, Marie Curie-Sklodowska University, Lublin, Poland, 1989.
·
MSc
with Distinction in Numerical Methods and Programming, Department of
Mathematics and Physics, Marie Curie-Sklodowska University, Lublin, Poland,
1989.
Additional Training:
·
Media training -TV & Radio, media Players
International, sponsored by the University of Bath, 2019
·
Academic Leadership Program, Berkshire Consultancy Ltd,
sponsored by the University of Bath, 2016
·
Non-executive director training by Knowledge West,
sponsored by the University of Bath, 2007
Selected Journal
Publications:
•
Zalewska, A. (2022) Bankers’
remuneration reforms and new challenges, Corporate
Governance: An International Review, in press
•
Zalewska, A. (2021) Saving with group or
individual personal pension schemes: How much difference does it make?
Management Science, in press
•
Zalewska, A. and Y. Zhang (2020) Mutual funds’
exits, financial crisis and Darwin, Journal of Corporate
Finance 65, in press
•
Ongena, S. and A. Zalewska (2018) Saving for old age:
Institutional and individual investors, Journal of Banking
and Finance 92, 257-268
•
Petraki, A. and A. Zalewska (2017) Jumping over a low
hurdle: Personal pension fund performance, Review of
Quantitative Finance and Accounting 48(1), 153-190
•
Grout, P.A. and A. Zalewska (2016) Stock market risk in the financial crisis,
International Review of Financial Analysis 46, 326-345
•
Zalewska, A. (2016) A new look at
bankers’ remuneration, Corporate Governance: An
International Review 24: 322–333.
•
Ferrer, E., J. Salaber and A. Zalewska (2016) Consumer confidence
indices and stock markets’ meltdowns, European Journal
of Finance 22(3): 195-220
•
Grout, P.A., A. Jenkins and A. Zalewska (2015) Regulatory valuation
of public utilities: A case study of the twentieth century,
Business History 56, 936-955
•
Zalewska,
A. (2014) Challenges of
corporate governance: Twenty years after Cadbury, ten years after
Sarbanes-Oxley, Journal of Empirical Finance
27, 1-9
• Zalewska, A. (2014) Gentlemen do not
talk about money: Remuneration dispersion and firm performance relationship on
British boards, Journal of Empirical Finance 27, 40-57
• Garside, L.,
P.A. Grout and A. Zalewska (2014), Does experience make you ‘tougher’?
Evidence from competition law, Economic Journal 123, 474-490.
•
Grout, P.A. and A. Zalewska
(2012) The effect of option
granting on executive stock purchases, Economics Letters 114, 12-15.
•
Grout, P.A. and A. Zalewska
(2008) Measuring the rate
of return for competition law, Journal of Competition Law and
Economics 4, 155-176.
Also see the working paper version
•
Zalewska, A. (2008) Emerging markets -
Is today the best predictor of tomorrow?, Journal of
Financial Transformation 22,
14-17.
•
Grout, P.A. and A. Zalewska
(2006) The Impact of
Regulation on Market Risk, Journal of Financial Economics
80(1), 149-184.
• Zalewska, 2006, Is locking domestic
funds into the local market beneficial? Evidence from the Polish pension
reforms, Emerging Markets Review 7, 339-360.
• Schotman, P.C. and A. Zalewska, (2006) Non-synchronous
Trading and Testing for Market Integration in Central European Emerging Markets,
Journal of Empirical Finance 13, 462-494.
• Grout, P.A. and A. Zalewska (2005) On the undervaluation
of the privatised enterprises, Economics Letters 86(2),
215-220.
• Charemza, W.W., K. Shields and A. Zalewska, 2004, predictability of
stock markets with disequilibrium trading, European Journal
of Finance 10(5), 329-344.
• Grout, P.A., A. Jenkins, and A. Zalewska, 2004, Privatisation of
utilities and the asset value problem, European Economic Review
48 (4), 927-941.
• Zalewska-Mitura, A. and S.G. Hall (1999) Examining the first
stages of market performance: A test for evolving market efficiency,
Economics Letters, 64(1), 1-12.
Book
chapters:
• Financial
literacy – a long way to the top, in J. Żakowski (ed.) Almanach Concilium Civitas; Concilium Civitas
Foundation, 2020, Poland
• Fintech,
banks and stock markets, in J. Żakowski (ed.) Almanach Concilium
Civitas; Concilium Civitas Foundation, 2019, Poland
• A.Petraki, and A. Zalewska, 2009, The growth
prospects of new and old emerging markets, G.N. Gregoriou (Ed.) Emerging Markets: Performance, Analysis and
Innovation, Chapman
Hall/Taylor and Francis, 1-20. working paper
version
• P.A. Grout, and A. Zalewska, 2008, Profitability
Measures and Competition Law, W.D. Collins (ed.) Issues in Competition Law
and Policy, American Bar Association, 373-392. working paper version
• Zalewska, Home Bias and Stock Market Development, in
T. Mickiewicz (ed.) Corporate Governance and Finance in Poland and Russia,
Palgrave Macmillan, 2006, pp 268-301. working paper version
Published Consulting Reports:
• Adaptive regulation,
market risk and the cost of capital, 2019, National
Infrastructure Commission (NIC),
(with P. Grout)
• Comments on the
NERA’s Report “Electricity Generation Costs and Hurdle Rates. Lot
1: Hurdle Rates Update for Generation Technologies”,
2016, Department for Energy and Climate Change (DECC)
• Complaints Research, Annex 2
in ‘Transparency as a regulatory tool and publication of complaints
data’, Financial Services Authority (FSA), Consultation Paper 09/21
• Cost of Capital for PR09,
2008, Final Report for Water UK, NERA Economic Consulting, (with R. Hern, T.
Haug, A. Legg, and P. Grout)
• Evolving Character of the CAPM
Beta. The Case of the Telecom Industry, 2003, Consultancy Report written for
Indepen Consulting Ltd.
• Recent Trends in Betas of
Electricity Companies, 2002, Consultancy Report written for National Economic
Research Associates’ London Office
Selected Working Papers:
•
Are SRRI risk
classes informative about pension funds’ risk–return
characteristics?
•
The
impact of machine learning and big data on credit markets (with P. Eccles,
P.A. Grout and P. Siciliani), Bank of England Staff WP 930
•
Self-interest
of independent directors and liquidations of mutual funds (with Y. Zhang)
•
Tail-risk of bulls and bears: The tale of developed
and emerging markets (with Y. Li)
•
With whom
and in what is it better to save? Personal Pensions in the UK (with A.
Petraki)
•
One
half-billion shareholders and counting: Determinants of Individual share
ownership around the world (with P.A. Grout and W.L. Megginson)
Selected Blogs
• What
next for digital payments?
• Is
having BNPL on tap beneficial?
• Aligning Climate
Finance for an Equitable and Sustainable Net Zero Future
• Costing the Earth
– costing the capital needed for net-zero transition
• Saving
for old age with personal pension schemes – more regulatory oversight is
badly needed
• FinTech,
banks, and stock markets
• Pensions:
why automatic enrolment may not suit the self-employed
Recent
Invited Keynote Addresses and Panel Discussions:
·
Industry
and Parliamentary Trust, London 2022
·
Institute
for Quantitative Investment Research (INQUIRE), Bath 2021
·
Banque
de France, Paris, France, 2021
·
Bank
for International Settlements, Basel, Switzerland, 2020
·
Westminster
Business Forum, London 2020
·
Westminster
Business Forum, London 2019
·
Concilium
Civitas Inaugural Meeting 2019, Warsaw, Poland, 2019
Selected
Citations and Contribution to Articles: New Statesman, Financial Times, Raconteur, The Economist,
The Hill, Pensions Age, Yahoo!News, Professional
Pensions, Science Daily, My Science, Actuarial Post