Ania Zalewska, Professor of Finance

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Director of the Centre for Governance and Regulation (CGR), School of Management, University of Bath

Member of the Board of Directors of the European Financial Management Association (EFMA)

Director-at-Large of the Multinational Finance Society (MFS)

Associate Editor of the Journal of Banking and Finance (JBF)

Guest Editor of the Special Issue of the Journal of Empirical Finance

Organiser of the Conference: Twenty Years after Cadbury, Ten Years after Sarbanes-Oxley: Challenges of Corporate Governance




School of Management

         University of Bath

Bath, BA2 7AY



E-mail Address:



+44 (0)1225 384354


+44 (0)1225 386473


Office location:

Wessex House 8.51

Academic Affiliations:

      Visiting Scholar of the Haas School of Business, University of California, Berkeley, USA, 2011


      Associate Member of the Centre for Market and Public Organisation (CMPO), Department of Economics, University of Bristol, UK, since 2000


      Senior Research Fellow at the Financial Engineering Laboratory (FEL) of Technical University of Crete, since 2010


Other responsibilities:

       External examiner (MBA, Judge Business School since 2010)

       External examiner (MBA, Exeter Business School 2008-2011)

        Associate Editor of the Multinational Finance Journal (2011-2013)

       Associate Editor of the Journal of Banking and Finance (2014 -)

       Member of Senate (2013 -)


     Consulting as an expert academic advisor for:

-          Financial Services Authority (FSA), London, since 2009

-          Competition Commission, London, since 2007

-   Her Majesty Revenue and Customs (HMRC), London, 2006

-      National Economic Research Associates (NERA), London; since 2002.



       PhD, London Business School, UK, 1998  

       PhD, Polish Academy of Sciences (Institute of Mathematics), Poland, 1998

       MA in European Studies, University of Leicester, UK, 1995

       MSc in Theoretical Mathematics, Curie-Sklodowska University, Poland, 1989

       MSc in Numerical Methods and Programming, Curie-Sklodowska University, Poland, 1989       


Additional Training:

     Nonexecutive Director, Knowledge-West, 2007


Selected Journal Publications:


A. Zalewska, 2014, Gentlemen do not talk about money: The case of British boards, Journal of Empirical Finance, forthcoming.


A. Zalewska, 2014, Challenges of corporate governance: Twenty years after Cadbury, ten years after Sarbanes-Oxley, Journal of Empirical Finance, forthcoming.


P.A. Grout, A. Jenkins, and A. Zalewska, 2014, Regulatory valuation of public utilities: A case study of  the 20th century, Business History, forthcoming


L. Garside, P.A. Grout and A. Zalewska, 2014, Does Experience Make You ‘Tougher’? Evidence from Competition Law, Economic Journal 123, 474-490.


P.A. Grout and A. Zalewska, 2012, The effect of option granting on executive stock purchases, Economics Letters 114, 12-15.


P.A. Grout, and A. Zalewska, 2008, Measuring the Rate of Return for Competition Law, Journal of Competition Law and Economics 4,   155-176.

      working paper version

A. Zalewska, 2008, Emerging Markets - Is Today the Best Predictor of Tomorrow?, Journal of Financial Transformation   22, 14-17.

P.A. Grout, and A. Zalewska, 2006, The Impact of Regulation on Market Risk, Journal of Financial Economics 80(1),  149-184.


A. Zalewska, 2006, Is Locking Domestic Funds into the Local Market Beneficial? Evidence from the Polish Pension Reforms, Emerging Markets Review 7, 339-360.



P.C. Schotman, and A. Zalewska, 2006, Non-synchronous Trading and Testing for Market Integration in Central European Emerging Markets, Journal of Empirical Finance 13,  462-494.


P.A. Grout, and A. Zalewska, 2005, On the Undervaluation of the Privatised Enterprises, Economics Letters,  86(2), pp. 215-220.


W.W. Charemza, K. Shields and A. Zalewska, 2004, Predictability of Stock Markets with Disequilibrium Trading, European Journal of Finance,  10(5), pp. 329-344.


P.A. Grout, A. Jenkins, and A. Zalewska,  2004, Privatisation of Utilities and the Asset Value Problem, European Economic Review, 48 (4), pp. 927-941.



Book chapters:

         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.

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

 A. 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



Other Publications:


A. Zalewska, 2009, Complaints Research, Annex 2 in ‘Transparency as a regulatory tool and publication of complaints data’, Financial Services Authority, Consultation  Paper 09/21.


A. Zalewska, 2009, Privatise or not? The dilemma for pension reform, The PB Report 2008, Privatisation Barometer,  pp. 55-61.

R.Hern, T. Haug, A. Legg, P. Grout, and A. Zalewska, 2008, Cost of Capital for PR09, Final Report for Water UK, NERA Economic Consulting


Recent Working Papers:


      A. Petraki and A. Zalewska, 2013, Jumping over a low hurdle: Personal pension fund performance


      A. Petrtaki and A. Zalewska, 2013, With whom and in what is it better to save? Personal Pensions in the UK


P.A. Grout, W.L. Megginson and A. Zalewska, One half-billion shareholders and counting: Determinants of Individual share ownership around the world

      P.A. Grout, and A. Zalewska, Buy or not to Buy? The Effect of Option Granting on Executive Stock Purchases

      E. Ferrer, J. Salaber, and A. Zalewska, 2013,Sensitivity of consumer confidence to stock markets’ meltdowns


Work in Progress:   

       L. Garside, P.A. Grout and A. Zalewska, Do investigated companies manipulate profitability data?

  P.A. Grout, F. Windmeijer and A. Zalewska, Using Stock Market Evidence to Inform the Definition of Relevant Product Markets in Competition Law



Recent International Seminars and Conferences:

-          European Financial Management Association, Barcelona, 2012

-          19th Multinational Finance Society Conference, Krakow, 2012

-          Improving Financial institutions: The Proper Balance between Regulation and Governance, Hanken Business School, Helsinki, Finland, 2012

-          University of Piraeus, Greece, 2012

-          University of Baleares, Palma, Mallorca, 2011

-          18th Multinational Finance Society Conference, Rome, Italy, 2011

-          2nd  World Finance Conference, Rhodes, 2011

-          Competition Law and Economics European Network (CLEEN) workshop, at the European University Institute, Florence, Italy, 2011

-          International Corporate Finance and Governance Conference, University of Twente, NL, 2010

-          Financial Management Association Conference, New York, 2010

-          5th International Conference on Competition and Regulation, Chania, Crete, 2010

-          17th Multinational Finance Society Conference, Barcelona, Spain, 2010

-          Rutgers Business School, 2010

-          Technical University of Crete, 2010

-          INFINITI, Dublin, Ireland, 2010

-          22nd Australasian Finance and Banking Conference, Sydney, Australia, 2009

-          Rutgers Business School, 2009

-          International Monetary Fund, 2009

-          European Financial Management Association Annual meeting, Milan, Italy, 2009

-          16th Multinational Finance Society Conference, Rethymno, Crete 2009

-          IESE Business School, Barcelona, 2008

-          15th Multinational Finance Society Conference, Orlando, USA, 2008



Current PhD supervision:

Dechuan Li – accounting standards

Yan Yan – corporate governance

Xinyi Huang – banking

YaDong Li – dynamic asset management


 Completed PhD supervision:

Dr. Anastasia Petraki, 2012

Dr. Suha Alawi, 2013