Ania Zalewska, Professor of Finance
E-mail Address: A.Zalewska@bath.ac.uk
Telephone: +44 (0)1225 384354
Fax: +44 (0)1225 386473
Office location: E10 2:80
· 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
· 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
· 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.
· 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.
· 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.
• 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
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:
• 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)
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