Ania Zalewska, Professor of Finance


Contact details

E-mail Address:

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



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.


·         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

Also see

     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