Ania Zalewska, Professor of Finance

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Contact details

E-mail Address:

Telephone: +44 (0)1225 384354

Fax: +44 (0)1225 386473

Office location: Wessex House 8.51


Current Positions:

·         Professor of Finance, School of Management, University of Bath, since 2005

·         Director of the Centre for Governance and Regulation (CGR), School of Management, University of Bath, since 2009

·         Member of the University Court, since 2013

·         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 Journal of Banking and Finance (JBF) , since 2014

·         Guest Editor of the Special Issue of the Journal of Empirical Finance, 2014

·         Associate Editor of the Multinational Finance Journal, since 2011

·         Associate Member of the ESRC Centre for Market and Public Organisation, University of Bristol, since 2001


Past Positions:

·         Guest Editor of the Special Issue of the Journal of Empirical Finance, 2014

·         Organiser of the Conference: Twenty Years after Cadbury, Ten Years after Sarbanes-Oxley: Challenges of Corporate Governance, 2013

·         Member of the University Senate, 2012-2014

·         External Examiner at the Judge Business School, Cambridge (MBA), 2010-2013

·         Research Scholar at the Haas School of Business, University of Berkeley, California, USA, 2010

·         External Examiner at the Exeter Business School since 2008-2011

·         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.



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:

·          Nonexecutive Director, Knowledge-West, 2007



Consulting as an Expert Advisor:


·         Redington Ltd., 2014 (various issues of the pension industry, e.g., impact of central clearing of derivatives on  occupational pension funds)

·         Financial Services Authorities (FSA), 2009 (advising on informative power of customer complaints data, some of my research was published as Annex 2 of ‘Transparency as a regulatory tool and publication of complaints data’, Financial Services Authority, Consultation Paper 09/21 )

·         Water UK, since 2008-2009 (cost of capital and other related issues; some of this research was published by NERA in ‘Cost of Capital for PR09, 2008, Final Report for Water UK’

·         Competition Commission, UK, 2007 (using financial data to define the market for competition policy purposes)

·         Her Majesty Revenue and Customs (HMRC), UK, 2006 (taxation of hybrid contracts)

·         Indepen Consulting Ltd., UK; 2003 (assessing cost of capital for a privately held major international client; part of this research was published by Indepen Consulting Ltd. as consultancy report  Evolving Character of the CAPM Beta. The Case of the Telecom Industry’, 2003)

·         National Economic Research Associates (NERA), London; 2002-2009 (various consulting contract; one of them was published by NERA as consultancy report ‘Recent Trends in Betas of Electricity Companies’, 2002)



Selected Journal Publications:


A. Petraki and A. Zalewska, 2015, Jumping over a low hurdle: Personal pension fund performance, forthcoming in the Review of Quantitative Finance and Accounting


A.Zalewska, 2015, A new look at bankers’ remuneration, Corporate Governance: An International Review, forthcoming  


E. Ferrer, J. Salaber, and A. Zalewska, 2015, Sensitivity of consumer confidence to stock markets’ meltdowns, European Journal of 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 56, 936-955


A. Zalewska, 2014, Challenges of corporate governance: Twenty years after Cadbury, ten years after Sarbanes-Oxley, Journal of Empirical Finance 27, 1-9


A. Zalewska, 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


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.

        Also see the 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), 215-220.


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


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


         A. Zalewska-Mitura 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:

         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

 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:


P. A. Grout and A. Zalewska, 2015, Stock Market Risk in the Financial Crisis


A. Petraki and A. Zalewska, 2014, 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


Work in Progress:   

       A.Zalewska, A new look at regulating bankers’ remuneration

       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:

Xinyi Huang – banking

YaDong Li – dynamic asset management

Yan Yan – corporate governance

Anzela Volkova – pension reforms


 Completed PhD supervision:

Dr. Anastasia Petraki, 2012

Dr. Suha Alawi, 2013