Professor Ania Zalewska
Professor of Finance
School/Department: Business, School of; Economics, Finance and Accounting, Department of
Telephone: +44 (0)116 252 5622
I joined the University of Leicester School of Business as a Professor of Finance in February 2023. Prior to this appointment I was a Professor of Finance and Director of the Centre for Governance, Regulation and Industrial Strategy (CGR&IS) at the University of Bath (2005-2023), Assistant Professor of Finance at the Limburg Institute for Financial Economics, Maastricht University, NL (2000-2005), Lecturer in Economics at the Department of Economics, University of Bristol (1998-2000) and Research Assistant at the London Business School (1998). I hold a PhD in Economics (London Business School) and a PhD in Mathematics (Polish Academy of Sciences).
I have also been a research fellow at the Haas School of Business, University of Berkeley, California, USA; NYU Stern School of Business, New York, USA; Rutgers Business School, Newark, USA (twice); Hanken Business School, Helsinki, Finland; COPPEAD Business School, Rio de Janeiro, Brazil, and the Toulouse Business School, France.
My research interests include the development and regulation of, and innovation in, financial markets and financial intermediaries. I also research on the behavioural aspects of investing and market participation by retail investors. I have published extensively in leading academic journals (e.g. Journal of Financial Economics, Management Science, Economic Journal).
I served as an Associate and Guest Editor for the Journal of Banking & Finance and and as a Guest Editor for Journal of Empirical Finance. I I am co-founder of the Finance Research Consortium and the International Virtual Research Seminars in Finance.
I have been invited to deliver keynote addresses at numerous international academic conferences (e.g., International Banking and Finance Society at Angers, France; the Vietnam International Conference in Finance, Ho Chi Minh City and the Vietnam Economists Annual Meeting VEAM-2015; ESNIE, Corsica; University of Nuremberg-Erlangen, Germany), international seminars (e.g. Stockholm School of Economics, Sweden; Nova Business School, Portugal; University of Le Mans, France; IPAG-Paris, France; University of Zurich, Switzerland; Toulouse Business School, France; NYU Stern Business School, USA; University of Illinois at Chicago, USA; Northeaster University, USA; University of Baleares, Mallorca; University of Piraeus, Greece; Maastricht University, NL; Technical University of Crete, Crete; Rutgers Business School, USA; IESE Business School, Spain; and talks at policy and industry events organised by the International Monetary Fund (IMF), European Banking Authority (EBA), Bank for international Settlements (BIS), Banque de France, International SimCorp, DFF, Institute for Quantitative Investment Research (INQUIRE), Westminster Business Forum, and Industry & Parliamentary Trust.
I have advised various governmental bodies (e.g. FSA, Competition Commission, DECC, BEIS, National Infrastructure Commission, Committee on Standards in Public Life, HMRC). My research on market risk informed numerous regulatory debates (e.g. setting hurdle rates for Contracts for Difference in the 2016/17 green energy auctions, price regulation of utilities, climate finance at COP26). Currently, I am the Academia-Government Co-ordinator and UK representative at the Management Board of the EU-COST (European Cooperation in Science and Technology) Action on Fintech and Artificial Intelligence in Finance.
My research interest spans across several strands of Finance. My primary interests include development and functioning of financial intermediaries, sustainability and ESG investing, and financial regulation (its design, implementation and consequences for markets, institutions and investors). In addition, I have also published on issues related to the development and properties of capital markets, fintech, governance and board issues, executive remuneration, and privatisation and regulation of utilities.
My recent Working Papers are :
- Wei W. and A. Zalewska (2023) Capitalists or fiduciary conscious agents? ESG mutual fund fees and investor sophistication
- Zalewska, A. and Y. Zhang (2022) To Bao or not to Bao. Payment innovation and the money market funds
- Zalewska, A. and Y. Zhang (2021) Independent directors’ self-interest and mutual funds’ liquidations
- Zalewska, A. (2021) Are SRRI risk classes informative about pension funds’ risk-return characteristics?
- Eccles, P., P.A. Grout, P. Siciliani and A. Zalewska (2021) The impact of machine learning and big data on credit markets
Selected Publications in Financial Economics:
- Zalewska, A. (2022) Saving with group or individual personal pension schemes: How much difference does it make? Management Science 64(7), 5384-5402
- Zalewska, A. (2022) Bankers’ remuneration reforms and new challenges. Corporate Governance: An International Review 31(1): 161-177
- Zalewska, A. and Y. Zhang (2020) Mutual funds’ exits, financial crisis and Darwin, Journal of Corporate Finance 65
- Ongena, S. and A. Zalewska (2018) Saving for old age: Institutional and individual investors, Journal of Banking and Finance 92, 257-268
- 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
- Zalewska, A. (2014) Challenges of corporate governance: Twenty years after Cadbury, ten years after Sarbanes-Oxley, Journal of Empirical Finance 27, 1-9
- 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) Gentlemen do not talk about money: The case of British boards, Journal of Empirical Finance 27, 40-57
- 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 (2006) The impact of regulation on market risk, Journal of Financial Economics 80(1), 149-184
Publications in Mathematics:
- Zalewska-Mitura A. and J. Zemanek (1997) The Gershgorin discs under unitary similarity, Banach Centre Publications 38, 427-441.
- Zalewska-Mitura A. (1994) Generalization of the Lower Bound Function Theorem for Markov operators, Universitatis Iagellonicae Acta Matematica, Fasciulus XXXI, 79-85.
Published Consulting Reports:
- Adaptive regulation, market risk and the cost of capital, 2019, National Infrastructure Commission (NIC), (with P.A. Grout)Comments of 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.A. 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
REF Impact Cases:
- Influencing regulatory policy development and decarbonisation, submitted by School of Management, University of Bath, REF 2022
- My joint research has also formed the basis for the following Impact Cases:
• Two confidential case studies submitted by the University of Bristol in REF 2022 were based on my research (P.A. Grout)
• One confidential case study submitted by the University of Bristol in REF 2014 was based on my research (P.A. Grout)
I am currently supervising Wei Wei (University of Bath, UK) who is researching on ESG issues.
Recently graduated PhD supervisions:
- Yue Zhang: (2020) Determinants and consequences of mutual funds’ exits, International School of Business and Finance, currently working at the Sun Yat-Sen University, China
- Boondhiva Cheewatragoongit: (2020) ASEAN stock market consolidation: an implication for market integration, home bias and diversification benefit, currently working at the Bank of Thailand, Thailand
- Anzela Volkova: (2020) Financing deficit of defined benefit pension: the case of UK, currently working at the Office for National Statistics, UK (2020)
- Yadong Li: (2018) Probability density distributions of stock returns, market regimes, and financial risk measures, currently working at the Department of International Affairs of China Securities Regulatory Commission, China
- Xinyi Huang: (2017) The relationship of bank accounting ratios and financial crisis 2007/08, currently working at the University of Durham, UK (2017)
- Yan Yan: (2016) Determinants and consequences of executive compensation: Empirical evidence from Chinese listed companies, currently working at the Tsinghua University, China
In addition to my responsibilities and duties at the University of Leicester, I am also:
- Trustee of the South West Heritage Trust, since 2022
- Co-founder of the Finance Research Consortium, since 2020
- Co-organiser of the International Virtual Research Seminars in Finance (IVRSiF), since 2020
- Scientific Committee Member of the Dioscuri Centres of Excellence, Max Planck Society, Germany, since 2019
- Member of the Advisory Board and Trustee of the Polish Studies Foundation, since 2019
- Chair and Member of several committees of the Luxembourg National Research Fund, Luxemburg, since 2016
- Chair of the Awards Committee and Member of the Executive Board of the International Finance and Banking Society (IFABS), since 2016
Blogs, Op-eds, etc.:
Is having BNPL on tap beneficial?
What next for digital payments?
Aligning Climate Finance for an Equitable and Sustainable Net Zero Future
CGRIS Stories: Saving for old age with personal pension schemes – more regulatory oversight is badly needed
Costing the Earth – costing the capital needed for net-zero transition
Financial literacy - a long way to the top
The future of cryptocurrencies is bright
Pensions for the self-employed need a rethink
Pensions: why automatic enrolment may not suit the self-employed
Huge pension fund deficits are a global crisis in waiting
University lecturer explains why academics are striking over pension cuts
I was also cited by New Statesman, Financial Times, Raconteur, The Economist, The Hill, Central Banking, Pensions Age, Yahoo!News, Professional Pensions, Science Daily, My Science, Actuarial Post and I gave an interview for BBC Radio 5 Live on COP27.