Monika Tarsalewska joined the Business School in 2013 as a Lecturer in Finance. She holds MSc in Finance with distinction from Lancaster University and MSc in Economics from University of Warsaw. In 2013 she submitted her doctoral thesis entitled “Dynamic Models of Mergers and Acquisitions” at Lancaster University. She has teaching experience at undergraduate, postgraduate and MBA level. Her current interests include dynamic investment and financing decisions, corporate takeovers, private equity and venture capital.
Qualifications
- PhD in Finance (University of Lancaster)
- MSc in Finance (University of Lancaster)
- MSc in Economics (University of Warsaw)
Research clusters
Research interests
- Corporate Finance
- Mergers and Acquisitions
- Private Equity and Venture Capital
- IPO
- Real Options
Research Grants
- Does social capital distance influence corporate takeovers? (FMV cluster seed funding; budget £ 1,000)
- Annual Report Length and M&A Efficiency (FMV cluster seed funding; budget £ 2,000)
- Does Employment Protection Spur Innovation? International Evidence (BA/Leverhulme Small Research Grant; budget £ 8,178; joint with J. Chircop and L.H. Hass)
Research projects
Key publications | Publications by category | Publications by year
Publications by category
Journal articles
Tarsalewska M (2018). Buyouts under the threat of preemption.
Journal of Banking and Finance Full text.
Chircop J, Johan S, Tarsalewska M (2017). Common auditors and cross-country M&A transactions.
Journal of International Financial Markets, Institutions and MoneyAbstract:
Common auditors and cross-country M&A transactions
© 2017 Elsevier B.V. Using a comprehensive sample of cross-country mergers and acquisitions for the period 2000-2014 we examine the effect of common auditors on the efficiency of cross-country M & a transactions. We predict that the use of common auditors reduces uncertainty, resulting in higher M & a efficiency. We find that this common-auditor effect results in a positive market reaction to the M & a announcement, lower premium and greater increase in return on assets following the M & a transaction. Further, we find that these effects are more pronounced the greater the M & a transaction uncertainty and when the accounting standards of parties differ.
Abstract.
Full text.
DOI.
Cumming DJ, Peter R, Sannajust A, Tarsalewska M (2017). Pre-Going Private Ownership around the World.
British Journal of Management Full text.
DOI.
Hass LH, Tarsalewska M, Zhan F (2016). Equity Incentives and Corporate Fraud in China.
Journal of Business Ethics,
138(4), 723-742.
Abstract:
Equity Incentives and Corporate Fraud in China
© 2015, Springer Science+Business Media Dordrecht. This paper explores how managers’ and supervisors’ equity incentives impact the likelihood of committing corporate fraud in Chinese-listed firms. Previous research has shown that corporate fraud in China is a widespread phenomenon and has severe consequences for affected firms and executives. However, our understanding of the reasons that fraud is committed in a Chinese setting has been very limited thus far. This is an increasingly important topic, because corporate governance is rapidly changing in China, and it is unclear whether adopting the executive compensation practices of the West is appropriate for Chinese firms. We show that managers’ equity incentives increase their propensity to commit corporate fraud. We also find that this effect is more pronounced for state-owned firms. However, we find a negative but not significant relationship between the equity incentives of the supervisory board and the incidence of fraud.
Abstract.
Full text.
DOI.
(2015). The timing of mergers along the production chain, capital structure, and risk dynamics.
Journal of Banking and Finance,
57, 51-64.
Abstract:
The timing of mergers along the production chain, capital structure, and risk dynamics
© 2015 Elsevier B.V. I demonstrate that the timing of vertical mergers is generally dependent on industry characteristics. My predictions are consistent with empirically observed patterns of vertical mergers. I show that merger activity during economic upturns tends to be motivated by operating efficiencies, while merger activity during economic downturns tends to occur as a means of keeping production chain operational. Mergers allow firms to capture synergies and improve efficiencies in order to survive economic contractions. The pricing framework implies that a vertical merger decision usually reduces risk during two different economic states.
Abstract.
Full text.
DOI.
Publications by year
2018
Tarsalewska M (2018). Buyouts under the threat of preemption.
Journal of Banking and Finance Full text.
2017
Chircop J, Johan S, Tarsalewska M (2017). Common auditors and cross-country M&A transactions.
Journal of International Financial Markets, Institutions and MoneyAbstract:
Common auditors and cross-country M&A transactions
© 2017 Elsevier B.V. Using a comprehensive sample of cross-country mergers and acquisitions for the period 2000-2014 we examine the effect of common auditors on the efficiency of cross-country M & a transactions. We predict that the use of common auditors reduces uncertainty, resulting in higher M & a efficiency. We find that this common-auditor effect results in a positive market reaction to the M & a announcement, lower premium and greater increase in return on assets following the M & a transaction. Further, we find that these effects are more pronounced the greater the M & a transaction uncertainty and when the accounting standards of parties differ.
Abstract.
Full text.
DOI.
Cumming DJ, Peter R, Sannajust A, Tarsalewska M (2017). Pre-Going Private Ownership around the World.
British Journal of Management Full text.
DOI.
2016
Hass LH, Tarsalewska M, Zhan F (2016). Equity Incentives and Corporate Fraud in China.
Journal of Business Ethics,
138(4), 723-742.
Abstract:
Equity Incentives and Corporate Fraud in China
© 2015, Springer Science+Business Media Dordrecht. This paper explores how managers’ and supervisors’ equity incentives impact the likelihood of committing corporate fraud in Chinese-listed firms. Previous research has shown that corporate fraud in China is a widespread phenomenon and has severe consequences for affected firms and executives. However, our understanding of the reasons that fraud is committed in a Chinese setting has been very limited thus far. This is an increasingly important topic, because corporate governance is rapidly changing in China, and it is unclear whether adopting the executive compensation practices of the West is appropriate for Chinese firms. We show that managers’ equity incentives increase their propensity to commit corporate fraud. We also find that this effect is more pronounced for state-owned firms. However, we find a negative but not significant relationship between the equity incentives of the supervisory board and the incidence of fraud.
Abstract.
Full text.
DOI.
2015
(2015). The timing of mergers along the production chain, capital structure, and risk dynamics.
Journal of Banking and Finance,
57, 51-64.
Abstract:
The timing of mergers along the production chain, capital structure, and risk dynamics
© 2015 Elsevier B.V. I demonstrate that the timing of vertical mergers is generally dependent on industry characteristics. My predictions are consistent with empirically observed patterns of vertical mergers. I show that merger activity during economic upturns tends to be motivated by operating efficiencies, while merger activity during economic downturns tends to occur as a means of keeping production chain operational. Mergers allow firms to capture synergies and improve efficiencies in order to survive economic contractions. The pricing framework implies that a vertical merger decision usually reduces risk during two different economic states.
Abstract.
Full text.
DOI.
Awards and Honours
- Outward Mobility Academic Fellowship (University of Exeter): Project on Venture Capital at Schulich School of Business (York University, Canada)
Conferences and invited presentations
2018
- International Finance and Banking Society, Santiago, Chile (conference)
- British Academy of Management Meeting, Bristol, UK (conference)
- Annual Corporate Finance Conference, Manchester, UK (conference)
- AIB Conference, Minneapolis, US (conference)
- INFINITI Conference on International Finance, Poznan, Poland (conference)
- European Finance Association, Warsaw, Poland (conference)
2017
- Financial Management Association Annual Meeting, Boston, US (conference)
- Financial Management Association Europe Annual Meeting, Lisbon, Portugal (conference)
- British Academy of Management, Warwick, UK (conference)
- Entrepreneurial Finance Conference, Ghent, Belgium (conference)
- International Corporate Governance Society Conference, Rome, Italy (conference)
2016
- 29th Australasian Finance and Banking Conference, Sydney, Australia (conference)
- Developments in Financial Institutions, Governance and Misconduct (Toronto, Canada)
- Financial Management Association Annual Meeting, Las Vegas, US (conference)
- INFINITI Conference on International Finance, Dublin, Ireland (conference)
- University of Reading, UK (invited seminar)
- American Accounting Association, Newport Beach, US (conference)
- Corporate Finance Workshop, Lancaster, UK (invited seminar)
2015
- Canadian Law and Economics Association, Toronto, Canada (conference)
- ICGS, Copenhagen, Denmark (conference)
2014
- Schulich Business School, Toronto, Canada (invited seminar)
- Nottingham Business School, UK (invited seminar)
- Warsaw School of Economics, Warsaw, Poland (invited seminar)
2013
- European Financial Management Association, Reading, UK (conference)
- American Finance Association, San Diego, US (conference)
2012
- 4th Paris Spring Corporate Finance Conference, France (conference)
- European Financial Management Association, Barcelona, Spain (conference)
External positions
- Ad hoc reviewer for Corporate Governance: An International Review, Journal of Banking and Finance, Journal of Business Ethics
- Midwest Finance Association 2015 onwards reviewer
