Monika Tarsalewska joined the Business School in 2013 as a Lecturer in Finance. She has published in leading international journals such as Journal of Corporate Finance, Journal of Banking and Finance, Journal of Business Ethics, British Journal of Management, Journal of International Financial Markets, Institutions and Money, European Journal of Finance. She has been a member of scientific committees for European Finance Association, Midwest Finance Association, EntFin. She is an editorial board member at British Journal of Management.
She received funding from European Union’s Horizon 2020 and the British Academy. Her research and editorial duties received multiple awards (Journal of Corporate Finance 2018 Best Reviewer Award, Financial Management and Research Conference 2019 Best Paper Award, Corporate Governance Best Paper Award at the 2018 British Academy of Management Meeting). Monika’s research received academic attention (more than 100 citations) and media coverage. For example, her research has been covered by Institutional Investor: Buyouts Lead to Less Innovation, New Research Shows, Columbia Law School Blog: Are CEOs Encouraged to Take Too Much Risk?, Bloomberg: Stakeholders Get a Committee.
She has teaching experience at undergraduate, postgraduate and MBA level. Her current interests include investment and financing decisions, executive compensation, 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 interests
- Corporate Finance
- Mergers and Acquisitions
- Private Equity and Venture Capital
- IPOs
- Executive Compensation
- Corporate Governance
Research grants
- European Union’s Horizon 2020 research and innovation grant under the Marie Skłodowska-Curie and National Science Center, Poland
- 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
I am looking to supervise PhD students on topics related to corporate finance.
Key publications | Publications by category | Publications by year
Publications by category
Journal articles
Chircop J, Johan S, Tarsalewska M (2020). Does religiosity influence venture capital investment decisions?.
Journal of Corporate Finance,
62Abstract:
Does religiosity influence venture capital investment decisions?
Theories on contextual behavior (e.g. social norm, self-identity, and legitimacy theories) suggest that the religiosity of the geographical area in which an organization operates influences its behavior. Using a sample of 91,020 VC investments in the U.S. we study whether religiosity influences VC investment decisions. Based on prior literature that finds a positive relation between religiosity and risk aversion, we posit that VCs located in more religious counties make less risky investments. We find that VCs located in more religious areas are more likely to be involved in staging and syndication and have a greater propensity to invest in later and expansion stages of portfolio companies. Taken together, our results suggest that VCs located in religious counties tend to be more risk averse.
Abstract.
Full text.
DOI.
Cumming DJ, Ji S, Peter R, Tarsalewska M (2020). Market Manipulation and Innovation.
Journal of Banking and Finance Full text.
DOI.
Tarsalewska M (2020). Ownership and Cross-Border Patent Sales in M&A Transactions.
Finance Research Letters Full text.
Cumming DJ, Peter R, Tarsalewska M (2020). Public-to-Private Buyouts and Innovation.
British Journal of Management Full text.
Cumming D, Peter R, Tarsalewska M (2020). Public‐to‐Private Buyouts and Innovation.
British Journal of Management,
31(4), 811-829.
DOI.
Chircop J, Tarsalewska M (2019). 10-K Filing length and M&A returns.
The European Journal of Finance,
26(6), 532-553.
Full text.
DOI.
Cumming D, Ji S, Johan S, Tarsalewska M (2019). End‐of‐Day Price Manipulation and M&As.
British Journal of Management Full text.
DOI.
Tarsalewska M (2018). Buyouts under the threat of preemption.
Journal of Banking and Finance Full text.
Cumming DJ, Peter R, Sannajust A, Tarsalewska M (2018). Pre-Going Private Ownership around the World.
British Journal of Management,
30(3), 692-711.
Full text.
DOI.
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.
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.
Tarsalewska M (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.
Chapters
Hass LH, Tarsalewska M (2018). Venture capital and financial reporting in newly public firms. In (Ed)
The Oxford Handbook of IPOs, 412-429.
Abstract:
Venture capital and financial reporting in newly public firms
Abstract.
DOI.
Publications by year
2020
Chircop J, Johan S, Tarsalewska M (2020). Does religiosity influence venture capital investment decisions?.
Journal of Corporate Finance,
62Abstract:
Does religiosity influence venture capital investment decisions?
Theories on contextual behavior (e.g. social norm, self-identity, and legitimacy theories) suggest that the religiosity of the geographical area in which an organization operates influences its behavior. Using a sample of 91,020 VC investments in the U.S. we study whether religiosity influences VC investment decisions. Based on prior literature that finds a positive relation between religiosity and risk aversion, we posit that VCs located in more religious counties make less risky investments. We find that VCs located in more religious areas are more likely to be involved in staging and syndication and have a greater propensity to invest in later and expansion stages of portfolio companies. Taken together, our results suggest that VCs located in religious counties tend to be more risk averse.
Abstract.
Full text.
DOI.
Cumming DJ, Ji S, Peter R, Tarsalewska M (2020). Market Manipulation and Innovation.
Journal of Banking and Finance Full text.
DOI.
Tarsalewska M (2020). Ownership and Cross-Border Patent Sales in M&A Transactions.
Finance Research Letters Full text.
Cumming DJ, Peter R, Tarsalewska M (2020). Public-to-Private Buyouts and Innovation.
British Journal of Management Full text.
Cumming D, Peter R, Tarsalewska M (2020). Public‐to‐Private Buyouts and Innovation.
British Journal of Management,
31(4), 811-829.
DOI.
2019
Chircop J, Tarsalewska M (2019). 10-K Filing length and M&A returns.
The European Journal of Finance,
26(6), 532-553.
Full text.
DOI.
Cumming D, Ji S, Johan S, Tarsalewska M (2019). End‐of‐Day Price Manipulation and M&As.
British Journal of Management Full text.
DOI.
2018
Tarsalewska M (2018). Buyouts under the threat of preemption.
Journal of Banking and Finance Full text.
Cumming DJ, Peter R, Sannajust A, Tarsalewska M (2018). Pre-Going Private Ownership around the World.
British Journal of Management,
30(3), 692-711.
Full text.
DOI.
Hass LH, Tarsalewska M (2018). Venture capital and financial reporting in newly public firms. In (Ed)
The Oxford Handbook of IPOs, 412-429.
Abstract:
Venture capital and financial reporting in newly public firms
Abstract.
DOI.
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.
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
Tarsalewska M (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)
- Journal of Corporate Finance 2018 Best Reviewer Award
- Financial Management and Research Conference 2019 Best paper Award
- Corporate Governance Best Paper Award at the 2018 British Academy of Management Meeting
Conferences and invited presentations
2019
- Eastern Finance Association, Miami, US (conference)
- Financial Management Association Europe, Glasgow, UK (conference)
- Financial Management Association, New Orleans, US (conference)
- INFINITI Conference on International Finance, Glasgow, UK (conference)
- University of Chile, Argentina (invited seminar)
- University of Bath UK (invited seminar)
- Warsaw School of Economics (invited seminar)
- National Bank of Poland (invited seminar)
- FMARC Limassol, Cyprus (conference)
- Warsaw Stock Exchange, Poland (invited talk)
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 Journal of Corporate Finance, Corporate Governance: An International Review, Journal of Banking and Finance, British Journal of Management, Journal of Business Ethics, Entrepreneurship Theory and Practice, European Journal of Finance among others
- Midwest Finance Association 2015 to 2018 reviewer
- European Finance Association reviewer 2018 onwards
- Editorial Board Member: British Journal of Management
Research funding
- European Union’s Horizon 2020 research and innovation grant under the Marie Skłodowska-Curie and National Science Center, Poland
- FMV cluster seed funding
- BA/Leverhulme Small Research Grant
- Outward Mobility Academic Fellowship (University of Exeter)