Anna Cieslak
Anna Cieslak

FINANCE
Assistant Professor of Finance

Print Overview

Anna Cieslak conducts empirical and theoretical research in Finance. Her current research concentrates on asset pricing with emphasis on fixed income markets. In recent work, she studies bond return predictability (term premia), interest rate volatility and the duration structure of macro uncertainties. Her research interests also involve sovereign credit risk, financial econometrics and macro-finance modeling.

Anna received her PhD degree in Finance from the University of Lugano in Switzerland in June 2011, after which she joined the Finance Department at Northwestern Kellogg in July 2011. During her PhD, she spent an academic year as a visiting scholar at the University of Chicago, Booth School of Business. She holds an MS degree from the Warsaw School of Economics.



Areas of Expertise
Asset Pricing (Equity Markets/Stock Market, Investments and Portfolio Choice)
Econometrics
Macroeconomics (Includes: Monetary Economics, Federal Reserve, Interest Rates)
Yield Curve Modeling
Print Vita
Education
PhD, 2011, Finance, University of Lugano, Switzerland
Visiting Scholar, 2010, Booth School of Business, University of Chicago
MS, 2003, Economics, Warsaw School of Economics, Community of European Management Schools, Poland

Academic Positions
Assistant Professor of Finance, Kellogg School of Management, Northwestern University, 2011-present

Grants and Awards
Chair's Core MBA Teaching Award, Kellogg School of Management, 2012
SAC Capital PhD Candidate Award for Outstanding Research, Western Finance Association, June 2011

 
Print Research
Research Interests
Asset pricing, yield curve modeling, macro-finance, financial econometrics

Working Papers
Cieslak, Anna and P. Povala. 2012. Expecting the Fed: Monetary policy, forecast errors and credit supply.
Cieslak, Anna and P. Povala. 2011. Understanding bond risk premia.
Cieslak, Anna and P. Povala. 2011. Information in the term structure of yield curve volatility.
Cieslak, Anna, A. Buraschi and F. Trojani. 2008. Correlation risk and the term structure of interest rates.
Cieslak, Anna. 2008. Yield curve factor dynamics: A note.

 
Print Teaching
Teaching Interests
Finance, Investments, Asset pricing, Fixed income
Full-Time / Part-Time MBA
Finance I (FINC-430-0)

This course counts toward the following majors: Analytical Finance, Finance

This course studies the effects of time and uncertainty on decision making. Topics include discounted cash flow valuation, stock and bond valuation, the term structure of interest rates, bond duration, capital budgeting under certainty and uncertainty, portfolio theory, asset pricing models and efficient markets.

The prerequisite for this course is knowledge of probability and statistics through linear regression. This requirement may be satisfied with either (i) prior or concurrent registration in Decision Sciences 434, (ii) sufficient previous course work in statistics. Familiarity with basic financial accounting (Accounting 430) and microeconomics (Managerial Economics 430) is recommended.

To qualify for a Finance I (FINC-430) waiver, you must have passed a comparable course with a grade of A. The type and level of material covered in the course are represented by chapters 1-13 and 23 of the text by Brealey and Myers, Principles of Corporate Finance. You need not request a Finance I waiver to enroll in FINC-440 (Turbo). To help you decide whether you should waive Finance I, take the self-assessment test online at www.kellogg.northwestern.edu/finance/curriculum/finance1waiver.htm.