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
Fixed Income Securities and Markets (Includes: Money Markets, Government Debt and Securities)
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

Finance 1 covers managers’ and investors’ most fundamental finance decision: how to value a project or an asset. Managers must determine the value of building a factory, entering a new market, or purchasing an entire firm when deciding in which projects to invest. Similarly, individuals must assess the value of financial securities to decide how to invest their wealth. Using a combination of lectures and business cases, Finance 1 teaches the three principal methods for valuing projects or assets: discounted cash flow, multiples, and real options. These valuation tools lay the foundation for all work in capital markets and corporate finance.

Pre-requisite: Business Analytics I (DECS-430). Business Analytics II (DECS-431) and Accounting for Decision Making (ACCT-430) are recommended and may be taken concurrently.