Professor Grzegorz Pawlina

Professor

Profile

Grzegorz Pawlina is a Professor of Finance at Lancaster University Management School. His research interests focus on continuous-time corporate finance, interactions between corporate financing and investment decisions under uncertainty, debt valuation, and the problem of optimal exercise of real options in game-theoretical situations. His work has been published, among others, in Journal of Financial and Quantitative Analysis, Review of Finance, Review of Accounting Studies, Journal of Corporate Finance and Journal of Economic Dynamics and Control, and been presented at international conferences that include the meetings of European Finance Association, Financial Management Association, European Economic Association and the Econometric Society. Grzegorz has taught BSc, MSc and PhD courses on corporate finance, financial markets and decision making under uncertainty and held visiting positions at such institutions as Aarhus University, the University of Michigan Stephen M. Ross School of Business, and Warwick Business School. He earned a doctorate in Finance from Tilburg University, the Netherlands, and MSc degree in Economics from Warsaw School of Economics.

CV (.pdf)

Selected Publications

Can Capital Adjustment Costs Explain the Decline in Investment-Cash Flow Sensitivity?
Liao, S., Nolte, I., Pawlina, G. 11/04/2023 In: Journal of Financial and Quantitative Analysis. 48 p.
Journal article

Effectiveness of Monitoring, Managerial Entrenchment, and Corporate Cash Holdings
Couzoff, P., Banerjee, S., Pawlina, G. 31/12/2022 In: Journal of Corporate Finance. 77
Journal article

What can we learn about credit risk from debt valuation adjustments?
Lin, W., Panaretou, A., Pawlina, G., Shakespeare, C. 31/12/2023 In: Review of Accounting Studies. 28, 4, p. 2556–2588.
Journal article

Making, buying and concurrent sourcing: implications for operating leverage and stock beta
Lambrecht, B., Pawlina, G., Teixeira, J. 05/2016 In: Review of Finance. 20, 3, p. 1013-1043. 31 p.
Journal article

Leaders and followers in hot IPO markets
Banerjee, S., Gucbilmez, U., Pawlina, G. 04/2016 In: Journal of Corporate Finance. 37, p. 309-334. 26 p.
Journal article

Optimal exercise of jointly held real options: a Nash bargaining approach with value diversion
Banerjee, S., Gucbilmez, U., Pawlina, G. 1/12/2014 In: European Journal of Operational Research. 239, 2, p. 565–578. 14 p.
Journal article

A theory of net debt and transferable human capital
Lambrecht, B., Pawlina, G. 01/2013 In: Review of Finance. 17, 1, p. 321-368. 48 p.
Journal article

Household liquidity and incremental financing decisions: theory and evidence
Cunha, M.R., Lambrecht, B.M., Pawlina, G. 09/2011 In: Journal of Business Finance and Accounting. 38, 7-8, p. 1016-1052. 37 p.
Journal article

Underinvestment, capital structure and strategic debt restructuring
Pawlina, G. 5/12/2010 In: Journal of Corporate Finance. 16, 5, p. 679-702. 24 p.
Journal article

Uncertainty and stepwise investment
Kort, P.M., Murto, P., Pawlina, G. 1/04/2010 In: European Journal of Operational Research. 202, 1, p. 196-203. 8 p.
Journal article

Strategic quality choice under uncertainty: a real options approach
Pawlina, G., Kort, P.M. 01/2010 In: Manchester School. 78, 1, p. 1-19. 19 p.
Journal article

Corporate finance and the (in)efficient exercise of real options
Lambrecht, B.M., Pawlina, G. 2010 In: Multinational Finance Journal. 14, 1/2, p. 129-156. 28 p.
Journal article

Real options in an asymmetric duopoly: who benefits from your competitive disadvantage?
Pawlina, G., Kort, P.M. 03/2006 In: Journal of Economics and Management Strategy. 15, 1, p. 1-35. 35 p.
Journal article

Is investment-cash flow sensitivity caused by agency costs or asymmetric information? Evidence from the UK
Pawlina, G., Renneboog, L.D.R. 09/2005 In: European Financial Management. 11, 4, p. 483-513. 31 p.
Journal article

Investment under uncertainty and policy change
Pawlina, G., Kort, P.M. 07/2005 In: Journal of Economic Dynamics and Control. 29, 7, p. 1193-1209. 17 p.
Journal article

Strategic investment under uncertainty: merging real options with game theory
Huisman, K.J.M., Kort, P.M., Pawlina, G., Thijssen, J.J.J. 2004 In: Zeitschrift für Betriebswirtschaft . 67, 3, p. 97-123. 27 p.
Journal article

Strategic capital budgeting: asset replacement under market uncertainty
Pawlina, G., Kort, P.M. 10/2003 In: OR Spectrum. 25, 4, p. 443-479. 37 p.
Journal article

University of Southern Denmark
Invited talk

European Finance Association
Participation in conference -Mixed Audience

European Accounting Association
Participation in conference -Mixed Audience

3rd Cambridge Finance Symposium
Participation in conference -Mixed Audience

6th Bristol-Exeter-Lancaster-Manchester Corporate Finance Conference
Participation in conference -Mixed Audience

3rd Young's Finance Scholars' Conference
Participation in conference -Mixed Audience

Multinational Finance Society
Participation in conference -Mixed Audience

2nd Cambridge Finance Theory Symposium
Participation in conference -Mixed Audience

4th Bristol-Lancaster-Manchester Corporate Finance Conference
Participation in conference -Mixed Audience

American Real Estate and Urban Economic Association International Meeting
Invited talk

1st Cambridge Finance Theory Symposium
Participation in conference -Mixed Audience

European Finance Association meeting
Participation in conference -Mixed Audience

European Finance Association (External organisation)
Membership of committee

Invited speaker at the Young Researchers Workshop on Finance, University of Tokyo and Tokyo Metropolitan University
Invited talk

Research Foundation - Flanders (Fonds Wetenschappelijk Onderzoek - Vlaanderen, FWO) (External organisation)
Membership of board

Erasmus Research Institute of Management (External organisation)
Member of an organisation

European Finance Association (External organisation)
Membership of committee

Cyprus Research Promotion Foundation (External organisation)
Membership of committee

European Finance Association meeting
Participation in conference -Mixed Audience

The Leverhulme Trust (External organisation)
Other Membership

Workshop on Capital Structure, Liquidity and Governance
Participation in workshop, seminar, course

Economic and Social Research Council (External organisation)
Member of an organisation

European Finance Association meeting
Participation in conference -Mixed Audience

European Finance Association meeting
Participation in conference -Mixed Audience

  • Corporate Finance and Banking