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Dr Oksana Pryshchepa

Dr Oksana Pryshchepa

Lecturer in Finance

Ysgol Busnes Caerdydd

+44 (0)29 2087 6542
D14, Adeilad Aberconwy, Rhodfa Colum, Cathays, Caerdydd, CF10 3EU


I hold a PhD degree in Finance from Lancaster University. Prior to joining Cardiff Business School as a Lecturer in Finance in 2019, I worked at the University of Birmingham Business School and Lancaster University Management School.

I am also a Visiting Researcher at the Department of Accounting & Finance at the University of Lancaster Management School, a Fellow of the Higher Education Academy, a member of the American Finance Association (AFA), European Finance Association (EFA) and Financial Management Association (FMA), and have passed CFA (Chartered Financial Analyst) Level I and Level II exams.

My research interests are in the areas of empirical corporate finance, governance, and managerial behavior. My current research focuses on agency conflicts and the ensuing wealth transfers in financially distressed firms, on the role of corporate governance mechanisms in mitigating agency conflicts and on the impact of boards and board networks in influencing corporate decision-making.

I have published in journals such as the Review of Finance, the Journal of Corporate Finance, and Corporate Governance: International Review.


Educational Background

  • Passed CFA Level I (2018) and Level II Exams (2019)
  • Postgraduate Certificate in Academic Practice, Lancaster University (2014)
  • PhD in Finance, Lancaster University (2013)
  • MSc in Economics and Finance, Humboldt University of Berlin

Academic Positions

  • Lecturer in Finance, Cardiff University, 2019-present
  • Visiting Research Fellow, Accounting and Finance Department, Lancaster University, 2014-present
  • Lecturer in Finance, Birmingham University, 2014-2019
  • Developmental Lecturer in Finance, Lancaster University, 2013-2014
  • Humboldt University of Berlin, Finance Department, Research and Teaching Assistant, 2007-2010
  • German Institute for Economic Research (DIW Berlin), Research Assistant, 2006-2007

Reviewer: Journal of Corporate Finance, Corporate Governance: International Review, Accounting & Business Research,  Journal of Business Finance & Accounting






My current and past teaching covers a wide range of business and finance modules at UG, MSc and MBA levels, such as Corporate Financial Management, International Business Finance, Quantitative Methods in Finance, Managerial Finance, Case Study Seminars in Finance and Banking, Financial Statement Analysis, Fundamentals of Finance.

Main research interests

Empirical corporate finance: agency conflicts, managerial risk-taking, corporate bankruptcy and financial distress,  corporate investments and financing, capital structure.

Corporate governance: board structure and networks, executive compensation, corporate governance regulations.

Behavioural corporate finance: the impact of managerial competences on decision-making.


  • “Disciplining Entrenched Managers through Corporate Governance Reform: Implications for Risk-Taking Behavior”, Corporate Governance: International Review, 2021 (forthcoming), DOI: https://doi.org/10.1111/corg.12370
  • “In the Path of the Storm: Does Distress Cause Industrial Firms to Risk-Shift?” Review of Finance 26 (6), 2019, 1115–1154 (with K. Aretz and S. Banerjee), DOI: http://dx.doi.org/10.1093/rof/rfy028
  • “Can Investors Restrict Managerial Investment Behavior in Distressed Firms?” Journal of Corporate Finance 23, 2013, 222-239 (with K. Aretz and S. Banerjee), DOI: https://doi.org/10.1016/j.jcorpfin.2013.08.006

Research Papers:

  • “CEO Compensation Incentives and Playing It Safe: Evidence from FAS 123R” (with N. Carline and B. Wang), Revise & Resubmit in Journal of Financial and Quantitative Analysis.
  • "Fianancial Experts in Top Management Team: Do They Reduce Investment Inefficiency?" (with Z. Li and B. Wang), Revise & Resubmit in Journal of Business Finance, and Accounting.
  • “Do Firms That Combined Through Mergers and Acquisitions Have a Leverage Target?” (with N. Carline and B. Wang), Working Paper
  • "Board Links and Issuance Decisions”, Work-in-Progress


I am interested in supervising PhD students with interests that overlap with my research areas. Applicants should have MSc degree with Distinction, strong quantitative background and knowledge of statistical software (e.g., Stata and SAS) and programming skills (e.g., in Python).

Current and past PhD students

Xinhe Huang, Cardiff University, 2020-; Thesis: Sensation-seeking of Top Management Team and Board of Directors and Corporate Policies.

Cong Wang, Cardiff University, 2020-; Thesis: Corporate Governance and Environmental Policies.

Siyu Huang, Birmingham University, 2017-; Thesis: Managerial Power, Equity Incentives and Personal Risk-taking.

Bo Wang, Birmingham University, 2015-2019; Thesis: Executive Compensation, Risk, and Mergers and Acquisitions.

PhD examinations

Internal Examiner, Lokman Tutuncu, Birmingham University, 2014; Thesis: Empirical Essays on Performance of Management Buyouts