Crina Pungulescu

Crina Pungulescu, PhD

Overview

Crina Pungulescu holds a Ph.D. in Finance from Tilburg University (The Netherlands) and a M.A. in Economics (with Merit) from Central European University (Hungary). Her research on the integration of financial markets, international portfolio choice and emerging markets has been published in various academic journals, such as the Journal of International Money and Finance, European Financial Management and Emerging Markets Review. As a lecturer, she has taught Corporate Finance and Asset Pricing courses in universities and business schools in several European countries.

Education

Tilburg University, The Netherlands Ph.D., Finance, 2009
Thesis Topic: Essays on Financial Market Integration

Universitat Autonoma de Barcelona, Spain
Visiting Ph.D. Student, European Network for Training in Economic Research, 2007-2008

Central European University, Budapest, Hungary
American Graduate Institution (incorporated in the State of New York, accredited by the Middle
States Commission on Higher Education)
M.A. with Merit, Economics, 2003

Academy of Economic Studies, Bucharest, Romania
M.A., Economics of European Integration, 2001
B.A., International Business and Economics, 1999

Research Interests

International Finance, Empirical Asset Pricing, Economics of European Integration
Emerging Markets, (Real) Effects of Financial Market Integration

Teaching Interests

Corporate Finance, Financial Markets, Fixed Income Securities, Financial Derivatives, International
Finance, Financial Statement Analysis, Mergers & Acquisitions, Financial Mathematics, Statistics,
Calculus for Business

Publications in Refereed Journals

Model Uncertainty, Financial Market Integration and the Home Bias Puzzle
co-authored with Jenke ter Horst and Lieven Baele
Journal of International Money and Finance, Volume 26, Issue 4, June 2007, Pages 606-630

Intra-Dealer Integration
co-authored with Laurent Germain, Brian Kluger, David Stolin and Daniel G. Weaver
European Financial Management, Volume 16, Issue 4, 2010, Pages 507-527

Measuring Financial Market Integration: EU15 vs. New Member States
Emerging Markets Review, Volume 17, 2013, Pages 106-124

Real Effects of Financial Market Integration: Does Lower Home Bias Lead to Welfare
Bene ts?
European Journal of Finance, Volume 21, Issue 10-11, 2015, Pages 893-911

Voting Against Absent Directors
co-authored with Sylvain Bourjade and David Stolin
Economics Bulletin, Volume 36, Issue 2, 2016, Pages 901-912

Other Publications

The Euro and Corporate Valuations: The Case of Greece
co-authored with Gunseli Tumer-Alkan
Financial Studies, Year XIII, New Series, Volume 1 (43), 2009, Pages 131-152

Books and Book Chapters

Towards One Global Financial Market: Who? Why? How?
VDM Verlag Dr. Muller, 2010, ISBN-10: 363929856X, ISBN-13: 978-3639298567, 192 pages

Bilateral Home Bias: New Perspective, New Findings
chapter in: Piotr Pachura, ed. The Systemic Dimension of Globalization, InTech, 2011,
ISBN: 978-953-307-384-2, Pages 51-66

Positioning Eastern European Economies in the International Finance Network
co-authored with Lucian Albu and Radu Lupu
chapter in: Lucian Liviu Albu and Petre Caraiani, ed. Non-Linear Modeling of the Im-
pact of the Crisis on the Interactions among Financial Markets and Macroeconomic
Variables in CEE Countries, Nova Science Publishers, 2016, ISBN: 978-1-63484-932-6, Pages 53-76

Working Papers

Market Size Effects and Financial Integration
A Gravity Model of Bilateral Home Bias: Beyond Distance

Work in Progress

Banking Home Bias co-authored with Enzo Dia
Income Inequality and Financial Market Integration

Professional Experience

Lecturer in Mathematics and Finance, John Cabot University – Rome, Italy, 2017-onwards
Department of Mathematics, Computer Science and Natural Sciences

Visiting Professor of Finance, University of Milano – Bicocca – Milan, Italy, 2017
Department of Economics, Management and Statistics

Associate Researcher, Romanian Academy, National Institute for Economic Research – Bucharest,
Romania, 2015-onwards
Institute for Economic Forecasting

Professor of Finance, Toulouse Business School – Barcelona Campus, Spain, 2008-2015
French Grande Ecole (accredited by AACSB, Equis and AMBA)
Department of Economics – Finance and Law

Teaching Assistant, Tilburg University, The Netherlands, 2004-2007
Department of Finance

Economist, ADAS S.A. Insurance Company, Bucharest, Romania, 1999-2001
Reinsurance Department

Advisor, State Ownership Fund, Bucharest, Romania, 1998
International Relations Department

Teaching Experience

Alfred Ford School of Management, Belgium
Guest Lecturer, 2018
M.B.A. course: Financial Management

John Cabot University, Italy
Lecturer in Mathematics and Finance, 2017
B.A. courses: Statistics, Calculus for Business. International Finance, Introduction to Financial
Derivatives

Rome Business School, Italy
Guest Lecturer, 2016
M.B.A. courses: Investment Techniques and Financial Markets, Mergers & Acquisitions

Toulouse Business School – Barcelona Campus, Spain
accredited by AACSB, Equis and AMBA
Professor of Finance, 2008-2015
M.A. courses: Finance 1, Finance 2, International Finance, Advanced Corporate Finance,
Fixed Income Securities, Mergers & Acquisitions
B.A. courses: Corporate Finance, International Finance, Financial Mathematics, Financial Analysis

Academy of Economic Studies – Department of International Business and Economics, Romania
Guest Lecturer, 2012-2013
M.A. course: Managing Interest Rate Risk

Tilburg University, The Netherlands
Teaching Assistant, 2004-2007
B.A. courses: Finance 1, Corporate Finance 2
B.A. Theses Supervisor, Finance, 2005-2007

Academic Service

Discussant

  • Spring Meeting of Young Economists, Warsaw, 2004
  • INFINITI Conference on International Finance, Dublin, 2006
  • European Financial Management Association Conference, Madrid, 2006 and Vienna, 2007
  • Conference of the European Network for Training in Economic Research, Madrid, 2007
  • XIV. Spring Meeting of Young Economists, Istanbul, 2009
  • 16th Annual Multinational Finance Society Conference, Rethymno, 2009
  • 6th Portuguese Financial Network, Ponta Delgada, 2010
  • 2nd World Finance Conference, Rhodes, 2011
  • European Financial Management Association Conference, Braga, 2011
  • Portuguese Finance Network, Aveiro, 2012
  • 8th Portuguese Financial Network, Vilamoura, 2014

Referee

  • Journal of Banking and Finance
  • Journal of International Money and Finance
  • Emerging Markets Review
  • The European Journal of Finance
  • International Review of Economics and Finance
  • International Finance
  • Emerging Markets Finance and Trade
  • Journal of Multinational Financial Management

Conference Presentations

Crina Pungulescu. 2003. Measuring Financial Market Integration: An Application for the
East European Accession Countries.

  • Spring Meeting of Young Economists, Warsaw, 2004
  • Portuguese Finance Network, Aveiro, 2012
  • 1st Kefalonia Summer School in Economics, Argostoli, 2013

Lieven Baele, Crina Pungulescu and Jenke ter Horst. 2006. Model Uncertainty, Financial
Market Integration and the Home Bias Puzzle.

  • Conference of the European Network for Training in Economic Research, Stockholm, 2006
  • Jean Monnet Conference on European Union Enlargement of 2004 and Beyond: Responding to the Political, Legal and Socio-Economic Challenges, Riga, 2006
  • INFINITI Conference on International Finance, Dublin, 2006
  • European Financial Management Association, Doctoral Tutorial and Conference, Madrid, 2006
  • European Central Bank, Conference on Financial Globalization and Integration, Frankfurt, 2006
  • EC2 Conference on Econometrics of Monetary Policy and Financial Decision Making, Rotterdam, 2006
  • Royal Economic Society Annual Conference, Warwick, 2007

Peter de Goeij, Crina Pungulescu and Frans de Roon. 2006. Market Size Effects and Financial
Integration.

  • Conference of the European Network for Training in Economic Research, Mannheim, 2007
  • European Financial Management Association Conference, Vienna, 2007
  • Simposio de Analisis Economico, Granada, 2007
  • Europlace Institute of Finance, Paris, 2007
  • 16th Annual Multinational Finance Society Conference, Rethymno, 2009
  • 6th Portuguese Financial Network, Ponta Delgada, 2010
  • 8th Annual International Conference on Finance, Athens, 2010
  • 2nd World Finance Conference, Rhodes, 2011
  • 8th Portuguese Financial Network, Vilamoura, 2014

Crina Pungulescu. 2008. Real Effects of Financial Market Integration: Does Lower Home
Bias Lead to Welfare Bene ts?

  • XIV. Spring Meeting of Young Economists, Istanbul, 2009
  • XXXIV. Simposio de Analisis Economico, Valencia, 2009
  • 6th Portuguese Financial Network, Ponta Delgada, 2010
  • European Financial Management Association Conference, Braga, 2011

Crina Pungulescu. 2011. Bilateral Home Bias and Country Performance: A Gravity
Model

  • XXXIV. Simposio de Analisis Economico, Malaga, 2011
  • Applied Financial Economics Conference, Kampos Vourlioton, 2012
  • 5th International Ioannina Meeting on Applied Economics and Finance, Corfu, 2014
  • European Financial Management Association Conference, Rome, 2014
  • Summer Conference of the International Academy of Business and Economics, Rome, 2015