Ariadna Dumitrescu
Associate Professor, Department of Economics, Finance and Accounting at ESADE
URL Associate Professor

Coordinator, GREF, GREF - Research Group in Economy and Finances


  • Doctor en Economía. Universitat Autònoma de Barcelona
  • Máster en Economía. Universitat Autònoma de Barcelona
  • Licenciada en Matemáticas. Universidad de Bucarest

Areas of interest

  • Asset pricing
  • Market microstructure
  • Corporate Finance


Ariadna Dumitrescu holds a PhD in Economics from IDEA, Universitat Autònoma de Barcelona, and a BA in Mathematics from the University of Bucharest.

She teaches Financial Markets, Corporate Finance, Financial Modelling at Undergraduate, Master and Executive level. She has also taught Mathematics for Economists and Mathematical Models for Economists at Undergraduate level. Her collaboration with private companies includes Citibank Romania, Banc Sabadell and BBVA.

Her research interests are asset pricing and strategic behaviour in financial markets, with applications to market microstructure and valuation of corporate debt. She has presented her work at prestigious conferences and has been invited as a seminar speaker by the Financial Markets Group/LSE, the Bank of England, HEC Montreal, ESADE Business School, Universitat Pompeu Fabra, IESE Business School, Said Business School, Haskayne School of Business, University College London, among others.

She has also belonged to the Scientific Committees of the Annual Meeting of the European Finance Association 2006-2010, the Annual Meeting of the Financial Management Association 2007, the European Meeting of the Financial Management Association 2007, 2017, 2018, the Annual Meeting of the European Financial Management Association 2006, 2015, the 10th Meeting of Young Economists 2005, and the Annual Meeting of the Spanish Finance Association 2004, 2017, 2018. She is a Member of the Board of Directors of European Financial Management Association.

Ariadna Dumitrescu joined ESADE in September 2003.

Selected publications

Dumitrescu, A., El Hefnawy, M. & Zakriya, M. (2019). Golden geese or black sheep: Are stakeholders the saviors or saboteurs of financial distress?. Finance Research Letters, pp. 101371. DOI: 10.1016/

Dumitrescu, A. (2019). Retained earnings, interest rates and lending relationship. The B.E. Journal of Theoretical Economics, 1 (19), pp. 110-121. DOI: 10.1515/bejte-2017-0002.

Dumitrescu, A. & Gil Bazo, J. (2018). Market frictions, investor sophistication, and persistence in mutual fund performance. Journal of Financial Markets, 40 (-), pp. 40-59. DOI:

Dumitrescu, A. & Gil Bazo, J. (2016). Information and investment under uncertainty. Economics Letters, 148 (-), pp. 17-22. DOI: 10.1016/j.econlet.2016.08.043.

Dumitrescu, A. (2010). Liquidity and optimal market transparency. European Financial Management, 16 (4), pp. 599-623.

Dumitrescu, A. (2010). Correlated-asset trading and disclosure of private information. In Gregoriou , G. N. (Ed.), The handbook of trading: Strategies for navigating and profiting from currency, bond, and stock markets (pp. 429-442). New York: McGraw-Hill .

Dumitrescu, A. (2010). Strategic specialist and imperfect competition in a limit order book market. Journal of Banking & Finance, 34 (1), pp. 255-266.

Dumitrescu, A. (2010). The strategic specialist and imperfect competition in a limit order market. Journal of Banking & Finance, 34 ( 1), pp. 255-266.

Dumitrescu, A. (2007). Valuation of defaultable bonds and debt restructuring. Journal of Corporate Finance, 13 (1), pp. 94-111.

Dumitrescu, A. (2001, September). Long-term lending relationship and the cost of funds. In Annual Conference of the Administrative Sciences Association of Canada (ASAC 2001). Symposium conducted at the meeting of Administrative Science Association of Canada (ASAC), London.