Rasha Alsakka is a Professor of Banking and Finance at Bangor Business School. Rasha was appointed at Bangor in January 2010. Previously she taught at Aberystwyth University. Rasha has a portfolio of high-quality research outputs and has developed an international reputation, with her work appearing in many internationally recognized journals such as Journal of Banking and Finance, European Economic Review, Journal of Financial Stability, Journal of International Money and Finance, Journal of Economic Behavior and Organization, British Accounting Review, and European Journal of Finance.

Rasha is  the joint leader of the Credit Ratings Research group at Bangor, which has a reputation for high quality research in the UK. The research group includes three other BBS staff and several current and former PhD students. Rasha has also supervised several PhD students to completion and has acted as an external examiner at PhD, PGT and UG levels at many UK Universities. She has a wide teaching experience in the areas of Finance, Investment and Banking and has taught subjects linked with students’ employability and transferable skills, with a strong research-led teaching strategy. Rasha is a Fellow of the Chartered Management Institute (FCMI).

Roles within Bangor Business School

• BBS Senior Tutor (Aug 2018 - Present)
• Member of Student Led Mental Health & Wellbeing Strategy Steering Group (Sep 2022 - Present)
• Hardship Fund Committee (Sep 2021- Current)
• Member of the Knowledge Group (responisble for driving innovative thinking at Bangor University - Nov 2019 - Nov 2021)
• BBS Disability Tutor (2012 - Nov 2020) and (July 2021 - Aug 2022)
• BBS Ethics Officer (2014 - Oct 2018)
• Member of CAHB (previously CBLESS) Ethics committee (2014 - 2018)
• Personal tutor
• Teaching Advisor and Mentor, PGCertHE
• Supervision of PG & UG dissertations

Location: Room 1.04, Hen Goleg

Telephone: 01248 38 3571

Email: r.alsakka@bangor.ac.uk

• BSc: Economics
• Other: Postgraduate Diploma in Accounting
• MSc: Econ in Accounting and Finance
  Aberystwyth University,
• PhD: Accounting and Finance
  Aberystwyth University,
• Professional: Postgraduate Certificate in Higher Education (PGCertHE)

Teaching

Undergraduate Teaching:

• Investment (ASB/ADB-2217 & ASB/ADB-3217)

Postgraduate Teaching:

• Investment Strategy and Portfolio Management (ASB-4125)

• Capital Markets & Treasury Management (ASB-9040)

• Core Competencies for PG Researchers (ASB-4931)

Doctoral workshop

• Credit Ratings
• Research Methods - Limited dependent variables
• Research design and strategy: Ethics and Research

PhD Students Supervisor

• Cem Soner (Oct 2021- Present)
• Hong Ngoc Nguyen (Oct 2021 - Present)
• Chiara Lo Re (Nov 2021 - Present)
• Ahmed Dhaif (April 2021 - Present)
• Phuc Lam Thy Nguyen (Completed in March 2021 - Minor corrections).
• Andrea Martin (Completed in April 2020 - Minor corrections).
• Anh Quang Nguyen (Completed in Jan 2020 - Minor corrections).
• Laurence Jones (Completed in Jan 2019 – No corrections).
• Irfan Sahibzada (Completed in July 2016 - substantive amendments within 6 months).
• Patrycja Karolina Klusak (Completed in May 2016 - Minor corrections).
• Vu Tran (Completed in Jan 2015 - Minor corrections).
• Huong Thi Vu (Completed in Dec 2014 - No corrections).
• Gwion Williams (Completed in March 2013 - Minor corrections).

Research Interest: Credit risk and credit ratings, Political economy, Emerging markets, European sovereign debt crisis, Credit and uncertainty.

Selected Conference and seminar presentations

• 6^th Conference on Credit Analysis and Risk Management Basel Workshop on Credit Risk Sep 2019. 
• Wolpertinger Conference, Modena- Italy, August 2018.
• BAFA – Corporate Finance and Asset Pricing Symposium, Manchester, UK, July 2018.
• BAFA- Northern Area Group Conference, Bangor, 2017, 14-15 Sept. 
• INFINITI Conference on International Finance, Dublin – Ireland (2016)
• XXIV InternationalRome Conference on Money, Banking and Finance. Rome - Italy (2015)
• Wolpertinger Conference - Granada, Spain (2015)
• European Financial Management Association - Reading (2013)
• International Conference on the Global Financial Crisis - Southampton (2013)
• Emerging Markets Group Conference- Cass Business School (2011)
• Financial Sector Performance & Risk (Post-Crisis) Conference, Bangor Business School (2011)
• British Accounting and Finance Association Annual Conference, Birmingham (2011), Cardiff (2010), Dundee (2009)
• Wolpertinger conference, Bangor, UK (2010)
• Emerging Markets Conference, Turkey (2010)
• Newcastle Economics seminar, Newcastle University, UK (2010)
• University of Wales Accounting & Finance Colloquium, Gregynog (2008)
• School of Management & Business, Aberystwyth University, Aberystwyth (2006)

Research interests include:

Credit ratings, Credit risk and default probability, Financial regulatory reforms, Political economy and financial stability, Investment management.

Credit rating agencies and political economy

The US sub-prime crisis followed by the European debt crisis as well as covid 19 pandemic brought mounting criticism of the credit rating agencies (CRAs) for their role amid deteriorating economic conditions. Several regulatory reforms to monitor CRAs have been approved in Europe and the US, yet little is known about their effectiveness in improving the quality of ratings in the corporate rating sector. Rating quality is of utmost importance as ratings are strongly embedded into regulations and affect the welfare of both borrowers and investors. Credit ratings are a major concern for corporate managers; they affect a firm’s access to the bond market, and impact employee and customer relationships as well as business operations. Negative rating actions can trigger events such as bond covenant violations, increases in bond coupons or loan interest rates, and forced bond repurchases.

Many countries in Europe and the USA have experienced degrees of political turmoil following the recent financial crises and covid 19 pandemic. Therefore, the voting preferences in these countries have moved toward more extremist and populist parties, and caused shifts in the ideology and policies of several countries. These have enormous negative influence on the level and cost of public and private debt, credit risk, swings in capital flows, currency valuation and economic growth.

This PhD research project aims to fill a clear void in the literature by investigating various aspects of the link between credit risk and political economy in light of the current developments during the global financial crisis and post-crisis periods. The project aims to investigate the effects of political impairments upon financial markets and real economic activity. It will explore the consequences of increased political and sovereign risk for firms’ ratings, cost of capital, investment, and financing decisions. The project also aims to investigate whether the recent regulatory reforms of the credit rating industry have been successful in improving the quality of corporate credit ratings taking into account the major issue of political uncertainty in many countries.

This project aims to apply empirical and theoretical frameworks to analyse the performance of corporate ratings, focusing on the effects of the recent regulatory reforms and political uncertainty. The project has the potential to deliver findings of relevance to a range of market participants, as well as credit rating agencies, regulators and policy makers.

2022

• PublishedDoes competition improve sovereign credit rating quality?  
  Vu, H., Alsakka, R. & ap Gwilym, O., Jan 2022, In: Journal of International Financial Markets, Institutions and Money. 76, 101478.
  Research output: Contribution to journal › Article › peer-review
• PublishedRegulating rating agencies: A conservative behavioural change
  Jones, L., Alsakka, R., ap Gwilym, O. & Mantovan, N., Jun 2022, In: Journal of Financial Stability. 60, 100999.
  Research output: Contribution to journal › Article › peer-review
• PublishedThe Impact of Regulatory Reforms on European Bank Behaviour: A Dynamic Structural Estimation
  Jones, L., Alsakka, R., ap Gwilym, O. & Mantovan, N., Nov 2022, In: European Economic Review. 150, 104280.
  Research output: Contribution to journal › Article › peer-review

2019

• PublishedInvestors’ heterogeneous beliefs and the impact of sovereign credit ratings in foreign exchange and equity markets
  Tran, V., Alsakka, R. & ap Gwilym, O., 2 Sep 2019, In: European Journal of Finance. 25, 13, p. 1211-1233
  Research output: Contribution to journal › Article › peer-review
• PublishedThe impact of ESMA regulatory identifiers on the quality of ratings
  Klusak, P., Alsakka, R. & ap Gwilym, O., Nov 2019, In: International Review of Financial Analysis. 66, 101365.
  Research output: Contribution to journal › Article › peer-review

2018

• PublishedThe influence of rating levels and rating convergence on the spillover effects of sovereign credit actions
  Abad, P., Alsakka, R. & ap Gwilym, O., Jul 2018, In: Journal of International Money and Finance. 85, p. 40-57
  Research output: Contribution to journal › Article › peer-review

2017

• PublishedDifferences of opinion in sovereign credit signals during the European crisis
  Alsakka, R., ap Gwilym, O. M. & Vu, H., 2017, In: European Journal of Finance. 23, p. 859-884
  Research output: Contribution to journal › Article › peer-review
• PublishedDoes the disclosure of unsolicited sovereign rating status affect bank ratings?
  Klusak, P., Alsakka, R. & ap Gwilym, O., Mar 2017, In: British Accounting Review. 49, 2, p. 194-210
  Research output: Contribution to journal › Article › peer-review
• PublishedWhat drives differences of opinion in sovereign ratings? The roles of information disclosure and political risk
  Vu, H., Alsakka, R. & ap Gwilym, O., Jul 2017, In: International Journal of Finance and Economics. 22, 3, p. 216-233
  Research output: Contribution to journal › Article › peer-review

2015

• PublishedDoes sovereign creditworthiness affect bank valuations in emerging markets?
  Williams, G. L., Alsakka, R. & ap Gwilym, O. M., 10 Feb 2015, In: Journal of International Financial Markets, Institutions and Money. 36, p. 113-129
  Research output: Contribution to journal › Article › peer-review
• PublishedMarket impact under a new regulatory regime: Credit rating agencies in Europe
  Alsakka, R., ap Gwilym, O., Klusak, P. & Tran, V., 28 Jun 2015, In: Economic Notes. 44, 2, p. 275-308
  Research output: Contribution to journal › Article › peer-review
• PublishedThe credit signals that matter most for sovereign bond spreads with split rating
  Vu, H., Alsakka, R. & ap Gwilym, O. M., May 2015, In: Journal of International Money and Finance. 53, p. 174-191
  Research output: Contribution to journal › Article › peer-review

2014

• PublishedSovereign rating actions and the implied volatility of stock index options
  Tran, V., Alsakka, R. & ap Gwilym, O. M., 5 Jun 2014, In: International Review of Financial Analysis. 34, p. 101-113
  Research output: Contribution to journal › Article › peer-review
• PublishedThe sovereign-bank rating channel and rating agencies' downgrades during the European debt crisis
  ap Gwilym, O. M., Alsakka, R., Ap Gwilym, O. & Vu, T. N., 13 Apr 2014, In: Journal of International Money and Finance. 49, part B, p. 235-257
  Research output: Contribution to journal › Article › peer-review

2013

• PublishedRating agencies’ signals during the European sovereign debt crisis: Market impact and spillovers
  Alsakka, R. & ap Gwilym, O. M., 1 Jan 2013, In: Journal of Economic Behavior and Organization. 85, p. 144-162
  Research output: Contribution to journal › Article › peer-review
• PublishedThe impact of sovereign rating actions on bank ratings in emerging markets
  ap Gwilym, O. M., Williams, G. L. & Alsakka, R., 1 Feb 2013, In: Journal of Banking and Finance. 37, 2, p. 563-577
  Research output: Contribution to journal › Article › peer-review

2012

• PublishedForeign exchange market reactions to sovereign credit news
  Alsakka, R. & ap Gwilym, O., 1 Jun 2012, In: Journal of International Money and Finance. 31, 4, p. 845-864
  Research output: Contribution to journal › Article › peer-review
• PublishedRating agencies' credit signals: An analysis of sovereign watch and outlook
  Alsakka, R. & ap Gwilym, O., 1 Jan 2012, In: International Review of Financial Analysis. 21, p. 45-55
  Research output: Contribution to journal › Article › peer-review
• PublishedThe causes and extent of split sovereign credit ratings in emerging markets.
  Alsakka, R. & ap Gwilym, O., 1 Jan 2012, In: Emerging Markets Finance and Trade. 48, 1, p. 4-24
  Research output: Contribution to journal › Article › peer-review

2011

• PublishedSovereign rating actions: is the criticism justified?
  Alsakka, R. & ap Gwilym, O., 1 Dec 2011, In: Intereconomics : review of European economic policy. 46, 5, p. 248-253
  Research output: Contribution to journal › Article › peer-review
• PublishedThe information content of sovereign watchlist and outlook: S&P versus Moody's
  Alsakka, R., Ap Gwilym, O. & Molyneux, P. (ed.), 1 Jan 2011, Bank Strategy: Governance and Ratings. 2011 ed. Unknown, p. 134-156
  Research output: Chapter in Book/Report/Conference proceeding › Chapter

2010

• PublishedA random effects ordered probit model for rating migrations
  Alsakka, R. & ap Gwilym, O., 1 Sep 2010, In: Finance Research Letters. 7, 3, p. 140-147
  Research output: Contribution to journal › Article › peer-review
• PublishedLeads and lags in sovereign credit ratings.
  Alsakka, R. & ap Gwilym, O. M., 1 Nov 2010, In: Journal of Banking and Finance. 34, 11, p. 2614-2626
  Research output: Contribution to journal › Article › peer-review
• PublishedSplit sovereign ratings and rating migrations in emerging economies.
  ap Gwilym, O. M., Alsakka, R. & Ap Gwilym, O., 1 Jun 2010, In: Emerging Markets Review. 11, 2, p. 79-97
  Research output: Contribution to journal › Article › peer-review
• PublishedThe extent and causes of sovereign split ratings.
  Alsakka, R. & Ap Gwilym, O., 1 Jan 2010.
  Research output: Contribution to conference › Paper

2009

• PublishedHeterogeneity of sovereign rating migrations in emerging countries.
  ap Gwilym, O. M., Alsakka, R. & Ap Gwilym, O., 1 Jun 2009, In: Emerging Markets Review. 10, 2, p. 151-165
  Research output: Contribution to journal › Article › peer-review

Charted Banker Research Funding: Project ‘European Banking Union and its consequences for bank behaviour and bank credit ratings’. £1500- Dec 2017-Jan 2020

ESRC & BBS PhD Studentship in Financial Economics starting in September 2015 for three years. Full awards consist of a stipend of approximately £14,168 per annum and a fee contribution of approximately £4,084. Students will also be eligible to apply for a research allowance (£750 per annum).

ESRC & BBS PhD Studentship in Financial Economics started in September 2012 for three years. Full awards consist of: a stipend of approximately £13,590 per annum and a fee contribution of approximately £3,807.

Awards: 

• Bangor University Teaching Fellowship - July 2022
• Fellow of the Chartered Management Institute (FCMI).
• Outstanding reviewer status for Journal of Banking and Finance in Aug 2017 in recognition of the contributions I made to the quality of the journal.
• Center for the Enhancement of Learning: CELT Associate Award (2016).

PhD examinations: Hull University Business School, Bristol University, Universiti Malaya, Bangor Business School.

External examiner for UG & PGT Programmes:

• De Montfort University (December 2020- Present)
• Bristol University - UK (September 2018 - December 2022)
• Newcastle University - UK (September 2016 – Nov 2021)
• University of Hertfordshire UK & INTI University - Malaysia (Nov 2015 - Nov 2019)
• External module marker and auditor for the London School of Economics and Political Science LSE (2009-2013)

Ah-hoc Refereeing

Journal of Money, Credit and Banking, Bank of Spain, Journal of Banking and Finance, Journal of Empirical Finance, Journal of International Money and Finance,European Journal of Finance, Journal of Economic Behavior and Organization, International Review of Financial Analysis;Emerging market Review, Journal of Financial Stability,  Emerging Markets Finance and Trade, International Journal of Finance and Economics, Pacific-Basin Finance Journal.