dr. M. (Marta) Szymanowska

Rotterdam School of Management (RSM)
Erasmus University Rotterdam
Member ERIM
Field: Finance & Accounting
Affiliated since 2006

Curriculum Vitae

Marta Szymanowska is an Associate Professor of Finance at the Rotterdam School of Management, Erasmus University, and the Associate Professor of the Erasmus Initiative “Dynamics of Inclusive Prosperity”.

Her research interests focus on asset pricing and philosophy of finance. She is interested in understanding the nature of macroeconomic risks, the relation between financial markets and the real economy with a particular focus on the global commodity markets, and the role of finance in fostering inclusive prosperity.

Marta's work has been presented at major academic conferences (the Western Finance (WFA), American Finance (AFA), or European Finance (EFA) Association meetings), published in leading academic journals (Journal of Finance, Journal of Financial Economics, Management Science) and presented in numerous international research institutes (The National Bureau of Economic Research (NBER), The Commodity Futures Trading Commission (CFTC)). Marta holds PhD degree in Finance from Tilburg University, the Netherlands.

Research interests: asset pricing, financial markets and the real economy, the cross- sectional and time-series predictability of returns, (commodity) futures markets, philosophy of finance


  • Academic (7)
    • Fisar, M., Greiner, B., Huber, C., Katok, E., Ozkes, A. I., & the Management Science Reproducibility Collaboration (2024). Reproducibility in Management Science. Management Science, 70(3), 1343–1356. https://doi.org/10.1287/mnsc.2023.03556

    • Vergara Fernandez, M., Heilmann, C., & Szymanowska, M. (2023). Contextualist model evaluation: models in financial economics and index funds. European Journal for Philosophy of Science, 13(1), Article 6. https://doi.org/10.1007/s13194-022-00506-5

    • Vergara Fernandez, M., Heilmann, C., & Szymanowska, M. (2023). Describing model relations: The case of the capital asset pricing model (CAPM) family in financial economics. Studies in History and Philosophy of Science, 97, 91-100. https://doi.org/10.1016/j.shpsa.2022.12.002

    • Boons, MF., Duarte, F., de Roon, F., & Szymanowska, M. (2020). Time-Varying Inflation Risk and Stock Returns. Journal of Financial Economics, 136(2), 444-470. https://doi.org/10.1016/j.jfineco.2019.09.012

    • Szymanowska, M., de Roon, FA., Nijman, T., & van den Goorbergh, R. (2014). An Anatomy of Commodity Futures Risk Premia. The Journal of Finance, 69(1), 453-482. https://doi.org/10.1111/jofi.12096

    • de Roon, FA., & Szymanowska, M. (2012). Asset Pricing Restrictions on Predictability: Frictions Matter. Management Science, 58(10), 1916-1932. https://doi.org/10.1287/mnsc.1120.1522

    • Szymanowska, M., ter Horst, J., & Veld, C. (2009). Reverse convertible bonds analyzed. The Journal of Futures Markets, 29(10), 895-919. https://doi.org/10.1002/fut.20397

  • Academic (1)
    • Heilmann, C., Szymanowska, M., & Vergara Fernandez, M. (2024). Financial Economics: What Kind of Science Is It? In J. Sandberg, & L. Warenski (Eds.), The Philosophy of Money and Finance (pp. 111-128). https://doi.org/10.1093/oso/9780192898807.003.0007

  • External (1)
    • Szymanowska, M. (2006). Essays on Rational Asset Pricing. [Doctoral Thesis, CentER Graduate School, Tilburg University]. CentER Graduate School, Tilburg University.

  • Role: Daily Supervisor
  • PhD Candidate: Roy Verbeek
  • Time frame: 2013 - 2017
  • Role: Co-promotor
  • PhD Candidate: Romulo Trindade Tomé Marques Alves
  • Time frame: 2016 - 2021
  • Role: Co-promotor
  • PhD Candidate: Yifan Ma
  • Time frame: 2020 -
  • Role: Co-promotor
  • PhD Candidate: Francesca Caucci
  • Time frame: 2022 -
  • Role: Co-promotor
  • PhD Candidate: Koen-Jan Leendert van den Bosch
  • Time frame: 2022 -
  • Role: Co-promotor
  • PhD Candidate: Vaibhav Grewal
  • Time frame: 2023 -

The finance faculty at RSM is a vibrant and diverse group consisting of leading international researchers. Our faculty undertakes world-class research that is regularly published in the top academic journals.

We are looking for highly motivated candidates that have an interest in undertaking challenging and rigorous research. Besides a background in finance, we also welcome applicants with an education in Economics or Econometrics.

Candidates should indicate in their cover letter which field best matches their interest:

  • Asset Pricing
  • Corporate Finance
  • Banking and Financial Intermediation
Read more
Research Seminar
As: Speaker
Research Seminar
As: Speaker
  • Fellowship - ERIM early career talent programme (2006)


Visiting address

Office: Mandeville Building T08-37
Burgemeester Oudlaan 50
3062 PA Rotterdam

Postal address

Postbus 1738
3000 DR Rotterdam