dr. M. (Marta) Szymanowska

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

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, studying and 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


  • Academic (4)
    • 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

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

  • Academic (2)
    • Hou, K., & Szymanowska, M. (2014). Commodity-based Consumption Tracking Portfolios and the Cross-Section of Average Stock Returns. Paper presented at Working Paper, presented at the 2014 AFA., Philadephia.

    • Boons, MF., de Roon, FA., & Szymanowska, M. (2014). The Price of Commodity Risk in Stock and Futures Markets. Paper presented at Winner of 2011 Inquire Europe Research Grant, presented at the 2012 AFA (Chicago), the 2013 NBER commodity workshop, Cambridge.

  • 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 -
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