Alessandra Guariglia

Alessandra Guariglia

The Department of Economics
Professor of Financial Economics
Director of PhD Studies - Department of Economics

Contact details

Department of Economics
Birmingham Business School
University House
University of Birmingham
B15 2TT

Alessandra Guariglia is Professor of Financial Economics at Birmingham Business School at the University of Birmingham. Her research interests include the links between macroeconomic activity and finance; Firm behavior under imperfect capital markets; Economics of transition in China; Household saving and consumption decisions; Health economics.


  • Doctor of Philosophy (Economics), May 1995, Boston University.
  • Master of Arts in Political Economy, January 1993, Boston University.
  • Laurea in Economia e Commercio, magna cum laude, July 1988, Università degli Studi di Roma, “La Sapienza”.


Advanced Research Methods (PhD), China and the World Economy (second year undergraduate)

Postgraduate supervision

Alessandra Guariglia's research and supervision interests include:

How can Chinese firms experience extremely high growth rates, in spite of the malfunctioning of the Chinese financial system?
Is there evidence of investment misallocation in China owing to the inadequacy of the Chinese financial system?
Is there evidence of 'overinvestment' in China, thus threatening the Chinese economy? If so, which firms' characteristics are likely to be associated with this behaviour?
Is there evidence of rapid and dramatic structural changes in the industrial sector in China, with considerable divestment as well as heavy investment, and how can this be explained?
How does investment in social capital affect the financing decisions of Chinese small and medium-sized enterprises (SMEs)?
How does investment irreversibility affect the relationship between investment and cash flow?
Does the way in which investment opportunities are measured affect the investment-cash flow sensitivities for unlisted SMEs?

Other activities

  • Member of REF sub-panel 16: Economics and Econometrics
  • Member of REF sub-panel 17: Business & Management Studies
  • Member of the Council of the Royal Economic Society
  • Member of the Royal Economic Society Publications Committee
  • Member of the Royal Economic Society Education and Training Committee
  • Resource person at the African Economic Research Consortium


Recent publications


Tian, L, Guariglia, A & Horsewood, N 2024, 'Cash Holdings and Health Shocks', The Review of Income and Wealth.

Zhang, Y & Guariglia, A 2024, 'Spend it, save it, or transfer it?', Journal of Demographic Economics.

Fernandes, FDS, Guariglia, A, Kontonikas, A & Tsoukas, S 2024, 'Why do firms extend trade credit? The role of inventories', International Journal of Finance and Economics.

Zemedikun, DT, Kigozi, J, Wynne-Jones, G, Guariglia, A, Nirantharakumar, K, Marshall, T & Roberts, T 2023, 'Healthcare resource utilisation and economic burden attributable to back pain in primary care: A matched case-control study in the United Kingdom', British Journal of Pain.

Bongiovanni, A, De vincentiis, P, Guariglia, A, Isaia, E & Rossi, M 2022, 'Do Board Gender Quotas Generate Horizontal Spillovers?', British Journal of Management, vol. 2022, pp. 1-18.

Yang, J, Guariglia, A, Peng, Y & Shi, Y 2022, 'Inventory investment and the choice of financing: does financial development play a role?', Journal of Corporate Finance, vol. 74, 102139.

Guariglia, A, Monahan, M, Pickering, K & Roberts, T 2021, 'Financial health and obesity', Social Science and Medicine, vol. 276, 113665.

Ding, S, Guariglia, A, Knight, J & Yang, J 2021, 'Negative investment in China: financing constraints and restructuring versus growth', Economic Development and Cultural Change, vol. 69, no. 4, pp. 1411-1449.

Hall, J, Guariglia, A, Kigozi, J & Goranitis, I 2021, 'New evidence on the impact of the Great Recession on health-compromising behaviours', Economics and Human Biology, vol. 41, 100980.

Wang, H, Zhang, D, Guariglia, A & Fang, G-Z 2021, '‘Growing out of the growing pain’: financial literacy and life insurance demand in China', Pacific-Basin Finance Journal, vol. 66, 101459.

Yang, S, Guariglia, A & Horsewood, N 2020, 'To what extent is the Chinese housing boom driven by competition in the marriage market?', Journal of Housing and the Built Environment.

Yang, J, Guariglia, A & Guo, J 2019, 'To what extent does corporate liquidity affect M&A decisions, method of payment and performance? Evidence from China', Journal of Corporate Finance, vol. 54, pp. 128-152.

Guariglia, A & Yang, J 2018, 'Adjustment behavior of corporate cash holdings: the China experience', European Journal of Finance, vol. 24, no. 16, pp. 1428-1452.

Review article

Guan, N, Guariglia, A, Moore, P, Xu, F & Al-janabi, H 2022, 'Financial stress and depression in adults: A systematic review', PLOS One, vol. 17, no. 2, e0264041.

Zemedikun, D, Kigozi, J, Wynne-Jones, G, Guariglia, A & Roberts, T 2021, 'Methodological considerations in the assessment of direct and indirect costs of back pain: a systematic scoping review', PLOS One, vol. 16, no. 5, e0251406.

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