Staff profile: Dr Anna Korzhenitskaya

Anna KorzhenitskayaSchool

University of Wolverhampton Business School


Lecturer in Finance

Contact details

Direct line: 01902 321774


University of Wolverhampton
Faculty of Social Sciences
MN Building
City Campus North


I completed my PhD in Finance from Middlesex University in July 2014.  My thesis investigated the effect of corporate credit ratings on the leverage of UK firms over the period 1989 to 2010.  I used Standard and Poor’s and Fitch corporate credit ratings in my analysis.  My empirical analysis looked at the importance of ratings in determining debt leverage and the source of debt during a period of severe financial crisis and examined whether the effect on leverage of possessing a credit rating is correlated with credit market conditions. My empirical analysis demonstrated a strong link between credit ratings and corporate leverage with the effect being stronger during times of tighter credit markets.

Academic qualifications

Sep 2015 – Jul 2016:  Postgraduate Certificate in Higher Education and Professional Practice, University of Wolverhampton, United Kingdom
Sep 2009 – Jul 2014:  PhD in Finance: “The Role of Credit Ratings in Determining Capital Structure”, Middlesex University Business School
Sep 2008 – Sep 2009: MSc in Research Methods (w/distinction), Middlesex University Business School
Sep 2006 –Sep 2008: MSc in Money Banking and Finance (w/distinction), Middlesex University Business School

Teaching interests

  • Empirical Finance (Econometrics)
  • Corporate Financial Management
  • Analytical Skills for Business
  • Finance Principles
  • Business Finance

Research interests

My main research interest is in the area of corporate finance. I am currently conducting research in the following areas:

  • Impact of Credit Ratings on Corporate Leverage
  • Credit Market Conditions and Access to Finance
  • Determinants of Debt Structure
  • Why Firms Issue Bonds
  • Debt Structure in Europe

PhD supervision

PhD supervision in the area of corporate finance:

  • Determinants of corporate capital structure
  • Access to finance and credit market conditions

Selected publications

  • Judge, A., and Korzhenitskaya, A., 2012. Credit market conditions and the impact of access to the public debt market on corporate leverage. International Review of Financial Analysis, 25 (C), pp. 28-63.
  • Judge A. and A. Korzhenitskaya, 2013, Beating the Squeeze, The Treasurer, April, pp.32-23.
  • Judge A. and A. Korzhenitskaya, 2013, Banking on Bonds, The Treasurer, October, pp.28-29.