Dr Tomasz Piotr Wisniewski

Associate Professor in FinanceWISNIEWSKI_Tomasz.jpg

Contact details

  • Tel: +44 (0) 116 252 3958
  • Email: tpw5@le.ac.uk
  • Office: Room 608, Level 6, Ken Edwards Building
  • Office hours: Tuesday 3.00 pm - 4.30 pm

Personal details

I joined the School in February 2007, having previously taught at Auckland University of Technology in New Zealand. I hold

a first class BSc in Economics from the University of Hull, an MSc in Finance and Economics from the London School of Economics and Political Science and a PhD in Finance from the European University Viadrina in Germany.


Best in Session Award, 2014 IBFR Conference for “Diversifying Away the War Risk” (with Omar, A. and Nolte, S.)

Highly Commended Paper Award (Literati Network Awards for Excellence 2010) for “Empirical Analysis of Internet Banking Adoption in Poland” (with Polasik, M.)

Best Paper in Investments Prize, 2010, Awarded by the Institute of Finance Professionals New Zealand Inc. (IFINZ) for “Piety and Profits: Stock Market Anomaly during the Muslim Holy Month” (with Bialkowski, J. & A. Etebari)

2007 IFINZ Best Paper in Investments Prize for “Stock Market Volatility around National Elections”, (with Bialkowski, J. & K. Gottschalk)

Emerging Researcher Award, 2005, Faculty of Business, Auckland University of Technology

Best PhD/DBA Student Paper at the 2005 FMA European Conference for “Do Insiders Crowd Out Analysts?” (with Gilbert, A. & A. Tourani-Rad)

2005 Best paper prize awarded by the New Zealand Institute for the Study of Competition and Regulation (ISCR) for “Insiders and the Law: The Impact of Regulatory Change on Insider Trading”, (with Gilbert, A. & A. Tourani-Rad)


Financial Risk Management

Stock Market Analysis and Equity Valuation

Administrative responsibilities

Programme Leader MSc Finance (Distance Learning)


Behavioural finance; regulation of capital markets; impact of insider trading on market microstructure; informational asymmetries; interplay between stock markets and political developments; asset pricing and investment strategies; market efficiency; commodities; technology in banking.


Xun Lei

Michelle Spiteri Bailey

Wai Kit Chan


Current REF Cycle

Omar, A.M.A., Wisniewski, T.P. and Nolte, S. (forthcoming). Diversifying Away the Risk of War and Cross-Border Political Crisis, Energy Economics. [ABS 3*, ABDC A*]

Moro, A., Wisniewski, T.P. and Mantovani, G.M. (2017). Does a Manager’s Gender Matter when Accessing Credit? Evidence from European Data, Journal of Banking and Finance, Vol. 80, pp. 119-134. [ABS 3*, ABDC A*]

Yekini, L.S., Wisniewski, T.P. and Millo, Y. (2017). Market Reaction to Positiveness of Annual Report Narratives, British Accounting Review, Vol. 80, pp. 119-134. [ABS 3*, ABDC A]

Wisniewski, T.P. (2016). Is There a Link between Politics and Stock Returns? A Literature Survey, International Review of Financial Analysis, Vol. 47, pp. 15-23. [ABS 3*, ABDC A]

Wisniewski, T.P. and Yekini, L.S. (2015) ‘Stock Market Returns and the Content of Annual Report Narratives’, Accounting Forum, Vol. 39, No. 4, pp. 281-294. [ABS 3*, ABDC B]

Wisniewski, T.P. and Lambe, B. (2015) ‘Does Economic Policy Uncertainty Drive CDS Spreads?’, International Review of Financial Analysis, Vol. 42, pp. 447-458. [ABS 3*, ABDC A]

Polasik, M., Piotrowska, A., Wisniewski, T.P., Kotkowski, R. and Lightfoot, G. (2015) ‘Price Formation and the Use of Bitcoin: An Empirical Inquiry’, International Journal of Electronic Commerce, Vol. 20, No. 1, pp. 9-49. [ABS 3*, ABDC A]

Bialkowski, J., Bohl, M., Stephan, P.M. and Wisniewski, T.P. (2015) ‘The Gold Price in Times of Crisis’, International Review of Financial Analysis, Vol. 41, pp. 329-339. [ABS 3*, ABDC A]

Lightfoot, G. and Wisniewski, T.P. (2014) ‘Information Asymmetry and Power in a Surveillance Society’, Information and Organization, Vol. 24, No. 4, pp. 214-235. [ABS 3*, ABDC A*]

Wisniewski, T.P. and Moro, A. (2014) ‘When the EU Leaders Speak the Markets Listen’, European Accounting Review, Vol. 23, No. 4, pp. 519-551. [ABS 3*, ABDC A*]

Wisniewski, T.P. and Pathan, S.K. (2014) ‘Political Environment and Foreign Direct Investment: Evidence from OECD Countries’, European Journal of Political Economy, Vol. 36, pp. 13-23. [ABS 2*, ABDC A]

Other Papers

Bialkowski, J., Bohl. M., Kaufmann, P. and Wisniewski, T.P. (2013) ‘Do Mutual Fund Managers Exploit the Ramadan Anomaly? Evidence from Turkey’, Emerging Markets Review, Vol. 15, pp. 211-232.

Wisniewski, T.P. and Lambe, B. (2013) 'The Role of Media in the Credit Crunch: The Case of the Banking Sector', Journal of Economic Behavior and Organization, Vol. 85, No. 1, pp. 163-175.

Pikoulakis, E.V. and Wisniewski, T.P. (2012) ‘Another Look at the Uncovered Interest Rate Parity: Have We Missed the Fundamentals?’, Economics Letters, Vol. 116, No. 3, pp. 476-479.

Bialkowski, J., Etebari, A. and Wisniewski, T.P. (2012) 'Fast Profits: Investor Sentiment and Stock Returns during Ramadan', Journal of Banking and Finance, Vol. 36, No. 3, pp. 835-845.

Polasik, M., Wisniewski, T.P. and Lightfoot, G. (2012) ‘Modelling Customers’ Intentions to Use Contactless Cards’, International Journal of Banking, Accounting and Finance, Vol. 4, No. 3, pp. 203-231.

Wisniewski, T.P., Lightfoot, G. and Lilley, S. (2012) ‘Speculating on Presidential Success: Exploring the Link between Price-Earnings Ratio and Approval Ratings’, Journal of Economics and Finance, Vol. 36, No. 1, pp. 106-122.

Wisniewski, T.P. (2009) 'Can Political Factors Explain the Behaviour of Stock Prices beyond the Standard Present Value Models?', Applied Financial Economics, Vol. 19, No. 23, pp. 1873-1884.

Polasik, M and Wisniewski, T.P. (2009) 'Empirical Analysis of Internet Banking Adoption in Poland', International Journal of Bank Marketing, Vol. 27, No. 1, pp. 32-52.

Bialkowski, J., Gottschalk, K. and Wisniewski, T.P. (2008) 'Stock Market Volatility around National Elections', Journal of Banking and Finance, Vol. 32, No. 9, pp. 1941-1953.

Bialkowski, J., Gottschalk, K. and Wisniewski, T.P. (2007) 'Political Orientation of Government and Stock Market Returns', Applied Financial Economics Letters, Vol. 3, No. 4, pp. 269-273.

Gilbert, A., Tourani-Rad, A. and Wisniewski, T.P. (2007) 'Insiders and the Law: The Impact of Regulatory Change on Insider Trading', Management International Review, Vol. 47, No. 5, pp. 745-765.

Gilbert, A., Tourani-Rad, A. and Wisniewski, T.P. (2006) 'Do Insiders Crowd out Analysts?', Finance Research Letters, Vol. 3, No. 1, pp. 40-48.

Gilbert, A., Tourani-Rad, A. and Wisniewski, T.P. (2005) 'The Relationship between Insider Trading and Volume-Induced Return Autocorrelation', Finance Letters, Vol. 3.

Wisniewski, T.P. (2005) 'Insiders' Market Timing and Real Activity: Evidence from an Emerging Market', in S. Motamen-Samadian (Ed.), Risk Management in Emerging Markets, Palgrave MacMillan, pp. 71-90.

Gilbert, A., Tourani-Rad, A. and Wisniewski, T.P. (2005) 'The Impact of Regulatory Change on Insider Trading Profitability: Some Early Evidence from New Zealand', in M. Hirschey, K. John and A.K. Makhija (Eds.), Advances in Financial Economics, Elsevier, 2005, Vol. 11, pp. 113-130
Wisniewski, T.P. and Bohl, M. (2005) 'The Information Content of Registered Insider Trading under Lax Law Enforcement', International Review of Law and Economics, Vol. 25, No. 2, pp. 169-185.

Wisniewski, T.P. (2004) 'Re-examination of the Link between Insider Trading and Price Efficiency', Economic Systems, Vol. 28, No. 2, pp. 209-228.

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