Stockholm university
Denna sida på svenska

Michal DzielinskiAssistant Professor

About me

Michał Dzieliński is an assistant professor at the Stockholm Business School since September 2013. His position is supported by a project grant from the Handelsbanken research foundation, focused on the study of automation of communication in financial markets. He is also a visiting research fellow at the Swedish House of Finance.

Teaching

International Finance (lecturer and course director), Finance-II (lecturer)

I have also developed a short course that I call Essential Finance, which aims to provide the motivation, basic know-how and practical tools for students to start investing in financial markets with a view to long-term saving. I teach this course during the SBS Summer School.

Research

I conduct empirical research of information flows in financial markets, the stock market in particular. Recent topics include managerial vagueness in earnings conference calls, disagreement resulting from polarized news and comparing how companies write about themselves versus how they are portrayed in financial media.

Publications:

"Asymmetric attention and volatility asymmetry", Journal of Empirical Finance 45, p. 59-67, 2018 (with Marc Oliver Rieger and Tõnn Talpsepp)

"Measuring economic uncertainty and its impact on the stock market." Finance Research Letters 9(3), p. 167-175, 2012

Working papers:

"Straight talkers and vague talkers: How managerial style affects market responses to earnings news and firm value." 2018 (with Alexander Wagner and Richard Zeckhauser)

"Do news agencies help clarify corporate disclosure?" 2017

"News tone dispersion and investor disagreement." 2016 (with Henrik Hasseltoft)

 

Research projects

Economic drivers of corporate climate action

Firms around the globe are increasingly connected through their supply chain and their managerial social networks. These networks may create incentives for firms to become more sustainable, because the networks can channel climate impact of one firm to interlinked firms.

Research
Financial Market Microstructure (FMM)

The field of financial market microstructure studies how the interaction of investors and institutions generate markets with varying efficiency and liquidity depending on different rules and regulations. Through close collaboration with policy-makers and local finance industry, SBS has become a leading institution in this field.

Financial Market Microstructure
Trade, Trade Imbalances, and Asset Pricing

Total trade and trade imbalances are always one of the main concerns for policymakers because they are directly connected to the contagion of economic crises and financial markets instability.

Trade, Trade Imbalances, and Asset Pricing

Publications

A selection from Stockholm University publication database

  • Asymmetric attention and volatility asymmetry

    2018. Michał Dzieliński, Marc Oliver Rieger, Tõnn Talpsepp. Journal of Empirical Finance 45, 59-67

    Article

    Analyzing a large sample of U.S. firms, we show that the asymmetry of stock return volatility is positively related to investor attention and differences of opinion. Using the number of analysts following a given firm to capture attention and the dispersion in analyst forecasts as a common proxy for differences of opinion, we show that the two effects are complementary. Furthermore, the effect of attention is strongest among stocks with low institutional ownership and high idiosyncratic volatility. Our results are robust to the traditional “leverage effect” explanation of volatility asymmetry. The findings relate to the previously documented relationship between attention and volatility and suggest that volatility asymmetry is driven by asymmetric attention.

    Read more about Asymmetric attention and volatility asymmetry

Show all publications by Michal Dzielinski at Stockholm University

Edit the profile