58³Ô¹Ï

Rasha Alsakka is a Professor of Banking and Finance at the Albert Gubay Business School, 58³Ô¹Ï. Rasha was appointed at Bangor in January 2010. Previously she taught at Aberystwyth University. ÌýHer research expertise spans Political economy, Credit risk and uncertainty, Bank behaviour, Sustainable finance, SMEs, Financial markets, Credit Ratings, Voting behaviour. Her work addresses important economic, financial and societal challenges and seeks to generate robust evidence that can inform financial decision-making, policy development and the resilience and sustainability of financial systems.

Rasha has developed an extensive portfolio of high-quality research outputs and an international reputation for research excellence. Her work has been published in internationally recognised journals, including Journal of Banking and Finance, European Journal of Finance, European Economic Review, Journal of Financial Stability, Journal of Rural Studies, Journal of Economic Behavior and Organization, British Accounting Review, Journal of International Financial Markets, Institutions and Money. Rasha has also been involved in projects funded by the British Academy, Chartered Banker Institute and ESRC.

Rasha is currently an Associate Editor at the European Journal of Finance,Ìýcontributing to the development and quality of international research in finance.Ìý Also, Rasha is a member of the management board of the Institute of European Finance (IEF) at Bangor, where she leads the Credit Risk Research Group. The group brings together academic staff, PhD researchers and external associate members and has developed a strong reputation for high-quality research in credit risk and related areas.

Rasha has demonstrated a sustained commitment to research-led teaching, academic leadership and skills development. She has extensive teaching experience in banking, finance and investment, including subjects designed to enhance students’ employability, analytical capabilities and transferable skills. She has supervised several PhD students to successful completion and has contributed to postgraduate research (PGR), postgraduate taught (PGT) and undergraduate (UG) academic quality assurance through external examining roles at a range of UK and international institutions such as University of Liverpool, University of Bristol, Newcastle University, University of Bath, University of Hull, University of Reading, University of Cape Town, Universiti Malaya.Ìý

Her academic leadership and contribution to higher education have been recognised through several professional distinctions. She is a Senior Fellow of the Higher Education Academy (SFHEA), a Fellow of the Chartered Management Institute (FCMI), and received the 58³Ô¹Ï Teaching Fellowship in 2022.

Roles within Bangor Business School and 58³Ô¹Ï (BU):Ìý

• Lead of the Credit Risk research planning group (May 2024-Present)
• Director of Postgraduate Taught Programmes in Accounting, Banking, Business Data Analytics, Finance. ÌýÌý(September 2025 – Present)
• Postgraduate Exam Board Chair in Accounting, Banking, Business Data Analytics, Finance. (September 2025 – Present)
• Staff-Student Liaison Committee Postgraduate Taught (October 2025 - Present)
• BBS Senior Tutor (Aug 2018 - May 2025)
• Deputy Safeguarding Co-ordinator (Oct 2024- Present).
• Member of BU Learning Analytics Steering Group (Feb 2023- 2024)
• Member of BU Student Led Mental Health & Wellbeing Strategy Steering Group (Sep 2022 - 2024)
• Member of BU Hardship Fund Committee (Sep 2021- 2024)
• Member of the Knowledge Group (responisble for driving innovative thinking at 58³Ô¹Ï - Nov 2019 - Nov 2021)
• BBS Disability Tutor (2012 - Nov 2020) and (July 2021 - Aug 2022)
• BBS Ethics OfficerÌý(2014 - Oct 2018)
• Member ofÌýCAHB (previously CBLESS) Ethics committee (2014 - 2018)
• Personal tutor
• Teaching Advisor and Mentor, PGCertHE
• Supervision of PG & UG dissertations

Location:ÌýRoom 1.04, Hen Goleg

Telephone: 01248 38 3571

Email:Ìýr.alsakka@bangor.ac.uk

• Professional: Senior Fellow of the Higher Education Academy (SFHEA)
  Advance HE,
• BSc: Economics
• Other: Postgraduate Diploma in Accounting
• MSc: Econ in Accounting and Finance
  Aberystwyth University,
• PhD: Accounting and Finance
  Aberystwyth University,
• Professional: Postgraduate Certificate in Higher Education (PGCertHE)

Teaching

Undergraduate Teaching:

• Investment and Portfolio ManagementÌý (ASB-3522 & ASB-2522)

Postgraduate Teaching:

• Investment Strategy and Portfolio Management (ASB-ABJ-4125)

• Capital Markets & Treasury Management (ASB-9040)

• Core Competencies for PG Researchers (ASB-4931)

Doctoral workshop

• Credit Ratings
• Research Methods - Limited dependent variables
• Research design and strategy: Ethics and Research

PhD Students Supervisor

• Ngoc Cich Pham (Sep 2026 - Present)
• Goldy Kajal (Sep 2026 - Present)
• Xuanxuan Zheng (Sep 2025- Present)
• Ahmed Dhaif (April 2021 - Present)
• Chiara Lo Re (Completed in Jan 2026 - Viva outcome: No Corrections)
• Hong Ngoc Nguyen (Completed in Jan 2026 - ÌýViva outcome: awarded with Minor Corrections)Ìý
• Cem Soner (Completed in November 2025 - ÌýViva outcome: awarded with Minor Corrections).Ìý
• Phuc Lam Thy Nguyen (Completed in March 2021 - Viva outcome: awarded with Minor corrections).
• Andrea Martin (Completed in April 2020 - Viva outcome: awarded with Minor corrections).
• Anh Quang Nguyen (Completed in Jan 2020 - Viva outcome: awarded with Minor corrections).
• Laurence JonesÌý(Completed in Jan 2019 – Viva outcome: awarded withNo corrections).
• Irfan Sahibzada (Completed in July 2016 - Viva outcome: awarded with substantive amendments within 6 months).
• Patrycja Karolina Klusak (Completed in May 2016 - Viva outcome: awarded with Minor corrections).
• Vu Tran (Completed in Jan 2015 - Viva outcome: awarded with Minor corrections).
• Huong Thi Vu (Completed in Dec 2014 - Viva outcome: awarded with No corrections).
• Gwion Williams (Completed in March 2013 - Viva outcome: awarded with Minor corrections).

Research Interest: Credit risk and credit ratings, Political economy, ESG and sustainable finance, Fintech, European sovereign debt crisis, Credit and uncertainty.

My work has been presented in many international conferences, such as:

• The 14th International Conference of Financial Engineering and Banking Society (FEBS) - Montpellier 11-13 June 2025.
• Keynote speaker at Bangor College China (BCC) 10^th year anniversary- Banking & Finance Seminar -Sep 2024
• Wolpertinger Annual Conference – 28-31Aug 2024 Palermo Italy.
• The 12^th International Conference of the Financial Engineering and Banking Society (FEBS), Greece, June 2023.
• 6^th Conference on Credit Analysis and Risk Management Basel Workshop on Credit Risk Sep 2019.Ìý
• Wolpertinger Conference, Modena- Italy, August 2018.
• BAFA – Corporate Finance and Asset Pricing Symposium, Manchester, UK, July 2018.
• BAFA- Northern Area Group Conference, Bangor, 2017, 14-15 Sept.Ìý
• INFINITI Conference on International Finance, Dublin – Ireland (2016)
• XXIV InternationalRome Conference on Money, Banking and Finance. Rome - Italy (2015)
• Wolpertinger Conference - Granada, Spain (2015)
• European Financial Management Association - Reading (2013)
• International Conference on the Global Financial Crisis - Southampton (2013)
• Emerging Markets Group Conference- Cass Business School (2011)
• Financial Sector Performance & Risk (Post-Crisis) Conference, Bangor Business School (2011)
• British Accounting and Finance Association Annual Conference, Birmingham (2011), Cardiff (2010), Dundee (2009)
• Wolpertinger conference, Bangor, UK (2010)
• Emerging Markets Conference, Turkey (2010)
• Newcastle Economics seminar, Newcastle University, UK (2010)

Research interests include:

Credit risk and credit ratings, Political economy, ESG and sustainable finance, Fintech, SMEs lending, Credit and uncertainty.

Credit rating agencies and political economy

The US sub-prime crisis followed by the European debt crisis as well asÌýcovid 19 pandemic brought mounting criticism of the credit rating agencies (CRAs) for their role amid deteriorating economic conditions. Several regulatory reforms to monitor CRAs have been approved in Europe and the US, yetÌýlittle is known about their effectivenessÌýin improving the quality of ratings in the corporate rating sector. Rating quality is of utmost importance as ratings are strongly embedded into regulations and affect the welfare of both borrowers and investors. Credit ratings are a major concern for corporate managers; they affect a firm’s access to the bond market, and impact employee and customer relationships as well as business operations. Negative rating actions can trigger events such as bond covenant violations, increases in bond coupons or loan interest rates, and forced bond repurchases.

Many countries in Europe and the USA have experienced degrees of political turmoil following the recent financial crises and covid 19 pandemic. Therefore, the voting preferences in these countries have moved toward more extremist and populist parties, and caused shifts in the ideology and policies of several countries. These have enormous negative influence on the level and cost of public and private debt, credit risk, swings in capital flows, currency valuation and economic growth.

This PhD research project aims to fill a clear void in the literature by investigating various aspects of the link between credit risk and political economy in light of the current developments during the global financial crisis and post-crisis periods. The project aims to investigate the effects of political impairments upon financial markets and real economic activity. It will explore the consequences of increased political and sovereign risk for firms’ ratings, cost of capital, investment, and financing decisions. The project also aims to investigate whether the recent regulatory reforms of the credit rating industry have been successful in improving the quality of corporate credit ratings taking into account the major issue of political uncertainty in many countries.

This project aims to apply empirical and theoretical frameworks to analyse the performance of corporate ratings, focusing on the effects of the recent regulatory reforms and political uncertainty.ÌýThe project has the potential to deliver findings of relevance to a range of market participants, as well as credit rating agencies, regulators and policy makers.

2025

• Published
  Soner, C., Alsakka, R. & Mantovan, N., 1 Aug 2025, In: Journal of Rural Studies. 118, 103683.
  Research output: Contribution to journal › Article › peer-review

2024

• Published
  Vu, H., Klusak, P., Khoo, S. Y. & Alsakka, R., 12 Oct 2024, In: European Journal of Finance. 30, 15, p. 1728-1756 29 p.
  Research output: Contribution to journal › Article › peer-review
• Published
  Klusak, P., Uymaz, Y. & Alsakka, R., Jul 2024, In: Journal of International Financial Markets, Institutions and Money. 94, 102022.
  Research output: Contribution to journal › Article › peer-review

2023

• Published
  Nguyen, P. L. T., Alsakka, R. & Mantovan, N., Nov 2023, In: International Review of Financial Analysis. 90, 102910.
  Research output: Contribution to journal › Article › peer-review
• Published
  Lam Thy Nguyen, P., Alsakka, R. & Mantovan, N., Sept 2023, In: Journal of Banking and Finance. 154, 106938.
  Research output: Contribution to journal › Article › peer-review

2022

• Published
  Vu, H., Alsakka, R. & ap Gwilym, O., Jan 2022, In: Journal of International Financial Markets, Institutions and Money. 76, 101478.
  Research output: Contribution to journal › Article › peer-review
• Published
  Jones, L., Alsakka, R., ap Gwilym, O. & Mantovan, N., Jun 2022, In: Journal of Financial Stability. 60, 100999.
  Research output: Contribution to journal › Article › peer-review
• Published
  Jones, L., Alsakka, R., ap Gwilym, O. & Mantovan, N., Nov 2022, In: European Economic Review. 150, 104280.
  Research output: Contribution to journal › Article › peer-review

2019

• Published
  Tran, V., Alsakka, R. & ap Gwilym, O., 2 Sept 2019, In: European Journal of Finance. 25, 13, p. 1211-1233
  Research output: Contribution to journal › Article › peer-review
• Published
  Klusak, P., Alsakka, R. & ap Gwilym, O., Nov 2019, In: International Review of Financial Analysis. 66, 101365.
  Research output: Contribution to journal › Article › peer-review

2018

• Published
  Abad, P., Alsakka, R. & ap Gwilym, O., Jul 2018, In: Journal of International Money and Finance. 85, p. 40-57
  Research output: Contribution to journal › Article › peer-review

2017

• Published
  Alsakka, R., ap Gwilym, O. M. & Vu, H., 2017, In: European Journal of Finance. 23, p. 859-884
  Research output: Contribution to journal › Article › peer-review
• Published
  Klusak, P., Alsakka, R. & ap Gwilym, O., Mar 2017, In: British Accounting Review. 49, 2, p. 194-210
  Research output: Contribution to journal › Article › peer-review
• Published
  Vu, H., Alsakka, R. & ap Gwilym, O., Jul 2017, In: International Journal of Finance and Economics. 22, 3, p. 216-233
  Research output: Contribution to journal › Article › peer-review

2015

• Published
  Williams, G. L., Alsakka, R. & ap Gwilym, O. M., 10 Feb 2015, In: Journal of International Financial Markets, Institutions and Money. 36, p. 113-129
  Research output: Contribution to journal › Article › peer-review
• Published
  Alsakka, R., ap Gwilym, O., Klusak, P. & Tran, V., 28 Jun 2015, In: Economic Notes. 44, 2, p. 275-308
  Research output: Contribution to journal › Article › peer-review
• Published
  Vu, H., Alsakka, R. & ap Gwilym, O. M., May 2015, In: Journal of International Money and Finance. 53, p. 174-191
  Research output: Contribution to journal › Article › peer-review

2014

• Published
  Tran, V., Alsakka, R. & ap Gwilym, O. M., 5 Jun 2014, In: International Review of Financial Analysis. 34, p. 101-113
  Research output: Contribution to journal › Article › peer-review
• Published
  ap Gwilym, O. M., Alsakka, R., Ap Gwilym, O. & Vu, T. N., 13 Apr 2014, In: Journal of International Money and Finance. 49, part B, p. 235-257
  Research output: Contribution to journal › Article › peer-review

2013

• Published
  Alsakka, R. & ap Gwilym, O. M., 1 Jan 2013, In: Journal of Economic Behavior and Organization. 85, p. 144-162
  Research output: Contribution to journal › Article › peer-review
• Published
  ap Gwilym, O. M., Williams, G. L. & Alsakka, R., 1 Feb 2013, In: Journal of Banking and Finance. 37, 2, p. 563-577
  Research output: Contribution to journal › Article › peer-review

2012

• Published
  Alsakka, R. & ap Gwilym, O., 1 Jun 2012, In: Journal of International Money and Finance. 31, 4, p. 845-864
  Research output: Contribution to journal › Article › peer-review
• Published
  Alsakka, R. & ap Gwilym, O., 1 Jan 2012, In: International Review of Financial Analysis. 21, p. 45-55
  Research output: Contribution to journal › Article › peer-review
• Published
  Alsakka, R. & ap Gwilym, O., 1 Jan 2012, In: Emerging Markets Finance and Trade. 48, 1, p. 4-24
  Research output: Contribution to journal › Article › peer-review

2011

• Published
  Alsakka, R. & ap Gwilym, O., 1 Dec 2011, In: Intereconomics : review of European economic policy. 46, 5, p. 248-253
  Research output: Contribution to journal › Article › peer-review
• Published
  Alsakka, R., Ap Gwilym, O. & Molyneux, P. (Editor), 1 Jan 2011, Bank Strategy: Governance and Ratings. 2011 ed. Unknown, p. 134-156
  Research output: Chapter in Book/Report/Conference proceeding › Chapter

2010

• Published
  Alsakka, R. & ap Gwilym, O., 1 Sept 2010, In: Finance Research Letters. 7, 3, p. 140-147
  Research output: Contribution to journal › Article › peer-review
• Published
  Alsakka, R. & ap Gwilym, O. M., 1 Nov 2010, In: Journal of Banking and Finance. 34, 11, p. 2614-2626
  Research output: Contribution to journal › Article › peer-review
• Published
  ap Gwilym, O. M., Alsakka, R. & Ap Gwilym, O., 1 Jun 2010, In: Emerging Markets Review. 11, 2, p. 79-97
  Research output: Contribution to journal › Article › peer-review
• Published
  Alsakka, R. & Ap Gwilym, O., 1 Jan 2010.
  Research output: Contribution to conference › Paper

2009

• Published
  ap Gwilym, O. M., Alsakka, R. & Ap Gwilym, O., 1 Jun 2009, In: Emerging Markets Review. 10, 2, p. 151-165
  Research output: Contribution to journal › Article › peer-review

The British Academy/Leverhulme Small Research Grants June 2023 - May 25: (£9,865) The Impact of ÌýBrexit, Covid-19 Pandemic and Inflation on the UK and EU banking sectors.

Charted Banker Research Funding: Project ‘European Banking Union and its consequences for bank behaviour and bank credit ratings’. £1500- Dec 2017-Jan 2020

ESRC & BBS PhD Studentship in Financial EconomicsÌýstarting in September 2015 for three years. Full awards consist of a stipend of approximately £14,168 per annum and a fee contribution of approximately £4,084. Students will also be eligible to apply for a research allowance (£750 per annum).

ESRC & BBS PhD Studentship in Financial EconomicsÌýstarted in September 2012 for three years. Full awards consist of: a stipend of approximately £13,590 per annum and a fee contribution of approximately £3,807.

Editorial Board member:

• European Journal of Finance (Sep 2024- Present)Ìý

Awards:Ìý

• Senior Fellow of the Higher Education Academy (SFHEA) (2025).
• 58³Ô¹Ï Teaching Fellowship (2022).
• Fellow of the Chartered Management Institute (FCMI).
• Outstanding reviewer status for Journal of Banking and Finance in Aug 2017 in recognition of the contributions I made to the quality of the journal.
• Center for the Enhancement of Learning: CELT Associate Award (2016).
• Fellow of the Higher Education Academy (FHEA) in 2013.Ìý

External examiner for UG & PGT Programmes:

• University of Surrey (Oct 2026 - Present)
• University of Liverpool (September 2023- Present)
• De Montfort University (December 2020- December 2024)
• Bristol University - UK (September 2018 - December 2022)
• Newcastle University - UK (September 2016 – Nov 2021)
• University of Hertfordshire UK & INTI University - Malaysia (Nov 2015 - Nov 2019)
• External module marker and auditor for the London School of Economics and Political Science LSE (2009-2013)

PhD examinations: University of Bath, University of Bristol, University of Hull, University of Cape Town, Universiti Malaya, Bangor Business School.

Ah-hoc Refereeing

Journal of Money, Credit and Banking, Bank of Spain, Journal of Banking and Finance,ÌýJournal of Empirical Finance, Journal of International Money and Finance,European Journal of Finance,ÌýJournal of Economic Behavior and Organization, International Review of Financial Analysis;Emerging market Review, Journal of Financial Stability,Ìý Emerging Markets Finance and Trade, International Journal of Finance and Economics,ÌýPacific-Basin Finance Journal.