Professor Marina Eliza Spaliara

  • Professor (Economics)

telephone: 01413307596
email: Marina.Spaliara@glasgow.ac.uk

Room 663, Hewden Stewart Rooms, Main Building, Glasgow G12 8QQ

Import to contacts

ORCID iDhttps://orcid.org/0000-0002-6500-8666

Biography

Marina holds a PhD in Economics from the University of Nottingham. Prior to joining the University of Glasgow in 2011, she was a lecturer in economics at Loughborough University. She is affiliated with Kiel Institute for the World Economy and the Centre for Private Equity and MBO Research (Nottingham University Business School)

Research interests

Marina is a member of the Finance research cluster.

Areas of expertise:

  • Financial economics
  • International economics
  • Corporate Finance
  • Firm performance

Marina's research is centred around the area of corporate finance with a particular focus on firms' real and financial decisions. Her recent research has looked at:

  • the impact of bank shocks on firm performance
  • the performance of bank-affiliated private equity-backed companies which experience an increase in bank capital requirements
  • the link between corporate governance, access to finance and PE-backed firms' export market participation decisions.

Publications

List by: Type | Date

Jump to: 2025 | 2024 | 2023 | 2022 | 2021 | 2019 | 2018 | 2017 | 2016 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009
Number of items: 26.

2025

Lavery, Paul ORCID logoORCID: https://orcid.org/0000-0002-4280-4926, Amess, Kevin and Spaliara, Marina Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2025) Private equity buyout pricing, returns, and portfolio firm performance across UK regions. British Accounting Review, (doi: 10.1016/j.bar.2025.101689) (Early Online Publication)

2024

Lavery, Paul ORCID logoORCID: https://orcid.org/0000-0002-4280-4926, Spaliara, Marina-Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Goerg, Holger (2024) Private equity buyouts & firm exporting in crisis periods: Exploring a new channel. Journal of Corporate Finance, 89, 102686. (doi: 10.1016/j.jcorpfin.2024.102686)

Lavery, Paul ORCID logoORCID: https://orcid.org/0000-0002-4280-4926, Serena, Jose-Maria, Spaliara, Marina-Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2024) Private equity buyouts and exports: the impact of Brexit on UK firms. British Journal of Management, 35(1), pp. 364-377. (doi: 10.1111/1467-8551.12716)

2023

Lavery, Paul ORCID logoORCID: https://orcid.org/0000-0002-4280-4926, Spaliara, Marina-Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2023) Bank capital requirements and the impact on private equity. In: Hammer, Benjamin and Cumming, Douglas (eds.) The Palgrave Encyclopedia of Private Equity. Palgrave Macmillan: Cham. ISBN 9783030387389 (doi: 10.1007/978-3-030-38738-9_64-1)

Lavery, Paul ORCID logoORCID: https://orcid.org/0000-0002-4280-4926, Spaliara, Marina-Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2023) Private equity and bank capital requirements: evidence from European firms. British Journal of Management, 34(1), pp. 390-409. (doi: 10.1111/1467-8551.12593)

2022

Serena, Jose-Maria, Spaliara, Marina-Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2022) International bank credit, nonbank lenders, and access to external financing. Economic Inquiry, 60(3), pp. 1214-1232. (doi: 10.1111/ecin.13078)

2021

Lavery, Paul ORCID logoORCID: https://orcid.org/0000-0002-4280-4926, Serena, Jose-Maria, Spaliara, Marina-Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2021) Private equity buyouts and firm exports: evidence from UK firms. Project Report. SUERF.

Lavery, Paul ORCID logoORCID: https://orcid.org/0000-0002-4280-4926, Serena, Jose-Maria, Spaliara, Marina-Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2021) Private equity buyouts and firm exports: evidence from UK firms. Working Paper. Bank for International Settlements.

Lavery, Paul, Serena, Jose-Maria, Spaliara, Marina Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2021) Private Equity Buyouts, Credit Constraints, and Firm Exports. Working Paper. EconPapers.

2019

Farinha, Luisa, Spaliara, Marina-Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2019) Bank shocks and firm performance: new evidence from the sovereign debt crisis. Journal of Financial Intermediation, 40, 100818. (doi: 10.1016/j.jfi.2019.01.005)

2018

Görg, Holger and Spaliara, Marina-Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2018) Export market exit and financial health in crises periods. Journal of Banking and Finance, 87, pp. 150-163. (doi: 10.1016/j.jbankfin.2017.08.004)

2017

Spaliara, Marina Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2017) Corporate failures and the denomination of corporate bonds: Evidence from emerging Asian economies over two financial crises. Journal of International Financial Markets, Institutions and Money, 46, pp. 84-97. (doi: 10.1016/j.intfin.2016.08.005)

2016

Guariglia, Alessandra, Spaliara, Marina Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2016) To what extent does the interest burden affect firm survival? Evidence from a panel of UK firms during the recent financial crisis. Oxford Bulletin of Economics and Statistics, 78(4), pp. 576-594. (doi: 10.1111/obes.12120)

Byrne, Joseph P., Spaliara, Marina Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2016) Firm survival, uncertainty and financial frictions: is there a financial uncertainty accelerator? Economic Inquiry, 54(1), pp. 375-390. (doi: 10.1111/ecin.12240)

2014

Görg, Holger and Spaliara, Marina-Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2014) Financial health, exports, and firm survival: evidence from UK and French firms. Economica, 81(323), pp. 419-444. (doi: 10.1111/ecca.12080)

Görg, Holger and Spaliara, Marina Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2014) Exporters in the financial crisis. National Institute Economic Review, 228(1), R49-R57. (doi: 10.1177/002795011422800105)

Görg, Holge and Spaliara, Marina Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2014) Exporters in the Financial Crisis. Working Paper. Kiel Institute for the World Economy.

Tsoukas, S. ORCID logoORCID: https://orcid.org/0000-0002-6911-639X and Spaliara, M.E. ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2014) Market implied ratings and financing constraints: evidence from US firms. Journal of Business Finance and Accounting, 41(1-2), pp. 242-269. (doi: 10.1111/jbfa.12062)

2013

Holger, G. and Spaliara, M.E. ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2013) Export-Market Exit During the Crisis: Evidence from the UK. Technical Report. VoxEU.

Spaliara, M.E. ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, S. ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2013) What matters for corporate failures in Asia? Exploring the role of firm-specific characteristics during the Asian crisis. Structural Change and Economic Dynamics, 26, pp. 83-96. (doi: 10.1016/j.strueco.2012.12.002)

Görg, H. and Spaliara, M.E. ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2013) Export market exit, financial pressure and the crisis. Working Paper. Centre for Economic Policy Research, London, UK.

2012

García-Vega, M., Guariglia, A. and Spaliara, M.E. ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2012) Volatility, financial constraints, and trade. International Review of Economics and Finance, 21(1), pp. 57-76. (doi: 10.1016/j.iref.2011.05.003)

2011

Spaliara, M.E. ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2011) Financial frictions and the K/L ratio in UK manufacturing. Economics Letters, 112(1), pp. 23-25. (doi: 10.1016/j.econlet.2011.03.015)

2010

Spaliara, M.E. ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, S. ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2010) The Role of Bond Finance in Firms’ Survival During the Asian Crisis. Working Paper. Hong Kong Institute for Monetary Research.

2009

Goerg, H. and Spaliara, M.E. ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2009) Financial health, exports, and firm survival: A comparison of British and French firms. Working Paper. Centre for Economic Policy Research, London.

Spaliara, M.E. ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2009) Do financial factors affect the capital-labour ratio? Evidence from UK firm-level data. Journal of Banking and Finance, 33(10), pp. 1932-1947. (doi: 10.1016/j.jbankfin.2009.05.010)

This list was generated on Sat Jul 12 11:37:34 2025 BST.
Jump to: Articles | Book Sections | Research Reports or Papers
Number of items: 26.

Articles

Lavery, Paul ORCID logoORCID: https://orcid.org/0000-0002-4280-4926, Amess, Kevin and Spaliara, Marina Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2025) Private equity buyout pricing, returns, and portfolio firm performance across UK regions. British Accounting Review, (doi: 10.1016/j.bar.2025.101689) (Early Online Publication)

Lavery, Paul ORCID logoORCID: https://orcid.org/0000-0002-4280-4926, Spaliara, Marina-Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Goerg, Holger (2024) Private equity buyouts & firm exporting in crisis periods: Exploring a new channel. Journal of Corporate Finance, 89, 102686. (doi: 10.1016/j.jcorpfin.2024.102686)

Lavery, Paul ORCID logoORCID: https://orcid.org/0000-0002-4280-4926, Serena, Jose-Maria, Spaliara, Marina-Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2024) Private equity buyouts and exports: the impact of Brexit on UK firms. British Journal of Management, 35(1), pp. 364-377. (doi: 10.1111/1467-8551.12716)

Lavery, Paul ORCID logoORCID: https://orcid.org/0000-0002-4280-4926, Spaliara, Marina-Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2023) Private equity and bank capital requirements: evidence from European firms. British Journal of Management, 34(1), pp. 390-409. (doi: 10.1111/1467-8551.12593)

Serena, Jose-Maria, Spaliara, Marina-Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2022) International bank credit, nonbank lenders, and access to external financing. Economic Inquiry, 60(3), pp. 1214-1232. (doi: 10.1111/ecin.13078)

Farinha, Luisa, Spaliara, Marina-Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2019) Bank shocks and firm performance: new evidence from the sovereign debt crisis. Journal of Financial Intermediation, 40, 100818. (doi: 10.1016/j.jfi.2019.01.005)

Görg, Holger and Spaliara, Marina-Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2018) Export market exit and financial health in crises periods. Journal of Banking and Finance, 87, pp. 150-163. (doi: 10.1016/j.jbankfin.2017.08.004)

Spaliara, Marina Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2017) Corporate failures and the denomination of corporate bonds: Evidence from emerging Asian economies over two financial crises. Journal of International Financial Markets, Institutions and Money, 46, pp. 84-97. (doi: 10.1016/j.intfin.2016.08.005)

Guariglia, Alessandra, Spaliara, Marina Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2016) To what extent does the interest burden affect firm survival? Evidence from a panel of UK firms during the recent financial crisis. Oxford Bulletin of Economics and Statistics, 78(4), pp. 576-594. (doi: 10.1111/obes.12120)

Byrne, Joseph P., Spaliara, Marina Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2016) Firm survival, uncertainty and financial frictions: is there a financial uncertainty accelerator? Economic Inquiry, 54(1), pp. 375-390. (doi: 10.1111/ecin.12240)

Görg, Holger and Spaliara, Marina-Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2014) Financial health, exports, and firm survival: evidence from UK and French firms. Economica, 81(323), pp. 419-444. (doi: 10.1111/ecca.12080)

Görg, Holger and Spaliara, Marina Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2014) Exporters in the financial crisis. National Institute Economic Review, 228(1), R49-R57. (doi: 10.1177/002795011422800105)

Tsoukas, S. ORCID logoORCID: https://orcid.org/0000-0002-6911-639X and Spaliara, M.E. ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2014) Market implied ratings and financing constraints: evidence from US firms. Journal of Business Finance and Accounting, 41(1-2), pp. 242-269. (doi: 10.1111/jbfa.12062)

Spaliara, M.E. ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, S. ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2013) What matters for corporate failures in Asia? Exploring the role of firm-specific characteristics during the Asian crisis. Structural Change and Economic Dynamics, 26, pp. 83-96. (doi: 10.1016/j.strueco.2012.12.002)

García-Vega, M., Guariglia, A. and Spaliara, M.E. ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2012) Volatility, financial constraints, and trade. International Review of Economics and Finance, 21(1), pp. 57-76. (doi: 10.1016/j.iref.2011.05.003)

Spaliara, M.E. ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2011) Financial frictions and the K/L ratio in UK manufacturing. Economics Letters, 112(1), pp. 23-25. (doi: 10.1016/j.econlet.2011.03.015)

Spaliara, M.E. ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2009) Do financial factors affect the capital-labour ratio? Evidence from UK firm-level data. Journal of Banking and Finance, 33(10), pp. 1932-1947. (doi: 10.1016/j.jbankfin.2009.05.010)

Book Sections

Lavery, Paul ORCID logoORCID: https://orcid.org/0000-0002-4280-4926, Spaliara, Marina-Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2023) Bank capital requirements and the impact on private equity. In: Hammer, Benjamin and Cumming, Douglas (eds.) The Palgrave Encyclopedia of Private Equity. Palgrave Macmillan: Cham. ISBN 9783030387389 (doi: 10.1007/978-3-030-38738-9_64-1)

Research Reports or Papers

Lavery, Paul ORCID logoORCID: https://orcid.org/0000-0002-4280-4926, Serena, Jose-Maria, Spaliara, Marina-Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2021) Private equity buyouts and firm exports: evidence from UK firms. Project Report. SUERF.

Lavery, Paul ORCID logoORCID: https://orcid.org/0000-0002-4280-4926, Serena, Jose-Maria, Spaliara, Marina-Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2021) Private equity buyouts and firm exports: evidence from UK firms. Working Paper. Bank for International Settlements.

Lavery, Paul, Serena, Jose-Maria, Spaliara, Marina Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, Serafeim ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2021) Private Equity Buyouts, Credit Constraints, and Firm Exports. Working Paper. EconPapers.

Görg, Holge and Spaliara, Marina Eliza ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2014) Exporters in the Financial Crisis. Working Paper. Kiel Institute for the World Economy.

Holger, G. and Spaliara, M.E. ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2013) Export-Market Exit During the Crisis: Evidence from the UK. Technical Report. VoxEU.

Görg, H. and Spaliara, M.E. ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2013) Export market exit, financial pressure and the crisis. Working Paper. Centre for Economic Policy Research, London, UK.

Spaliara, M.E. ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 and Tsoukas, S. ORCID logoORCID: https://orcid.org/0000-0002-6911-639X (2010) The Role of Bond Finance in Firms’ Survival During the Asian Crisis. Working Paper. Hong Kong Institute for Monetary Research.

Goerg, H. and Spaliara, M.E. ORCID logoORCID: https://orcid.org/0000-0002-6500-8666 (2009) Financial health, exports, and firm survival: A comparison of British and French firms. Working Paper. Centre for Economic Policy Research, London.

This list was generated on Sat Jul 12 11:37:34 2025 BST.

Grants

  • Covid-19 Impact Award (2021)
  • Academic Returners Research Grant, (2015, 2018)
  • Adam Smith Research Foundation (2014)
  • SIRE (Scottish Institute for Research in Economics) Workshop Grant (2012)
  • SIRE (Scottish Institute for Research in Economics) Conference Grants (2011, 2012)
  • British Academic Research Grant (2011)
  • Carnegie Trust Research Grant (2011)
  • European Co-operation in Science and Technology Research Grants (2009, 2011)
  • British Academy Research Grant (2010)

Supervision

Marina is interested in supervising PhD students in the wider area of corporate finance. The following topics are of particular interest:

  • Trade and finance
  • ESG/climate risks and firm-level performance
  • Private equity, access to finance and portfolio firms
  • Sources of funding, uncertainty and corporate behaviour

Current PhD students

Teaching

Undergraduate

  • Financial markets and corporate finance
  • Financial markets and asset pricing

Postgraduate

  • Corporate finance and investment
  • Financial services

Additional information

Administration

  • Associate Director of Learning and Teaching
  • Director of the Centre for Economic and Financial Studies, Adam Smith Business School (Economics)

Marina Spaliara CV


Marina Spaliara