Cristina Cella

Cristina Cella


Avdelningen för finansiell stabilitet
Sveriges Riksbank
SE-103 37 Stockholm, Sweden

Telefon + 46 8 787 06 40

Climate-related risks, sustainable finance, corporate finance and firms’ vulnerabilities


Cristina Cella's CV


2005 – 2008
Ph.D. in Finance

University of Naples Federico II, Italy

Thesis: Does Ownership Structure Matter for Returns and Returns Volatility?

Advisors: Marco Pagano and Andrew Ellul

2006 – 2008 Visiting Doctoral Scholar
Kelley School of Business, Indiana University

Master in Economics and Finance, MEF
University of Naples Federico II

2002 – 2003 Erasmus Exchange Student, Economics and Finance
Université Montesquieu Bordeaux IV, Bordeaux, France

1999 – 2003 Degree in Business Economics, magna cum laude (First Class)
University of Naples Federico II

Policy work

Areas of Interest

Climate-related risks, firms’ vulnerabilities and financial institutions.

Published Papers

Taking their temperature: Swedish mutual funds and the Paris Agreement, Staff Memo, April 2023. Sveriges riksbank.

Fifty shades of green: the colour of Swedish equity funds, Staff Memo, October 2022. Sveriges riksbank.

The COVID-19 pandemic crisis and vulnerable firms. Evidence from Sweden, Staff Memo, October 2021. Sveriges riksbank.

Banking and climate-related risks, implication for financial stability, Staff Memo, May 2021. Sveriges riksbank.

Bankruptcy at the time of COVID-19: the Swedish Experience, Staff Memo, November 2020. Sveriges riksbank.

Zombie firms in Sweden: implications for the real economy and financial stability, Staff Memo, September 2020. Sveriges riksbank.

Appendix A – Do higher capital requirements affect lending rates, appropriate capital ratios in major Swedish banks – new perspectives, Staff Memo, May 2017. Sveriges Riksbank


Research Interests

Institutional investors and financial institutions, corporate finance, corporate governance, firm's ownership structures, performance, corporate investments, entrepreneurship

Published Papers

Institutional investors and corporate investment. Finance Research Letters, 2020

Investors' Horizons and the Amplification of Market Shocks, with Andrew Ellul and Mariassunta Giannetti, Review of Financial Studies, vol. 26-7, p. 1607-1648, 2013. (Lead Article)

Family Firms’ Stock Market Performance, Chapter 2 in Managing Ownership and Succession in Family Firms, Scholar Publishing House, 2009.

Previous work experience

July 2010 – July 2017
Assistant Professor of Finance

Stockholm School of Economics

2008 – June 2010 Postdoctoral Scholar in Finance
Kelley School of Business, Indiana University