Ana Sina

I am currently pursuing a Ph.D. in Finance at the University of Reading, UK. My research interests include banking, systemic risk, climate finance, and political risk. During my Ph.D., I took a maternity leave of about three years for the birth of my two children.

I hold a BSc in Economics and Business and an MSc in Economics and Finance (Summa Cum Laude) from Ca' Foscari University of Venice. In July 2015, I completed a Master 2 Double Degree in Economics, Econometrics, and Finance at Aix-Marseille University, where I graduated top of my class among five selected students (Summa Cum Laude – Très Bien).

During my Ph.D., I have served as a Teaching Assistant at both the University of Reading and Bocconi University, supporting courses in Introductory Securities and Markets, Financial Markets, Risk Management, and Financial Econometrics.

Before beginning my doctoral studies, I worked at Deloitte Consulting in the Finance and Risk division (2015–2017) and at Pernod Ricard as a Financial Planning & Control Specialist (2018).

Education and Teaching

Education

Ph.D. Candidate in Finance, University of Reading, UK (2018-present)
[including a maternity leave of about three years for the birth of my two children]
Thesis: Systemic and Climate Risks in the Banking Sector: Evidence from Syndicated Lending and Net-Zero Commitments
Supervisors: Prof. Simone Varotto, Dr. Alfonso Dufour, Prof. Monica Billio (external, Ca' Foscari University)
Three-year PhD scholarship awarded by the University of Reading


Aix-Marseille University, Marseille, France (2013–2015)
Degree: Double Master 2 in Economics, Econometrics, and Finance (Summa Cum Laude – Très Bien)
Dissertation: Relation between Quantitative Easing and Bank Liquidity Creation: The U.S. Case
Bando Vinci grant awarded by Université Franco-Italienne, and Erasmus Placement Scholarship


Ca' Foscari University of Venice, Venice, Italy
M.Sc. in Economics and Finance (Summa Cum Laude), 2013–2015
B.Sc. in Economics and Business, 2010–2013

Further Education

I.S.E.O. Summer School in Economics, Iseo Lago, Italy (2025)
Scholarship awarded: €1,600 plus board and accommodation
Ranked among the top ten Summer Schools in Economics worldwide (source: Inomics)


Summer School in Mathematics, University of Perugia, Italy (2019)
Scholarship awarded: €300 plus accommodation

Teaching Assistant

Bocconi University, Milan, Italy (2022–2025)
Financial Econometrics and Empirical Finance


University of Reading, Reading, UK (2018–2021)
Credit Risk (2021)
Quantitative Methods in Finance (QMF); Financial Markets; Securities, Futures and Options (2020–2021)
Introductory Securities and Markets (2018–2021)
Management of Risk (2018–2019)

Other Teaching

The Brilliant Club, London, UK (2020–2021)
Delivered an Economics and Finance teaching program for a UK-based educational charity that engages Ph.D. researchers and university graduates to support pupils from underrepresented backgrounds in accessing highly selective universities

Research

Publications

Sina, A., Billio, M., Dufour, A., Rocciolo, F., and Varotto, S., "The systemic risk of leveraged and covenant-lite loan syndications", International Review of Financial Analysis 97, 103738 (2025).
Abstract: By modelling the whole U.S. syndicated loan market as a financial network from 2000 to 2022, we find that highly connected institutions hold significant shares of leveraged and covenant-lite loans. Our analysis indicates that the size of leveraged and covenant-lite syndicated loan portfolios increases financial institutions' systemic risk, particularly during recession periods. Although banks commonly sell syndicated loans shortly after origination, our results suggest that they remain vulnerable to pipeline risk. Our study has significant implications for policymakers and regulators, as it can aid in identifying banks exposed to systemic risk associated with leveraged and covenant-lite loans and in ranking systemically important financial institutions accordingly.

Working Papers

Billio, M., Dufour, A., Sina, A., “How Climate Risk Shapes U.S. Systemic Stability through Syndicated Lending”
Abstract: This study investigates how climate dynamics affect systemic stability in the U.S. syndicated loan market. It combines eight established climate risk measures with a new proxy for banks’ green lending orientation and 16 region-specific indicators related to anomalies, droughts, and extreme events. Four key factors emerge as significant drivers of banks’ systemic risk: banks’ environmental stance, extreme events in the South, precipitation anomalies in the East, and changes in U.S. climate policy. While exposure to climate-sensitive regions poses challenges, the findings suggest that green lending contributes to stability. Ultimately, the research highlights the need for climate policies that mitigate uncertainty and promote sustainable lending, supporting financial resilience and facilitating a low-carbon transition, especially in Southern and Eastern regions.


Sina, A., “Broken Pledges: How Politics Undermines Net-Zero Ambitions in Banking”
Abstract: Using granular data on Net-Zero Banking Alliance (NZBA) members, this study shows that banks making tangible progress toward decarbonization financing targets exhibit significantly lower climate risk, as measured by the CRISK metric. However, between late 2024 and early 2025, several banks—primarily systemically important institutions based in North America and Japan—withdrew from the NZBA. Our analysis reveals that these withdrawals were driven exclusively by electoral outcomes in the United States, not financial or institutional factors. These findings highlight how vulnerable climate coalitions are to changes in the political landscape, casting doubt on the feasibility of achieving the 2050 net-zero decarbonization target. As political support for cutting emissions shifts, banks adjust accordingly, undermining confidence in the credibility of large banks’ commitments to the global climate agenda.

Referee

International Review of Financial Analysis (×1)

Fellowship and Conferences

Fellowship

Research Fellowship (since May 2023)
Supported by the European Union – NextGenerationEU, through Ca’ Foscari University of Venice, as part of the GRINS – Growing Resilient, Inclusive and Sustainable project (GRINS PE00000018 – CUP H73C22000930001)

Conferences

  • I.S.E.O. Summer School in Economics, Poster presentation, Italy (2025) - I.S.E.O. Scholarship awarded (€2,800)
  • CFE–CMStatistics Conference, (2025 - expected)
  • Nazarbayev University Seminar (2024)
  • CFE–CMStatistics Conference, (Invited presenter by Prof. Massimo Guidolin, 2020)
  • CREDIT Conference, Venice, Italy (2021) – Poster presentation
  • World Finance Conference – Banking Symposium, Latvia (2020)
  • 3rd International Workshop on Systemic Risk in the Financial Sector, NRU HSE, Russia (2020)
  • Ph.D. Economics Seminar Series, Henley Business School, UK (2020)
  • AFA Annual Meeting (American Finance Association), San Diego, U.S. (2020) – Poster presentation; AFA Travel Grant awarded ($1,050)
  • ICMA Centre Ph.D. Workshop, University of Reading, UK (2019, 2020, 2021, 2025)
  • EDEEM Doctoral Summer Workshop in Economics, Venice, Italy (2019) – Poster presentation

Other

Discussant, World Finance Conference – Banking Symposium, Latvia (2020)

Scientific Committee Member, Royal Economic Society Symposium of Junior Researchers, Warwick, UK (2019)

Resume

Education

2018 - Present
Henley Business School, University of Reading, Reading UK

Ph.D. candidate in Finance

Advisors: Prof. Simone Varotto, Dr. Alfonso Dufour and Prof. Monica Billio
[Maternity leave of about three years for the birth of my two children]

2013 - 2015
AIX Marseille University, Marseille, France

M.Sc.2 Summa Cum Laude (Double 2 Degree) in Economics, Econometrics and Finance

(Double Master 2 Degree. First out of five students selected)
Master 2 Dissertation: Relation between the Quantitative Easing and the Bank Liquidity Creation: the U.S. case
2013 - 2015
Università Cà Foscari of Venice, Venice, Italy

M.Sc. Summa Cum Laude in Finance

2010 - 2013
Università Cà Foscari of Venice, Venice, Italy

B.S. in Economics and Business

Additional Education

2025
Iseo Lago, Iseo, Italy

I.S.E.O. Summer School

Scholarship awarded: €1,600 plus board and accommodation
Ranked among the top ten Summer Schools in Economics worldwide (source: Inomics)

2019
University of Perugia, Perugia, Italy

Summer School in Mathematics

Scholarship awarded: €300 plus accommodation

Publications

2025
International Review of Financial Analysis 97, 103738

The systemic risk of leveraged and covenant-lite loan syndications

Sina, A., Billio, M., Dufour, A., Rocciolo, F., and Varotto, S.

Working Papers

  • Billio, M., Dufour, A., Sina, A., “How Climate Risk Shapes U.S. Systemic Stability through Syndicated Lending”
  • Sina, A., “Broken Pledges: How Politics Undermines Net-Zero Ambitions in Banking”

Fellowship

May 2023 - Present

Research fellowship

Supported by the European Union – NextGenerationEU, through Ca’ Foscari University of Venice, as part of the GRINS – Growing Resilient, Inclusive and Sustainable project (GRINS PE00000018 – CUP H73C22000930001)

Conferences

2025
Iseo, Italy

I.S.E.O. Summer School in Economics – Poster presentation

I.S.E.O. Scholarship awarded (€2,800)

2024
Astana, Kazakhstan

Nazarbayev University Seminar

2021
London, UK

CFE–CMStatistics Conference - Invited speaker

2021
Venice, Italy

CREDIT Conference – Poster presentation

2020
Latvia

World Finance Conference – Banking Symposium

2020
NRU HSE, Russia

3rd International Workshop on Systemic Risk in the Financial Sector

2020
Henley Business School, UK

Ph.D. Economics Seminar Series

2020
San Diego, U.S.

AFA Annual Meeting (American Finance Association) – Poster presentation - AFA travel grant ($1,050)

2019
University of Reading, UK

ICMA Centre Ph.D. Workshop

2019
Venice, Italy

ICMA Centre Ph.D. Workshop (Reading - UK) – Poster presentation

Academic Service

2019

Scientific Committee

Royal Economic Society Symposium of Junior Researchers (Warwick - UK)

Teaching Experience

TEACHING

2022 - 2025
Bocconi University, Milan, Italy

Financial Econometrics and Empirical Finance

2018 - 2021

University of Reading, Reading, UK

Credit Risk (2021)

Quantitative Methods in Finance (QMF)

Financial Markets

Securities, Futures and Options (2020–2021)

Introductory Securities and Markets (2018–2021)

Management of Risk (2018–2019)

OTHER TEACHING

2020 - 2021
The Brilliant Club, London, UK

Delivered an Economics and Finance teaching program for a UK-based educational charity that engages Ph.D. researchers and university graduates to support pupils from underrepresented backgrounds in accessing highly selective universities

Industry Experience

2018
Pernod Ricard, Milan, Italy

Financial Planning & Control Specialist

2015 - 2017
Deloitte Consulting, Milan, IT

Finance and Risk division

Awarded twice the max yearly bonus for target achievements.
(References available on my LinkedIn profile: https://www.linkedin.com/in/anasina/)

Additional Industry Experience

2014
Banca Popolare di Vicenza, Vicenza, Italy

Intern - Research Department (Planning Control)

2013
Comune di Santa Maria di Sala, Venice, Italy

Intern - Taxation Office

During my B.S. I always worked to support myself financially.
I also worked as a call receptionist in New York (Summer 2012)

Awards/Bonus and Scholarships

2018 - Present

PhD Scholarship - ICMA Centre

2020

AFA Travel Grant (Annual Meeting) - The American Finance Association (1050$)

2019

Summer School in Mathematics - University of Perugia (300€)

2016 - 2017

Deloitte Consulting Bonus - Twice 1st Range Bonus (4/4)

2015

Merit Scholarship - Double Degree Program (Universit Franco Italienne)

2015

Merit Scholarship - Erasmus Placement Scholarship

Programming Expertise

  • LATEX, Stata, SAS, Matlab, RStudio and OxMetrics

Languages

  • Italian (native), Albanian (bilingual), English (fluent), Spanish (fluent), French (elementary), Russian (beginner)

Mentoring, Challenges and Volunteering

2019 - Present

Mentor and Ambassador in the Mentors4u Program

2017 - 2018

Volunteer, A.V.O. – Associazione Volontari Ospedalieri, Policlinico di Milano Hospital

2014 - 2015

MENTORS4U and GenerAzioni

Selected among top ranking students to participate to two mentoring programs
2015

CFA FUND MANAGEMENT challenge participant

2015

BNP PARIBAS ACE MANAGER competition participant

Ranking: 1st Team at Ca’ Foscari University Level; 6th/140 teams across Italy;
134th/2508 at world level
2015

HARVARD NMUN participant (Boston, U.S.)

2013 - 2014

CFA INSTITUTE RESEARCH CHALLENGE participant

Ranking: Finalist at a national level