Ariane SZAFARZ
Professor of Finance @SBS-EM
Regular Fellow @CEBRIG and Co-Director @CERMi
Phone: +32 2 650 48 65
ULB Office: R42.4.218
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RESUME

Ariane Szafarz (she/her) is a Professor of Finance at the Solvay Brussels School of Economics and Management (SBS-EM), Université libre de Bruxelles (ULB), Belgium. She is also a founding member and a Co-Director of the Centre for European Research in Microfinance (CERMi), the Co-Director of the SBS-EM Doctoral Programme in Management Sciences, and a founding member and the President of the Marie-Christine Adam Foundation.

Her research mainly focuses on microfinance, gender discrimination in the credit market, mission drift, ownership and control, epistemology of finance.

Research fields

Financial Inclusion | Gender Studies | Social Finance | Household Finance | Corporate Governance

Keywords

Microfinance | Social Banking | Mission Drift | Discrimination in Lending | Gender Biases | Ownership and Control

publications : Articles and Papers

• Bias in Mission-Driven Finance: Discrimination or Mission Drift?, Cozarenco A. & A. Szafarz, Journal of Business Ethics, pp. 1-16, 2025.
• Ethical Funding and Good Governance: Does the Design of Funding Matter?, Hudon M., S.A. Nyarko & A. Szafarz, Journal of Alternative Finance, 2025.
• Women, immigrants, and microcredit in Europe: a Bayesian approach, Cozarenco A., A. Szafarz & M. Tsionas, Annals of Operations Research, 344, 1, pp. 103-134, 2025.
• ​Donors talk: the signaling and imprinting effects of giving to social enterprises,  D’Espallier B., M. Hudon, S. Khavul & A. Szafarz, Finance, 45, 2, pp. 7-42, 2024.
• Banking regulation and costless commitment contracts for time-inconsistent agents,  Laureti C. & A. Szafarz, Economic Modelling, 129, 2023.
• Female corporate owners and female CEOs, Charpin A., A. Szafarz & I. Tojerow, Economics Letters, 232, 2023.
• Gold, bitcoin, and portfolio diversification: lessons from the Ukrainian war,  Oosterlinck K., A. Reyns & A. Szafarz, Resources Policy, 83.
• Biases in Prosocial Lending? Methods and Application to Microcredit, Cozarenco A., & A. Szafarz, Methods and Application to Microcredit, 2023.
• Feasible Institutions of Social Finance: A Taxonomy, Cornée S., M. Jegers & A. Szafarz, Journal of Institutional and Theoretical Economics, 2022.
• Subsidies to microfinance institutions: How do they affect cost efficiency and mission drift?, Cozarenco A., V. Hartarska & A. Szafarz, Applied Economics, 2022.
• Precautionary Liquidity and Retirement Saving, Brière M., J. Poterba & A. Szafarz, American Economic Review P&P, 2022.
• Women in the Boardroom: A Bottom-up Approach to the Trickle-down Effect, Périlleux A. & A. Szafarz, Small Business Economics, 58, 4, 1783–1800, 2022. 
• Crowding-In or Crowding-Out? How Subsidies Signal the Path to Financial Independence of Social Enterprises, Reichert P., M. Hudon, A. Szafarz & R.K. Christensen, Perspectives on Public Management and Governance, 4, 3, pp. 291-308, 2021. 
• When it Rains, it Pours: Multifactor Asset Management in Good and Bad Times, Brière M. & A. Szafarz, Journal of Financial Research, 44, 3, pp. 641-669, 2021. 
• The Regulation of Prosocial Lending: Are Loan Ceilings Effective?, Cozarenco A. & A. Szafarz, Journal of Banking and Finance, 121, 2020.
• Anchors Aweigh? Then Time to go Upstream. Why we Need to Theorize ‘Mission’ before ‘Drift’, Varendh Mansson C., T. Wry & A. Szafarz, Academy of Management Review, 45, 1, pp. 230-234, 2020.
• The Business Model of Social Banks, Cornée S., P. Kalmi & A. Szafarz, Kyklos, 73, 2, 196-226, 2020.
• Good Diversification is Never Wasted: How to Tilt Factor Portfolios with Sectors, Brière M. & A. Szafarz, Finance Research Letters, 33, pp. 1-5, 2020.
• Mission Drift in Social Enterprises: Do Microfinance Organizations Walk the Talk?, Mersland R., S.A. Nyarko & A. Szafarz,  Journal of Business Venturing Insights, 2019.
• How Costly is Social Screening? Evidence from the Banking Industry, Cornée S., P. Kalmi & A. Szafarz, Economics Bulletin, 38, 1, pp. 532-540, 2018.
• Gender Biases in Bank Lending: Lessons from Microcredit in France, Cozarenco A. & A. Szafarz,  Journal of Business Ethics, 147, 3, pp. 631–650, 2018.
• Cross-Ownership: A Device for Management Entrenchment?, Levy M. & A. Szafarz, Review of Finance, 21, 4, pp. 1675-1699, 2017.
• Discipline and Flexibility: A Behavioral Perspective on Microfinance Product Design, Labie M., C. Laureti & A. Szafarz, Oxford Development Studies, 45,3, pp. 321-337, 2017.
• Microfinance and Gender: Issues, Challenges and the Road Ahead, Garikipati S., I. Guérin, S. Johnson & A. Szafarz,  Journal of Development Studies, 53, 5, pp. 641–648, 2017.
• The Cost of Empowerment: Multiple Sources of Women’s Debt in Rural India, Garikipati S., I. Agier, I. Guérin & A. Szafarz, Journal of Development Studies, 53, 5, pp. 700–722, 2017.
• Aid Volatility and Social Performance in Microfinance, D’Espallier B., M. Hudon & A. Szafarz, Nonprofit and Voluntary Sector Quarterly, 46, 1, pp. 116-140, 2017.
• The Price of Deposit Liquidity: Banks versus Microfinance Institutions, Laureti C. & A. Szafarz, Applied Economics Letters, 23, pp. 1244-1249, 2016.
• Selectivity and Transparency in Social Banking: Evidence from Europe, Cornée S., P. Kalmi & A. Szafarz,  Journal of Economic Issues, 50, pp. 494-502, 2016.
• Towards  Greater Diversification  in  Central  Bank  Reserves, Brière M.,  V. Mignon, K. Oosterlinck & A. Szafarz,  Journal   of   Asset   Management, 17, pp. 295–312, 2016.
• What Type of Microfinance Institutions Supply Savings Products?, Cozarenco A., M. Hudon & A. Szafarz, Economics Letters, 140, pp. 57–59, 2016.
• Women  at  the  Top  in  Developing  Countries: Evidence from Firm Data, Sekkat K.,  A. Szafarz & I. Tojerow, 2015.
• Discrimination by Microcredit Officers: Theory and Evidence on Disability in Uganda, Labie M., P-G Méon, R. Mersland & A. Szafarz, Quarterly Review of Economics and Finance, 58, pp. 44-55, 2015.
• Market Efficiency and Crises: Don’t Throw the Baby out with the Bathwater, Szafarz A., Bankers, Markets, and Investors, 139, pp. 20-26, 2015.
• Virtual Currency, Tangible Return: Portfolio Diversification with Bitcoin, Brière M., K. Oosterlinck & A. Szafarz, Journal of Asset Management, 16, 6, pp. 365-373, 2015.
• Women Leaders and Social Performance: Evidence from Financial Cooperatives in Senegal, Périlleux A. & A. Szafarz, World Development, 74, pp. 437–452, 2015.
• Issues in Identifying Economic Crises: Insights from History, De Scheemaekere X., K. Oosterlinck & A. Szafarz, Financial History Review, pp. 1-18, 2015.
• Does Commercial Microfinance Belong to the Financial Sector? Lessons from the Stock Market, Brière M. & A. Szafarz, World Development, 67, pp. 110-125, 2015.
• Factor-Based v. Industry-Based Asset Allocation: The Contest, Brière M. & A. Szafarz, Working Paper CEB n°15-035, 2015.
• Discipline and Flexibility: A Behavioral Perspective on Product Design in Microfinance, Labie M., C. Laureti & A. Szafarz, 2015.
• Vive la Différence: Social Banks and Reciprocity in the Credit Market, Cornée S. & A. Szafarz, Journal of Business Ethics, 125, pp. 361-380, 2014.
• Which Short Selling Regulation is the Least Damaging to Market Efficiency? Evidence from Europe, Bernal O., A. Herinckx & A. Szafarz, International Review of Law and Economics, 37, pp. 244–256, 2014.
• Having it Both Ways: A Theory of the Banking Firm with Time-Consistent and Time-Inconsistent Depositors, Laureti C. & A. Szafarz, Working Paper CEB n°14-011, 2014.
• Microcredit in Developed Countries: Unexpected Consequences of Loan-Size Ceilings, Cozarenco A. & A. Szafarz, Working Paper CEB n°14-015, 2014.
• Art Market Inefficiency, David G., K. Oosterlinck & A. Szafarz, Economics Letters, 121, 1, pp. 23–25, 2013.
• Subjectivity in Credit Allocation to Micro-Entrepreneurs: Evidence from Brazil, Agier I. & A. Szafarz, Small Business Economics, 41,1, pp. 263-275, 2013.
• Is the Market Portfolio Efficient? A New Test of Mean-Variance Efficiency when all Assets are Risky, Brière M., B. Drut, V. Mignon, K. Oosterlinck & A. Szafarz, Finance, 34, 1, pp. 7-41, 2013.
• Unsubsidized Microfinance Institutions, D'Espallier B., M. Hudon & A. Szafarz, Economics Letters, 120, 2, pp. 174-176, 2013.
• Microfinance and Gender: Is There a Glass Ceiling on Loan Size?, Agier I. & A. Szafarz, World Development, 42, pp. 165–181, 2013.
• No Contagion, only Globalization and Flight to Quality, Brière M., A. Chapelle & A. Szafarz, Journal of International Money and Finance, 31, 6, pp. 1729-1744, 2012.
• Child Gender and Parental Borrowing: Evidence from India, Agier I., I. Guérin & A. Szafarz, Economics Letters, 115, 3, pp. 363-365, 2012.
• Financial Crises in Efficient Markets: How Fundamentalists Fuel Volatility, Szafarz A., Journal of Banking and Finance, 36, 1, pp. 105-111, 2012. This paper was mentioned among the five JBF Editors’ Choices.
• Valuing Homeownership, Sekkat K. & A. Szafarz, Journal of Real Estate Finance and Economics, 43, 4, pp. 491-504, 2011.
• The Modern Corporation as a Safe Haven for Taste-Based Discrimination: An Agency Model of Hiring Decisions, Méon P.-G. & A. Szafarz, Labour Economics, 18, 4, pp. 487–497, 2011.
• Credit to Women Entrepreneurs in Urban Brazil: The Curse of the Trustworthier Sex, Agier I. & A. Szafarz, Working Paper CEB n°11-005, 2011.
• The Inference Fallacy from Bernoulli to Kolmogorov, De Scheemaekere X. & A. Szafarz, Working Paper CEB n°11-006, 2011.
• Observing Bailout Expectations during a Total Eclipse of the Sun, Bernal O., K. Oosterlinck & A. Szafarz, Journal of International Money and Finance, 29, 7, pp. 1193-1205, 2010.
• Sector Classification through non-Gaussian Similarity, Vermorken M., A. Szafarz & H. Pirotte, Applied Financial Economics, 20, 11, pp. 861-878, 2010.
• The Special Status of Mathematical Probability: A Historical Sketch, De Scheemaekere X. & A. Szafarz, Epistemologia, 32, 1, pp. 91-110, 2009.
• Crisis-Robust Bond Portfolios, Brière M. & A. Szafarz, Journal of Fixed Income, Fall, pp. 57-70, 2008.
• An Alternative to Statistical Discrimination, Szafarz A., Economics Bulletin, 10, 5, pp. 1-6, 2008.
• Control Consolidation with a Threshold: An Algorithm, Chapelle A. & A. Szafarz, IMA Journal of Management Mathematics, 18, 3, pp. 235-243, 2007.
• A General Formula for the WACC: A Reply, Farber A., R. Gillet & A. Szafarz, International Journal of Business, 12, 3, pp. 405-411, 2007.
• A General Formula for the WACC, Farber A., R. Gillet & A. Szafarz, International Journal of Business, 11, 2, pp. 211-218, 2006.
• Sector Diversification during Crises: A European Perspective, Beine M., P.-Y. Preumont & A. Szafarz, Working Paper DULBEA n°06-07, 2006.
• Size Matters: Central Bank Interventions on the Yen/Dollar Exchange Rate, Beine M. & A. Szafarz, Brussels Economic Review, 49, 1, pp. 5-20, 2006.
• Controlling Firms through the Majority Voting Rule, Chapelle A. & A. Szafarz, Physica A, 355, pp. 509-529, 2005.
• Les leviers de contrôle des actionnaires majoritaires, Biebuyck T., A. Chapelle & A. Szafarz, Revue Gouvernance, 1, 2, pp. 52-70, 2004.
• Marchés financiers et anticipations rationnelles, Gillet R. & A. Szafarz, Reflets et Perspectives de la Vie Economique, XLIII, 2, pp. 7-17, 2004.
• L'effet de l'âge de l'investisseur sur le niveau de risque de son portefeuille, Chapelle A., M.-P. Laurent & A. Szafarz, La Revue du Financier, 142, pp. 20-32, 2003.
• Les indices DJ Stoxx reflètent-ils le marché des actions européennes, Preumont P.Y. & A. Szafarz, Revue Bancaire et Financière, 1,  pp. 63-71, 2002.
• Multivariate Unit Root Tests of the PPP Hypothesis, Flôres R., P. Jorion, P.Y. Preumont & A. Szafarz, Journal of Empirical Finance, 6, 4, pp. 335-353, 1999.
• Testing for Spurious Causality in Exchange Rates, Renault E., K. Sekkat & A. Szafarz, Journal of Empirical Finance, 5, 1, pp. 47-66, 1998.
• Testing the Information Structure of Eastern European Markets: The Warsaw Stock Exchange, Flôres R. & A. Szafarz, Economics of Planning, 30, pp. 91-105, 1997.
• An Enlarged Definition of Cointegration, Flôres R. & A. Szafarz, Economics Letters, 50, 2, pp. 193-196, 1996.
• Bulles spéculatives: de la théorie à la réalité, Adam M.C. & A. Szafarz, Revue de la Banque, 2, pp. 79-83, 1995.
• Solutions of Multivariate Rational Expectations Models, Broze L., C. Gouriéroux & A. Szafarz, Econometric Theory, 11, pp. 229-257, 1995.
• Volatilité des marchés financiers: chaos, irrationalité ou illusion d'optique?, Adam M.C., A. Farber & A. Szafarz, Gestion 2000, 5, pp. 161-176, 1995.
• Exchange Rate Volatility in High-Inflation Economies: An Econometric Study of Poland and Brazil, Flôres R., M. de B. Monteiro & A. Szafarz, Economics of Planning, 27, pp. 277-292, 1994.
• Agents, Econometricians, and the Identification of Conditional Systems, Flôres R. & A. Szafarz, Revista de Econometria, 14, 1, pp. 71-87, 1994.
• Efficient Markets Do Not Cointegrate, Flôres R. & A. Szafarz, Cahiers du CERO, 36, pp. 143-151, 1994.
• Speculative Bubbles and Financial Markets, Adam M.C & A. Szafarz, Oxford Economic Papers, 44, 4, pp. 626-640, 1992.
• Minimal Identification of Dynamic Rational Expectations Systems, Flôres R. & A. Szafarz, Revista Brasileira de Economia, 46, 3, pp. 399-412, 1992.
• The Ratchet Effect and the Planner's Expectations, Roland G. & A. Szafarz, European Economic Review, 34, 5, pp. 1079-1098, 1990.
• Crises boursières, bulles spéculatives et rationalité économique, Adam M.C. & A. Szafarz, Etudes Internationales, XX, 4, pp. 781-790, 1989.
• Bulles spéculatives et transmission d'information sur le marché d'un bien stockable, Broze L., C. Gouriéroux & A. Szafarz, L'Actualité Economique, 62, pp. 166-183, 1986.
• Solutions des modèles linéaires à anticipations rationnelles, Broze L. & A. Szafarz, Annales de l'INSEE, 57, pp. 99-118, 1985.
• Forme réduite d'un modèle général à anticipations rationnelles, Broze L. & A. Szafarz, Cahiers du CERO, 27, pp. 175-205, 1985.
• Solutions of Dynamic Linear Rational Expectations Models, Broze L., C. Gouriéroux & A. Szafarz, Econometric Theory, 1, pp. 341-368, 1985.
• L'évolution du concept de probabilité de Pascal à Laplace, Szafarz A., Technologia, 8, pp. 67-75, 1985.
• On Linear Models with Rational Expectations which Admit a Unique solution, Broze L. & A. Szafarz, European Economic Review, 24, pp. 103-111, 1984.
• Richard von Mises: l'échec d'une axiomatique, Szafarz A., Dialectica, 38, pp. 311-317, 1984.

publications : BOOKS

• A Research Agenda for Financial Inclusion and Microfinance, Hudon M., M. Labie & A. Szafarz (Eds.), Cheltenham: Edward Elgar Publishing, 2019.
• Efficience des marchés: concepts, bulles spéculatives et image comptable, Colmant B., R. Gillet & A. Szafarz (Eds.), Second Edition, Brussels: Larcier, 2009.
• Obligations souveraines: situation du marché, évaluation du risque-pays et gestion des défauts, Oosterlinck K. & A. Szafarz (Eds.), Brussels: Larcier, 2005.
• Mathématiques appliquées à la gestion, Dussart J., N. Joukoff, A. Loulit & A. Szafarz (Eds.),  Paris: Pearson Education France, 2004.
• Efficience des marchés: concepts, bulles spéculatives et image comptable, Colmant B., R. Gillet & A. Szafarz (Eds.), Brussels: Larcier, 2003.
• Econométrie de la Finance: approches historiques, Gouriéroux C., O. Scaillet & A. Szafarz (Eds.),  Paris: Economica, 1997.
• The Econometric Analysis of Non-Uniqueness in Rational Expectations Models, Broze L. & A. Szafarz (Eds.),  Amsterdam: North-Holland, 1991.
• Reduced Forms of Rational Expectations Models, Broze L., C. Gouriéroux & A. Szafarz (Eds.),  Harwood Academic Publishers, 1990.

publications : CHAPTERS IN BOOK

• Randomized Control Trials in the Field of Development: A Critical Perspective, Abramowicz M. & A. Szafarz, Ethics of Randomized Controlled Trials: Should Economists Care about Equipoise?,  in Bédécarrats F., I. Guérin & F. Roubaud,  (Eds.) Oxford University Press, pp. 280-292, 2020.
• The Microfinance Alphabet Hudon M., M. Labie & A. Szafarz, in O'Connor M., J. Silva Afonso (Eds.), Emerging Challenges and Innovations in Microfinance and Financial Inclusion, London: Palgrave Macmillan, pp. 1-11, 2019.
• Microfinance in the North: Where Do We Stand?, ​Cozarenco A. & A. Szafarz, in Hudon M., M. Labie & A. Szafarz (Eds.) Research Agenda for Financial Inclusion and Microfinance, Cheltenham: Edward Elgar Publishing, pp. 125-137, 2019.
• Factors and Sectors in Asset Allocation: Stronger Together?, Brière M & A. Szafarz, in Bulusu N., J. Coche, A. Reveiz, F. Rivadeneyra, V. Sahakyan, and G. Yanou (Eds.), Advances in the Practice of Public Investment Management: Portfolio Modelling, Performance Attribution and Governance, Palgrave Macmillan, pp. 291-309, 2018.
• Factor Investing: The Rocky Road from Long-Only to Long-Short, Brière M & A. Szafarz, in Jurczenko E. (Ed.), Factor Investing: From Traditional to Alternative Risk Premia, Elsevier, pp. 25-45, 2017.
• Defining Social Collateral in Microfinance Group Lending, Postelnicu L., N. Hermes & A. Szafarz, in Mersland R. and Ø. Strøm (Eds.), Microfinance Institutions: Financial and Social Performance, Hampshire, UK: Palgrave Macmillan, pp. 187-207, 2014. 
• On Mission Drift in Microfinance Institutions, Armendariz B. & A. Szafarz, in B. Armendariz and M. Labie (Eds), The Handbook of Microfinance, London-Singapore: World Scientific Publishing, pp. 341-366, 2011.
• L’efficience informationnelle des marchés. Une hypothèse, et au-delà ?, Gillet R. & A. Szafarz, in D. Bourghelle, O. Brandouy, R. Gillet, A. Orléan (Eds), Croyances, représentations collectives et conventions en finance, Economica (Collection "Recherche en gestion"), pp. 43-58, 2005. 
• European R&D at the Crossroads, Adam M.C., A. Farber, R. Flôres, C. Leclercq & A. Szafarz, in: R.M. Mason, L.L. Lefebvre, T.M. Khalil (Eds.), Proceedings of the Fifth International Conference for Management of Technology, Elsevier, pp. 767-768, 1996.
• Speculative Bubbles and Financial Markets, Adam M.C. & A. Szafarz, in A. Courakis (Ed.), Financial Markets, Institutions and Policy (reprint from Oxford Economic Papers), Oxford University Press, 1993.
• Speculative Bubbles and Exchange of Information on the Market of a Storable Good, Broze L., C. Gouriéroux & A. Szafarz, in Barnett W.A., J. Geweke & K. Shell (Eds), Economic Complexity: Chaos, Sunspots, Bubbles, and Nonlinearity, Cambridge University Press, pp. 101-118, 1989.
• On Econometric Models with Rational Expectations, Broze L. & A. Szafarz, in Bewley T.F. (Ed.), Advances in Econometrics, Fifth World Congress, Vol. I, Cambridge University Press, pp. 171-205, 1987.
• On Solutions of Linear Models with Rational Expectations, Broze L., J. Janssen & A. Szafarz, in Florens J.P., M. Mouchart & L. Simar (Eds), Alternative Approaches to Time Series Analysis, Proceedings of the 3rd Franco-Belgian Meeting of Statisticians, Publications des Facultés Universitaires Saint-Louis, pp. 211-217, 1984.

AT CEBRIG

CERMi - Centre Européen de Recherche en Microfinance
​Department of Finance, Accounting and Tax Sciences