dr. E. Svetlova (Ekaterina)

Associate Professor

About Me

I am Associate Professor at the University of Twente.

My background is in economics (Diplom, University of Bonn), philosophy (PhD) and sociology (Habilitation). I was a researcher and a lecturer at the University of Leicester (UK), University of Constance (Germany), Zeppelin University (Germany) and University of Basel (Switzerland). In recognition of my interdisciplinary research efforts, I was appointed the leader of the Finance Research Hub in the ESRC Rebuilding Macroeconomics network at the National Institute of Economic and Social Research (London, UK). I also gathered practical experience as a portfolio manager and financial analyst in Frankfurt/Main, Germany.

My research is focused on financial markets, financial modeling and valuation. Most recently, I have also been working on public sector accounting.


Social Sciences
Financial Market
Portfolio Management
Business & Economics
Financial Models
Political Communication


My research has been very interdisciplinary bringing together finance and accounting, behavioural sciences, Science and Technology Studies, organization studies and economic sociology. 

Financial modelling, financial technologies and their societal impact have been an especial focus of my interest. Most recently, I started to work on HFT and AI ethics in finance.

Another strand of my research focuses on trust, risk reporting and open data initiatives by listed companies, NGOs, local authorities and central governments. It addresses the related issues of governance, accountability and legitimacy. I have been working on these topics with various companies and HM Treasury.



Svetlova, E., & Thielmann, K-H. (2020). Financial risk and management. In A. Kobayashi (Ed.), Encyclopedia of human geography (2 ed., Vol. 5, pp. 139-145)
Svetlova, E. (2020). High Frequency Trading und Verantwortung für systemische Risiken am Finanzmarkt. In G. Pfleiderer, & H. Matern (Eds.), Krise der Zufkunft I: Apokalyptische Diskurse in interdisziplinärer Diskussion (pp. 249-301). (Religion - Wirtschaft - Politik; Vol. 15). Nomos Verlag.
Svetlova, E. (2020). Financial models. In The Routledge Handbook of Critical Finance Studies (pp. 228-243). Routledge.
Lowe, A., Nama, Y., Bryer, A., Chabrak, N., Dambrin, C., Jeacle, I., Lind, J., Lorino, P., Robson, K., Bottausci, C., Spence, C., Carter, C. , & Svetlova, E. (2020). Problematizing profit and profitability: discussions. Accounting, Auditing and Accountability Journal, 33(4), 753-793. https://doi.org/10.1108/AAAJ-10-2019-4223
Other Contributions


Financial Models and Society: Villains or Scapegoats? (2018), Edward Elgar Publishing.

Reviewed in Society of Professional Economists network, Financial Analysts Journal, Journal of Economic Methodology, Economic Issues, economic sociology _the european electronic newsletter, Metascience, New Books Network, Journal of Cultural Economy.

Chains of Finance: How Investment Management is Shaped (2017), Oxford University Press (with Diane-Laure Arjaliès, Philip Grant, Iain Hardie, and Donald MacKenzie).

Reviewed in Organisation Studies, Economic Affairs, Journal of Economics, economic sociology newsletter, M@n@gement, New Books Network.

Enacting Dismal Science: New Perspectives on the Performativity of Economics (2016), Palgrave Macmillan, Perspectives from Social Economics series (ed. with Ivan Boldyrev).

Reviewed in Erasmus Journal for Philosophy and Economics, Journal of Economic Methodology, economic sociology _the european electronic newsletter, Œconomia - History/ Methodology/Philosophy, the History of Economic Ideas, ephemera: theory & politics in organization.

Sinnstiftung in der Ökonomik: Wirtschaftliches Handeln aus sozialphilosophischer Sicht (Sensemaking in Economics: Economic Action from the Socio-Philosophical Perspective) (2008), Bielefeld: transcript. 

Technical report

Accounting for trust in governmental reporting (2021), ACCA/BAFA research report (the Association of Chartered Certified Accountants and British Association for Finance and Accounting).

Journal articles

Corporate risk reporting about Brexit as political communication (2021), Review of Social Economy, Special Issue “"Economic Futures in the Public Sphere”, online first. 

AI meets narratives: the state and future of research on expectation formation in economics and sociology (2021), Socio-Economic Review, online first.

On the relevance of Knight, Keynes and Shackle for unawareness research (2021), Cambridge Journal of Economics, 45(5), 989-1007.

NGOs, public accountability, and critical accounting education: Making data speak, Critical Perspectives on Accounting (2021), Special Issue “NGO accountability and governance” (with S. Pazzi), online first

Problematizing profit and profitability: A Discussion (2020), in Accounting Auditing and Accountability Journal, 33 (4), 753-793 (with A. Lowe, Y. Nama, A. Bryer, N. Chabrak, C. Dambrin, I. Jeacle, J. Lind, P. Lorino, C. Spence and C. Carter)

Value without valuation? An example of the cocos market (2018). In: Critical Perspectives on Accounting 52, 69-78 (special issue on Critical Finance)

Einleitung: Joint Risk Design in Economics, Finance and Sociology (2016), Soziale Systeme 20(1), 2-8 (with Dirk Baecker)

Modeling beyond application: Epistemic and non-epistemic values in modern science (2014). In: International Studies in the Philosophy of Science 28(1), 79-98.

De-idealization by commentary: The case of financial valuation models (2013). In: Synthese: An International Journal for Epistemology, Methodology and Philosophy of Science 190(2), 321-337.

On the Performative Power of Financial Models (2012). In: Economy and Society 41 (3), 418-434.

Talking About the Crisis: Performance of Forecasting in Financial Markets (2012). In: Culture and Organization 18 (2), 155-169.

Plausibility check of consensus: Expectation building in financial markets (2010). In: Journal of Financial and Economic Practice 10 (1), 101-113.

Framing Complexity in Financial Markets. An Example of Portfolio Management (2008). In: Science, Technology & Innovation Studies 4 (2), 115-130.

Die Macht der Manager: zu Corporate Governance in Russland (The power of managers: on corporate governance in Russia) (2003). In: Osteuropa Wirtschaft 48 (3), 244-260.


Book chapters (selection)

Financial Models, invited contribution to C. Borch and R. Wosnitzer (eds), The Routledge Handbook of Critical Finance Studies (2020), London and New York: Routledge, 228-243.

High Frequency Trading und Verantwortung für systemische Risiken am Finanzmarkt (High Frequency Trading and responsibility for systemic risks in financial markets) (2020). In: J. Köhrsen, H. Matern und G. Pfleiderer (eds.), Die Krise der Zukunft I. Apokalyptische Diskurse und ihre gesellschaftlichen Bedingungen und Wirkungen, TVZ, 249-301.

Financial Risk and Management, invited contribution to Audrey Kobayashi (ed.) (2020), The Encyclopaedia of Human Geography, vol. 5, Elsevier, pp. 139–145 (with Karl-Heinz Thielmann).

Herausforderungen für die Finanzethik durch die Komplexität: Ein Plädoyer für Ethik des Nichtwissens (Challenges to financial ethics through complexity: The plea for the ethics of non-knowledge) (2018). In: H. Matern und G. Pfleiderer (eds.), Die Krise der Zukunft II. Verantwortung und Freiheit angesichts apokalyptischer Szenarien, Nomos Verlag, 101-122.

Decision-theoretic approaches to non-knowledge in economics (2015). In: M. Gross and L. McGoey (eds.), Routledge International Handbook of Ignorance Studies, Routledge, 349-360 (with Henk van Elst).

Understanding Crisis: On the Meaning of Uncertainty and Probability (2011). In: O. Dejuan, E. Febrero and C. Marcuzzo (eds.), The First Great Recession of the 21st Century: Competing explanations, Camberley, UK: Edward Elgar publishing, 42-62 (with Matthias Fiedler).

UT Research Information System

Google Scholar Link


I have gathered significant experience in teaching at graduate, undergraduate and executive levels in different institutes and universities and developed competences in delivering the core accounting, finance and management courses. In particular, management accounting, foundations of financial accounting, financial analysis, behavioral finance, business ethics and critical management studies have become important constituents of my teaching portfolio.

Next to teaching the basic accounting and finance techniques, I have put emphases on behavioral and organizational aspects of management and accounting as well as on the practical relevance of the taught courses.

I also have long-time experience in teaching qualitative and quantitative research methods.

Affiliated Study Programmes


Courses Academic Year  2022/2023

Courses in the current academic year are added at the moment they are finalised in the Osiris system. Therefore it is possible that the list is not yet complete for the whole academic year.

Courses Academic Year  2021/2022

Current Projects

Finished Projects

In the press

Blog contributions to the “Re-Building Macroeconomics” blog, “LSE Review of Books”, “University of Leicester, School of Business Blog: Distinctive and Relevant”, “Economic Sociology and Political Economy” blog, the German financial blog Blick Log and “Socializing Finance” blog.

Podcast about my book on New Books Network: https://newbooksnetwork.com/ekaterina-svetlova-financial-models-and-society-villains-or-scapegoats-elgar-2018

Interviews with the investor magazine pvm portfolio-vermögen–management, Extra Magazin: Das Magazin für Exchange Traded Funds, the radio station WDR5 and Deutschlandfunk.



Contact Details

Visiting Address

University of Twente
Drienerlolaan 5
7522 NB Enschede
The Netherlands

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Mailing Address

University of Twente
P.O. Box 217
7500 AE Enschede
The Netherlands

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