Petra Andrlikova

Photo of Petra Andrlikova

PhD Candidate

The University of Sydney
NSW 2006 Australia


Petra is a PhD Candidate in Finance at the University of Sydney Business School. Petra‚Äôs research interests include theoretical and empirical asset pricing, with a particular focus on asymmetric dependence between stock returns and market returns. Prior to beginning the PhD programme, Petra worked as a credit risk specialist in the Czech Republic developing credit risk models for banks in several countries in Europe. Petra graduated cum laude from the Maastricht University in 2011 and received the Top 3% of Best Students Award and the Top Thesis Award.

Thesis working title

Asymmetric dependence

This thesis investigates asymmetric dependence between equity returns and market returns. During financial crisis, equity returns tend to be highly correlated with market returns. This correlation is higher during market downturns (crisis periods) than during market upturns. This is rather unfortunate for investors as their returns on investment decrease in times when they need the money most (in bad times). This thesis explores the drivers of asymmetric dependence, its importance (price) and the consequences of the existence of asymmetric dependence for investors in listed equities.

Supervisor: Jamie Alcock

Selected publications


Journal Article

Alcock J, and Andrlikova P (2018) Asymmetric Dependence in Real Estate Investment Trusts: An Asset-Pricing Analysis Journal of Real Estate Finance and Economics, 56 (2), 183-216. [More Information]

Book Chapter

Alcock J, and Andrlikova P (2018) Asymmetric Dependence, Persistence and Firm-Level Stock Return Predictability Asymetric Dependence in Finance: Diversification, Correlation and Portfolio Management in Market Downturns; Wiley, Chichester, 198-220. [More Information]


Conference Proceedings

Alcock J, and Andrlikova P (2016) Do Real Estate Investment Trust Investors Value Asymmetric Dependence in returns? European Real Estate Society 23rd Annual Conference; European Real Estate Society, Regensburg, Germany.

Alcock J, and Andrlikova P (2016) The Rising Importance of Asymmetric Dependence in UK Equity Returns 25th Annual Meeting of the European Financial Management Association (EFMA 2016); European Financial Management Association, Basel.

Andrlikova P (2016) The Role of Asymmetric Dependence on Financial Markets 25th Annual Meeting of the European Financial Management Association (EFMA 2016); European Financial Management Association, Basel.


Alcock J, Andrlikova P, Aspris A, Foley S, Satchell S, Segara R, Wright D, and Yao J (2016) Asset price bubbles in the Australian Market; The Centre for International Finance and Regulation, Sydney, 4-154.

Recent Units Taught

  • FINC3011 International Financial Management

  • FINC5001 Capital Markets and Corporate Finance

  • FINC6010 Derivative Securities