Director of the Institute of Finance:
dr hab. Marcin Jamroży, prof. SGH
Assistant director of the Institute of Finance:
dr hab. Katarzyna Kreczmańska-Gigol, prof.SGH
Corporate Finance Unit
- dr Czesław Martysz -head of unit
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Czesław Bartłomiej Martysz, PhD. Licensed stockbroker (no. 2262, 2009), Warsaw School of Economics graduate (2010), doctor of economics (2015); lecturer and former head of Postgraduate Studies in Capital Market Law and Economics (since 2014), assistant professor at the SGH Institute of Finance (since 2015) and head of the Corporate Finance Unit (since 2021). He specializes in capital markets as well as fraud & malpractice on financial markets. He is (co-)author of more than 35 scientific publications. He has promoted more than 150 students.
Professionally, stockbroker in brokerage house (2009), associate in private banking (2009-2010), relationship manager of financial institutions at Bank Pekao (2011-2018), non-treasury bonds issuance expert at Bank Pekao (2018-2024); member of the supervisory board of 3SOFT SA (since 2022); forensic expert in stock market manipulation; co-founder of the Investhink thinktank promoting knowledge about investing (https://investhink.org) (2018); former board member of a housing community (2013-2019).
Privately a dad of twin girls, sailor, diary writer and photographer; former bass of the SGH choir.
CONTACT:
• e-mail: czeslaw.martysz@sgh.waw.pl, cmarty@sgh.waw.pl
• LinkedIn: https://www.linkedin.com/in/czeslaw-bartlomiej-martysz
• Instagram: @czesm
• Youtube: https://www.youtube.com/@rumzais86SUGGESTED THESIS TOPICS:
• According to the research interests
• The full list of “inspirations” and suggested thesis topics, as well as the guide for students (“Pomocnik Seminaryjny, ang. “Seminar Helper”) are available on my seminar website (e-sgh): https://n.e-sgh.pl/course/7uoRSYCONSULTATIONS:
• Consultations are held via Microsoft Teams or in-person, at a time and place to be determined after prior email contact.SUBJECTS (IN POLISH):
Graduate Studies
• 230539 Oszustwa i nadużycia na rynkach finansowych (e-learning) (frauds and abuses on financial markets)
• 23A210 Przestępstwa i nieprawidłowości na rynku kapitałowym (financial crimes and irregularities in the capital market)
Undergraduate Studies
• 132040-0994 Bankowość Korporacyjna (Corporate Banking) – along with dr hab. Katarzyna Kreczmańska-Gigol, prof. SGH
• 121500 Rynek kapitałowy (Capital market) – along with dr Paweł Węgrzyn
Postgraduate Studies
• Prawo i Ekonomia Rynku Kapitałowego (Law and Economics of the Capital Market) - lectures on market abuse and MAR Regulation (market manipulation and insider trading)SEMINAR SIGNATURES:
• 190001-1516 Undergraduate Seminar
• 290001-1516 Master’s seminarSELECTED RESEARCH PROJECTS (IN POLISH):
• “The impact of the subprime crisis on the economic and financial situation of enterprises in Poland in 2007-2010”, statutory research, headed by Tomasz Cicirko, 2012.
• “Liquidity of selected sectors of the Polish economy in 2002-2010”, statutory research, headed Tomasz Cicirko 2012.
• “Liquidity management strategies and profitability of Polish enterprises in 2002-2015” statutory research, headed by Tomasz Cicirko, 2017.
• “The impact of the MIFID II Directive on the distribution of investment products and the reduction of misselling in Poland,” statutory research, headed by Czesław Bartłomiej Martysz, 2021.
• “Remuneration of whistleblowers and detection of fraud,” statutory research, headed by Czeslaw Bartlomiej Martysz, co-author Andrzej Nikołajczuk, 2023.RESEARCH INTERESTS:
• Non-treasury bonds (including corporate bonds, municipal bonds, Catalyst platform, offering rules, bond covenants)
• financial market abuses and frauds, including market manipulation, insider trading, financial pyramids and Ponzi schemes, aggressive accounting, misspelling etc.
• financial market (especially capital market)
• banking (especially corporate banking and banking services)
• financial institutions (including debt collection companies, mutual funds, asset managers, stock brokers)
• capital market lawPOPULARIZATION ACTIVITIES:
• Lecturer at the SGH Science Festival (2018, 2021, 2023)
• Co-organizer of the Oxford debate “Ethics vs. Regulation”(2019) https://www.youtube.com/watch?v=LtfqiODmfgs&t=440s
• Co-founder of Investhink Thinktank, spreading knowledge about investing http://www.investhink.org
• Lecturer at the Economic Children’s University (EUD) https://www.youtube.com/watch?v=eHXUOci95sc&t=698s
• Financial Observer columnist
https://www.obserwatorfinansowy.pl/autor/czeslaw-martysz/
• Material about SGH for students of Leon Kruczkowski High School in Tychy https://www.youtube.com/watch?v=gIBt5aQLbwoHONORS & AWARDS:
• Second place in the “Inspiration of the Year” poll for SGH graduate studies in 2021.
• Individual award of the SGH Rector of the third degree for organizational achievements in 2021.
• SGH Rector’s second-degree individual award for teaching achievements in 2022.
• Third place in the “Inspirations of the Year” poll for SGH graduate studies in 2023.
• Individual award of the Rector of SGH third degree for teaching achievements in 2023.
• Second place in the “Inspiration of the Year” poll for SGH graduate studies in 2024.
PUBLICATIONS:
• SGH Repository - COR:
https://cor.sgh.waw.pl/discover?scope=%2f&query=martysz
• Google Scholar:
scholar.google.pl/citations?user=Ajx4-QMAAAAJ&hl=en
• ORCID profile:
https://orcid.org/0000-0003-2461-0121 - prof. dr hab. Janusz Ostaszewski
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Janusz Ostaszewski. Professor of Economics. Director of the Institute of Finance at the Warsaw School of Economics (English: WSE, Polish: SGH) from 2013 to 2024, member of the Senate of the Warsaw School of Economics from 2012 to 2020, an outstanding specialist in the field of finance. He was Dean of the College of Management and Finance (SGH) for two terms from 2005-2012. He completed postgraduate studies in finance and management at the Scuola Superiore Enrico Mattei in Milan. The main subject of his research are issues related to the functioning of companies, their financial management and financial strategy. This is reflected in the lectures he has been giving for many years in subjects such as corporate finance, finance, management as well as in the numerous teaching materials and publications he has developed. His academic achievements include more than 150 various scientific studies, including 48 books. As of 2024, 23 doctoral theses have been written and defended under the guidance of Prof. Janusz Ostaszewski. Several years of work in the Ministry of Finance as director of the Property Affairs Department and subsequent professional activity as advisor to the CEO of Kredyt Lease SA, as well as work in the Finance Office of the Chancellery of the Sejm (the lower chamber of the Polish parliament) and serving as a member of the supervisory board of PKO BP Bank further developed his interest in finance. Thanks to his many years of activity in the financial sector, he has gained not only the opportunity to confront theory with practice, but also the stimulus for new thoughts on finance, which has broadened his research interests.
CONTACT:
• EMAIL: jostasz@sgh.waw.plPROPOSED THESIS TOPICS:
• financial management in an enterprise
• corporate finance
• management of financial liquidity of enterprises
• functioning of joint stock companies in the contemporary legal and organizational environment
• sources of capital acquisition (with particular emphasis on leasing and private equity)
• contemporary financial instruments
• creating enterprise value
• discriminative models
• privatizationCONSULTATIONS:
• Consultations are held via Microsoft Teams after prior email contact.SUBJECTS (IN POLISH):
• 110630-0428 Finanse (Finance)
• 120200-0428 Finanse Przedsiębiorstwa (Corporate Finance)
• 120190-0428 Finanse Przedsiębiorstwa (Corporate Finance)
• 110590-0428 Zarządzanie (Management) (lecture)
• 110600-0428 Zarządzanie (Management) (exercises)
• 110640-0428 Zarządzanie (Management)
• 237460-0428 Wpływ instrumentów polityki fiskalnej na wybrane relacje makroekonomiczne (Impact of fiscal policy instruments on selected macroeconomic relations)
• 191781-0428 Seminarium licencjackie (undergraduate seminar)
• 291781-0428 Seminarium magisterskie (master’s seminar)SELECTED RESEARCH PROJECTS (IN POLISH):
• Development of financial science. The current state and desirable directions of its evolution (head of the research), 2015
• The impact of the economic crisis on the financial situation in the government sector (head of the research), 2014
• Fiscal and non-fiscal barriers to enterprise development in Poland. Stage III. Determinants of entrepreneurial development in Poland after the subprime crisis. Headed by prof. dr hab. Janusz Ostaszewski, participants: dr Ewa Kosycarz, dr Piotr Russel, 2012
• Implementation of the performance budget in Poland II. Headed by prof. dr hab. Janusz Ostaszewski, participants: dr Tomasz Cicirko, dr Marek Chrzanowski, dr Ewa Kosycarz, 2012
• Trade payables as a source of corporate financing. Headed by dr. Katarzyna Kreczmańska-Gigol, participants: prof. dr hab. Janusz Ostaszewski, Kamila Grzesiak, 2012
• Importance of trade credit for the functioning of enterprises. Headed by dr. Katarzyna Kreczmańska-Gigol, participants: prof. dr hab. Janusz Ostaszewski, 2010RESEARCH SPECIALIZATION:
• sources of asset financing
• formation of the capital structure in the enterprise
• impact of the tax system on economic growth
• financial strategies of enterprises
• financial liquidity management in an enterprise
• private equity, mezzanine finance, leasingSELECTED PUBLICATIONS (IN ENGLISH):
• Economic Crisis in the European Union and the General Government Financial Situation with Particular Focus of Poland, Part 1, J. Ostaszewski, P. Russel, E. Malinowska-Misiąg, Journal of Management and Financial Sciences no 13 vol. 6, 2013
• Economic Crisis in the European Union and the General Government Financial Situation with Particular Focus of Poland, Part 2, J. Ostaszewski, P. Russel, E. Malinowska-Misiąg, Journal of Management and Financial Sciences no 14 vol. 6, 2013
• Poland’s Fiscal Exposition and Its Impact on Economic Growth and the Well-being of Its Citizens w Journal of Management and Financial Sciences; J. Ostaszewski, P. Russel, Issue 3 April 2010 - dr hab. Katarzyna Kreczmańska-Gigol, prof. SGH
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Katarzyna Kreczmańska-Gigol, PhD habilitatus, Professor of Warsaw School of Economics (English: WSE, Polish: SGH) - deputy director of the Institute of Finance (SGH), SGH graduate, scientific secretary and lecturer at postgraduate studies “Enterprise Liquidity Management”, head of postgraduate studies “Debt Collection”. Long-time employee of the banking sector. Her scientific interests focus on the topics of corporate finance and financial institutions, especially sources of financing, liquidity, debt management and debt collection. An expert in the field of factoring. Author of dozens of scientific publications in the field of finance.
CONTACT:
• EMAIL: KGIGOL@SGH.WAW.PLCONSULTATIONS:
• Consultations are held via Microsoft Teams after prior email contact.PROPOSED THESIS TOPICS:
• Sources of financing the activities of the enterprise
• Factoring
• Forfaiting
• Securitization of assets
• Collection
• Corporate treasurer
• Corporate liquidity
• Financial securityTEACHING SUBJECTS (IN POLISH):
• Bankowość korporacyjna 132040-0994 (Corporate banking)
• Analiza finansowa 12410-0994 (Financial analysis)
• Finanse przedsiębiorstwa 120190-0994 (Corporate finance)
• Struktura kapitału w przedsiębiorstwie 233910-0994 (Capital structure in a company)
• Finanse przedsiębiorstwa (w zespole) 120190-0428 (Corporate finance)
• Finanse przedsiębiorstwa (w zespole) 120200-0428 (Corporate finance)
• Finanse (w zespole) 110630-0428 (Finance)
• Analiza finansowa przedsiębiorstwa z perspektywy HR Biznes Partner (w zespole) 222900-5314 (Enterprise financial analysis from the perspective of HR Business Partner)
• Restrukturyzacja przedsiębiorstwa (w zespole) 231210-5314 (Corporate restructuring)
• Seminarium magisterskie 290001-0994 (undergraduate seminar)
• Seminarium licencjackie 190001-0994 (master’s seminar)
RESEARCH SPECIALIZATION:
• factoring
• corporate liquidity
• sources of corporate financing
• debt collection; accounts receivable management
• net working capital management
• corporate treasurerSELECTED RESEARCH PROJECTS (IN POLISH):
• Responses of enterprises to the crisis, KZiF/S20/1.26, K. Kreczmańska-Gigol (head of the research), J. Ostaszewski, T. Gigol, Warsaw 2020.
• Use of electronic tools and the Internet in the process of debt collection, KZiF/S27/18, K. Kreczmańska-Gigol (study leader), A. Kamela, K. Wasilewska, Warsaw 2018-2019.
• Identification of financial difficulties of local government units, KZiF/S/23/16, K. Kreczmańska-Gigol (head of the research), E. Malinowska-Misiąg, L. Mosiejko, A. Tłaczała, Warsaw 2016.
• Risk management of factoring transactions, KZiF/S/17/15, K. Kreczmańska-Gigol (head of the research), J. Ostaszewski, Warsaw 2015.
• Measures of structural liquidity and potential liquidity, KZiF/S/29/14, K. Kreczmańska-Gigol (head of the research), J. Ostaszewski, Warsaw 2014.
• Selected financial services and public debt management, KZiF/S/20/13, E. Kosycasz (head of the research), K. Kreczmańska-Gigol, E. Malinowska-Misiąg, O. Mikołajczyk, Warsaw 2014.
• Economic science in the 21st century. Current state and prospects for development, KZIF/S/11/14, P. Wachowiak (study leader), K. Kreczmańska-Gigol (team member), Warsaw 2014.
• Study of the effectiveness of the amicable debt collection process conducted by primary creditors and secondary creditors with particular emphasis on debt collection companies, K. Kreczmańska-Gigol (contractor), Task No. 7 under: Assessment of the level of actual protection of creditors’ rights in Poland in 2004-2012 - transaction costs of claiming rights from contracts, NCN Grant No. UMO-2013/09/B/HS4/03605, E. Mączyńska (grant manager), Warsaw 2013-2017.
• Model of valuation of overdue receivables, KZiF/S/21/13, K. Kreczmańska-Gigol (head of the research), J. Ostaszewski, Warsaw 2013.
• Financial liquidity management in business sectors and selected industries of Polish enterprises in 2002-2010, KZiF/S/32/12, T. Cicirko (head of the research), K. Kreczmańska-Gigol, P. Russel, C. Martysz, Warsaw 2012-2013.HONORS & AWARDS:
• Bronze Cross of Merit for activity for the development of science - awarded by the decision of the President of the Republic of Poland on May 19, 2016.NON-ACADEMIC AND POPULARIZATION ACTIVITIES:
• Chairperson of the Competition Chapter for the Award of the President of the National Bank of Poland for the best article published in the journal “Bank and Credit”: term 2018-2019; term 2019-2020; term 2020-2021.
• Member of the Program Council of the Scientific Conference: MODERN CONCEPTS AND MANAGEMENT METHODS - 2017 (7th edition), 2018 (8th), 2019 (9th), 2020 (10th), 2021 (11th). The Conference was:
o organised by the Department of Engineering and Management at the Institute of Organization and Management of the Faculty of Cybernetics of the Military University of Technology in Warsaw.
o co-organized by the Department of Marketing, Faculty of Management, University of Gdansk, School of Management and Technology of Felgueiras, Porto Polytechnic - Warsaw Branch of the Scientific Society of Organization and Management.
• Member of the Program Council of the Conference: “November Credit & Collection Days” - member from 2015 to 2018.
• Member of the Program Council of the Conference of the Chamber of Brokerage Houses:
o XXI CAPITAL MARKET FOR INVESTMENT SUPPORT AND ECONOMIC GROWTH IN A TIME OF SLOWING, March 4-5, 2021;
o XXII Conference of the Chamber of Brokerage Houses, March 3-5, 2022, Bukowina Tatrzanska.
• 2022 - 2023 - Advisor to the CEO of Bank PKO BP SA.
• 2022 - 2024 - Chairman of the Supervisory Board of PKO Faktoring SA.
• 2022 - 2024 - Member of the Supervisory Board of PKO Leasing SA.
• from 2022 - Chief Risk and Audit Director at KGHM Polska Miedź SA.
• From 2018 - 2021 - Vice President for Financial Affairs on the Board of Directors of the 10th term of KGHM Polska Miedź SA.
• 2016 - 2018 - Managing Director of the Finance Division and Director of the Treasury Office at Poczta Polska SA.
• 2016 - 2018 - Member of the Supervisory Board of Bank Pocztowy SA.
• 2016 - 2018 - Member of the Supervisory Board of AMW Invest Sp. z o.o. (formerly Dom-Invest Sp. z o.o.).
• Associate (since 2008) and member of the Association of Polish Corporate Treasurers (since 2011) - dr hab. Zbigniew Grzymała, prof. SGH
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Zbigniew Grzymała, PhD habilitatus, Professor of Warsaw School of Economics (English: WSE, Polish: SGH). Member of the Institute of Finance (SGH). He works in WSE for over 33 years. For 12 years he served as head of the Department of Economics and Finance of Local Government. His key qualifications are:
• financial ratio analysis of the enterprise (balance sheet, income statement, employment and payroll, fixed assets, etc. );
• strategic analysis of the organization (creation of strategies for the development of the organization, especially local government units), analysis of the municipal budget (income, expenditures);
• analysis and evaluation of the effectiveness of capital expenditures in infrastructure, including logistics infrastructure, cost-benefit analysis, business plan and feasibility studies of investment projects, product life cycle in municipal industries, public sector economics, economic policy, spatial policy, space management, restructuring of the municipal sector;
• Environmentalism and Closed Circuit Economy, including energy transformation of the municipal economy, real estate management.
Zbigniew Grzymała took part in many research projects on urban economy and SME sector. He is an author of numerous publications on issues of local government, municipal economy, including the waste management industry.CONTACT:
• email: ZBIGNIEW.GRZYMALA@SGH.WAW.PL
SELECTED RESEARCH PROJECTS (IN POLISH):
Statutory research since 2013
• 1. legal-economic and organizational conditions of financing current and investment activities of municipalities in Poland-2013
• 2. assessment of the financial and environmental effects of the implementation of the Law on maintaining cleanliness and order in municipalities-2013
• 3. investments of local government units in Poland in 2009-2013 with particular emphasis on public-private partnerships. Prospects for the coming years.-2014
• 4. expenditures on municipal services in the structure of expenditures of residents of municipalities - evaluation by region-2014
• 5. restructuring processes of municipal enterprises in Poland and European Union countries (selected industries)-2014
• 6. waste management-recommendations for amendments to the Law on maintaining cleanliness and order in municipalities-2015
• 7. economic science and economic practice. Mutual relations-2015
• 8. financing of public investment at the local and regional level-2015
• 9. conditions and directions of development of the modern urban economy in Poland-2016
• 10. opportunities for local government units to finance investments related to low-carbon economy (in 2016-2020)-2016
• 11. the role of local government in stimulating local entrepreneurship and social activity on the example of the Warsaw program-2017
• 12. municipal waste management in Poland under the conditions of the European Union’s move towards a closed loop economy-2017
• 13. socio-economic determinants of the implementation of the slow city concept in Polish cities-2017
• 14. decline and development of local settlement areas on the example of selected Polish and foreign localities -2019
• 15. efficient use and management of energy in Polish municipalities -2019
• 16. positioning at the level of local governments instruments of support for SMEs, operating on the basis of the model of multi-level management of the region (acronym: REGIOGMINA) -2020
• 17. building a smart society (smart society): socio-economic development-2020
• 18. the role of local government in stimulating local entrepreneurship and social activity on the example of the Warsaw Local Centers program -2020
• 19. economically and socially efficient system of highly specialized mechanism for classification of needs and specificity of beneficiaries in case of humanitarian disasters – 2022Research projects funded by the Ministry of Science and Higher Education
• 1. economy and finances of local government in the light of changes in the model of public sector management, Part on ownership transformations of municipal and housing enterprises - conditions and effects (together with the team of the Department of management and finance of municipal and housing economy-2005).
• 2. Restructuring of the municipal sector in Poland - organizational, legal and economic aspects, Warsaw 2010. habilitation grant
• 3 Eco-innovation in the city-2015
• 4. positioning at the level of local governments instruments of support for SMEs, operating on the basis of the model of multi-level management of the region (acronym: REGIOGMINA)-2020-2022.RESEARCH SPECIALIZATION:
• energy transformation of the urban economy
• environmentalism
• financial analysis (mainly municipal companies)
• closed-loop economySELECTED PUBLICATIONS (IN ENGLISH):
• The role of self-government in renewal cities toward green cities, in: Modernizacja sistjemi derrzawnogo uprawlinnja, tieoria ta praktika, Lwiw 2014. 2014; Lwijskij Riegionanyj Instiut; ISBN 978-617-644-015-4; 1-499.
• Financing and management of public sector investments on local and regional levels (co-authors: G. Maśloch, K. Jarosiński, B. Opałka), PWN, Warszawa 2015.
• Environmental impact of using EUR-size wooden and plastic pallets measured by generated carbon footprint and solid waste, strony 129-142, co-authors: K. Witos, A. Wójcik-Czerniawska, in: Proceedings of the 4th Symposium on Agri-Tech Economics for Sustainable Futures, red. prof. Karl Behrendt ; Dimitrios Paparas, 2021; HAU Publications; ISBN 978-1-7398183-2-6.
• The Use of Blockchain Technology in the Environment strony 154-166, co-authors: K. Marecki, A. Wójcik-Czerniawska, in: Proceedings of the 4th Symposium on Agri-Tech Economics for Sustainable Futures, red. prof. Karl Behrendt ; Dimitrios Paparas, 2021; HAU Publications; ISBN 978-1-7398183-2-6.
• MUNICIPAL MANAGEMENT FOR THE ENERGY TRANSITION in: VIII. INTERNATIONAL EUROPEAN CONGRESS ON SOCIAL SCIENCES, 4-5 December 2022 / Full Text Book; (co-authors: A. Wójcik-Czerniawska), IKSAD Publishing House, TÜRKİYE 2022, ISBN: 978-625-6380-57-8, s. 275-280
• ACTIVITIES OF SOCIAL ENTERPRISES IN DEVELOPING COUNTRIES, in: VIII. International European Congress On Social Sciences 4-5 December 2022 / Full Text Book, (co-authors: A. Wójcik-Czerniawska), IKSAD Publishing House, TÜRKİYE 2022, ISBN: 978-625-6380-57-8, s. 281-292.
• Selected Forms of Support for the Development of Small and Medium-Sized Enterprises (SMEs) by the Public Sector at the Local and Regional Level, co-authors:G. Maśloch, Education Excellence and Innovation Management through Vision 2020: from Regional Development Sustainability to Global Economic Growth held : Proceedings of the 36th International Business Information Management Conference (IBIMA)
• Regional SME support instruments on the example of selected EU countries - based on research conducted in the Kuyavian-Pomeranian Voivodship in Poland in: Innovation Management and Sustainable Economic Development in the Era of Global Pandemic : Proceedings of the 38th International Business Information Management Association Conference (IBIMA), 2021; ISSN 2767-9640.
• Effective Management of Local Economic Development, Innovation Management and Sustainable Economic Development in the Era of Global Pandemic : Proceedings of the 38th International Business Information Management Association Conference (IBIMA), co-authors: A. Wójcik-Czerniawska, 2021; ISSN 2767-9640;
• Sustainable Development in The Academic Community as an Opportunity to Develop The Awareness of Urban and Rural Residents, Journal of Sustainability Perspectives, co-authors: A. Wójcik-Czerniawska, K. Marecki, 2021; ISSN 2797 -7137; 393; DOI:10.14710/jsp.2021.12031.
FINANCING SUSTAINABLE ECONOMIC GROWTH, EVIDENCE FROM EUROPE, in: SpringerPlus, co-authors: A. Wójcik-Czerniawska, K. Marecki, 2022; ISSN 2193-1801; 289-306;
• The future of financial market- is the world without money possible, in: Business Excellence and Innovation Management: A 2025 Vision to Sustain Economic Development in the Era of Pandemic : Proceedings of the 39th International Business Information Management Association Conference (IBIMA), co-authors: A. Wójcik-Czerniawska, K. Marecki, 2022; ISSN 2767-9640; 678-688;
• Corporate Social Responsibility Issues in Modern Banking System, in: Business Excellence and Innovation Management: A 2025 Vision to Sustain Economic Development in the Era of Pandemic : Proceedings of the 39th International Business Information Management Association Conference (IBIMA), co-authors: A. Wójcik-Czerniawska, K. Marecki, M. Matusewicz, 2022; ISSN 2767-9640; 592-602;
- dr Piotr Russel
Piotr Russel, PhD. Graduate of full-time master’s and doctoral studies at SGH, since 2002 he has been working at the SGH Department of Finance (since July 2013 at the SGH Institute of Finance) - currently employed as an assistant professor. His scientific interests focus mainly on four areas of scientific inquiry:
• the determinants of economic activity in Poland, with particular emphasis on the fiscal determinants of entrepreneurship development;
• selected aspects of fiscal policy conducted in Poland and other EU countries;
• leasing as an alternative method of financing investments and the use of consumer goods, with particular emphasis on the fiscal determinants of the development of this type of contract in Poland;
• the issue of the impact of demography on the pension system.
He has participated in more than 20 scientific studies, authored and co-authored more than 50 scientific publications, and since 2009 has been editor-in-chief of the quarterly released scientific paper “Studia BAS”, which publishes scientific publications that present important current social and economic issues of the country. He teaches subjects in Polish such as: Finance, Corporate Finance, Leasing and Voluntary Forms of Saving for Retirement.
Parallel to his scientific and didactic work at SGH, he shares his professional activity with his involvement in economic practice: from 2002 to 2005 he worked as an internal auditor at PKN ORLEN SA, from 2005 to 2006 he was employed as a specialist in the Risk Management Department of Bank Pocztowy SA, and from April 2008 to the present he has been working as an expert on the economic system in the Office of Analysis of the Sejm Chancellery (Lower chamber of Polish Parliament).CONTACT:
• piotr.russel@sgh.waw.plPROPOSED THESIS TOPICS:
• leasing services market in Poland and worldwide,
• legal and economic aspects of leasing,
• fiscal system in Poland in comparison with other countries,
• sources of enterprise financing, including alternative methods of obtaining capital
• financial analysis of an enterprise,
• risk management in an enterprise,
• financial liquidity management in an enterprise,
• determinants of entrepreneurship development in Poland,
• the impact of the fiscal system on the economic development of the country,
• demography and the pension system in Poland,
• the problem of pension security in Poland and the world,
• voluntary forms of saving for retirementCONSULTATIONS:
• Consultations are held via Microsoft Teams after prior email contact.
TEACHING SUBJECTS (IN POLISH):
• 110630-0087 Finanse (Finance)
• 120190-0504 Finanse Przedsiębiorstwa (Corporate finance)
• 237850-0504 Leasing (Leasing)
• 236710-0504 Dobrowolne formy oszczędzania na emeryturę (Voluntary forms of saving for retirement)
• 194941-0504 Seminarium licencjackie (Undergraduate seminar)
• 294941-0504 Seminarium magisterskie (Master’s seminar)RESEARCH SPECIALIZATION:
• determinants of the development of the leasing services market in Poland
• the impact of the fiscal system on the economic development of the country
• determinants of the development of entrepreneurship in Poland
• demography and the pension systemSELECTED RESEARCH PROJECTS (IN POLISH):
• Situation at the level of local governments of instruments of support for SMEs, operating on the basis of the model of multi-level management of the region (acronym: REGIOGMINA, project manager - Dr. Olgierd Dziekoński) within the framework of the GOSPOSTRATEG program; project funded by the NCBiR, 2020
• Liquidity management strategies versus profitability of Polish enterprises in 2002-2015, statutory research under the scientific direction of Dr. Tomasz Cicirko, SGH, 2017-2018
• Determinants of the development of leasing services in Poland - head of the research. Statutory research conducted at the College of Management and Finance of SGH, 2013
• Liquidity management in sectors of economic activity and in selected industries of Polish enterprises in 2002-2010, head of the research - Dr. Tomasz Cicirko. Statutory research carried out at the College of Management and Finance of SGH, 2013SELECTED PUBLICATIONS (IN ENGLISH):
• P. Russel, G. Gołębiowski, Winding up of Open Pension Funds (OFE-s) in the Context of Poland’s Fiscal Situation. „OPTIMUM. ECONOMIC STUDIES”, nr 9/2020
• P. Russel, G. Gołębiowski, Business dynamics in Poland in comparison to selected countries [w:] ENTERPRISES IN UNSTABLE ECONOMY (red. B. Prusak), Gdańsk University of Techology, Gdańsk 2015
• P. Russel, Corporate Growth Barriers in Poland in the light of Empirical Research with Particular Focus on Payment Gridlocks. „Journal of Management and Financial Science”. Volume VI. Issue 11, 2013.
• P. Russel, Consumer Lease Development in Poland. Legal Determinants. „Journal of Management and Financial Sciences”. Volume V, Issue 9, September 2012
• P. Russel, Poland’s Fiscal Expositions and Its Impact on Economic Growth and the Well-being of Its Citizens. „Journal of Management and Financial Sciences”. Volume III. Issue 3, April 2010
TAX UNIT
- dr hab. Marcin Jamroży, prof. SGH- head of unit
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dr hab. Marcin Jamroży, prof. SGH –
- dr Joanna Szlęzak-Matusewicz
dr Joanna Szlęzak-Matusewicz –
- dr Agnieszka Tłaczała
dr Agnieszka Tłaczała –
- dr Magdalena Janiszewska
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Magdalena Janiszewska,
- dr Aleksander Łożykowski
Aleksander Łożykowski,
- mgr Jan Sarnowski
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CAPITAL MARKETS AND BEHAVIORAL FINANCE UNIT
- dr hab. Monika Czerwonka, prof.SGH - head of unit
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Monika Czerwonka, Associate professor at SGH – Head of the Department of Capital Markets and Behavioral Finance, a graduate of the Warsaw School of Economics (SGH), where she completed both her master’s studies and full-time doctoral studies. She specializes in behavioral finance and market psychology. Her academic and research achievements include authorship or co-authorship of over 70 publications, including monographs, articles, book chapters, and edited volumes. As of November 22, 2024, the number of citations of her scientific publications, according to the Google Scholar database, is 736, and her Hirsch index (h-index) has reached a value of 12. Prof. Czerwonka conducts also research in the field of socially responsible investing. Her academic interests also include cultural finance, economics of happiness and the role of ethics in contemporary economics.
TOPICS FOR PROPOSED THESIS
• Behavioral finance
• Psychology of capital markets
• Efficiency and functioning of stock exchanges
• Alternative investments
• Socially responsible investing (SRI), Corporate Social Responsibility (CSR), ethical investing
• Ethics in economic sciences (finance)
• Financial crises
• Cultural financeCOURSES OFFERED in English
• 132150-0259 Behavioral Finance
• Bachelor’s Seminar: 196621-0259
• Master’s Seminar: 296621-0259Selected PUBLICATIONS in English
1. Rzeszutek, M., Czerwonka, M., Stasiak, A., Drabarek, K., Van Hoy, A., Pięta‐Lendzion, M., & Gruszczyńska, E. (2024). Stability of subjective well‐being during the economic crisis: A four‐wave latent transition analysis in a national sample of Poles. Applied Psychology: Health and Well‐Being.
2. Czerwonka, M., & Pietrzak, M. (2024). Application of Catholic Social Teaching in Finance and Management. The Person and the Challenges. The Journal of Theology, Education, Canon Law and Social Studies Inspired by Pope John Paul II, 14(1), 295-313.3. Czerwonka, M. (2022). Usage of behavioural innovation in the context of the COVID-19 crisis. Annales Universitatis Mariae Curie-Skłodowska, Sectio H Oeconomia, 56(3), 7-17.
4. Staniszewska, A., Czerwonka, M., & Kompa, K. (2021). The Impact of Religiosity and Gender on Reflective and Intuitive Thinking–The Case of Poland. European Research Studies Journal, 24(4B), 108-119.
5. Czerwonka, M. (2019). Cultural, cognitive and personality traits in risk-taking behaviour: evidence from Poland and the United States of America. Economic Research-Ekonomska Istraživanja, 32(1), 894-908.
6. Czerwonka, M., Staniszewska, A., & Kompa, K. (2018). Cognitive Reflection Test in Predicting Rational Behavior in the Dictator Game. Springer Proceedings in Business and Economics, 301-312.
7. Czerwonka, M., Staniszewska, A (2017). Cognitive Reflection Test as a Predictor of Rationality. Empirical Evidence, Annales Universitatis Mariae Curie-Skłodowska, Sectio H Oeconomia, 51(4), 75-83.
8. Czerwonka, M. (2017). Anchoring and Overconfidence: The Influence of Culture and Cognitive Abilities. International Journal of Management and Economics, 53(3), 48-66.
9. Rzeszutek, M., Szyszka, A., & Czerwonka, M. (2015). Investors’ expertise, personality traits and susceptibility to behavioral biases in the decision making process. Contemporary Economics, 9(3), 237-352.
10. Czajkowski, M., Czerwonka, M., & Kretowski, M. (2015). Cost-sensitive global model trees applied to loan charge-off forecasting. Decision Support Systems, 74, 57-66.
CONTACT
email:: monika.czerwonka@sgh.waw.pl - dr Dorota Bem-Berger
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Dorota Bem-Berger, Ph.D. graduated in 1995 from the Faculty of Finance and Statistics at the Warsaw School of Economics (SGH). From 1995 to 2013, she worked at SGH in the Department of Corporate Finance. By a resolution of the Management and Finance College Council on October 28, 2002, she obtained the degree of Doctor of Economic Sciences in the field of economics. In 2002, she completed the Pedagogical Preparation Program at SGH. At SGH, she conducts exercises and lectures on subjects such as: corporate finance, fundamentals of finance, economics, managerial accounting, financial analysis, and financial mathematics. She supervises master’s theses in the fields of finance, corporate finance, and financial analysis. In February 2013, she completed a four-semester Postgraduate Study in Mathematics at the Faculty of Mathematical and Natural Sciences at the Cardinal Stefan Wyszyński University in Warsaw. Her areas of interest include mathematics, economics, psychology, literature, cinema, and theater.
TOPICS FOR PROPOSED THESIS
• Corporate finance issues
• Leasing as a specific form of financing
• Derivative instruments
• Financial issues
• Financial analysis
CONSULTATIONS
Consultations are held on the Microsoft Teams platform, by prior email arrangement.
- dr hab. Paweł Felis, prof. SGH
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Paweł Felis – Associate professor in the discipline of finance, professor at the Institute of Finance of the SGH Warsaw School of Economics; deals with the issues of finance and corporate taxation as well as the theory and practice of wealth taxes; a coordinator and participant of projects related for instance to real property taxation within local tax policies or greening of the tax system; the author and co-author of about 150 scientific and informative publications, as well as opinions and expert reports for the Chancellery of the Sejm of the Republic of Poland; a member of the editorial board of the journal “BAS Studies – the Bureau of Research of the Sejm”, a member of the council of the scientific discipline of Economics and Finance of the SGH Warsaw School of Economics as well as a member of the Polish Finance and Banking Association.
Selected PUBLICATIONS in English:
Felis P., Patrzałek L., Bem A., Bernardelli M., Malinowska-Misiąg E., Olejniczak J., Kowalska M., Local Tax Policy in Central and Eastern Europe Property Taxation and Municipal Finance, Routledge Taylor&Francis Group, 2025.
Bernardelli M., Felis P., Jamroży M., Lipiec J., Malinowska-Misiąg E., Szlęzak-Matusewicz J., Otczyk G. Trends in income taxation: are taxes converging in Central and Eastern European countries? International Journal of Management and Economics, Vol. 59, No. 4, December 2023.
Felis P., Bernardelli M., Jamroży M., Lipiec J., Malinowska-Misiąg E., Szlęzak-Matusewicz J., Otczyk G., Fiscal Burden as a Determinant of Innovation Performance in the CEE Countries, East European Politics and Societies and Cultures, Vol.37, No 3, August 2023.
Felis P., Szlęzak-Matusewicz J., Rosłaniec H., Differentiation of Fiscal Effects of Local Tax Policy in Countries Using Area-Based Property Taxation: the Case of Poland, Lex Localis-Journal of Local Self-Government, Vol. 19 No. 3, 2021.
Felis P., Gołębiowski G., Tax Expenditures in Local Taxes – an Effective Instrument of Local Tax Policy? The Example of Poland, Contemporary Economics, Vol. 15, Issue 4, 2021.
CONTACT
email:: pfelis@sgh.waw.pl
- dr Renata Małkowska
dr Renata Małkowska-
- dr Michał Matusewicz
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Michał Matusewicz, PhD, Deputy Dean of the Collegium of Management and Finance at SGH Warsaw School of Economics. A graduate of SGH, where he also obtained a doctoral degree based on his dissertation entitled „Poland in the Economic and Monetary Union: Consequences for the economy and enterprises” [Polska w Unii Gospodarczej i Walutowej – konsekwencje dla gospodarki i przedsiębiorstw]. He specialises in finance, international finance, public finance, monetary integration and financial crises. Author and coauthor of multiple publications on finance. Head of the Postgraduate Studies in Taxation.
Graduate of the Warsaw School of Economics, PhD in Economics, assistant professor at the Institute of Finance at the College of Management and Finance,
vice-dean of the Master’s Studies in the terms 2008-2012 and 2012-2016, vice-dean of the College of Management and Finance in the terms 2016-2020 and 2020-2024, specialist in settlements and reporting in the EU-co-financed project Młodzi Projektują Zarządzanie in the years 2010-2015, member of the Senate Teaching Committee for Students and PhD Students from 2013-11-20 to 2016-09-30, head of Postgraduate Tax Studies, member of the Council of the College of Management and Finance in the years 2008-2019, member of the Committee for Science at KZiF since 2016 member of the Electoral College on behalf of KZiF since 2016, member of the Senate Program Committee since 2016, member of the Senate Teaching Committee for Students and Doctoral Students since 2012, member of the Library Council since 2012, member of the Committee for Academic Teachers’ Assessment at the College of Management and Finance since 2016, Member of the Rector’s Awards Committee since 2016, Member of the Senate in the term 2019-2020 and since 2020, Vice-Chairman of the Program Council of the Scientific Journals of Studies and Works of the College of Management and Financial Sciences, Vice-Chairman of the Scientific Council of the Journal of Management and Financial Sciences,
Scientific interests: Specialist in the field of finance, international finance, public finance, monetary integration and financial crisesCONTACT
email:: mmatus1@sgh.waw.pl - dr Olga Mikołajczyk
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Olga Mikołajczyk- PhD, Deputy Dean of Undergraduate Studies at SGH Warsaw School of Economics. She holds a degree in Finance and Banking from the SGH. She started her professional career at the Institute of Finance (previously: Department of Finance) and has been working there continuously. An active participant in the life of SGH and its community, she has served, among others, as a member of the Scientific Council of the Collegium of Management and Finance, and has also organised multiple academic conferences for finance specialists under the auspices of the Institute of Finance. Her research focuses on issues such as venture capital and business financing, with particular emphasis on innovative ventures and the activity of business angels in Poland and abroad.
CONTACT
email:: omiko@sgh.waw.pl - dr Aleksandra Staniszewska
Aleksandra Staniszewska holds a PhD in Economics and Finance, focusing on refinancing methods for mortgage portfolios. She was awarded a Fulbright Scholarship at Columbia University and participated in academic exchanges at EHSAL University (Brussels) and Verona University (Italy). She is also an inventor with a granted patent in women’s health area. Her research interests include real estate, fintech, entrepreneurship, and sustainable finance. Outside academia, she is active in the MedTech startup sector.
TOPICS FOR PROPOSED THESIS
· Sustainable finance
· Crawdfunding
· Asset backed securities
· Analisys of housing real estate market
· Financial analisys of the company
· Start-up analisys
· Fundrising
· Financial crises
· Experimental Economy
· Gift economy
· Share economy
· New business modelsCOURSES OFFERED in English
· Economy tutorials - 23A2A0-S
· 226150 Entrepreneurship for start-ups
· Bachelor’s Seminar: 190001-0311
· Master’s Seminar: 290001-0311Selected PUBLICATIONS in English:
Staniszewska, A., Czerwonka, M., & Kompa, K. (2021). The Impact of Religiosity and Gender on Reflective and Intuitive Thinking–The Case of Poland. European Research Studies Journal, 24(4B), 108-119.
Pawłowska, M., & Staniszewska, A. (2021). Impact of Fintech on the Level of Competition in the EU Banking Sector. Financials and Economic Systems: Transformations and New Challenges, 537-560.
Staniszewska A., Czerwonka M., Kompa K. (2020). Rational Behavior of Dictators - Evidence on Gender and Religiosity, International Advances in Economic Research, 26(3), 289-301.
Czerwonka, M., Staniszewska, A., & Kompa, K. (2018). Cognitive Reflection Test in Predicting Rational Behavior in the Dictator Game. Springer Proceedings in Business and Economics, 301-312.
Czerwonka, M., Staniszewska, A (2017). Cognitive Reflection Test as a Predictor of Rationality. Empirical Evidence, Annales Universitatis Mariae Curie-Skłodowska, Sectio H Oeconomia, 51(4), 75-83.
Chessini G., Staniszewska A. (2017). The Determinants of Dividend Policy: A Comparison between Firms Listed on the Italian Stock Exchange and on the Warsaw Stock Exchange (2001-2014), Journal of Management and Financial Sciences, 10 ( 30), 77-90. – 13 punktów
Staniszewska A. (2012). Analysis of the Mortgage Portfolio in Poland and Europe in the period 2002–2009. Journal of Management and Financial Sciences, Warsaw School of Economics, Vol. V, Issue 7, March 2012, s. 84-102.CONTACT
email:: aleksandra.staniszewska@sgh.waw.pl- Magdalena Walczak
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Magdalena Walczak - a graduate of the Warsaw School of Economics (master’s degree and full-time doctoral studies) and the University of Lodz (master’s degree and postgraduate studies), attorney-at-law. She is interested in issues related to behavioural finance, corporate social responsibility, management theory, corporate law and the economic analysis of law.
CONTACT
email: mwalcza1@sgh.waw.pl
Selected PUBLICATIONS in English:
M.Czerwonka, J.Ostaszewski, M.Rzeszutek, M.Walczak, „Investor’s expertise and the rationality of decision making” Acta Universitatis Lodziensis, Folia Oeconomica 1 (310), 133-140, 2015
- dr hab. Michał Wrzesiński, prof. SGH
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Michał Wrzesiński, Associate professor at SGH, primarily focuses his research on issues related to the capital market, corporate financing, company valuation, mergers and acquisitions, and private equity. This is reflected in the courses he has taught for many years, including mergers and acquisitions and venture capital. His scientific contributions include various scholarly works, including books. To date, three doctoral students have completed and defended their dissertations under his supervision. Michał Wrzesiński has been closely involved with the capital market for many years, specializing in mergers and acquisitions transactions, private equity, and securing financing in the capital market.
CONTACT
email:: michal.wrzesinski@sgh.waw.pl
Sustainable Finance and Financial Institutions Unit
- dr Marcin Liberadzki, prof.SGH
- dr Andrzej Nikołajczuk
Andrzej Nikołajczuk, PhD. Assistant professor at the Institute of Finance - Department of Financial System, assistant professor at the Department of Finance in 2002-2007 and assistant professor at the Department of Finance in 2007-2013. He is a graduate of the Faculty of Economics at St. Petersburg State University (majoring in International Economic Relations) and the postgraduate course “Master de Management Economique Européen” at SGH in cooperation with France’s Le Groupe HEC as well as the doctoral course Finance and Banking at the SGH College of Management and Finance. The main subject of his research is issues related to pro-export policy, export support, export insurance. He has many years of experience working in international trade. He is the author and co-author of publications in the field of finance. He teaches undergraduate and graduate courses in the subjects: Finance in Polish and English, Investment Portfolio, Corporate Finance as well as undergraduate and graduate seminars.
CONTACT:
• andrzej.nikolajczuk@sgh.waw.plPROBLEMS OF THE PROPOSED THESIS:
• credit insurance,
• export credit insurance,
• export support instruments,
• finance,
• insurance finance,
• corporate finance,
• financial marketsCONSULTATIONS:
• Consultations are held via Microsoft Teams after prior email contact.TEACHING SUBJECTS (IN POLISH & ENGLISH):
• 110630-0415 Finanse (Finance)
• 110631-0415 Finance (in English)
• 131060-0415 Ubezpieczenia gospodarcze (Business Insurance)
• 196351-0415 Seminarium Licencjackie (Bachelor’s Seminar)
• 296352-0415 Seminarium Magisterskie (Master’s Seminar)RESEARCH SPECIALIZATION:
• financial instruments for export promotion,
• export insurance,
• analysis of Polish exports,
• analysis of the situation of financial institutionsSELECTED RESEARCH PROJECTS (IN POLISH):
• Analysis of export insurance as an element of the export support system, study leader: Dr. Andrzej Nikolajczuk, 2007
• Status and development trends of Polish exports, study leader: Dr. Andrzej Nikolajczuk, 2008
• Europe 2020. strategy for smart, sustainable and inclusive growth” in the context of population aging - financial implications. Stage 2 , Dr. Renata Małkowska, Dr. Andrzej Nikołajczuk 2018/19
• Remuneration of whistleblowers and detection of fraud, statutory research, headed by dr Czeslaw Bartlomiej Martysz, co-author Andrzej Nikołajczuk, 2023.