Adam Szyszka. EDUCATION Poznań University of Economics (2008) - Ph.D. in Economics. Translation from Polish

Transkrypt

1 Translation from Polish Adam Szyszka EDUCATION Poznań University of Economics (2008) - Ph.D. in Economics Columbia University, New York - (2002/2003) post-doctoral visiting scholar, a Kościuszko Foundation Fellow Harvard Business School (2002) - took part in a program of Executive Management type, with the use of Harvard method of case study and other interactive methods of teaching Poznań University of Economics - (2001) doctor s degree at the Department of Management, Department of Investment and Capital Markets: Academic mentor: Waldemar Frackowiak: The title of the thesis: Efficiency of the Warsaw Stock Exchange in comparison to the selected mature markets. Columbia University, New York - (2000/2001) Polish-American Fulbright Scholar, Mr Szyszka s own study in the framework of the doctoral thesis Poznań University of Economics - (1999) Master of Economics in the Department of Financial and Strategic analysis; Academic mentor: Mirosław Hamrol, the title of master thesis: Strategies on working capital management: a comparison of this aspect in Polish and British public companies. University of Liverpool - (1997/1998) one-year studies in Great Britain. Specialty: Corporate Finance and Accounting Adam Mickiewicz University in Poznań - (2002) Master of Law in the Department of Law and Administration: Academic mentor: Prof. Jacek Napierała, Ph.D., the topic of the thesis: Leveraged Buyout (LBO) transactions of the capital company.

2 EXECUTIVE BIOGRAPHY 1999 present Poznań University of Economics 2002 present AT INVEST Sp. z o.o. Advisory company in the area of company s finance and strategic management May 2007 present Pani Teresa Medica S.A. Medical sector company listed on the Stock Exchange September Iławskie Zakłady Naprawy Samochodów S.A. Company listed on the Stock Exchange January 2008 present Niepubliczny ZOZ Szpital w Puszczykowie im. Prof. Stefana Tytusa Dąbrowskiego Sp. z o.o June 2007 PIB Hydrobudowa 9 S.A. February 1999 December 1999 Millenium Bank Pricewaterhouse Coopers (previously Coopers & Lybrand) at present associate professor, previously senior lecturer and assistant in the Department of Investment and Capital Markets research projects in the scope of capital market commissioned by the Warsaw Stock Exchange in the framework of independent research opinions and analyses in the area of finance prepared for courts and administrative bodies Partner President of the Management Board relations with Clients and supervision on research projects in the area of company s finance, valuation and strategic management Vice-Chairman of the Supervisory Board Member of the Supervisory Board Member of the Supervisory Board Member of the Supervisory Board the department of investment banking valuation of companies restructuring process in the financial area organization of leveraged processes transactions (LBO/MBO) working in Poland and Great Britain in the Department of Business Assurance financial audit of large corporations due-diligence for merger and take over use

3 DIDACTIC EXPERIENCE lectures with master and post-graduate students, including MBA program, Poznań University of Economics (subjects: Capital Investments of Institutions, Instruments and Institutions of Capital Market, Derivative Instruments) lectures in Stock Exchange School organized by the Warsaw Stock Exchange, advanced module coordinator Derivative Instruments, co-author of the material titled: Introduction and function of the company on the stock exchange guest lectures on the Columbia University in New York guest lectures on the post-graduate studies on the Tsinghua University in Beijing (subject in the framework of post-graduate studies of Finance of Enterprises and Investment) guest lectures on the post-graduate studies on University of Adelaide, Australia (subject in the framework of post-graduate studies of Basic Principles of Finance) guest lectures on Freie Universitaet in Berlin (subject of lectures: From EMH to Behavioral Finance and Limits to Arbitrage) guest lectures on Osnabrueck University in Germany (subject of lectures series: Economic, Political and Social Transformation in Central and Eastern Europe: The Polish Experience) MEMBERSHIP IN PROFESSIONAL AND SOCIAL ORGANIZATIONS Member of the Management Board of Polish Association of Experts on Valuation of Enterprises [Polskie Stowarzyszenie Biegłych w Dziedzinie Wycen Przdsiębiorstw] Member of Business Center Club Member of European Finance Association Member of Global Finance Association Member of Academic Association of Economic Psychology Member of Rotary International, President of Rotary Poznań-Starówka Club Honorary member of Rotaract Club Poznań and Rotaract at the United Nations Member of the Management Board of Association Poland in Europe Member of Association of Wielkopolska Residents Bona Fide Member of Young Polish International Network

4 COMPETENCE Capital market: - informational effectiveness of capital market - behavioral finance and investor s psychology - anomalous phenomena on the capital market - investment strategies and portfolio analysis - functioning of investment funds and other institutional investors - integration process on the stock exchange Finance of enterprises: - finance analysis - operational research of financing structure - operational research of net working capital management - restructuring of enterprises facing a difficult financial situation - valuation of enterprises Investment banking: - mergers and taking-over - leverage taking-over (LBO/MBO) - organizing of syndicated financing for the use of capital transactions - preparation of investments memoranda - preparation of issue portfolios

5 SCHOLARSHIPS AND ACADEMIC AWARDS 1. The Poznań University of Economics His Magnificence Rector s collective award for a share in works on the Strategy of Poznań University of Economics (2009) 2. The Poznań University of Economics His Magnificence Rector s individual award for postdoctoral dissertation Wycena papierów wartościowych na rynku kapitałowym w świetle finansów behawioralnych [Valuation of securities on capital market form the perspective of behavioral finance] (2009) 3. The Best Article award on 16 th Global Finance Conference, Honolulu, USA (2009) 4. The Best Article award on IBS International Conference on Business and Finance, Hyderabad, India (2009) 5. The Poznań University of Economics Rector s award as a co-author of the book titled: The strategy of developing of constant capital a tool to increase the value of enterprise [Strategia kształtowania kapitału stałego jako narzędzie wzrostu wartości przedsiębiorstwa] (2007) 6. Two-time scholarship from Foundation of Polish Science (2004 and 2005) 7. Kościuszko Foundation Fellow, New York (2002/2003) 8. Polish-American Fulbright Scholar, New York (2000/2001) 9. The Poznań University of Economic Rector's Award of First Degree for outstanding merit of Ph.D. dissertation, The Poznań University of Economics Rector's Award of First Degree for outstanding merit of the book From the Research on Capital Market in Poland [Z badań nad rynkiem kapitałowym w Polsce] (co-author), Nominated for the award by the European Federation of Stock Exchange Joseph de la Vega Prize 2002 for the article titled: Quarterly Financial Reports and the Stock Price Reaction at the Warsaw Stock Exchange ACADEMIC PUBLICATIONS AND WORKING PAPERS Books 1. Behavioral Finance. A New Approach to investment. [Finanse behawioralne. Nowe podejście do inwestowania.], Poznań University of Economics Publishing House, Poznań Valuation of securities on capital market form the perspective of behavioral finance. [Wycena papierów wartościowych w świetle finansów behawioralnych], University of Economics Publishing House, Poznań 2007 (habilitation dissertation) 3. The strategy of developing of constant capital a tool to increase the value of enterprise [Strategia kształtowania kapitału stałego jako narzędzie wzrostu wartości przedsiębiorstwa], co-authors: Frąckowiak W., Gryglewicz S., Stobiecki P., Stradomski M., University of Economics Publishing House, the Department of Investment and Capital Markets, Efficiency of the Warsaw Stock Exchange in comparison to the selected mature markets. [Efektywność Giełdy Papierów Wartościowych w Warszawie na tle rynków dojrzałych.], University of Economics Publishing House, Poznań From the Research on Capital Market in Poland [Z badań nad rynkiem kapitałowym w Polsce] (scientific editor: W. Frąckowiak), University of Economics Publishing House, Poznań 2002

6 Articles: 6. Behavioral Aspects of Economic Crisis [Behawioralne aspekty krysysu finansowego], BANK AND CREDIT [BANK I KREDYT] 2009 No.4, Warszawa: National Bank o Poland (NBP), pp Generalized Behavioral Asset Pricing Model, IFCAI Journal of Behavioral Finance, Vol. VI, No. 1 - Hyderabad : ICFAI University Press, pp Sources and effects of limits to arbitrage. [Źródła i skutki ograniczeń arbitrażu.], coauthor: Zaremba A., Finance Management. Valuation of Enterprises and Value Management Szczecin: the Department of Economical Science and Management of the Szczecin University, 2009, pp From the Efficient Market Hypothesis to Behavioral Finance, Reader. Special Issue Finance Hyderabad : ICFAI University Press, pp Generalized Behavioral Model of Valuation of Securities. [Uogólniony behawioralny model wyceny papierów wartościowych.], in: Investment on Capital Market [Inwestowanie na rynku kapitałowym], red. Waldemar Tarczyński, Szczecin: the Szczecin University, 2008, pp The Disposition Effect Demonstrated on IPO Trading Volume, co-author: Zielonka P., ICFAI Journal of Behavioral Finance, Vol. IV, Number 3, Sep-2007 Issue, pp Ethical Factors in Capital Market. Socially Responsible Investment Versus Unscrupulous Investment, co-author: Ali Akbar Zamin, Argumenta Oeconomica 2006 No. 1-2, Wrocław: Oskar Lange Wrocław Univeristy of Economics, Wrocław, pp Effectiveness of Momentum Strategy on the Warsaw Stock Exchange. [Efektywność strategii momentum na Giełdzie Papierów Wartościowych w Warszawie], in: Capital Market. Effective investment. [Rynek kapitałowy. Skuteczne inwestowanie.], book No. 462, Szczecin: the Szczecin University 2007, pp Flock behavior in Comparison with Informational Efficiency of Capital Market. [Zachowania stadne a efektywność informacyjna rynku kapitałowego.], The Economist [EKONOMISTA] 2007 No. 1, Warszawa, Polish Academy of Sciences (PAN) Committee of Economics Sciences, pp The Phenomenon of Rate of Return on the Warsaw Stock Exchange. [Zjawisko kontynuacji stop zwrotu na Giełdzie Papierów Wartościowych w Warszawie], BANK AND CREDIT [BANK I KREDYT] 2006 No.8, Warszawa: National Bank o Poland (NBP), pp Aggregate Level Disposition Effect Documented on IPO Trading Volume, co-author: Zielonka P., w: Alternative Perspectives on Finance and Accounting, red. Robinson C., McGoun S., Reiter S., USA : Bucknell University, Are Investors Ethical? Only When They Can Afford It, (co-author Akbar Zamin Ali), 2005 Australasian Business and Behavioral Sciences Association Conference, Cairns, Australia 18. Role of Long-term Financing in the Development of the Value of Enterprise. [Rola finansowania długoterminowego w kształtowaniu wartości przedsiębiorstwa], coauthors: Frąckowiak W., Gryglewicz S., Stobiecki P., Stradomski M., in: Enterprises on the Capital Market [Przedsiębiorstwo na rynku kapitałowym]; red. Duraj J., the Łódź University Publishing House, 2005, pp The Policy of Forming the Structure of Capital in Polish Enterprises in Comparison with Selected Countries of the European Union [Polityka kształtowania struktury kapitału w polskich przedsiębiorstwach na tle wybranych krajów Unii Europejskiej], co-authors: Frąckowiak W., Gryglewicz S, Stobiecki P., Stradomski M., in: Finance of Enterprise [Finanse przedsiębiorstwa], Warszawa: Warsaw School of Economics the Department of Finance and Management, 2005, pp Transformations Hedges with Paragraphs. Leveraged Buyout of the Company. [Przekształcenia obwarowane paragrafami. Wykup kredytowany spółki], Nasz Rynek Kapitałowy, 9/2005

7 21. Control Assumption Financed from the Outside. The Possibilities of Debt Financing Security in Leveraged Buyout Transactions.[Przejęcie kontroli finansowane z zewnątrz. Możliwości zabezpieczenia finansowania dłużnego w transakcjach wykupu kredytowanego], Nasz Rynek Kapitałowy, 7/8/ Open Pension Funds Operations in Comparison with Polish Capital Market Functioning. [Działalność otwartych funduszy emerytalnych a funkcjonowanie polskiego rynku kapitałowego], BANK AND CREDIT [BANK I KREDYT] 2005 No.2, Warszawa: National Bank o Poland (NBP), pp Determinants of Corporate Long-Term Capital Policy. Poland vs. France, Germany, and Great Britain: Comparative Approach and Panel Analysis (co-author: W. Frąckowiaka), Social Science Research Network, February 2005, Open Pension Funds. An Opportunity or Threat for the Polish Capital Market [Otwarte Fundusze Emerytalne. Szansa, czy zagrożenie dla polskiego rynku kapitałowego], CASE- BRE Working Paper, 78, September Investor's behavior and the theory of capital market [Zachowania inwestora a teoria rynku kapitałowego], The Economist [Ekonomista], 3/ Limits to arbitrage and capital market efficiency [Ograniczenia arbitrażu a efektywność rynku kapitałowego], Studia Ekonomiczne, 3/ Investment in Art. [Inwestowanie w sztukę.], co-author: Korzeniowska-Marciniak M., Gazeta Antykwaryczna 2003 nr 11, Kraków : Antiquarius, pp Leveraged Buy-Outs: Problems with Debt [Wykup kredytowany spółki (LBO) problemy z długiem], Ruch Prawniczy Ekonomiczny i Socjologiczny, the Adam Mickiewicz University Publishing House, Poznań The Role of State in the Process of Supporting the Development of Capital Market in Poland. [Rola państwa w procesie wspierania rozwoju rynku kapitałowego w Polsce], coauthors: Frąckowiak W., Gryglewicz S., Makieła P., Stobiecki P., Stradomski M., Nasz Rynek Kapitałowy 2002 nr 9, Kraków: PENETRATOR, pp Event studies: Investors' reaction to tender offers [Studium wydarzeń: Reakcja inwestorów na publiczne wezwania do sprzedaży akcji], International Finance Conference, University of Szczecin, Miedzyzdroje Market reaction to changes in forecasts of earnings [Reakcja inwestorów. Prognozy wyników finansowych], Nasz Rynek Kapitałowy, 02/ Market reaction. Quarterly Financial Reports [Reakcja inwestorów. Kwartalne raporty finansowe.], Nasz Rynek Kapitałowy, 01/ Quarterly Financial Reports and the Stock Price Reaction at the Warsaw Stock Exchange, European Finance Association Conference, Berlin Principles of Capital Market Investing [Podstawy inwestowania na giełdzie] (co-author), ESKK, Poznan CAPM - A Satisfactory Theory of Asset Pricing or An Idealistic Myth?, in: A. Janc Economy in Transition. Problems, Ideas, Solutions, Zeszyty Naukowe the Poznań University of Economics Publishing House Efficiency of the Market and Investors' Initiative to Search and Analyze New Information [Efektywność rynku kapitałowego a motywacja inwestorów do poszukiwania i analizy informacji], Nasz Rynek Kapitałowy 12/ Profitability of Filter Rules on Polish Capital Market [Skuteczność reguły filtrów na polskim rynku kapitałowym], Nasz Rynek Kapitałowy 6/ From the Research on Efficiency of Polish Capital Market [Z badań nad efektywnością polskiego rynku kapitałowego], in: E. Czerwinska et al. Financial Markets, the Poznań University of Economics Publishing House Seasonality in Stock Returns and Capital Market Efficiency, in: W. Przybylska-Kapuscinska: Money and Capital Market [Sezonowość stóp zwrotu w czasie a efektywność rynku

8 kapitałowego, w: Rynek Pieniężny i Kapitałowy.], the Poznań University of Economics Publishing House Capital Market Efficiency and Anomalies in Returns Seasonality [Efektywność rynku kapitałowego a anomalie w rozkładzie czasowym stop zwrotu], Nasz Rynek Kapitałowy 12/ Can We Beat the Market? Discussion on the Efficient Market Hypothesis [Czy rynek można przechytrzyć? Rozważania wokół hipotezy o efektywności rynku kapitałowego], Nasz Rynek Kapitałowy 8/99.