Curriculum Vitae ADAM SZYSZKA

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1 Curriculum Vitae ADAM SZYSZKA EDUCATION Poznań University of Economics (2008) Ph.D. (doktor habilitowany) in Economics Columbia University, New York (2002/2003) post-doctoral visiting scholar, Kościuszko Foundation Fellow Harvard Business School (2002) took part in an executive management programme, with the use of the Harvard case study method and other interactive teaching methods Poznań University of Economics (2001) Ph.D. (doktorat) at the Faculty of Management, Department of Investment and Capital Markets; academic mentor: Prof. Waldemar Frąckowiak (prof. zw. dr hab.); the title of the Ph.D. dissertation: Efektywność Giełdy Papierów Wartościowych w Warszawie na tle wybranych giełd światowych (Efficiency of the Warsaw Stock Exchange in Comparison to Selected Global Stock Exchanges) Columbia University, New York (2000/2001) The Polish - U.S. Fulbright Commission s scholar, own research programme as part of work on the Ph.D. dissertation Poznań University of Economics (1999) M.A. at the Department of Financial and Strategic Analysis; academic mentor: Prof. Mirosław Hamrol (prof. dr hab.), the title of the M.A. thesis: Strategie zarządzania kapitałem obrotowym. Studium porównawcze wybranych spółek brytyjskich i polskich (Working Capital Management Strategies. Comparative Study of Selected British and Polish Companies) University of Liverpool - (1997/1998) one-year studies in the UK; specialisation: Corporate Finance and Accounting Adam Mickiewicz University in Poznań (2002) M.A. at the Department of Law and Administration: academic mentor: Prof. Jacek Napierała (prof. dr hab.), the title of the M.A. thesis: Wykup kredytowany spółki kapitałowej (Leveraged Buy-Out)

2 EXECUTIVE BIOGRAPHY 2011 Warsaw School of Economics 1999 Poznań University of Economics 2002 AT INVEST Sp. z o.o. advisory company operating in the area of corporate finance and strategic management 2009 Dom Maklerski IDMS S.A. company listed on the WSE 2007 Pani Teresa Medica S.A. medical company listed on the WSE Iławskie Zakłady Naprawy Samochodów S.A. company listed on the WSE 2008 Niepubliczny ZOZ Szpital w Puszczykowie im. Prof. Stefana Tytusa Dąbrowskiego Sp. z o.o PIB Hydrobudowa 9 S.A. engineering and construction company February 1999 December 1999 Millenium Bank PricewaterhouseCoopers (previously Coopers&Lybrand) associate professor in the Chair of Capital Markets, the College of the Global Economy associate professor, previously senior lecturer and assistant in the Department of Investment and Capital Markets capital market research projects commissioned by the Warsaw Stock Exchange and as part of independent research financial opinions and analyses prepared for courts and administrative bodies partner - President of the Management Board relations with Clients and supervision over advisory projects in the area of corporate finance, valuation and strategic management independent member of the Supervisory Board Chairman of the Audit Committee Deputy Chairman of the Supervisory Board member of the Remuneration Committee independent member of the Supervisory Board member of the Supervisory Board member of the Supervisory Board Investment Banking Department valuation of companies restructuring processes in the area of finance organising LBOs/MBOs work in Poland and the UK in the Business Assurance Department financial audit of large corporations due diligence for M&A purposes page 2

3 TEACHING EXPERIENCE classes for master and post-graduate students, including MBA programme, at the Poznań University of Economics lectures at the Exchange School organised by the Warsaw Stock Exchange lecturer (post-graduate studies) at the University of Adelaide in Australia lecturer (post-graduate studies) at the Tsinghua University in Beijing guest lectures at the Columbia University in New York guest lectures at the Osnabruck University in Germany guest lectures at the Freie Universitaet in Berlin COMPETENCES Capital market: - capital market information efficiency - behavioural finance and investor s psychology - anomalous phenomena on the capital market - investment strategies and portfolio analysis - operation of investment funds and other institutional investors - integration processes on stock exchanges Corporate finance: - financial analysis - optimisation of financing structure - optimisation of net working capital management - restructuring of enterprises in difficult financial situation - valuation of enterprises Investment banking: - M&As - LBOs/MBOs - organising syndicated financing for capital transactions - preparation of investment memoranda - preparation of issue prospectuses page 3

4 FOREIGN LANGUAGES English (fluent) German (good) Russian (basic) Spanish (basic) MEMBERSHIP IN PROFESSIONAL AND SOCIAL ORGANISATIONS Member of the Management Board of the Polish Association of Experts on Valuation of Enterprises (Polskie Stowarzyszenie Biegłych w Dziedzinie Wycen Przedsiębiorstw) Member of the European Finance Association Member of the Global Finance Association Member of the Academic Association of Economic Psychology (Akademickie Stowarzyszenie Psychologii Ekonomicznej) Honorary member of the Rotaract Club Poznań and Rotaract at the United Nations Member of the Poland in Europe Association (Stowarzyszenie Polska w Europie) Member of the Bona Fide, Wielkopolska Residents Association (Stowarzyszenie Wielkopolan Bona Fide ) Member of the Young Polish International Network SCHOLARSHIPS AND ACADEMIC AWARDS 1. The Poznań University of Economics His Magnificence Rector s Collective Award for the coauthorship of the monograph Modern Managerial Finance: New Trends and Research Areas (2010) 2. The Poznań University of Economics His Magnificence Rector s Collective Award for shared work on the Strategy of the Poznań University of Economics (2009) 3. 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 the Capital Market from the Perspective of Behavioural Finance) (2009) 4. The Best Paper Award of the 16th Global Finance Conference, Honolulu, the USA (2009) 5. The Best Article Award at the IBS International Conference on Business and Finance, Hyderabad, India (2009) 6. The Poznań University of Economics Rector s Second Degree Award for the co-authorship of the book entitled Strategia kształtowania kapitału stałego jako narzędzie wzrostu wartości przedsiębiorstwa (Strategy of Developing the Fixed Capital as s Tool of Increasing an Enterprise s Value) (2007) 7. Scholarship for young scholars from the Foundation for Polish Science (2004 and 2005) 8. The Kościuszko Foundation s scholarship, New York (2002/2003) 9. The Polish - U.S. Fulbright Commission s scholarship (2000/2001) page 4

5 10. The Poznań University of Economics Rector s First Degree Award for the Ph.D. dissertation, The Poznań University of Economics Rector s First Degree Award for the co-authorship of the book entitled Z badań nad rynkiem kapitałowym w Polsce (Research on the Capital Market in Poland) 12. Nominated for the Federation of European Securities Exchanges award, Joseph de la Vega Prize 2002, for the article entitled Quarterly Financial Reports and the Stock Price Reaction at the Warsaw Stock PUBLICATIONS Scientific Monographs (as Author) 1. Finanse behawioralne. Nowe podejście do inwestowania (Behavioural Finance. New Approach to Investing), Poznań: Poznań University of Economics Press, Wycena papierów wartościowych na rynku kapitałowym w świetle finansów behawioralnych (Valuation of Securities on the Capital Market from the Perspective of Behavioural Finance), Poznań: Poznań University of Economics Press, 2007 (monograph awarded with the Poznań University of Economics His Magnificence Rector s Award) 3. Efektywność Giełdy Papierów Wartościowych w Warszawie na tle rynków dojrzałych (Efficiency of the Warsaw Stock Exchange Compared to Mature Markets), Poznań: Poznań University of Economics Press, 2003 (monograph awarded with the Poznań University of Economics His Magnificence Rector s Award) Scientific Monographs (as Co-Author) 1. Strategia kształtowania kapitału stałego jako narzędzie wzrostu wartości przedsiębiorstwa (Strategy of Developing the Fixed Capital as a Tool of Increasing an Enterprise s Value), co-authors: Frąckowiak, W., Gryglewicz, S., Stobiecki, P., Stradomski, M., Poznań, the Poznań University of Economics, the Department of Investment and Capital Markets, 2006 (monograph awarded with the Poznań University of Economics His Magnificence Rector s Collective Award) Chapters in Scientific Monographs 1. Preference and Belief Based Models, in: ed. H. Kent Baker and John Nofsinger, Behavioural Finance: Investors, Corporations, and Markets Hoboken, NJ: J. Wiley & Sons, 2010, pp , book published in the USA 2. Behavioural Insights into Managerial Finance, in: ed. Waldemar Frąckowiak, Cezary Kochalski, Modern Managerial Finance: New Trends and Research Areas, Poznań: Poznań University of Economics Press, 2010, pp Uogólniony behawioralny model wyceny papierów wartościowych (Generalised Behavioural Model of Securities Valuation), in Inwestowanie na rynku kapitałowym (Investing on the Capital Market), ed. Waldemar Tarczyński, Szczecin: the University of Szczecin, 2008, pp Rola finansowania długoterminowego w kształtowaniu wartości przedsiębiorstwa (Role of Long- Term Financing in Developing an Enterprise s Value), co-authors: Frąckowiak, W., Gryglewicz, S., page 5

6 Stobiecki, P., Stradomski, M., in Przedsiębiorstwo na rynku kapitałowym (Enterprise on the Capital Market); ed. Duraj, J., Łódź: University of Lodz Press, 2005, pp Reakcja inwestorów na ogłoszenia raportów kwartalnych spółek notowanych na GPW w Warszawie (Investors Reaction to the Release of Quarterly Reports of Companies Listed on the WSE) in Z badań nad rynkiem kapitałowym w Polsce (Research on the Capital Market in Poland), ed. Frąckowiak, W., Poznań: Poznań University of Economics Press, 2001, pp (monograph awarded with the Poznań University of Economics His Magnificence Rector s Collective Award) Studies and Articles 1. Genesis of the 2008 Global Financial Crisis and Challenges to the Neoclassical Paradigm of Finance, PUER Special Issue, 2011, in print 2. Systemic Changes in the Financial World and the Search for the New Paradigm of Finance, in: Kaynak, E., Harcar, T., Challenges and Opportunities of Global Business in the New Millenium: Contemporary Issues and Future Trends, Advances in Global Management Development, Vol. XX Długoterminowe stopy zwrotu po ogłoszeniu skupu akcji własnych (Long-Term Return Rates After Announcement of Treasury Share Buy-Back), Zeszyty Naukowe Uniwersytetu we Wrocławiu, in print (co-authorship with A. Zaremba) 4. Systemic Changes in the Financial World and the Search for the New Paradigm of Finance, SUERF Colloquium, Brussels The Buyback Anomaly on the Polish Capital Market, the 18th Global Finance Conference, Bangkok, Thailand, 2011 (co-authorship with A. Zaremba) and in: Zarzecki, D. (scientific ed.), Zarządzanie finansami. Współczesne wyzwania teorii i praktyki (Finance Management. Contemporary Challenges of Theory and Practice), Finanse, Rynki i Ubezpieczenia No. 38, Zeszyty Naukowe No. 640, the University of Szczecin, Szczecin, Behavioural Anatomy of the Financial Crisis, Journal of Centrum Cathedra 2010 No. 2, Pontificia Universidad Catolica del Peru, pp Systemowe zmiany na rynkach finansowych a poszukiwanie adekwatnej teorii finansów (Systemic Changes on Financial Markets and the Search for an Adequate Theory of Finance), in: ed. Frąckowiak, W. Ku nowemu paradygmatowi nauk o finansach (Towards the New Paradigm of the Science on Finance), Poznań: Poznań University of Economics Press, 2010, pp Anatomy of Financial Crisis, in Global Financial Crisis and Future of Capitalism, Fresno: Global Finance Association, 2010, p Behawioralne aspekty kryzysu finansowego (Behavioural Aspects of a Financial Crisis), BANK I KREDYT 2009 No. 4, Warszawa: National Bank of Poland (NBP), pp Generalised Behavioural Asset Pricing Model, IFCAI Journal of Behavioural Finance, Vol. VI, No. 1, Hyderabad: ICFAI University Press, pp Źródła i skutki ograniczeń arbitrażu (Sources and Effects of Limits to Arbitrage), co-author: Zaremba, A., Zarządzanie Finansami. Wycena przedsiębiorstw i zarządzanie wartością (Finance Management. Valuation of Enterprises and Value Management) Szczecin: the Department of Economics and Management of the University of Szczecin, 2009, pp From the Efficient Market Hypothesis to Behavioural Finance, Reader. Special Issue Finance Hyderabad: ICFAI University Press, pp page 6

7 13. The Disposition Effect Demonstrated on IPO Trading Volume, co-author: Zielonka, P., ICFAI Journal of Behavioural Finance, Vol. IV, No. 3, Sep Issue, pp Efektywność strategii momentum na Giełdzie Papierów Wartościowych w Warszawie (Efficiency of the Momentum Strategy on the Warsaw Stock Exchange), in Rynek kapitałowy. Skuteczne inwestowanie No. 462, Szczecin: the University of Szczecin 2007, pp The Disposition Effect Demonstrated on IPO Trading Volume, in Proceedings of the 14 th Annual Global Finance Conference GFC2007, Melbourne: Global Finance Association/La Trobe University, Australia, Zachowania stadne a efektywność informacyjna rynku kapitałowego (Herd Behaviour and the Capital Market Information Efficiency), EKONOMISTA 2007 No. 1, Warsaw: The Polish Academy of Sciences (PAN) The Committee on Economic Sciences, pp Ethical Factors in Capital Market. Socially Responsible Investment Versus Unscrupulous Investment, co-author: Ali Akbar Zamin, Argumenta Oeconomica 2006 No. 1-2, Wrocław: Wrocław Oscar Lange University of Economics Press, pp Aggregate Level Disposition Effect Documented on IPO Trading Volume, co-author: Zielonka, P., in Alternative Perspectives on Finance and Accounting, ed. Robinson, C., McGoun, S., Reiter, S., USA: Bucknell University, Zjawisko kontynuacji stóp zwrotu na Giełdzie Papierów Wartościowych w Warszawie (The Continuation of Return Rates on the Warsaw Stock Exchange), BANK I KREDYT 2006 No. 8, Warsaw: National Bank of Poland (NBP), pp Determinants of Corporate Long-Term Capital Policy. Poland vs. France, Germany, and Great Britain: Comparative Approach and Panel Analysis, co-authors: Frąckowiak, W., Gryglewicz, S., Stobiecki, P., Stradomski, M., the 32nd Annual Meeting of the European Finance Association, Moscow/Rochester: Social Science Research Network, Are Investors Ethical? Only When They Can Afford It, co-author Akbar Zamin Ali, in Proceedings of the 2005 Australasian Business and Behavioural Sciences Association Conference, Cairns, the Australasian Business and Behavioural Sciences Association, Działalność otwartych funduszy emerytalnych a funkcjonowanie polskiego rynku kapitałowego (Operation of Open Pension Funds and Functioning of the Polish Capital Market), BANK I KREDYT 2005 No. 2, Warsaw: the National Bank of Poland (NBP), pp Polityka kształtowania struktury kapitału w polskich przedsiębiorstwach na tle wybranych krajów Unii Europejskiej (Policy of Developing the Capital Structure in Polish Enterprises Compared to Selected European Union States), co-authors: Frąckowiak, W., Gryglewicz, S., Stobiecki, P., Stradomski, M., in Finanse przedsiębiorstwa, Warsaw: the Warsaw School of Economics the Department of Finance and Management, 2005, pp Przejęcie kontroli finansowane z zewnątrz (Externally Financed Control Take-Over), Nasz Rynek Kapitałowy 2005 No. 7/8, Cracow: PENETRATOR, pp Przekształcenia obwarowane paragrafami (Transformations in the Plethora of Regulations), Nasz Rynek Kapitałowy 2005 No. 9, Cracow: PENETRATOR, pp Zachowania inwestora a teoria rynku kapitałowego (Investor s Behaviour and the Capital Market s Theory), EKONOMISTA 2004 No. 3, Warsaw: the Polish Academy of Sciences (PAN) The Committee on Economic Sciences, pp Otwarte Fundusze Emerytalne. Szansa czy zagrożenie dla polskiego rynku kapitałowego (Open Pension Funds. Opportunity or Threat for the Polish Capital Market), Zeszyt Naukowy BRE Bank CASE No. 74, Warsaw: the Center for Social and Economic Research (CASE), 2004, pp page 7

8 28. Inwestowanie w sztukę (Investing in Art), co-author: Korzeniowska-Marciniak, M., Gazeta Antykwaryczna 2003 nr 11, Cracow: Antiquarius, pp Ograniczenia arbitrażu a efektywność rynku kapitałowego (Limits to Arbitrage and the Capital Market Efficiency), Studia Ekonomiczne 2003 No. 3, Warsaw: the Polish Academy of Sciences PWN, pp Wykup kredytowany spółki (LBO) problemy z długiem (Leveraged Buy-Outs: Problems with Debt), Ruch Prawniczy, Ekonomiczny i Socjologiczny 2003 No. 1, Poznań, Adam Mickiewicz University Press 31. Rola państwa w procesie wspierania rozwoju rynku kapitałowego w Polsce (Role of the State in the Process of Supporting the Development of the Capital Market in Poland), co-authors: Frąckowiak, W., Gryglewicz, S., Makieła, P., Stobiecki, P., Stradomski, M., Nasz Rynek Kapitałowy 2002 No. 9, Cracow: PENETRATOR, pp Studium wydarzeń: Reakcja inwestorów na publiczne wezwanie do sprzedaży akcji (Case Study: Investors Reaction to Tender Offer), in Zarządzanie finansami: klasyczne zasady, nowoczesne narzędzia (Finance Management: Classical Rules, Modern Tools), materials from the 3rd International Scientific Conference, Międzyzdroje, April 2002, ed. Dariusz Zarzecki, Szczecin, the University of Szczecin, Reakcja inwestorów. Prognozy wyników finansowych (Investors Reaction. Financial Results Forecasts), Nasz Rynek Kapitałowy 2002 No. 2, Cracow: PENETRATOR, pp Reakcja inwestorów. Kwartalne raporty finansowe (Investors Reaction. Quarterly Financial Reports), Nasz Rynek Kapitałowy 2002 No. 1, Cracow: PENETRATOR, pp CAPM - A Satisfactory Theory of Asset Pricing or An Idealistic Myth? in Economy in Transition. Problems, Ideas, Solutions, Lubniewice 2000, ed. Janc, A., Poznań: the Poznań University of Economics Press, Sezonowość rozkładu stóp zwrotu a efektywność rynku kapitałowego (Seasonality of the Distribution of Return Rates and the Capital Market Efficiency), in Rynek Pieniężny i Kapitałowy: Debiuty Ekonomiczne, Poznań, Poznań University of Economics Press 2000, pp Z badań nad efektywnością polskiego rynku kapitałowego (Research on the Efficiency of the Polish Capital Market), in Finanse, banki i ubezpieczenia w Polsce u progu XXI wieku, ed. Czerwińska, E., Denek, E., Janc, A., Sangowski, T., Sobiech, J., Poznań: Poznań University of Economics Press, 2000, pp Efektywność rynku kapitałowego a motywacja inwestorów do poszukiwania i analizy informacji (Capital Market Efficiency and Investors Motivation to Search and Analyse Information), Nasz Rynek Kapitałowy 2000 No. 12, Cracow: PENETRATOR, pp Skuteczność reguły filtrów na polskim rynku kapitałowym (Effectiveness of the Filter Rule on the Polish Capital Market), Nasz Rynek Kapitałowy 2000 No. 6, Cracow: PENETRATOR, pp Efektywność rynku kapitałowego a anomalie w rozkładzie czasowym stop zwrotu (Capital Market Efficiency and Anomalies in the Seasonality of Return Rates), Nasz Rynek Kapitałowy 1999, No. 12, Cracow: PENETRATOR, pp Czy rynek można przechytrzyć? Rozważania wokół hipotezy o efektywności rynku kapitałowego (Can We Outwit the Market? Discussion on the Capital Market Efficiency Hypothesis), Nasz Rynek Kapitałowy 1999 No. 8, Cracow: PENETRATOR, PP Strategie zarządzania kapitałem obrotowym. Studium porównawcze spółek brytyjskich i polskich (Working Capital Management Strategies. Comparative Study of British and Polish page 8

9 Companies), co-author: Hamrol, M., in Zarządzanie finansami (Finance Management), materials from a conference in Spała, Łódź: the Lodz University, 1999 Textbooks, Scripts and Other Teaching Materials 1. Wprowadzenie i funkcjonowanie spółki na giełdzie papierów wartościowych (Introducing a Company to a Stock Exchange and its Functioning thereon), co-authors: Sarnowski, D., Stobiecki, P., Stradomski, M., teaching material commissioned by the WSE as part of the Exchange School cycle, Warsaw 2006 (equal contribution of each author) 2. Principles of Finance, Master of Commerce Course, the University of Adelaide, Australia, 2005 script in English for post-graduate students 3. Instrumenty pochodne (Derivative Instruments), Warsaw: INFOR, 2002 (script dedicated for participants in closed training sessions) 4. Zasady budowy portfela inwestycyjnego (Principles of Constructing an Investment Portfolio), in Jak skutecznie inwestować na giełdzie? (How to Effectively Invest on Stock Exchange?), ed. Frąckowiak, W., Poznań: ESKK Inwestowanie w sytuacjach szczególnych (Investing in Particular Circumstances), co-author: Lewandowski, M., in Jak skutecznie inwestować na giełdzie? (How to Effectively Invest on Stock Exchange?), Frąckowiak, W., Poznań: ESKK 2002 page 9