Scientific Journal FINANCE
published by the Committee on Financial Sciences of the Polish Academy of Sciences
Editorial Board:
Editor-in-Chief: Assoc. Prof. Dariusz Wawrzyniak – Wroclaw University of Economics and Business Prof. Stanisław Flejterski – University of Szczecin
Prof. Monika Marcinkowska – University of Łódź Prof. Krzysztof Jackowicz – Koźmiński University Prof. Jerzy Węcławski – Maria Curie-Skłodowska University
Secretary: Aleksander Mercik, Ph. D. – Wroclaw University of Economics and Business Subject Editors:
Assoc. Prof. Jan Koleśnik (Banking) – Warsaw School of Economics Assoc. Prof. Paweł Niedziółka (Finance) – Warsaw School of Economics
Scientific Board:
Chairperson: Prof. Krzysztof Jajuga (Statistical Editor) – Wroclaw University of Economics and Business Prof. Simona Beretta – Università Cattolica del Sacro Cuore in Milan
Prof. Teresa Famulska – University of Economics in Katowice Prof. Marcin Kacperczyk – Imperial College London
Prof. Vaclovas Lakis – Vilnius University Prof. Marina Liebiedieva – St. Petersburg University
Prof. Jerzy Nowakowski (Statistical Editor) – Warsaw School of Economics Prof. Lucjan T. Orłowski – Sacred Heart University in Fairfield, USA
Prof. Maria Sierpińska – Cracow University of Economics
Prof. Dmitrij Sorokin – Institute of Economics in Russia, Corresponding Member of the Russian Academy of Sciences Prof.
Jan Szambelańczyk – Poznań University of Economics and Business
Prof. Max Urchs – Professor of Philosophy of Science, EBS Business School, Wiesbaden Prof. Ryszard Wierzba – University of Gdańsk
Reviewers:
Assoc. Prof. Jan Bednarczyk – Kazimierz Pulaski University of Technology and Humanities in Radom
Prof. Krystyna Brzozowska – University of Szczecin Prof. Sławomir Bukowski – Kazimierz Pułaski University of
Technology and Humanities in Radom
Assoc. Prof. Katarzyna Byrka-Kita – University of Szczecin Assoc. Prof. Filip Chybalski – Łódź University of Technology
Prof. Stanisław Flejterski – University of Szczecin Assoc. Prof. Wiesław Gumuła – Jagiellonian University
Assoc. Prof. Józef Haczyński – University of Warsaw Assoc. Prof. Dagmara Hajdys – University of Łódź Prof. Janina Harasim – University of Economics in Katowice Prof. Krzysztof Jajuga – Wroclaw University of Economics and
Business
Prof. Alfred Janc – Poznań University of Economics and Business Prof. Tadeusz Kudłacz – Cracow University of Economics Assoc. Prof. Lech Kurkliński – Warsaw School of Economics
Assoc. Prof. Jakub Marszałek – University of Łódź Assoc. Prof. Paweł Mielcarz – Koźmiński University Assoc. Prof. Ewa Miklaszewska – Cracow University of
Economics
Assoc. Prof. Tomasz Miziołek – University of Łódź Assoc. Prof. Paweł Niedziółka – Warsaw School of Economics
Assoc. Prof. Andrzej Paliński – AGH University of Science and Technology
Assoc. Prof. Krzysztof Piech – Łazarski University Assoc. Prof. Marzanna Poniatowicz – University of Białystok Prof. Wiesława Przybylska-Kapuścińska – Poznań University of
Economics and Business
Prof. Irena Pyka – University of Economics in Katowice Prof. Maria Sierpińska – Cracow University of Economics
Prof. Andrzej Sławiński – Warsaw School of Economics Assoc. Prof. Tomasz Słoński – Wrocław University of Economics
and Business
Prof. Jadwiga Suchecka – University of Łódź Prof. Krzysztof Surówka – Cracow University of Economics Assoc. Prof. Anna Szelągowska – Warsaw School of Economics
Assoc. Prof. Jolanta Szołno-Koguc – Maria Curie-Skłodowska University
Prof. Włodzimierz Szpringer – Warsaw School of Economics Assoc. Prof. Emil Ślązak – Warsaw School of Economics
Prof. Waldemar Tarczyński – University of Szczecin Prof. Maciej S. Wiatr – Warsaw School of Economics Assoc. Prof. Joanna Wiśniewska – University of Szczecin Assoc. Prof. Tomasz Wiśniewski – University of Szczecin
ISSN 1899-4822
Committee’s Websites: http://www.knfpan.pan.pl/
http://finance-journal.eu/pl e-mail: aleksander.mercik@ue.wroc.pl