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Papers by Paulina Roszkowska

SSRN Electronic Journal, 2014

The Warsaw Stock Exchange is one of Europe's largest exchanges by the number of IPOs, although it... more The Warsaw Stock Exchange is one of Europe's largest exchanges by the number of IPOs, although it retains features of a market in post-transition countries, including a relatively small size, shallowness and a weak institutional framework. In this study, we use a large dataset to explore firms' decisions to issue equity on the main or alternative market and debt on the bond market. We observe that in general, larger, more profitable firms are more likely to go public, although in contrast to developed economies, these firms tend to be younger. Moreover, we find that current market valuation positively affects the decision to go public on the main market, and we establish that highly leveraged companies are more likely to issue either shares on the alternative market or bonds. At the same time, however, we observe that firms issuing shares on the alternative market are most likely to manipulate their profitability prior to going public.

This paper investigates how mispriced equity in emerging economies is. To do so, we test for abno... more This paper investigates how mispriced equity in emerging economies is. To do so, we test for abnormal excess returns using classic and modern asset pricing models. We document that size, investment, and momentum effects are not unequivocal enough to advertise them as trading opportunities. Abnormal returns of profitability and value anomalies are statistically and economically significant and they are persistent throughout different investment climates. Further, we report higher degree of mispricing at an aggregated level, and thus higher abnormal investment opportunities, in the period of bear market and stable macro-conditions (2000–2006) than during and after the recent global financial crisis (2007–2013). We advocate that in emerging stock markets, like the Warsaw Stock Exchange, investors’ asset pricing skills outweigh the effect of international portfolio rebalancing in the process of asset pricing. Investors might benefit from acknowledging these findings in formulating their...

The nascent financial crisis started mainly in USA as a result of several factors: extraordinary ... more The nascent financial crisis started mainly in USA as a result of several factors: extraordinary boom in the housing market, historically low-interest rates, introduction of financial innovations exploiting the pervasive deregulation, virtual decline of the inflation fear among central banks, thereby relaxing their customary vigilance, strong payment imbalances between countries, resulting in global large scale investing, new financial products, e.g. derivatives (Sakbani 2010). International character of these and other factors propagated the crisis to spread gradually during the years 2007-2012, embracing numerous markets worldwide, affecting almost all European countries. However, not necessarily at the same time, due to the same initiators.

Argumenta Oeconomica, 2019

This study investigates the contemporaneous challenges faced by banks’ treasuries and shows how t... more This study investigates the contemporaneous challenges faced by banks’ treasuries and shows how the treasury function is being transformed across the banking sector. Using a comprehensive sample of international surveys of banks representing both the emerging and advanced markets, this paper captures recent business trends affecting treasuries. In particular, we analyse the current and future (stressed) macro-conditions to assess the expected reaction of banks’ treasuries to events of tighter credit and liquidity, and we report that the main problem boils down to the risk of interest rates hikes, followed by disruptions in the FX and money markets. In search of revenue diversification, banks turn to trading for the wealth management; trading for the corporate customers; structured derivatives; and revising balance sheet management. A thorough examination of product offerings allows us to highlight the investment products that have the strongest impact on the treasury function’s prof...

Humanistic Management Journal

Various organizational factors reported in the hitherto literature affect individual (mis)behavio... more Various organizational factors reported in the hitherto literature affect individual (mis)behaviour within a company. In this paper, we conduct a literature review thereof, and propose a notion of the “Organizational Moral Structure” defined as a comprehensive framework of interrelated organizational factors that condition, incite or influence good or bad moral behaviour of individuals within the organization. Drawing from a wide bibliographical review and our own reflection on recent business scandals, we identify seven constituents of the “Organizational Moral Structure”: 1) leader’s values and character, 2) vision and exercise of power, 3) corporate control systems, 4) internal network of influence, 5) organizational culture, 6) internal and competitive pressures, and 7) external influences. The “Organizational Moral Structure” is proposed as a reflective framework for humanistic management and as an invitation to further research in this field. We provide recommendations on how ...

Journal of Accounting & Organizational Change

Purpose The purpose of this paper is to explore the audit-related causes of financial scandals an... more Purpose The purpose of this paper is to explore the audit-related causes of financial scandals and advice on how emerging technologies can provide solutions thereto. Specifically, this study seeks to look at the facilitators of financial statement fraud and explain specific fintech advancements that contribute to financial information reliability for equity investments. Design/methodology/approach The study uses the case studies of Enron and Arthur Andersen to document the evidence of audit-related issues in historical financial scandals. Then, a comprehensive and interdisciplinary literature review at the intersection of business, accounting and engineering, provides a foundation to propose technology advancements that can solve identified problems in accounting and auditing. Findings The findings show that blockchain, internet of things, smart contracts and artificial intelligence solutions have different functionality and can effectively solve various financial reporting and audi...

The British Accounting Review

Asia-Pacific Journal of Financial Studies