Karol M. Klimczak

Dr. hab. Karol Marek Klimczak
http://www.researcherid.com/rid/G-2844-2013
ul. Piotrkowska 193/6, 90-447 Lodz, Poland
[email protected], http://www.kmklimczak.edu.pl/
tel. +48 790 485 586, + 48 22 213 88 95
Assistant professor of finance, Kozminski University
ul. Jagiellonska 57/59, 03-301 Warsaw, Poland
[email protected]
Working papers: http://ssrn.com/author=904600
Professional experience
Publications
2013 – Assistant professor at Department of
Finance, Kozminski University
A book
2007-2013 – Assistant professor at Department of
Accounting, Kozminski University
Education
2016 – Habilitation in finance, Wroclaw University of
Economics
2007 – Doctor of economics, University of Lodz
2004 – Master of Science in Multimedia
Management, Multimedia Campus Kiel (Germany)
2003 – Master of economics, University of Lodz
International Experience
2016 – Visiting professor at HEC Paris
2015 – Visiting researcher at HEC Paris
2009 – Researcher in residence at Yale School of
Management
Research skills
Areas of interest
Financial reporting by capital groups (IFRS)
Relations with institutional investors
Narratives in financial reporting
Corporate oversight and risk management
Financial instruments and markets
Quantitative research in finance and accounting
Value relevance studies with panel regressions
Event analysis, Dynamic panels, PCA and clusters
Programming in STATA, R and SPSS
Qualitative Data Analysis (MAXQDA)
Interdisciplinary approach
Combining theory of finance and accounting practice
Experience in working with econometricians, programmers,
qualitative management researchers, engineers and linguists
Cooperation with researchers from a range of institutions
Teaching skills
Courses in English with international students
MA and BA thesis work – supervisor multiple times
Ph.D. thesis – co-supervisor twice
Klimczak K.M. (2014). Equity pricing and financial reporting
(Wycena akcji a sprawozdawczość finansowa). Warszawa:
Poltext.
An award
2014 Highly Commended Paper, Accounting Research Journal
Journal publications
Klimczak K.M., Szafrański G. (2013). Coincident and Forecast
Relevance of Accounting Numbers. Accounting Research
Journal. 26(3), 239–255.
Dobija, D., Klimczak, K. M., Roztocki, N., & Weistroffer, H. R.
(2012). Information technology investment announcements and
market value in transition economies: Evidence from Warsaw
Stock Exchange. The Journal of Strategic Information Systems.
21(4), 308–319.
Breen E., Clearfield A., Klimczak K.M. (2012). ICGN corporate
risk oversight guidelines: The role of the board and institutional
shareholders. Journal of Risk Management in Financial
Institutions. 5(2), 15-127.
Klimczak K.M. (2011). Market reaction to mandatory IFRS
adoption: Evidence from Poland. Accounting and Management
Information Systems. 10(2), 228-248.
Dobija D., Klimczak K.M. (2010). Development of Accounting in
Poland: Market Efficiency and the Value Relevance of Reported
Earnings. International Journal of Accounting. 42(3), 356-374.
Klimczak K. M. (2008). Corporate Hedging and Risk Management
Theory: Evidence from Polish Listed Companies. The Journal of
Risk Finance. 9(1), 20-39.
+ 42 publications in Polish outlets
Grants and competitive financing
Leader of a grant financed by the National Science Center
(Poland) on the Impact of qualitative characteristics of financial
information on investor behaviour, NCN 2011/03/D/HS4/03392,
2012-2016
Transparency of listed companies, project financed by the
National Science Center at Wroclaw University of Economics,
2015-2017.
Cooperation risk in technological entrepreneurship, project
financed by National Science Center at Technical University of
Lodz, 2015-2017.
Controlling Data Warehouse, project financed by the National
Center for Research and Development at Lingaro Sp. z o.o.,
2012-2014
Audit and compensation committees as mechanisms increasing
the effectiveness of supervisory boards, project financed by the
National Science Center at Kozminski University, 2009-2012.
Supported Risk Management System, project financed by the
National Center for Research and Development at Lingaro Sp. z
o.o., 2010-2012
Student internship supervision since 2013
Other skills and experience
Executive training since 2008
Languages: English – fluent / French – B1
Interactive methods
International Accreditations – member of teams
preparing KU for Equis and AACSB
Youtube, photocasts, TV shows, e-courses.
Dr. Karol Marek Klimczak
http://www.researcherid.com/rid/G-2844-2013
Contact information
Home address:
ul. Piotrkowska 193/6, 90-447 Lodz, Poland
[email protected], http://www.kmklimczak.edu.pl/
tel. +48 790 485 586, + 48 22 213 88 95
Office address:
Department of Finance, Kozminski University
ul. Jagiellonska 57/59, 03-301 Warsaw, Poland
[email protected]
Education
Wroclaw University of Economics, Poland
2016
Habilitation degree in finance (degree recognises a significant contribution to the field, allows the supervision
of Ph.D. students and supervision of research and teaching teams).
University of Łódź, Poland
2007
Ph.D. in Economics (International Finance) with honors. My thesis was entitled Financial Risk Management
in Polish Companies in an International Environment, the supervisor was Prof. Wieslaw Debski. Results were
published in The Journal of Risk Finance.
Multimedia Campus Kiel, Germany
2004
MSc in Multimedia Management awarded jointly by Christian-Albrechts Universtait and Fachochschule in
Kiel, Germany. The program developed my computer skills and allowed me to interface more effectively with
IT specialists. Master thesis topic: Devising an E-Learning Business Concept for a Higher Education
Institution.
University of Łódź, Poland
2003
MA in International Economic Relations. My studies included additional courses in econometrics and
operational studies. Master thesis topic: Risk Management in an International Corporation.
James Madison Memorial High School in Madison, Wisconsin USA
1998
International scholarship
HEC-Paris, France
2016
Visiting professor, teaching MBA Financial Accounting and Reporting course, fall semester.
INSEEC Business School, France
2016
Erasmus Teaching Exchange visit to teach a 16-hour course in Global Finance (BA) at Paris campus.
HEC-Paris, France
2015
Researcher in residence for one month at Département Comptabilité et Contrôle de Gestion, financed by the
National Science Center project 2011/03/D/HS4/03392
NOVA School of Business and Economics, Portugal
2014
Erasmus Staff Exchange visit to exchange best practices in student internship and career support services
Yale School of Management, USA
2009
Researcher in residence for one semester at Millstein Center for Corporate Governance and Performance
financed by the Tadeusz Sendzimir Fund at Connecticut Community Foundation and Kozminski University
University of Montenegro
2008
Two one-week visits to help develop a BSc(Hons) Accounting and Finance Degree, Tempus project
JEP_41051_2006
Page 1
Employment history
Assistant professor, Kozminski University, Department of Finance
Assistant professor, Kozminski University, Department of Accounting
Assistant, Kozminski University, Department of Accounting
2013-present
2007-2013
2006-2007
Research
Research interests
International Financial Reporting under IFRS – comparative international studies and studies of international
companies.
Corporate Finance – financial risk management and derivative strategies, integrated risk management,
working capital management and trade finance.
Market based research methods – event studies, value-relevance studies, market micro-structures.
Work in interdisciplinary teams – integration of methods from IT, linguistics and sociology.
Working papers
Goodwill Disclosures under High Uncertainty: Poland with Marta Dynel (University of Lodz) and Anna Pikos
(Kozminski University). Under review in Accounting and Business Research.
Evaluation and Certainty in Analyst Reports: A Linguistic Analysis in the Polish with Marta Dynel and Anna
Pikos.
Impression Management in Transition: Poland with Dominika Fijałkowska and Marek Pauka from Wroclaw
University of Economics
SSRN site: http://ssrn.com/author=904600
Publications
Books
Klimczak K.M. (2014). Wycena akcji a sprawozdawczość finansowa (Equity pricing and financial reporting).
Warszawa: Poltext.
Dobija D., Koładkiewicz I., Cieślak I., Klimczak K.M. (2011). Komitety rad nadzorczych (Supervisory board
committees). Warszawa: Wolters Kluwer Polska.
International journals
Klimczak K.M. Szafrański G. (2013). Coincident and Forecast Relevance of Accounting Numbers.
Accounting Research Journal, 26(3), 239–255.
Dobija, D., Klimczak K.M., Roztocki, N., Weistroffer, H. R. (2012). Information technology investment
announcements and market value in transition economies: Evidence from Warsaw Stock Exchange. The
Journal of Strategic Information Systems, 21(4), 308–319.
Breen E., Clearfield A., Klimczak K.M. (2012). ICGN corporate risk oversight guidelines: The role of the
board and institutional shareholders. Journal of Risk Management in Financial Institutions, 5(2), 115-127.
Klimczak K.M. (2011). Market reaction to mandatory IFRS adoption: Evidence from Poland. Accounting and
Management Information Systems. 10(2), 228-248.
Dobija D., Klimczak K.M. (2010). Development of Accounting in Poland: Market Efficiency and the Value
Relevance of Reported Earnings. The International Journal of Accounting. 42(3), 356-374.
Klimczak K.M. (2008). Corporate Hedging and Risk Management Theory: Evidence from Polish Listed
Companies. The Journal of Risk Finance, 9(1), 20-39.
Polish journals
Klimczak K.M., Michalak J. (2014) Istotność sprawozdań finansowych dla wyceny a stosowanie zasady
memoriałowej i konserwatyzm warunkowy (Relevance of financial statements, accrual accounting and
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conditional conservatism). Zeszyty Naukowe Uniwersytetu Szczecińskiego, 803, tom pod red. D. Zarzecki,
Seria: Finanse, rynki finansowe, ubezpieczenia, 66, 123-134.
Klimczak K.M., Pikos A. M. (2013). Risk-based management control in the public sector in Poland. Zeszyty
Teoretyczne Rachunkowości, 72, 63-77.
Klimczak K.M. (2013). Struktura autoregresyjna zysku rezydualnego spółek z Polski, Niemiec i Francji
(Autoregressive structure of residual income in Polish, German and French companies). Prace Naukowe
Uniwersytetu Ekonomicznego we Wrocławiu, 323, tom pod red. K. Jajuga, W. Ronka-Chmielowiec
„Inwestycje finansowe i ubezpieczenia – tendencje światowe a polski rynek”, 112–119.
Klimczak K.M. (2013). Symulacja finansowa spółki za pomocą modelu zysku rezydualnego (Financial
simulation of a company using the residual income model). Zeszyty Naukowe Uniwersytetu Szczecińskiego,
760, tom pod red. D. Zarzecki, Seria: Finanse, rynki finansowe, ubezpieczenia, 59, 167-176.
Klimczak K.M. (2013). Wpływ cech spółki na mnożniki wyceny w modelu zysku rezydualnego (Impact of
company characteristics on multiples in the residual income model). Zarządzanie i Finanse, 11(2/4), 267278.
Klimczak K.M., Zarzycka E. (2012). Sprawozdawczość finansowa i wycena zapasów w branży rafineryjnej:
studium przypadku PKN Orlen (Financial reporting and inventory valuation in the refining sectore: a case
study of PKN Orlen). Management and Business Administration. Central Europe, 1(114), 82-96.
Klimczak K.M, Zarzycka E. (2012). Metody wyceny rozchodu zapasów z perspektywy normatywnej
i pozytywnej teorii rachunkowości – przypadek PKN Orlen (Inventory costing in normative and positive
accounting – the case study of PKN Orlen). Zeszyty Teoretyczne Rachunkowości, 64(120), 2011, 163-178.
Klimczak K.M., Kucharczyk M. (2011). Zwiększenie zakresu informowania akcjonariuszy o zarządzaniu
ryzykiem (Increased information on risk management for shareholders). Master of Business Administration,
6(113), 57-64.
Klimczak K.M., Pikos A.M. (2010). Percepcja ryzyka a kontrola zarządcza w sektorze publicznym (Risk
perception and management control in the public sector). Przegląd Organizacji, 12, 27-30.
Klimczak K.M. (2009). Wdrażanie zarządzania ryzykiem w jednostkach sektora finansów publicznych.
Przegląd Organizacji, 5, 23-26.
Klimczak K.M. (2009). Wdrażanie Enterprise Risk Management w jednostkach sektora finansów publicznych
(Enterprise risk management in the public sector). w: Prace Naukowe Uniwersytetu Ekonomicznego we
Wrocławiu, 60, tom pod red. K. Jajuga, W. Ronka-Chmielowiec „Inwestycje finansowe i ubezpieczenia –
tendencje światowe a polski rynek”, 159-165.
Klimczak K.M. (2008). Ryzyko w teorii ekonomii (Risk in the theory of economics). Master of Business
Administration, 6, 64-68.
Klimczak K.M. (2008). Narzędzia interaktywne - od quizów po warsztaty. Doświadczenia wykładowcy i opinie
studentów (Interactive tools – from quizzes to workshops). e-mentor, 4, 24-28.
Klimczak K.M. (2007). Przesłanki zarządzania ryzykiem w polskich spółkach giełdowych: Analiza CART
(Determinants of risk management in Polish companies: a CART analysis). Uniwersytet Szczecińsk:
Zeszyty Naukowe, 455, tom pod red. D. Zarzecki, Seria: Finanse, rynki finansowe, ubezpieczenia, 81-90.
Klimczak K.M. (2006). Wsparcie tradycyjnych zajęć poprzez forum dyskusyjne - podstawowe możliwości
(Support of traditional courses with a discussion forum – basic capabilities). e-mentor, 2(14), 31-35.
Klimczak K.M. (2004) Efektywność polskiego szkolnictwa wyższego na tle europejskiego rynku pracy
(Effectiveness of Polish higher education in the context of the Europan labour market). Acta Universitatis
Lodziensis Folia Oeconomica, 180, 125-138.
Textbook chapters in Polish
Klimczak K. M., (2011). Zarządzanie ryzykiem. Nowy wymiar nadzoru (Risk management. A new dimension
of corporate oversight). in: Ład korporacyjny. Podręcznik akademicki, D. Dobija, I. Koładkiewicz (eds.),
Wolters Kluwer Polska, Warszawa, 415-459.
Klimczak, K.M. (2009, 2014). Ocena wykonania pracy menedżerów (Performance assessment). in:
Rachunkowość zarządcza. Teoria, praktyka, aspekty behawioralne, D. Dobija & M. Kucharczyk (eds.),
Wydawnictwa Akademickie i Profesjonalne, Warszawa, 589-619.
Klimczak, K.M. (2009, 2014). Decentralizacja i kontrola (Decentralisation and control). in: Rachunkowość
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zarządcza. Teoria, praktyka, aspekty behawioralne, D. Dobija & M. Kucharczyk (eds.), Wydawnictwa
Akademickie i Profesjonalne, Warszawa, 589-619.
Klimczak K.M., Staniec I. (2008, 2015). Panorama ryzyka (A panorama of risk). in: Zarządzanie ryzykiem
operacyjnym, I. Staniec, J. Zawiła-Niedźwiedzki (eds.), Beck, Warszawa, 11-35.
Klimczak K.M., Staniec I. (2008, 2015). Ryzyko operacyjne (Operational risk). in: Zarządzanie ryzykiem
operacyjnym, I. Staniec, J. Zawiła-Niedźwiedzki (eds.), Beck, Warszawa, 36-64.
Klimczak K. M. (2008, 2013). Transfer technologii – wiedza utajona (Technology transfer – tacit knowledge).
in: Zarządzanie wiedzą, A.K. Koźmiński, D. Jemielniak (eds.), Wydawnictwa Akademickie i Profesjonalne,
Warszawa, 115-160.
Conference proceedings – 17 publications
Grants and competitive financing
National Science Center (Poland)
Team leader: Impact of qualitative characteristics of financial information on investor behaviour, NCN UMO2011/03/D/HS4/03392, 2012-2016
Team member: Transparency of listed companies at Wroclaw University of Economics, NCN UMO2014/13/B/HS4/01577, 2015-2017.
Team member: Cooperation risk in technological entrepreneurship at Technical University of Lodz, NCN
UMO-2014/13/B/HS4/01517, 2015-2017.
National Center for Research and Development (Poland)
Desk research: Controlling Data Warehouse at Lingaro Sp. z o.o. with Technical Unviersity of Lodz, 20122014
Desk research: Supported Risk Management System at Lingaro Sp. z o.o. with Technical Unviersity of Lodz,
2010-2012
Ministry of Science (Poland)
Team member: Audit and compensation committees as mechanisms increasing the effectiveness of
supervisory boards at Kozminski University, 2009-2012.
Conference attendance
EURAM
2015
IFRS Global Rules and Local Use, AAU-Prague
2013, 2014, 2015
European Accounting Association Congress
2008, 2009, 2011, 2012, 2013, 2014
Yale Corporate Governance Forum
2012
EIASM Interdisciplinary Workshop on Intangibles, Intellectual Capital & Extra-Financial Information
2010, 2011
EDEN Doctoral Seminar on Visualising, Measuring and Managing Intangibles
2010, 2011
Global Finance Conference
2010
Congrès de l'Association Francophone de Comptabilité
2010
Yale Accounting Workshop
2009
Americas Conference on Information Systems
2010
Krakow University of Economics, Poland
2008, 2015
University of Lodz, Poland
2009, 2015
University of Szczecin, Poland
2009, 2013, 2014
Congress of Polish Departments of Finance, Poland
Wroclaw University of Economics, Poland
2013
2008, 2012
Warsaw School of Economics, Poland
2011
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Kharkov Institute of Business and Management, Poland
2008
Congress of Polish Departments of Accounting, Poland
2008
Conference organisation
Kozminski Interdisciplinary Seminar Series
2008-2015
65 meetings attended by Polish and international scholars at Kozminski University in Warsaw
7th EIASM Interdisciplinary Workshop on Intangibles, Intellectual Capital & Extra-Financial
Information
2011
Conference organised jointly by University of Ferrara and Kozminski University in Warsaw
2nd EDEN Doctoral Seminar on Visualising, Measuring and Managing Intangibles
2011
Seminar organised jointly by University of Ferrara and Kozminski University in Warsaw
Report on Corporate Governance
2010
Conference organised by Kozminski University in Warsaw
Illinois International Accounting Symposium
2008
Conference organised jointly by Vernon K. Zimmerman Center for International Education and Research in
Accounting (University of Illinois at Urbana-Champaign) and Kozminski University in Warsaw
Awards
Highly Commended Paper, Accounting Research Journal
Kozminski University Rector's awards for publications
2014
2008-2013
Teaching experience
Undergraduate courses taught in English
2008-present
Financial Reporting, Financial Statement Analysis, Financial Accounting, Auditing and Assurance Services,
International Accounting and Finance, Management Accounting,Risk Management, Operational Risk
Management, Financial Engineering, Value Based Management, Econometrics
Graduate courses taught in English
2012-present
Financial Reporting and Analysis, Portfolio Analysis, Anti-Money Laundering, Governance Risk and Ethics,
Financial Risk Management, Institutional Investors and Corporate Governance
Courses in accounting and finance taught in Polish
2005-present
BA: Finanse publiczne i rynki finansowe, Podstawy rachunkowości, Rachunkowość finansowa, Rozliczenia
międzynarodowe, Ekonometria; MA: Rachunkowość międzynarodowa, Rachunek kosztów, Rachunkowość
zarządcza, Projektowanie systemów rachunkowości zarządczej, Architektura rachunkowości, Kontrola
zarządcza i zarządzanie ryzykiem
Executive education
2008-present
Kozminski University: Credit risk in derivative instruments, Working capital management, Introduction to
finance, Financial and management accounting, Elements of financial mathematics; Lodz University of
Technology: Financial risk management; University of Social Sciences and Humanities (Warsaw):
Economics for translators
BA, MA and MSc thesis supervision
2008-present
Multiple BA thesis, about 30 MA and MSc thesis of which 5 in English.
Doctoral student supervision
2012-present
Students currently supervised at Kozminski University: Svetlana Turnova (anti-money laundering), Maciej
Maciejowski (auditor rotation).
Tomasz Iwanowicz (going concern assumption evaluation) – co-supervision with prof. Andrzej
Wieczorkiewicz, defended in 2015, works in business
Miosław Jeżowski (accounting and financial supervision) – co-supervision with prof. Dorota Dobija, defended
in 2014, works in business
Page 5
Academic positions and organisational experience
Supervisor of compulsory student interships in international programs
Member of Program Council for Finance and Accounting Track
Member of task force for AACSB accreditation
Member of Kozminski Center for Corporate Governance Research
2014-present
2008-present
2008-2012
2006-2012
Organisation membership
European Accounting Association
Polish Risk Management Association Polrisk
Association for Information Systems
International Management Teachers Academy Alumni Association
2008-present
2008-present
2010-2011
2008-present
Academic community activities
Reviewer
European Accounting Review, The Spanish Journal of Finance and Accounting, Information Systems
Management, Information Technology for Development, Management and Business Administration. Central
and Eastern Europe, Optimum. Studia Ekonomiczne
Business community activites
Warsaw Stock Exchange
2013-present
Member of the scientific committee, providing council and interface with academia, jury member in the best
master thesis competiton
International Corporate Governance Network
2009-2010
Member of the ICGN task force for developing guidelines on Corporate Risk Oversight
Polish Risk Management Association Polrisk
2008-present
Member of the program committee, jury member in the best thesis competition, cooperation in translating
ISO 31000 series standards into Polish
Educational activities
Recording of a series of Youtube videos on currency risk management financed by the European Enterprise
Network at the Polish Agency for Enterprise Development.
Recording of fotocasts educating about financial markets and public finance called Fortuna kołem się toczy,
financed by the National Bank of Poland in 2012.
Regular appearances in a TV show for small business owners called Blajer Mówi Biznes (TVN CNBC), 50
shows in 2010, 2011 and 2012.
Other community activities
Blood donor
2011-present
6 liters so far.
Committee for the defense of democracy (KOD)
2015-present
Engaged in civic activities aimed at protecting democratic institutions from dismantling by the new Polish
ruling party
Polish Humanitarian Action (PAH)
2010-present
Financial support for activites in Poland, Syria and Sudan
Polish Scounting Association
1997-2004
Member, volunteer.
Page 6
Languages
Polish
Native
English
Fluent
French
Communicative (B2)
German, Spanish, Italian
Basic
Gallup strengths
Learner – I have a great desire to learn and develop
Responsibility – I am ready to take ownership and committ to actions I value
Individualization – I value the individual qualities in students and people I work with
Analytical – I am keen on finding reasons and causes behind the facts
Arranger – I am good at organising actions and papers, at making them fit and adaptive
References
Prof. Bazyli Samojlik, Kozminski University, [email protected]
Dr Iwona Staniec, Technical University of Lodz, [email protected]
Prof. Joanna Krasodomska, Krakow University of Economics, [email protected]
Prof. Hervé Stolowy, HEC-Paris, [email protected]
Dr. Stephen M. Davis, Harvard Law School, [email protected]
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