about us

about our department

Our Department is part of the Institute of Finance at the Faculty of Economics and Sociology at the University of Lodz. We conduct research and teaching activities in the national and global scope, participating in conferences, publishing in international journals and conducting classes for groups of students from Poland and abroad. The main area of interest of our staff is the capital market and issues related to corporate finance.

There is no universal measure of scientific and didactic achievements or a universal indicator of contribution to the development of science. Achievements in these areas can be characterized by research and didactic results, as the essence of science comes down to research and teaching about their results. In the field of research, an undeniable contribution to the development of science has been achieved in the following areas:

  • fixed assets management; research topics conducted since the 1960s by the former Department of Industrial Economics, Institute of Production Economics, University of Lodz. The following books confirm an important contribution to science in this field: „Strategia gospodarowania majątkiem produkcyjnym na przykładzie przemysłu włókienniczego” (Production assets management strategy based on the example of the textile industry) [1] (UL Rector’s Award), „Metodyka oceny efektywności finansowej przedsięwzięć gospodarczych” (Methodology of assessing the financial efficiency of business ventures) [2].
  • capital companies; already in 1981, research on capital companies was undertaken in the publication „Wpływ zagranicznych spółek kapitałowych z udziałem polskich organizacji na powiązania Polski z gospodarką światową” (Influence of foreign capital companies with the participation of Polish organizations on Poland’s ties with the world economy) [3]. In the following years, research on the functioning of companies, the effectiveness of corporate governance, mergers and remuneration of management boards was continued. These issues were of a pioneering nature at that time.
  • ownership transformations – privatization; the staff of the Department developed multi-variant privatization scenarios and actively participated in the implementation of several dozen privatization processes of state-owned enterprises. They also popularized concepts related to the issues of ownership transformations. This was expressed, among others, in the publication „Podręczny słownik menedżera” [4].
  • enterprise restructuring; not only a methodology for enterprise restructuring was developed, but also research on its approval was undertaken. The results of research and implementation works in this field were presented in the book „Restrukturyzacja przedsiębiorstw; szanse i ograniczenia” (Enterprise restructuring; opportunities and limitations) [5] (Award of the Minister of Science and Education).
  • enterprise Valuation; already in 1992, the research was started on the methodology for estimating the value of the enterprise. At that time, it was a pioneering issue in Poland; the results were described in the work „Szacowanie wartości firmy w warunkach polskich” (Estimating the enterprise value in Polish conditions) [6].
  • commercialization of innovations and project management – the book „Komercjalizacja innowacji” (Commercialization of innovation) [7] summarizing the research experience in this field was published in 2014.
  • organization and marketing of activities in health services; a number of publications have been written in this area, including the book ”Marketing usług zdrowotnych – od budowania wizerunku placówki do zadowolenia klientów” (Marketing of health services – from building the image of the facility to customer satisfaction) [8].
  • capital market; theoretical and empirical research on the capital structure of enterprises is an important contribution to science. The research results are described in the book „Teorie struktury kapitału i ich aplikacja w warunkach polskich” (Theories of capital structure and their application in Polish conditions) [9] (prestigious in Poland Beta Award – for outstanding achievements in financial management). Within a framework broader than the capital market, namely the financial market – the Department was one of the first units to take up the subject of unconventional methods of financing entrepreneurship and company development. The publications in the form of books in this field include, inter alia, „Niekonwencjonalne formy finansowania przedsiębiorczości” (Unconventional forms of financing entrepreneurship) [10], “Leasing” [11], „Rozwój firmy. Koncepcje zarządzania i finansowania” (Business development. Management and financing concepts) [12], „Pozyskiwanie kapitału na innowacyjne przedsięwzięcia w opiece zdrowotnej” (Raising capital for innovative healthcare ventures) [13]. Many of the solutions presented in the abovementioned publications have been used in practice. Undoubtedly, the problems of connecting the capital market with the real estate market [14], as well as the problems of the art market as an area for the so-called alternative investments [15] should also be considered as innovative. The issues of liquidity also play a prominent role in research, both in relation to the liquidity of trading on the capital market and the financial liquidity of companies. Finally, the research trend closely related to both the issues of corporate finance and the capital market, which was clearly marked in the activities of the Department after 2005, was behavioral finance. The book „Behawioralne finanse przedsiębiorstw. Podstawowe podejścia i koncepcje” (Behavioral corporate finance. Basic approaches and concepts) [16] was a pioneering position in Poland in the field of behavioral corporate finance.
  • the publication of Ph.D thesisies by Tomasz Schabek in 2016 [17] and Agata Gniadkowska-Szymańska in 2018 [18] at the Publishing House of the University of Lodz.
  • the publication of a book “Wzrost przedsiębiorstw na rynku kapitałowym. Przykład New Connect (The growth of companies on capital market. New Connect example [19]) written by Monika Bolek in 2018.
  • conducting a research project financed by the National Science Center, entitled “The effects of communication of the National Bank of Poland (NBP) with financial markets. Influence of NBP macroeconomic information on investor behavior ”in 2017-2020.
  • Janusz Brzeszczyński became a professor of economic sciences in 2020.
  • Monika Bolek achieved a habilitation degree and became associate professor in 2020.

Knowledge exchange on the above-mentioned topics was also made at many national and international scientific conferences. In 2014, the Department, together with the Institute of Finance, was a co-organizer of the international conference “Neoclassical Finance and Behavioral Finance” held at the Faculty of Economics and Sociology of the University of Lodz . Scientists from 7 countries took part in it, and the presence of, among others, editor-in-chief of the highly prestigious scientific journal “Emerging Markets Finance and Trade” confirmed the appreciation with which the work of the Department’s employees is met not only in Poland but also abroad [20].

On the basis of the conducted research, the staff of our department obtained academic degrees and titles. In total, 18 employees obtained a doctoral degree, three – a postdoctoral degree, and two – the title of professor of economics. The department promoted a total of 26 doctors.

Our staff successfully combines research activities with teaching. The results of the research were used during classes not only within the “Industry Economics”, “Capital Investments” or “Economics – Capital Market” specialties conducted under the supervision of the Department, but also in other fields of study, including Capital Market – Investment Consulting. Our publications – especially books – are highly useful teaching materials. For example, in connection with the research, the employees of the Department had or have lectures and seminars such as:

  • entrepreneurship – theory and practice,
  • restructuring of enterprises,
  • capital market,
  • organization and operation of companies in the Polish economic system,
  • company and real estate valuation,
  • unconventional forms of financing innovative projects,
  • the analysis of financial markets,
  • fundamental analysis,
  • technical analysis,
  • portfolio analysis,
  • fixed income analysis,
  • derivatives analysis,
  • quantitative methods on the capital market

In recognition of didactic achievements, the staff of the Department received awards from student organizations, such as Nobelek – the AIESEC Local Committee Award or the Lecturer of the Year – the University of Lodz Student Self-Government Award.

The academic textbook „Zarządzanie finansowe; teoria i praktyka” (Financial management; theory and practice) [21] prepared by prof. Jerzy Gajdka is used by numerous academic centers, and in 2000 it received the Award of the Minister of Science and Higher Education.

Finally, when discussing the didactic activity of the Department, the student research clubs operating at it are also worth mentioning. Until 2004, it was the IMC Student Research Club, and from 2004, SKN Investor, one of the most active student research groups at the Faculty of Economics and Sociology of the University of Lodz.

The Department of Industrial Economics and Capital Market under the current name: the Department of Market and Capital Investments has become an important part of the structure of the Faculty of Economics and Sociology of the University of Lodz, and its profile is subject to systematic modification, following changes in the Polish economy and adapting to current needs. The main goal is to effectively combine the achievements of the theory of economic sciences with economic practice and the teaching process, which was the goal of the founders of the Institute of Light Industry Economics of the University of Lodz years ago, and whose traditions are continued within the Department.


[1] L. Lewandowska, „Strategia gospodarowania majątkiem produkcyjnym na przykładzie przemysłu włókienniczego”[1], Wydawnictwo  UŁ, Łódź 1991.

[2] J. Pawłowski, „Metodyka oceny efektywności finansowej przedsięwzięć gospodarczych” Wydawnictwo. UŁ, Łódź 2004.

[3] D. Stos, „Wpływ zagranicznych spółek kapitałowych z udziałem polskich organizacji na powiązania Polski z gospodarką światową”, Łódź  1981, rozprawa doktorska.

[4] T. Janusz, L. Lewandowska, „Podręczny słownik menedżera”, Res Polona, Łódź, (trzy wydania: 1990, 1992, 1993).

[5] Z. Sapijaszka, „Restrukturyzacja przedsiębiorstw; szanse i ograniczenia”,  PWN, Warszawa 1996.

[6] T. Janusz, M. Przeździecka, „Szacowanie wartości firmy w warunkach polskich”, Res Polona, Łódź 1992.

[7] M. Bolek, C. Bolek, „Komercjalizacja innowacji”,  Diffin,  2014.

[8] Zob. A. Bukowska, ”Marketing usług zdrowotnych – od budowania wizerunku placówki do zadowolenia klientów”, CeDeWu, Warszawa 2007.

[9] J. Gajdka, „Teorie struktury kapitału i ich aplikacja w warunkach polskich”, Wydawnictwo. UŁ, Łódź 2002.

[10] L. Lewandowska, „Niekonwencjonalne formy finansowania przedsiębiorczości”,  ODDK, Gdańsk 1999.

[11]L. Lewandowska, T. Janusz, „Leasing”, Res Polona, Łódź 1994.

[12]L. Lewandowska „Rozwój firmy. Koncepcje zarządzania i finansowania”,  ODDK, Gdańsk 2001.

[13] L. Lewandowska, T. Karkowski,  „Pozyskiwanie kapitału na innowacyjne przedsięwzięcia w opiece zdrowotnej”, Wolters Kluwer, Warszawa 2014.

[14] Zob. np. R. Wolski, M. Załęczna,  2011) “The real estate investment of insurance companies in Poland”, Journal of Property Investment & Finance, Vol. 29  No. 1, pp.74 – 82.

[15] W ramach tego obszaru badań realizowany jest m.in. temat badawczy  finansowany  ze środków  NCN pt. „Inwestowanie w malarstwo na rynku finansowym”, którego kierownikiem jest  dr A. Lucińska.

[16] J. Gajdka, „Behawioralne finanse przedsiębiorstw. Podstawowe podejścia i koncepcje”, Wydawnictwo UŁ, 2013.

[17] Schabek, T. (2016). Czynniki behawioralne i fundamentalne a stopy zwrotu z akcji rynków wschodzących.

[18] Gniadkowska-Szymańska, A. (2018). Płynność obrotu a stopa zwrotu z akcji notowanych na Giełdzie Papierów Wartościowych w Warszawie. Wydawnictwo Uniwersytetu Łódzkiego.

[19] Bolek, M. (2018). Determinanty wzrostu przedsiębiorstw na rynku kapitałowym. Wydawnictwo Uniwersytetu Łódzkiego.

[20] Zob. J. Brzeszczyński, J. Gajdka, T. Schabek,(2011) „The role of stock size and trading intensity in the magnitude of the “interval effect” in beta estimation: Empirical evidence from the Polish Capital Market”, Emerging Markets Finance and Trade, vol. 47, Nr 1/2011.

[21] J. Gajdka, E. Walińska, „Zarządzanie Finansowe. Teoria i praktyka, Fundacja Rozwoju Rachunkowości w Polsce, Warszawa 1998 (wydanie II 2000).

our faculty


Associate Professor

Assistant Professor

Assistant Professor

Assistant Professor

Senior lecture

Assistant Professor

Beata Kurzyk

PhD Student

Magdalena Lesiak

PhD Student

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