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Research Centre for Financial Market

Faculty of Management University of Warsaw, Szturmowa 1/3, 02-678 Warsaw, Poland

rcfm@wz.uw.edu.pl

Description 

The Research Centre for Financial Market (RCFM) was established by order no. 1/10/2024 of the Dean of the Faculty of Management of the University of Warsaw of October 14, 2024.

The Research Centre for Financial Market is a research and development unit that provides specialist knowledge about the financial market. RCFM conducts advanced research on the functioning and dynamics of the market, organizes seminars and conferences, monitors trends, and actively supports financial education.

RCFM cooperates with research centres in Poland and abroad, creating a platform for exchanging knowledge between the academic community, practitioners, and market regulators. The Centre develops analyses and expert opinions for the needs of the private sector government and scientific institutions, and through the RCFM educational platform supports the cooperation of doctoral students and students with market institutions.

Mission and Goals 

The Research Centre for Financial Market is a scientific, research, and educational unit whose mission is to provide reliable and objective knowledge about the financial market. This market’s complexity and dynamic nature require modern research tools and an interdisciplinary approach that combines economic, environmental, social, and technological aspects. Therefore, RCFM sets itself the following goals:

• Conducting multidimensional analyses – the Centre conducts comprehensive research on the functioning of the financial market, taking into account various factors and perspectives. In particular, the research concerns the dynamics of volatility in the financial market, the instability of the banking sector, the spillover effect between the capital market and the commodity markets, the importance of ESG strategies on the financial and non-financial sectors, and the development of HFT on stock exchanges.

• Cooperation with research centres and market institutions – RCFM cooperates with other research units and market institutions, focusing on analyzing the impact of internal and external factors on the dynamics of the financial market.

• Organization of seminars and scientific conferences – RCFM regularly conducts scientific meetings and specialist workshops on the financial market.

• Monitoring trends and innovations – The Centre prepares analyses and expert opinions for the private sector, government institutions, and research centres to support them in adapting to changes in the financial market.

• Supporting financial education – RCFM develops an educational platform that allows PhD students and students to cooperate with market and research institutions, supporting their development in practical aspects of the financial market.

Events

28 listopada 2024

Intellectual Thursdays

We invite you to a lecture by Professor Krzysztof Kalicki entitled “False Interpretations of Law and Economic Mechanisms versus Rational Credit Policy”, which will be held as part of the “Intellectual Thursdays” academic seminar series under the patronage of Professor Andrzej Sopoćko. The meeting will take place on November 28, 2024, from 6:00 PM to 8:00 PM, in the Council Hall of the Faculty of Management, University of Warsaw.

Publications 

Karkowska, R., & Urjasz, S. (2024). Volatility transmission and hedging strategies across green and conventional stocks in global markets. International Review of Financial Analysis, 96, 103727

Karkowska, R., & Urjasz, S. (2024). Importance of geopolitical risk in volatility structure: New evidence from biofuels, crude oil, and grains commodity markets. Journal of Commodity Markets, 36, 100440.

Siwiec, K., & Karkowska, R. (2024). Relationship between ESG and Financial Performance of Companies in the Central and Eastern European Region. Central European Economic Journal, 11(58), 178–199.

Urjasz, S. (2023). Dynamika powiązań i mechanizmy transmisji zmienności między polskim rynkiem akcji a wybranymi rynkami akcji na świecie.

Karkowska, R., & Palczewski, A. (2023). Does high-frequency trading actually improve market liquidity? A comparative study for selected models and measures. Research in International Business and Finance, 64, 101872

Karkowska, R., & Urjasz, S. (2023). How does the Russian-Ukrainian war change connectedness and hedging opportunities? Comparison between dirty and clean energy markets versus global stock indices. Journal of International Financial Markets, Institutions and Money, 85, 101768.

Karkowska R., Z. Korzeb, A. Matysek-Jędrych, P. Niedziółka (2023). Banking, risk and crises in Europe: from the global financial crisis to COVID-19. Routledge

Acedański, J., & Karkowska, R. (2022). Instability spillovers in the banking sector: A spatial econometrics approach. The North American Journal of Economics and Finance, 61, 101694.

Staszkiewicz, P., & Karkowska, R. (2021). Audit fee and banks’ communication sentiment. Economic Research-Ekonomska Istraživanja, 35(1), 1618–1638.

Karasiński, J., & Zduńczak, P. (2021). Do extreme market value ratios mean that the market is informationally inefficient? A study of the Warsaw Stock Exchange. Journal of Economics and Management, 43, 206–224.

Karkowska, R., & Urjasz, S. (2021). Connectedness structures of sovereign bond markets in Central and Eastern Europe. International Review of Financial Analysis, 74, 101644.

Karkowska, R., & Karasiński, J. (2020). High-frequency trading – a new challenge for capital markets. Innovation in Financial Services, 217–231, Routledge.

Karkowska, R., & Kravchuk, I. (2019). Identification of global systemically important stock exchanges. Equilibrium. Quarterly Journal of Economics and Economic Policy, 14(1), 31–51.

Sopoćko A. (2015), Mit pieniądza. Świat realny wobec iluzji polityki pieniężnej, Wydawnictwo Naukowe PWN.