Full Professor
Ph.D. in Economic, Management - Kozminski University
Track: Finance
LEM Member
  • 2012 : HDR, Economy, Finance, Warsaw School of Economics, Poland
  • 2004 : Master in Law, Maria Curie Sklodowska University, Poland
  • 2003 : Ph.D. in Economic, Management, Kozminski University, Poland
  • 1999 : Master, Management Sciences, Finance, Kozminski University, Poland
Professional Experiences
Academic Experience
  • 2019 - present, Full Professor of Finance, IÉSEG School of Management, , France
  • 2016 - 2019, Associate Professor of Finance, IÉSEG School of Management, , France
  • 2015 - 2016, Associate Professor, Vistula University, Warsaw, Poland
  • 2014 - 2016, Associate Professor, Institute of Economics of the Polish Academy of Science, Warsaw, Poland
  • 2012 - 2014, Associate Professor, Kozminski University, Warsaw, Poland
  • 2012 - 2014, DAAD Professor, European University of Viadrina, Frankfurt Oder, Germany
  • 2011 - 2011, Researcher, University of Glasgow, Glasgow, United Kingdom
  • 2009 - 2009, Visiting Professor, Goethe University Frankfurt, Frankfurt, Germany
  • 2009 - 2011, Researcher, Wharton School of the University of Pennsylvania, Philadelphia, USA
  • 2006 - 2015, Assistant Professor, Warsaw School of Economics, Warsaw, Poland
  • 2004 - 2005, Researcher, Wharton School of the University of Pennsylvania, Philadelphia, USA
  • 1999 - 2003, Teaching and Research Assistant, Kozminski University, Warsaw, Poland
Professional Experience :
  • 2016 - 2018, Member of the Supervisory Board, BOS Bank, Warsaw, Poland
  • 2015 - 2016, Member of the Supervisory Board, WinVentures sp. z o. o. S.K.A, Warsaw, Poland
  • 2014 - 2015, Member of the Supervisory Board, Navi Group, , Poland
  • 2012 - 2016, Member of the Supervisory Board , W Investments S.A., Warsaw, Poland
  • 2012 - 2016, Member of the Supervisory Board, DM W Investment S.A., Warsaw, Poland
  • 2007 - 2008, Member of the Supervisory Board, Polish Energy Group PEG S.A., Warsaw, Poland
  • 2006 - 2008, Chairman of the Supervisory Board, PEC Geotermia Podhalanska S.A., Zakopane, Poland
  • 2005 - 2005, Executive Vice President and Chief Financial Officer, National Fund for Environmental Protection and Water Management, Warsaw, Poland
Scientific prizes and Awards
  • 2019 : Best Paper Award, Asian Finance Association
  • 2014 : Best Paper Award, World Business Institute
  • 2014 : First Prize of the President of the National Bank of Poland, National Bank of Poland
Published Papers in Refereed Journals
  • Kowalewski O., Gnutzmann H, Spiewanowski P, (2020). Market structure and resilience: Evidence from potash mine disasters, American Journal of Agricultural Economics, 102 (3) 911-933.
  • Kowalewski O., Spiewanowski P., (2020). Stock market response to potash mine disasters, Journal of Commodity Markets, - (-) -.
  • Kowalewski O., Iftekhar H., Jackowicz F., Kozlowski L., (2019). The economic impact of changes in the local bank presence, Regional Studies, 53 (5) 644-656.
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  • Kowalewski O., Pisany Pawel, (2019). What drove the growth of the corporate bond markets in Asia?, Research in International Business and Finance, 48 365-380.
  • Kowalewski O., Allen Franklin, Bartiloro Laura, Gu Xian, (2018). Does economic structure determine financial structure?, Journal of International Economics, 114 389-409.
  • Kowalewski O., Jackowicz K., Kozlowski L., (2018). Depositor discipline through interest costs during good and bad times: The role of the guarantor of last resort, Journal of Financial Services Research, 54 (2) 179-205.
  • Kowalewski O., Allen F., Jackowicz K., Kozlowski K., (2017). Bank lending, crises, and changing ownership structure in Central and Eastern European countries, Journal of Corporate Finance, 42 494–515.
  • Kowalewski O., Jackowicz K., Kozlowski L., Roszkowska P., (2017). Issuing bonds, shares or staying private? Determinants of going public in an emerging economy, Post-Communist Economies, 29 (1) 1-29.
  • Hasan I., Jackowicz K., Kowalewski O., Kozlowski L., (2017). Do local banking market structures matter for SME financing and performance? New evidence from an emerging economy, Journal of Banking & Finance, 79 142–158.
  • Hasan I., Jackowicz K., Kowalewski O., Kozlowski L., (2017). Politically connected firms in Poland and their access to bank financing, Communist and Post-Communist Studies, 50 (4) 245-261.
  • Kowalewski O., (2016). Corporate governance and corporate performance: financial crisis (2008), Management Research Review, 39 (11) 1494 - 1515.
  • Kowalewski O., Gu X., (2016). Creditor rights and the corporate bond market , Journal of International Money and Finance, 67 215–238.
  • Kowalewski O., Radlo M.-J., (2014). Determinants of Foreign Direct Investment and Entry Modes of Polish Multinational Enterprises: A New Perspective on Internationalization, Communist and Post-Communist Studies, 47 (3-4) 365–374.
  • Allen F., Hryckiewicz A., Kowalewski O., Tümer-Alkan G., (2014). Transmission of Bank Liquidity Shocks in Loan and Deposit Markets: The Role of Interbank Borrowing and Market Monitoring, Journal of Financial Stability, 15 112-126.
  • Kowalewski O., (2014). Multinational Banks and the Performance of Their Subsidiaries Abroad, Journal of Finance and Economics, 2 (3) 90-100.
  • Kowalewski O., Jackowicz K., Kozlowski L., (2013). The influence of political factors on commercial banks in Central European countries, Journal of Financial Stability, 9 (4) 759–777.
  • Kowalewski O., Hasan J., Jackowiczk K., Kozlowski L., (2013). Market discipline during crisis: Evidence from bank depositors in transition countries, Journal of Banking & Finance, 37 (12) 5436–5451.
  • Kowalewski O., Allen F., Gu X., (2012). Financial crisis, structure and reform, Journal of Banking & Finance, 36 (11) 2960–2973.
  • Kowalewski O., Jackowicz K., (2012). Crisis, internal governance mechanisms and pension fund performance: Evidence from Poland, Emerging Markets Review, 13 (4) 493–515.
  • Kowalewski O., Rybinski K., (2011). The hidden transformation. Changing role of the state after the collapse of communism in Central and Easter Europe, Oxford Review of Economic Policy, 27 (4) 634-657.
  • Hryckiewicz A., Kowalewski O., (2011). Why do foreign banks withdraw from other countries, International Finance, 14 (1) 67-102.
  • Hryckiewicz A., Kowalewski O., (2010). The determinants of the exit decisions of foreign banks, Banking and Finance Review, 2 (2) 53-72.
  • Kowalewski O., Talavera O., Stetsyuk I., (2010). Influence of family involvement in management and ownership on firm performance: Evidence from Poland, Family Business Review: Journal of the Family Firm Institute, 23 (1) 45-69.
  • Hryckiewicz A., Kowalewski O., (2010). Economic determinants, financial crisis and entry modes of foreign banks into emerging markets, Emerging Markets Review, 11 (3) 205-228.
  • Kowalewski O., Stetsyuk I., Talavera O., (2008). Corporate governance and dividend policy in Poland, Post-Communist Economies, 20 (2) 203-218.
  • Kowalewski O., Jackowicz K., (2006). Why do companies go private in emerging markets? Evidence from Poland, Journal of East European Management Studies, 11 (4) 326-348.
  • Kowalewski O., (2011) Bankowosc miedzynarodowa. Próba nowego podejscia - Multinational banking. New approach, Oficyna Wydawnicza SGH,, Warsaw.
Book Chapters
  • Kowalewski O., (2020), Do foreign bank branches affect lending of foreign and state-owned banks? Empirical evidence from CESEE countries, in: Emerging Market Finance: New Challenges and Opportunities (International Finance Review Vol. 21).
  • Bielig A., Olszynski J., Wojtkowska-Lodej G., Kowalewski O., Napiórkowski T., (2014), International Competitiveness of Countries with Performing Innovation Systems, in: Innovation, Human Capital and Trade Competitiveness. How Are They Connected and Why Do They Matter?.
  • Allen F., Gu X., Kowalewski O., (2013), Corporate governance and intra-group transactions in european bank holding companies during the crisis, in: Global Banking, Financial Markets and Crises.
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  • Kowalewski O., (2012), Financial System and Capital Market Development, in: Poland competitiveness report 2012. Focus on education.
  • Kowalewski O., (2011), Financial System and Capital Market Development, in: Poland competitiveness report 2011, Focus on manufacturing.
  • Kowalewski O., (2010), Financial System and Capital Market Developments, in: Poland competitiveness report 2010. Focus on clusters.
  • Kowalewski O., Hryckiewicz A., (2010), The economic determinants and behavior of foreign banks in emerging countries during a period of global economic downturn, in: International banking in the new era: Post-crisis challenges and opportunities.
  • Kowalewski O., (2009), Financial system and capital market developments, in: Poland competitiveness report 2009. Focus on human resources.
  • Kowalewski O., (2009), The entrepreneurial approach to the extended order: case study Poland, in: Economic Styles in the Process of EU Eastern Enlargement.
  • Kowalewski O., (2008), Social services in Poland: the pension system, in: Poland competitiveness report 2008. Focus on services.
  • Kowalewski O., (2008), Financial deepening and economic growth in transition economies, in: Finance and real economy - selected research and policy Issues.
  • Kowalewski O., (2008), Does foreign direct investment impact economic growth in transition economies?, in: The role of foreign direct investment in the economy.
  • Kowalewski O., (2007), FDI and the development of the banking sector in Poland, in: Poland competitiveness report 2007. The role of foreign direct investment.
  • Kowalewski O., (2007), Financial system, in: Poland competitiveness report 2007. The role of foreign direct investment.
  • Allen F., Bartiloro L., Kowalewski O., (2006), The financial system of the EU 25, in: Financial Development, Integration And Stability: Evidence from Central, Eastern And South-Eastern Europe.
Research fields
  • Finance, Banking
  • Corporate Governance
Grande Ecole Program:
  • Entrepreneurial finance
  • Finance research seminar
International MBA :
  • Global corporate finance
MSc in Fashion management :
  • Corporate finance in the luxury and fashion industries