Corporate Valuation and Shareholder Value Creation

Prof. Paweł Mielcarz is a Professor at Kozminski University in Warsaw, where he serves as Head of the Department of Finance as well as Academic Director of the MBA in Finance and postgraduate finance programs.His academic work focuses primarily on value-based management, company valuation, investment project appraisal, and real options. He is the author and co-author of numerous academic articles, conference papers, and books, including Investment Project Analysis in the Process of Value Creation and Short-Term Impact of Stock Recommendations on the Polish Capital Market.As a lecturer, Professor Mielcarz has taught courses in valuation and corporate finance at undergraduate, postgraduate, and MBA levels at Kozminski University and several other European business schools. For over fourteen years, he has been a permanent collaborator with ESSCA – École de Management. He has also completed the Global Colloquium on Participant-Centered Learning and the Case Study Workshop organized by Harvard Business School.

In his consulting work with DCF Consulting and other advisory firms, Professor Mielcarz has participated in numerous projects involving company valuation, investment project assessment, strategy development, financial planning, and the design of controlling systems. As a court-appointed expert, he has prepared expert opinions for judicial, prosecutorial, arbitration, and regulatory proceedings, including cases conducted by the Polish Financial Supervision Authority. He also has extensive corporate experience, including roles as Investment Advisor to the Management Board and Valuation Methodology Expert at PGNiG. Over the course of his professional career, Professor Mielcarz has served on the supervisory boards of multiple capital companies and has experience in managing a mutual insurance company.

Dr Paweł Wnuczak is a faculty member in the Department of Finance at Kozminski University, where he serves as Academic Coordinator of two postgraduate programs: Financial Analyst of Capital Markets and Securities and Financial Analyst of Credit Risk. He has also been a member of the University’s Financial Committee.

His academic work focuses on corporate finance, with particular emphasis on value-based management and controlling systems. He is an active participant in academic conferences devoted to corporate finance and financial management and the author of numerous peer-reviewed publications in this field. He is also the author of the book Controlling in Cultural Institutions.Dr Wnuczak teaches courses in financial analysis, budgeting, controlling, valuation, and value-based management at undergraduate, postgraduate, and MBA levels at Kozminski University, as well as at the University of Warsaw, ESSCA School of Management, the John Paul II State School of Higher Education, and the University of Finance and Management. In his professional career, he has worked as a financial analyst, financial controller, consulting project manager, and financial expert in a consulting firm. He has independently or jointly completed several dozen projects involving company valuation, investment project appraisal, controlling system design, financial analysis, and preparation of EU funding applications. He has also served as a member of supervisory boards.

Dr Marcin Ocieszak is a corporate finance practitioner with over ten years of professional experience in banking and financial advisory. Between 2010 and 2017, he was associated with ING Bank Śląski S.A., where he was responsible for business relationships and providing financing to large enterprises in the Mazovian region. During this period, he participated in financing transactions totaling nearly PLN 1 billion, including investment projects, commercial real estate financing, and working capital facilities. From 2014, he served as Corporate Client Department Manager, overseeing a credit portfolio with a value of PLN 1.5 billion.

Between 2007 and 2010, he worked at Citi Handlowy, including in the Treasury Department, where he was a member of the team that introduced the first foreign exchange trading platform in Poland—Citi Online Trading. Since 2017, Dr Ocieszak has been a PhD and a faculty member at Kozminski University in Warsaw. His research interests include mergers and acquisitions, commercial real estate financing, and the video game production industry. He has delivered guest lectures at international institutions, including Black Sea University in Georgia and the International School of Economics & Management in Lisbon. In addition to his academic and teaching activities, he is the owner of Corfi Corporate Finance, a firm specializing in advisory services related to raising debt financing from financial institutions.

Dr Adrian Struciński has been an Assistant Professor in the Department of Accounting at Kozminski University since February 2017. Between 2008 and 2017, he worked in the Trading Department of XTB brokerage house, where he was responsible for executing transactions and managing risk related to currency and commodity options. At Kozminski University, he delivers lectures at master’s, postgraduate, and doctoral levels in areas including derivative valuation, risk management, financial reporting, corporate finance, company valuation, investment project appraisal, interpretation of financial statements, and management accounting. He also teaches courses in financial reporting and corporate finance at international institutions such as ESSCA School of Management and Hebei Finance University.

Dr Struciński has participated in several dozen advisory projects covering company valuation, financial modelling, valuation of financial instruments, employee incentive program valuation, financial planning and budgeting, impairment testing, risk management, and financial management. He is a licensed investment advisor and securities broker and holds the Professional Risk Manager (PRM) qualification.

Dr Dmytro Osiichuk jest wykładowcą akademickim oraz specjalistą w zakresie finansów, posiadającym wieloletnie doświadczenie w dydaktyce, działalności naukowej oraz praktyce finansów przedsiębiorstw. Pełni funkcję adiunkta w Katedrze Finansów Akademii Leona Koźmińskiego, gdzie prowadzi zajęcia z zakresu finansów przedsiębiorstw na wszystkich poziomach kształcenia – od studiów licencjackich po programy podyplomowe.

Równolegle z działalnością akademicką dr Osiichuk aktywnie uczestniczy w projektach doradczych jako konsultant i analityk finansowy. Jego doświadczenie obejmuje zagadnienia z zakresu finansów przedsiębiorstw, wyceny, podejmowania decyzji strategicznych oraz ładu korporacyjnego. Jest autorem publikacji w renomowanych czasopismach naukowych oraz regularnie współpracuje z przedstawicielami biznesu przy tworzeniu programów edukacyjnych dostosowanych do zmieniającego się otoczenia rynkowego.