Research Laboratory for Advanced Studies

Research interest:

Finance, banking, fintech, entrepreneurship


About me:

Research profile

In his research Dr. Pisany is focused on finance and banking, including: determinants of financial systems development and stability; banking sector, its ownership structure and role in the economy, as well as the impact of technological advancements on the financial system perspectives. In addition, he conducts research on entrepreneurship, start-ups and financing availability, especially in the context of alternative financing methods, for example ICO and crowdfunding.


Grant projects

OPUS 17 (Co-investigator): Development paths of entrepreneurs and family businesses (financed by Polish National Science Center, no. 2019/33/B/HS4/00369)

OPUS 15 (Co-investigator): Ownership structure, business models, and the international transmission of shocks in the banking sector (financed by Polish National Science Center, no. 2018/29/B/HS4/00594)

Preludium 9 (Principal Investigator): The case of East Asian corporate bond markets after the Asian financial crisis 1997 as a source of experience for current reforms of European capital markets (project 2016 – 2018, financed by Polish National Science Center, no. 2015/17/N/HS4/02939)


Selected presentations on conferences and seminars

December 2021: Digital, Innovation, Entrepreneurship and Financing Conference at INSEEC U., Fintech & Digital Finance session, Lyon (online), presentation: Banks’ consumer lending reaction to fintech and bigtech credit emergence in the context of soft versus hard credit information processing

October 2021: 5th annual meeting of the Central Bank Research Association’s International Finance and Macroeconomics Program, jointly organized with the European Central Bank - International aspects of digital currencies and fintech (online), presentation: Banks’ consumer lending reaction to fintech and bigtech credit emergence in the context of soft versus hard credit information processing

September 2021: IFABS 2021 Oxford Conference Saïd Business School, University of Oxford, United Kingdom (online), presentation: What determines cross-country differences in fintech and bigtech credit markets?

September 2021: Wolpertinger 2021 Conference in Banking and Finance, Cracow University of Economics, Poland (online), presentation: State-owned banks and cross-country shock transmission

August 2021: World Finance Conference, University of Agder, Norway (online), presentation: Links between culture, trust, privacy, data access and financial technology-based debt (fintech and bigtech credit), discussion of another paper

December 2020:  Virtual World Finance & Banking Symposium, University of Latvia, Riga (online), presentation: What determines Initial Coin Offering success: A cross-country study, discussion of another paper

November 2020: Boca Corporate Finance and Governance Conference, Florida Atlantic University, Boca Raton, Florida US (online), presentation The Rise of Fintech: A Cross-Country Perspective

September 2019: FinTech seminar, Bank of England, London, presentation Crowdfunding in Poland

May 2019: Edward Altman Lecture Series & Warsaw Conference in Finance, Warsaw, presentation: Influence of the ownership structure of banks on the international transmission of shocks

December 2017: IÉSEG School of Management and LEM CNRS Finance Research Seminar, Paris, presentation: What is driving the corporate bond market development in Asia?

September 2017: International Finance and Banking Society (IFABS) Asia 2017 Ningbo Conference Financial Innovation, Stability and Sustainable Growth, China, presentation: What Is Driving the Corporate Bond Market Development in Asia?



Distinction in the competition for the best doctoral dissertation on the capital market organized by the Warsaw Stock Exchange (2021)

Scientific scholarships during BA, MA and PhD studies at Warsaw School of Economics and MA studies at University of Warsaw

Scholarship of Minister of Science and Higher Education for students for excellent academic achievements (2011)


Other activities

Dr. Pisany has been working at the National Bank of Poland since January 2015 (successively in the areas of financial stability and financial innovation).


Selected journal articles

Kowalewski, O., Pisany, P. (2022). The rise of fintech: A cross-country perspective, Technovation, 102642, ISSN 0166-4972, https://doi.org/10.1016/j.technovation.2022.102642

Kowalewski, O., Pisany, P. (2022). Home–host distance in governance quality, foreign banks’ lending, and emerging host markets’ resilience. Review of Development Finance 12(1), 55-69. https://journals.co.za/doi/abs/10.10520/ejc-rdfin_v12_n1_a4

Kowalewski, O., Pisany, P., Ślązak, E. (2022). Digitalization and data, institutional quality and culture as drivers of technology-based credit providers. forthcoming in Journal of Economics and Business. https://doi.org/10.1016/j.jeconbus.2022.106069

Kowalewski, O., Pisany, P. (2022). Banks' consumer lending reaction to fintech and bigtech credit emergence in the context of soft versus hard credit information processing. International Review of Financial Analysis, 81. https://doi.org/10.1016/j.irfa.2022.102116

Ahmad, M. F., Kowalewski, O., Pisany, P. (2021). What determines initial coin offering success: a cross-country study. forthcoming in Economics of Innovation and New Technology. https://doi.org/10.1080/10438599.2021.1982712

Kowalewski, O., Pisany, P. (2019). What drove the growth of the corporate bond markets in Asia? Research in International Business and Finance 48, 365-380. https://doi.org/10.1016/j.ribaf.2019.01.014

Pisany, P. (2016). Comparative models of capitalism in the areas of financial system and corporate governance—the diversity of capitalism approach perspective. International Journal of Management and Economics 52 (1), 59-76. https://dx.doi.org/10.1515/ijme-2016-0027


Chapters in books

Kowalewski, O., Pisany, P. (2022/23). Banks’ patenting as an answer to emerging fintech and bigtech competition: A cross-country empirical study. forthcoming in: Suk-Joong Kim (Eds.), Fintech, Pandemic, and the Financial System: Challenges and Opportunities. International Finance Review Vol. 22, Emerald Group Publishing Limited. https://www.bookdepository.com/Fintech-Pandemic-Financial-System-Suk-Joong-Kim/9781802629484?ref=bd_ser_1_1

Pisany, P. (2022). CBDC design and implementation in the context of differences between advanced and emerging economies. forthcoming in: Ranjan Aneja, Robert Dygas (Eds.), Digital Currencies and the New Global Financial System, Routledge, ISBN 9781032315720. https://www.routledge.com/Digital-Currencies-and-the-New-Global-Financial-System/Aneja-Dygas/p/book/9781032315720

Kowalewski, O., Pisany, P. (2021). Different faces of digital financial inclusion across countries. in: Lechman E. & Marszk A. (Eds.), The Digital Disruption of Financial Services. International Perspectives, London, Routledge. https://www.taylorfrancis.com/chapters/edit/10.4324/9781003199076-2/different-faces-digital-financial-inclusion-across-countries-oskar-kowalewski-pawe%C5%82-pisany

Czerwińska T., Głogowski A., Gromek, T., Pisany, P. (2020). Digital Transformation in Banks of Different Sizes: Evidence From the Polish Banking Sector. in: Boitan, I. A., & Marchewka-Bartkowiak, K. (Eds.), Fostering Innovation and Competitiveness With FinTech, RegTech, and SupTech., IGI Global. https://doi.org/10.4018/978-1-7998-4390-0.ch009


Working papers

Borsuk, M., Kowalewski, O., Pisany, P. (2022). State-owned banks and international shock transmission. European Central Bank Working Paper Series No 2661. https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2661~5a47947b05.en.pdf?ee824b0cbd46bd392fee7a5b9f279fb0