This volume includes a selection of the contributions presented at the Wroclaw conference in Finance, covering a wide range of topics in the area of finance. The articles reflect the extent, diversity and richness of research areas in the field. Discussing both fundamental and applied finance, it offers a detailed analysis of current financial-market problems including specifics of Polish and Central European markets. It also examines the results of advanced financial modeling. These proceedings are a valuable resource for researchers in universities and research and policy institutions, graduate students and practitioners in economics, finance and international economics in both private and government institutions.

Krzysztof Jajuga is a professor of Finance. He holds the chair of the Department of Financial Investments and Risk Management at Wroclaw University of Economics. He obtained his doctoral degree in Economics from Wroclaw University of Economics in 1982 and became a full professor in 1992. At the beginning of his scientific carrier he was awarded a Fulbright grant at Stanford University, Department of Statistics. He was visiting professor at many universities in USA, as well as in Europe and China. His field of scientific interest is financial econometrics, capital markets and risk analysis and management. He is the author of numerous international and national publications, including 18 books. He holds a number of positions including president of CFA Society Poland.

Hermann Locarek-Junge has been a professor of Finance and Financial Services at TU Dresden's Faculty of Management and Economics since 1995. After graduating in the field of Business and Economics in 1983 and earning his PhD at the University of Augsburg, Germany, in 1987, he studied Business Informatics and was appointed professor in that field at Essen University in 1991. Since then, he has been visiting professor and research fellow at a number of international institutions and universities. During his academic career, he undertook research work for several banks, including the Deutsche Bank, Dresdner Bank, Sparkasse Dresden, Union Investment, and the German National Research Foundation (DFG).

Lucjan T. Orlowski is a Professor of Economics and Finance and a Director of the Doctor of Business Administration in Finance Program at Sacred Heart University, USA. His research interests include monetary economics, financial markets and institutions, and financial stability. He has authored numerous books, chapters in edited volumes and articles in scholarly journals. He has been visiting professor and research fellow at many prominent international institutions and universities and served in an advisory role for many governments and financial institutions including Polish Ministry of Finance and National Bank of Poland. He has worked with the European Commission Economic and Finance Committee on the post-crisis policy responses to extreme risks in financial markets. He is collaborating with Chicago Mercantile Exchange Group on analyzing the volatility of financial futures and its impact on real economy. He is a Doctor Honoris Causa recipient from Wroclaw University of Economics.