🏆 Best Paper Award 2023 – Winner Announcement! 🎉

We are pleased to announce that the Award Committee, composed of, Dominika Hadro (Wroclaw University of Economics and Business, Poland), Justyna Fijałkowska (University of Social Sciences, Poland), Karol Marek Klimczak (Lodz University of Technology, Poland), Marek Pauka (Wroclaw University of Economics and Business, Poland) and Enrico Supino (University of Bologna, Italy), after thoroughly reviewing the articles published in Issues 1 and 2 of Financial Sciences. Nauki o Finansach, in 2023, has unanimously decided to grant the Best Paper Award to:

🏆 Jan Kaczmarzyk for the article "Should One Assume the Discount Rate to Be One of the Risk Factors?"

Congratulations to the author for his outstanding contribution!

We sincerely thank all the authors for their valuable submissions and look forward to continuing to promote high-quality research in finance and accounting.

Editorial Board

Financial Sciences. Nauki o Finansach

Award Committee comment on the article: "Should One Assume the Discount Rate to Be One of the Risk Factors?" by Jan Kaczmarzyk

The article examines whether the discount rate should be considered a risk factor in discounted cash flow (DCF) valuation, offering fresh insights into risk analysis and valuation methodologies. Using a Monte Carlo simulation, the study rigorously assesses the impact of this assumption on valuation outcomes, strengthening its analytical depth.

The paper presents a clear theoretical framework, distinguishing between present and net present value and engaging with key financial theories. Incorporating various assumption scenarios effectively demonstrates how fixed and variable discount rates influence valuation uncertainty.

The research challenges conventional views on discount rates in risk analysis through well-structured arguments and a detailed financial model. Its findings hold practical significance for corporate finance, investment analysis, and risk management, offering valuable insights for financial analysts.

The article enhances its academic relevance by engaging with key scholars like Damodaran. With a strong methodology, theoretical foundation, and practical applicability, it contributes to financial literature and is well-positioned for further academic recognition.

Award Committee