CJFA_2_2017_DRUK.pdf Copernican Journal of Finance & Accounting Copernican Journal of Finance & Accounting e-ISSN: 2300-3065 p-ISSN: 2300-1240 Volume 6 Issue 2 2017 quarterly EDITORIAL BOARD EDITOR IN CHIEF: prof. dr hab. Leszek Dziawgo EXECUTIVE EDITOR: dr Dorota Krupa ASSOCIATE EDITORS: SECRETARY: dr Damian Walczak, mgr Anna Olewnik SCIENTIFIC COUNCIL Prof. Luis Otero González, Universidad de Santiago de Compostela, Spain Prof. M. Peter van der Hoek, Erasmus University, Rotterdam, Netherlands, Academy of Economic Studies, Bucharest, Romania Prof. Günter Hofbauer, Technische Hochschule Ingolstadt Business School, Ingolstadt, Germany Prof. Juan-Antonio Mondéjar-Jiménez, Universidad de Castilla - La Mancha, Spain Prof. Mustafa Akan, Dogus University, Istanbul, Turkey Prof. Sandra Isabel Goncalves da Saude, Instituto Politecnico de Beja, Portugal Prof. Monika Marcinkowska, University of Lodz, Poland Prof. David Naranjo-Gil, Universidad Pablo de Olavide, Sevilla, Spain Prof. Christiane Goodfellow, Jade Hochschule Wilhelmshaven, Germany S t a t i s t i c a l E d i t o r : dr hab. Piotr Fiszeder, prof. UMK E n g l i s h P r o o f R e a d e r : dr hab. Richard Nicholls, mgr Hazel Pearson SUBJECT EDITORS A c c o u n t i n g F i n a n c e : prof. dr hab. Danuta Dziawgo B e h a v i o r a l F i n a n c e a n d F i n a n c i a l E n g e e n e r i n g : prof. dr hab. Józef Stawicki LIST OF REVIEWERS Prof. Andrzej Buszko, University of Warmia and Mazury in Olsztyn, Poland Prof. José Raúl Canay-Pazos, Universidade de Santiago de Compostela, Spain Prof. Nicola Giuseppe Castellano, University of Macerata, Italy Prof. Andrzej Cwynar, University of Economics and Innovation, Poland Prof. Catherine Deffains-Crapsky, Université d’Angers, France Prof. Jerzy Gierusz, Gdansk University, Poland Prof. Dirk Kiesewetter, Julius-Maximilians-Universität Würzburg, Germany Prof. Natalia Konovalova, RISEBA University, Riga, Latvia Prof. Nicoletta Marinelli, University of Macerata, Italy Prof. Lyudmila Mihaylova, University of Ruse, Bulgaria Prof. Emil Papazov, University of National and World Economy, Sofia, Bulgaria Prof. Ángel Peiró Signes, Universidad Politécnica de Valencia, Spain Prof. Adalmiro Pereira, Politécnico do Porto, Portugal Prof. Wojciech Piotrowicz, University of Oxford, Great Britain Prof. Maria del Val Segarra -Oña, Universidad Politécnica de Valencia, Spain Prof. Gerard Olivar Tost, National University of Colombia, Colombia Prof. Jan Turyna, Warsaw University, Poland Prof. Maciej Wiatr, Warsaw School of Economics, Poland Dr Tomáš Heryán, Silesian University, School of Business Administration, Czech Republic C o v e r D e s i g n : The primary version of the Journal is the on-line version (www.cjfa.umk.pl), however the Journal is available both in print and electronic form. e-ISSN: 2300-3065 p-ISSN: 2300-1240 i dystrybuowane w wersji ICV 2015: 101.52 ADDRESS OF THE PUBLISHER , phone: +48 56 611 40 10 kontakt@umk.pl, www.umk.pl Print: Drukarnia WN UMK EDITORIAL OFFICE phone: + 48 56 611 46 34 (mgr Agnieszka ), fax: +48 56 654 24 93 cjfa@umk.pl, www.cjfa.umk.pl TABLE OF CONTENTS Dorota Krupa Introduction ........................................................................................................................... 7 David Eden, Paul Huffman, John Holman Heavy-tailed distributions and the Canadian stock market returns ................................. 9 Investment platforms evolutions – ETF funds ...................................................................... 23 Convergence of health expenditure in EU 12 and V4 states .......................................... 33 The Role of the Amount of Money in RiskTaking ................................................................ 45 The role of instant payment systems in the Polish economy ............................................ 59 á ....................... 71 For Authors ............................................................................................................................. 87