DSpace Repository

Nazarbayev University Repository (NUR) is an institutional electronic archive designed for the long-term preservation, aggregation, and dissemination of scientific research outcomes and intellectual property produced by the Nazarbayev University community and affiliated organizations.

NU Research Portal - here you can find information about research projects, publications, and other activities of our 400+ researchers and faculty members.

Communities in DSpace

Select a community to browse its collections.

Now showing 1 - 5 of 5

001. Theses 2825
002. NU Research Publications 11015
003. NU Research Institutes & Centres 586
004. NU Journals & Magazines 279
005. Forums, Conferences & Projects 1333

Recent Submissions

Access status: Open Access ,
The Face of Trust: CEO Appearance and Market Reactions To Financial Restatements
(Nazarbayev University Graduate School of Business, 2025-12) Tsoy, Tatyana; Sofilkanitsch, Christian
The thesis explores whether the facial trustworthiness of a chief executive officer is predictive of abnormal stock returns following announcements of financial restatements. Using an event-study framework, mean-adjusted, value-weighted and risk-adjusted CARs were estimated of 150 firm restatements, using a sequence of series of event windows. Scores of trustworthiness were obtained based on various artificial-intelligence algorithms. To measure the influence of CEO trust scores, cross-sectional regressions were adopted, firm size and the severity of the restatement were controlled. Interaction models were checked on whether appearance effects are moderated by the size of the firm or by the materiality of the event. The findings indicate the absence of strong unconditional correlation between the facial trustworthiness of the CEO and the CARs, and the firm size was positively correlated with returns within the short horizon window. The diagnostics of robustness such as influence analysis, winsorisation, and multicollinearity checks showed that the conclusions were not based on outliers and model misspecification. The paper thus finds that market responses to financial restatements are dominated by the informational environment and the severity of the event, and that the appearance characteristics of CEOs plays at most a small, context-dependent role.
Access status: Open Access ,
Uncertainty of Stock Market Returns Due to Tariff Announcements
(Nazarbayev University Graduate School of Business, 2025-12-10) Zaivyy, Nikita; Yergabulova, Aigerim
Based on this thesis, the way global tariff announcements are transmitted to the equity market of Kazakhstan is discussed. It runs an event-study design on 15 of the most liquid KASE-listed stocks and the KASE index based on daily data between January 2022 and October 2025, which includes 10 dates of 2025 tariff-related news, including five negative (tariff introduction or escalation) and five positive (pauses, delays, or reduction) events. Constant-mean model estimates expected returns over a 120-day pre-event window, eliminates overlapping event periods, and uses pooled event-time regressions and cumulative average abnormal returns (CAARs) over symmetric windows from [−1,+1] to [−5,+5]. The findings indicate that there are statistically and economically significant negative equity shifts in Kazakhstan companies associated with negative tariff announcements, when measured over multi-day horizons, and the CAARs of negative tariff announcements are both negative in individual stock returns and the KASE index, with approximately abnormal returns of 2-3 percent over one-week horizons. In comparison, positive news regarding tariffs does not create any strong abnormal or cumulative abnormal returns. A placebo experiment, in which the calendar dates in 2024 are employed, provides CAARs near zero, which makes it possible to interpret the 2025 results causally. The results suggest that the tariff escalations are a significant downside risk to investors in Kazakhstan, and the positive changes in tariffs are being discounted or expected. To policymakers, the work points to the fact that trade-policy shocks may spread to the peripheral markets and influence local financial conditions even though the country may not be a direct participant in the dispute.
Access status: Open Access ,
CEO Characteristics and Behavioral Biases as Determinants of Firm Performance
(Nazarbayev University Graduate School of Business, 2025-12) Malikova, Aruzhan; Rocciolo, Francesco; Ysmailov, Bektemir
This research aims to determine how CEO characteristics and behavioral biases affect firm performance among publicly listed companies in Kazakhstan. A panel dataset of firm-year observations from 2006 to 2024 was used to evaluate the effects of CEO age, education level, education origin, overconfidence, and loss aversion on three performance measures: return on assets, return on equity, and scale efficiency. The findings show that CEOs with postgraduate and foreign education consistently improve performance of the firm, whereas more mature CEO contribute to a slight decline in efficiency. While CEO overconfidence has no effects on firm outcomes, loss aversion is strongly associated with lower profitability. This thesis contributes to the limited literature on managerial traits and financial outcomes in Kazakhstan and shows that concerning CEO characteristics and behavioral biases matter for corporate governance, investor evaluations, and policy decisions.
Access status: Embargo ,
Teachers’ Experiences of the Implementation of Inclusive Education in One Primary School in the Kurdistan Region of Iraq
(Nazarbayev University Graduate School of Education, 2025-09-11) Darwsh Mahmood Halmat Faieeq; Dr Sourav Mukhopadhyay; Prof. Tsediso Michael Makoelle
Inclusive education upholds the equitable and substantial engagement of all students and paves the way for societal inclusion and equality of opportunities. Despite the Kurdistan Region of Iraq (KRI) incorporating inclusive education policies in educational laws of 2009 and 2022, there is a lack of literature on their application in KRI primary schools, particularly from the teachers’ perspective, a vital component of the success of inclusive education. Therefore, this interpretative qualitative-phenomenological case study aimed to fill a scholarly gap by exploring 16 teachers’ experiences of implementing inclusive education in a primary school in KRI. It adopts Bronfenbrenner’s ecological system theory as a lens that facilitates a nuanced, context-sensitive exploration of multiple layers within the educational ecosystem. The findings revealed that teachers’ conceptualization of inclusive education was narrow, often limited to the inclusion of students with disabilities. Furthermore, their understanding of inclusive education was limited and inconsistent, hindering their ability to implement its principles effectively. Nevertheless, teachers demonstrated more positive perceptions and attitudes toward inclusive education, viewing it as a core principle of human rights and social justice. The study also identified key barriers to implementing inclusive education, notably the absence of clear policies and guidelines, inadequate teacher training, and limited inclusive resources. In contrast, strong legislative frameworks, committed school leadership, and teachers’ positive perceptions and collaborative practices emerged as significant enablers. Importantly, teachers employed innovative implementation strategies to enhance the effectiveness of inclusive education, such as the integration of artificial intelligence (AI) and cultivating a supportive classroom culture. This study contributes to theory, policy, and practice by critically examining the implementation of inclusive education in the post-conflict context of the KRI. Theoretically, it advances understanding of inclusive education within conflict-affected contexts. From a policy perspective, it offers evidence-based insights to inform the development and strengthening of inclusive education frameworks. At the practical level, it identifies strategies teachers employ to enhance implementation. The study further advocates for an expanded conceptualization of inclusive education frameworks, extending beyond students with disabilities to encompass other marginalized groups. It also recommends addressing systemic challenges, including teachers’ financial constraints, under-resourced school environments, and limited family and community engagement. Keywords: inclusive education, implementation, primary school, primary school teacher
Access status: Open Access ,
Exchange Rate Pass Through to Consumer Prices in Kazakhstan: Evidence from Micro-level Data
(Nazarbayev University Graduate School of Business, 2025-12) Satui, Miras; Rocciolo, Francesco; Yergabulova, Aigerim
Exchange rate pass-through (ERPT) to consumer prices in Kazakhstan is researched on the basis of micro-level scanner data on food, drug, and tobacco items between 2019 and 2022. The analysis incorporates item-level price data and monthly macroeconomic variables to determine the existing estimated ERPT to price levels; as stated by: static, dynamic, asymmetric, regime-specific, and the origin-based ERPT in three macroeconomic periods, namely, pre-COVID, COVID, and the geopolitical shock of 2022. The results show that ERPT is positive and incomplete but much regime dependent. Pass-through of the USD and RUB is moderate in the basic models, but the CNY effect is relatively very small. Dynamic estimates indicate slow price changes and asymmetric models indicate more strong pass-through in the case of currency depreciations. With the COVID period especially, ERPT also increased significantly, but in the war period of 2022 it decreased as supply chains reorganized. The category and origin analysis proves enlightenment on increased sensitivity of food and tobacco products and foreign-sourced products but the drugs are less sensitive. Overall, the indications show that ERPT in Kazakhstan is subject to changing according to macroeconomic conditions, import structure, and product characteristics. These results imply that exchange-rate change activities present a greater threat of inflation in times of instability and denote the significance of the supply-chain diversification and honest monetary policy.