Graduate School of Business
http://nur.nu.edu.kz:80/handle/123456789/98
2024-03-28T20:42:37ZCOMING BACK HOME: POSTMEMORY IN NOVELS BY ALEXANDER CHUDAKOV, KATJA PETROWSKAJA, AND MARIA STEPANOVA
http://nur.nu.edu.kz:80/handle/123456789/7584
COMING BACK HOME: POSTMEMORY IN NOVELS BY ALEXANDER CHUDAKOV, KATJA PETROWSKAJA, AND MARIA STEPANOVA
Mektepbayeva, Zhanel
This study explores postmemory as a way of “coming back home” to one’s roots and reimagined identity. It is particularly important within the context of the recent turn to prioritizing personal memories over the official, collective memory to process traumatic historical experiences of the 20th century, such as the war, Stalinist purges, and the Holocaust. The thesis presents a comprehensive analysis of three contemporary novels — Alexander Chudakov’s A Gloom Is Cast Upon the Ancient Steps (Lozhitsia mgla na starye stupeni, 2000), Maria Stepanova’s In Memory of Memory (Pamiati pamiati, 2017), and Katja Petrowskaja’s Maybe Esther (Vielleicht Esther, 2014). The study uses the theory of postmemory, developed by Marianne Hirsch, to research how different generations of survivors engage with stories and objects of memory, such as family photographs, letters and archival documents to access the experience of their ancestors. The thesis uses the methods of literary analysis and close reading to discuss, through the question of genre, connections between literature, memоry, and the enduring impact of catastrophic historical events on subsequent generations.
2023-11-27T00:00:00ZSEASONALITY EFFECTS IN KAZAKHSTAN STOCK EXCHANGE (KASE) INDEX
http://nur.nu.edu.kz:80/handle/123456789/7569
SEASONALITY EFFECTS IN KAZAKHSTAN STOCK EXCHANGE (KASE) INDEX
Mutkarim, Assem; Nursalim, Madina; Orumbayeva, Sara
We investigate whether there exist seasonal anomalies in the Kaza-
khstan Stock Exchange (KASE) index. We focus on two well-known ef-
fects in capital markets: day-of-the-week and month-of-the-year e ects af-
ter controlling macroeconomic variables, crisis periods, and world market
movement. Moreover, we construct the KASE Total Return index to con-
sider dividends as a potential cause of seasonality in the index returns.
The empirical evidence indicates that there are negative Monday and pos-
itive Friday e ects in KASE index. However, the negative Monday e ect
might result from a decrease in prices on ex-dividend dates. The positive
Friday e ect can be explained by investors' sentiments before the holidays.
We nd no month-of-the-year e ect in the KASE index. Since there is no
prior research on seasonality in the local market, our study reveals notable
results and initiates a discussion on this topic.
2021-02-11T00:00:00ZFORECASTING INFLATION RATE OF KAZAKHSTAN BASED ON THE CONSUMER PRICE INDEX, CONSIDERING THE IMPACT OF SEASONALITY
http://nur.nu.edu.kz:80/handle/123456789/7568
FORECASTING INFLATION RATE OF KAZAKHSTAN BASED ON THE CONSUMER PRICE INDEX, CONSIDERING THE IMPACT OF SEASONALITY
Zhumataeva, Madina; Kussainov, Arsen; Yelyubayeva, Aray
The purpose of this work is to study and compare existing models and
methods, and build an optimal model for forecasting inflation in Kazakhstan,
taking into account seasonal adjustment of CPI.
This paper compares the performance of two seasonal adjustment methods,
TRAMO-SEATS and X-13-ARIMA-SEATS. Based on the results of seasonal
adjustment, the X-13-ARIMA-SEATS method detects more outliers than the
TRAMO-SEATS method; however, the difference in the seasonally adjusted time
series is negligible. Thus, further comparison of these two methods is conducted
based on the result analysis of the forecast models. To forecast the inflation rate,
two models are used - the ARIMA-GARCH model, and the VAR model.
The out-of-sample forecast is made for a short-term period of six months from
June 2019 to December 2019. Based on the error measures in the validation period
the most adequate and accurate model is the VAR(2) model with CPI seasonally
adjusted by the X-13-ARIMA-SEATS method.
2021-02-11T00:00:00ZUSE OF OPTIONS TO INCREASE AND REDUCE VOLATILITY IN THE MARKET PORTFOLIO BASED ON PAST VOLATILITY
http://nur.nu.edu.kz:80/handle/123456789/7567
USE OF OPTIONS TO INCREASE AND REDUCE VOLATILITY IN THE MARKET PORTFOLIO BASED ON PAST VOLATILITY
Mantila, Pedro; Najib, Fayez
This paper verifies under realistic trading conditions the results in Moreira and Muir (2017) which shows that leveraging/deleveraging the index portfolio according to its past volatility with the use of index options brings extra risk-adjusted profits. We use as a proxy for the market portfolio the S&P 500 index in the period of 1996-2020 and use Chicago Board of Exchange (CBOE) traded options on this index. Leveraging/deleveraging with 30-day to maturity options yields negative extra profits irrespectively of trading at the bid/ask or at the quote midpoint. Our results imply that the improvement shown in Moreira and Muir (2017) was due to the combination of very frequent (daily) rebalancing in their portfolios and trading at the quote midpoint.
2021-12-21T00:00:00ZDID PENSION FUND WITHDRAWALS CREATE A HOUSING BUBBLE IN KAZAKHSTAN?
http://nur.nu.edu.kz:80/handle/123456789/7566
DID PENSION FUND WITHDRAWALS CREATE A HOUSING BUBBLE IN KAZAKHSTAN?
Mashrapova, Ainur; Baitlessov, Ruslan; Yskak, Madina
This paper investigates how pension fund withdrawal acceptance from 1st January of 2021 for enhancement of living conditions of citizens in Kazakhstan influenced housing pricing in primary and secondary markets. We used panel data for 16 different cities in order to capture the influence on the regional level as well as on the national. We applied Fixed Effects Linear Model (FELM) to estimate the effects of pension fund withdrawals (PFW) on housing prices. Also, it was aimed to detect the existence of bubbles on the housing market of Kazakhstan during the period from January 2014 till September 2021. For this purpose, we applied the Generalized Supremum Augmented Dickey-Fuller Test (GSADF), developed by Philips et al (2015) and widely used in recent academic literature for the identification of bubbles for different asset types. Our results show that there is a housing bubble in the secondary and primary housing markets of Kazakhstan. Moreover, the PFW policy increased the housing prices in major cities and influenced the creation of the housing bubble in Nur-Sultan and Almaty.
2021-12-21T00:00:00ZIS THERE EVIDENCE OF MARKET MANIPULATION ON THE KASE?
http://nur.nu.edu.kz:80/handle/123456789/7565
IS THERE EVIDENCE OF MARKET MANIPULATION ON THE KASE?
Zhuleuov, Zhanbolat
Kazakhstan stock exchange belongs to the category of the frontier market and the regulatory framework requires continuous development to preserve market integrity in this market. Even though there is no commonly accepted definition of the term “market manipulation”, there are some market behaviors on capital markets that are prohibited by regulators. Some of these observed actions can have enforcement acts and investigation will be done to identify whether actions were manipulative or not. Stock listed on the KASE has comparatively less liquidity compared to the developed markets; therefore, for KASE market participants, it can be challenging to identify during times of price movements whether it is based on fair valuation of the stock or manipulators are acting. The fact that there are no reported stock manipulation cases raises the question of whether regulators are not observing manipulations or tools of regulators are effective to prohibit manipulative behavior on the market. This work studies four first-class liquidity stocks to examine any evidence of market manipulations based on the limit order book data.
2021-12-21T00:00:00Z