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Item Restricted FIRM PERFORMANCE AFTER CURRENCY SWING IN TURKEY(Nazarbayev University Graduate School of Business, 2023) Khairashov, ShamilA currency swing is a large fluctuation in exchange rates, usually due to unexpected market event. Sharp currency swings take place quite often in currency markets. They are a normal feature of the flexible exchange rate system. It usually illustrates the need for hedging solutions in order to protect companies’ profit from sudden moves. For the past few years Turkey is one of the countries, which has been suffering from currency swing. It affects inflation rate in the country where the prices for goods and minimum wage has to be reconsidered quite often. It is quite important to note that the currency crisis historically had been quote an issue in Turkey, which had undergone the denomination of the currency. The main aim of this thesis to identify the extent to which currency swing affect the return on capital employed, solvency ratio, current ratio, operating revenue, cash flow, EBIT, EBITDA, gross margin, net income, total assets, shareholder assets, profit margin, profit before tax and return on asset of the selected companies. The research findings revealed that the impact of the exchange rate volatility after currency swing on financial metrics of the firms were insignificant. However, the measures on cash flow and gross margin had shown significant results, precisely being predicted by the independent variables of interest rate and the exchange rate.Item Embargo RETAILER HETEROGENEITY IN OPTIMAL INFLATION IN KAZAKHSTAN(Nazarbayev University Graduate School of Business, 2024-12-11) Argynbek, AselThis paper studies the retailer heterogeneity in optimal inflation in Kazakhstan. Adam and Weber's (2022) relative price trend model is applied to AC Nielsen Urban Kazakhstan data for the 2019-2022 period. The results highlight significant variations in optimal rates across outlets, varying from -0.79 to 2.13%, suggesting the importance of retailers in estimating the national-level inflation rate. Also, the paper calculated national-level inflation in two ways: 1) by aggregating prices using equal weights for outlets and 2) by aggregating scanner data by weighting prices using product categories' expenditure weights for given outlets. Two approaches generate 4.9% and 1.6% optimal rate, respectively. This shows the importance of accounting for the expenditure weights of retailers in tailoring optimal inflation, and a uniform target may only partially capture pricing behavior across outlets.Item Restricted MARKETING IN THE RARE EARTH METALS INDUSTRY(Nazarbayev University Graduate School of Business, 2016-11) Mendigali, AnelUntil the beginning of 2000s, only a small number of people were familiar with rare earth metals (or elements), and these people were engineers, scientists, chemists, geologists. But in the last 15 years rare earth metals became very visible and even popular because the development of humanity in technological way is impossible without these metals. People started to understand the essentiality of the rare earth metals, nations’ governments started campaigns of state support for rare earth metals exploration, and mining; mining companies began to plan diversifying their activities in rare earth metals production; investors started seeking new companies who could break China’s monopoly in the market. In this study, we will focus predominantly on strategy and marketing factors that determine success in this industry. In our strategic analysis, we will consider entry/exit considerations, company/competitive/consumer considerations, and finally propose a segmentation framework that will help producers to target markets which likely would provide a good fit.Item Embargo THE IMPACT OF EXTERNAL SHOCKS ON THE INTERNATIONAL TRADE OF KAZAKHSTAN: RUSSIAN-UKRAINE WAR CASE(Nazarbayev University Graduate School of Business, 2024-12-12) Abdraman, AzamatThis study examines the impact of international sanctions on trade flows in Kazakhstan following Russia's invasion of Ukraine in February 2022. Despite the sanctions imposed by the United States, the European Union, and NATO on Russia, Kazakhstan maintains strong logistical, cultural, and economic ties with its neighbor. The research focuses on how trade flows have been rerouted through Kazakhstan, particularly in regions bordering Russia, in order to circumvent the sanctions. Using monthly export data from 2017 to 2023, disaggregated at the 6-digit Harmonized System level, the study identifies fluctuations in the trade of sanctioned goods and assesses the economic consequences on neighboring areas and businesses. The findings reveal a significant increase in Kazakhstan's exports of sanctioned goods to Russia after March 2022, with exports rising by 109.5% compared to non-sanctioned products. Regional analysis highlights increased export activity in regions such as Aktobe, Kostanay, and East Kazakhstan, where logistical advantages likely play a role in facilitating these trade flows. Conversely, regions like Atyrau, which are heavily reliant on oil exports, experienced a decline in trade activity. Additionally, the study identifies a rise in business activity in areas benefiting from trade rerouting, particularly in Almaty and Aktobe, which saw notable growth in the formation of new business entities.Item Restricted ENHANCEMENT OF OPERATING EFFICIENCY OF THE NATIONAL MEDICAL HOLDING THROUGH CENTRALIZATION OF FINANCIAL FUNCTIONS AND CASH FLOWS(Nazarbayev University Graduate School of Business, 2016-11) Yezhov, VladislavThis paper explores financial management problems in the medical holding company, which has more control over their expenses than income. At the same time the parent company does not provide medical services and does not have stable sources of revenue to cover the maintenance costs of its staff. Each subsidiary of the holding company may carry out medical activities on their own, however the economy of scale can optimize administrative costs, save money on procurement and improve operating processes in clinics of holding company...Item Open Access GO-TO-MARKET STRATEGY FOR PROITIVITY TO ENTER IT EDUCATIONAL SECTOR IN KAZAKHSTAN AND ABROAD(Nazarbayev University Graduate School of Business, 2024-12-09) Toktagulova, Aigerim; Kartbayev, Almas; Zhaparova, Aray; Tkachenko, Natalia; Dilixiati, RenaThe current digital era dictates its own rules with the demand for experienced IT professionals, driven by the rapid development of technology in all industries. To solve this problem, the Government of Kazakhstan has launched the TechOrda program, intending to train 100,000 IT specialists by 2025. The newly established ProITivity School of Information Technology joined this mission by receiving vouchers from the government for free tuition. However, given that the program ends next year and the number of vouchers is limited, ProITivity recognizes the need for a more sustainable and diversified strategy. This project explores how ProITivity can abandon its dependence on government funding and enter the B2B and B2C markets, targeting adult and younger students throughout Kazakhstan and abroad. The main goal is to develop a market entry strategy that positions ProITivity as a leading provider of IT education services, even though it goes beyond government support. The main areas of work include identifying competitive advantages, improving customer segmentation, and developing a pricing model that considers both short-term and long-term goals. Initial results show that Kazakhstan represents an attractive but competitive market landscape, where numerous providers of EdTech services already work in educational institutions. Competitor analysis identifies gaps in specific training modules, and pricing analysis points to potential entry points. Two strategies are proposed based on a deep primary and secondary data analysis. The first is to keep and promote the same product with different marketing approaches. The second is updating the product so alumni are more experienced. Ultimately, these strategies will allow ProITivity to grow steadily and contribute to the development of Kazakhstan's digital workforce while exploring opportunities to expand the availability of IT education outside the country.Item Restricted BUSINESS STRATEGY FOR THE TREEPLE STARTUP EXPANSION IN KAZAKHSTAN(Nazarbayev University, Graduate School of Business, 2023-11-23) Asselya, Bizhanova; Gulnaz, Dyussupzhanova; Madina, Balashova; Nazerke, KarebayevaThis report presents an analysis of the Treeple company, a travel marketplace based in Kazakhstan, as the part of a practicum project conducted by the Master of Business Administration students of Nazarbayev University Graduate School of Business. Treeple is a travel marketplace platform established in early 2023 in Kazakhstan. It operates as a service connecting local tour operators with potential customers. It is a seed-stage startup that faces challenges such as low brand awareness, high customer acquisition cost, low retention rate and operational difficulties. The project focuses on the expansion strategy of Treeple in Kazakhstan. The aim of the project is to identify possible strategic directions for development and increase profitability. Firstly, we analyzed the tourism industry in Kazakhstan. It allowed us to identify the current state of local tourism. We conducted the survey among foreigners and citizens to identify the general attitude and trends in local tourism. Secondly, we analyzed the company’s internal processes and competitors. We also conducted interviews with Treeple partners to know the Treeple’s share in their revenue and to identify tour operators' needs. The CEO of the company had an idea to offer products like customized CRM for tour operators, white label websites, data analytics about travel trends, connection of tour operators with service providers, and quality verification. Based on the interviews, we identified the lack of interest for such kinds of products. We calculated the income statement and NPV of the company by using the data given by the CEO of the company. We calculated the average customer acquisition cost and average customer lifetime value. Finally, as a result, we developed recommendations and classified them into categories such as commission, marketing, value creation for customers, operations, and additional revenue streams. The new NPV calculation was developed based on our recommendations.Item Restricted SEASONALITY EFFECTS IN KAZAKHSTAN STOCK EXCHANGE (KASE) INDEX(Nazarbayev University, Graduate School of Business, 2021-02-11) Mutkarim, Assem; Nursalim, Madina; Orumbayeva, SaraWe 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.Item Restricted EMPIRICAL STUDY OF THE ROLE OF CREDIT INFORMATION, FINANCIAL SECTOR OUTREACH, AND DATA LOCALIZATION POLICY ON TAX EVASION.(Graduate School of Business, 2022-12-14) Kurmanbay, Alibek; Bolat, Alibek; Lattanzio, GabrieleTax evasion is a serious problem in both developed and developing countries. In our study, we want to show that banking outreach and the depth and quality of credit information systems play an important role in decreasing both tax evasion occurrence and tax evasion degree. Based on the data and methodology used in the study conducted by Beck et al. (2014), in this thesis, we tried to replicate and extend the scope of the research. Given the global trend of data localization, we want to contribute to the scholarly literature by investigating the impact of localization reforms on both the degree and occurrence of tax evasion. The laws on data localization often require companies to store commercial data locally (Panday 2018). According to Bauer et al. (2016), an analysis of 21 EU member countries' laws on data localization shows that these restrictions apply to commercial data such as transaction records, accounting records, and tax documents. Our results show a significant effect of localization reforms on tax avoidance, decreasing both the tax evasion rate and its occurrence. Moreover, our study found that the participation of foreign investors in external auditing decreases tax evasionItem Restricted AN ANALYSIS OF CREDIT DECISIONS FOR CONSUMER LOANS ON AN ONLINE PLATFORM USING TRADITIONAL AND MACHINE LEARNING TECHNIQUES(Nazarbayev University, Graduate School of Business, 2022-12-21) Kuandykova, SymbatThis paper is aimed to analyse the secondary bank credit scoring mechanism using the historical data of the existing loan applications of the borrowers through traditional logistic regression and machine learning techniques. The historical data include the four-month long loan application by the clients and consists of the data of borrower’s age, sex, region, mobile model, loan overdue information, whether the borrower has a tax debt and whether the bank has refused to provide a loan to a specific client or not. In this paper, the different methodologies and the importance of machine learning in credit scoring nowadays is discussed first. Then, the description of the data and the methodology used is presented. The results include the logistic regression analysis of the variables and the check on the significance of the variable in decision-making in credit scoring. Lastly, using logistic regression and machine learning (xgboost), I was able to identify which of the strategies are better in determining the area under the curve.