все учителя


Marek Jochec

Associate Professor, Graduate School of Business

Personal profile

Before joining Nazarbayev University, Marek was a professor of Finance at ISCTE Business School in Portugal, visiting professor at School of Commerce, University of Otago, New Zealand, and a lecturer of finance at KIMEP. Marek’s research interests are in Behavioral Finance and Entrepreneurship. His paper “Patriotic Name Bias and Stock Returns” (Journal of Financial Markets, 2013) was cited by Robert Shiller in his Nobel Prize acceptance lecture. Marek’s research in Entrepreneurship focuses on developing entrepreneurial spirit in children and in Education for Entrepreneurship; he regularly speaks on the topic in Kazakhstani media such as Atameken Business Channel and served as a reviewer of the nationwide textbook on Entrepreneurship for 10th and 11th grade. Marek also wrote scholarly articles in market microstructure, asset management, and Belt & Road Initiative (OBOR). Marek regularly writes oped articles on economic topics in Kazakhstani media, such as Kapital and National Business. He has been acknowledged in globally known textbooks Financial Modeling by Simon Benninga and Principles of Corporate Finance by Brealey-Myers. Marek teaches Principles of Finance, International Finance, Financial Modeling, and Financial Evaluation of Business Projects. Before starting academic career, Marek had a stint as a consultant at Roland Berger and Partner in Munich and as an intern with JP Morgan in London.

Research Interests

Behavioral Finance
Market Microstructure
Asset Management
Foreign Investment/BRI (formerly OBOR)


Recent Academic Publications

“Patriotic Name Bias and Stock Returns”, Journal of Financial Markets, 2013 (cited by Rebert Shiller in his Nobel Prize Recipient Lecture)

“Can Mutual Funds Time Risk Factors?”, Quarterly Review of Economics and Finance, 2009

“Short Term Persistence in Mutual Fund Market-Timing and Stock-Selection Abilities”, Annals of Finance, 2010

Working Papers

Testing the PIN Variable

Liberalism and Home Equity Bias

Testing PIN Algorithms through Simulation

Recent Presentations or Conference Papers

Testing PIN Algorithms through Simulation, International Week, Ostrava (October 2015)


“Эра незафиксированного тенге” (“Now that we have free float…”), National Business, October 2015, http://nb.kz/10161/

“Нацфонд Казахстана – куда двигаться дальше?” (“National Fund of RK: Where to go from here?”), National Business, June 2016, http://nb.kz/18018/

interview on Atameken TV program on Development of Entrepreneurial Skills of Children (November 7, 2016)”: http://abctv.kz/ru/tv/974

«Рецепты успеха для отечественной экономики» (“FDI and a Cool Country”), Kapital, November 18, 2016 https://kapital.kz/economic/55295/recepty-uspeha-dlya-otechestvennoj-ekonomiki.html

Marek was quoted in WSJ: http://www.wsj.com/articles/sovereign-wealth-funds-threatened-by-government-spending-1482580802

“Больше Excel, пожалуйста!”, Kapital.kz, January 12, 2017, https://kapital.kz/finance/56645/bolshe-excel-pozhalujsta.html

“Невидимая рука рынка – Как наличие альтернатив влияет на поведение в экономике”, Kapital, January 26, 2017, https://kapital.kz/economic/57022/nevidimaya-ruka-rynka.html

“Рынок корпоративного контроля и другие преимущества капитализма”, Kapital.kz, November 27, 2017 https://kapital.kz/world/64803/zachem-rynkam-nuzhno-sozidatelnoe-razrushenie.html

«Что думают казахстанцы об инвестициях из Китая?», National Business, December 14, 2017


«Размышления о бюрократии», Kapital, January 29, 2018



Principles of Finance (MBA, EMBA, MSF)
International Finance (MBA, EMBA, MSF)
Financial Evaluation of Business Projects (Corporate Education)
Financial Modeling (MSF)
Empirical Asset Pricing (MSF)


Financial Literacy and Financial Inclusion in Kazakhstan

2018-03-20 → 2020-12-31

Research Output

Patriotic name bias and stock returns
August 2013, In : Journal of Financial Markets. 16, 3, p. 550-570 21 p.

Short term persistence in mutual fund market timing and stock selection abilities
May 2011, In : Annals of Finance. 7, 2, p. 221-246 26 p.

Can mutual funds time risk factors?
November 2010, In : Quarterly Review of Economics and Finance. 50, 4, p. 509-514 6 p.

Disposition effect in currency trading: An evidence from experimental student games
March 2019, In : Revista de Cercetare si Interventie Sociala. 64, p. 246-261 16 p.

How Do Limit Orders Affect the Disposition Effect on Highly Liquid Markets–Experimental Finance Evidence
2021, In : Journal of Behavioral Finance.

September 2021, In : Research Newsletter. 32, p. 7 14 p.

"Зачем рынкам нужно созидательное разрушение": Корпоративный контроль и другие преимущества капитализма
November 2017, In : Капитал.

Disposition Effect in Experimental Currency Trading

Behavioral Finance: The Gender Differences in the FX Trading Approach

China’s BRI Investment, Risk And Opportunities in Kazakhstan and Kyrgyzstan
October 2017,

Размышления о бюрократии: Contemplating Bureaucracy
January 2018, In : Kapital.

Chapter 7. China's BRI Investments, Risks, and Opportunities in Kazakhstan and Kyrgyzstan
2018, p. 67-76 10 p.

Chimbulak Sky: Case Study on Financial Evaluation of a Business Project in Kazakhstan
2016, 20 p.

What do young educated Kazakhstani and Kirgiz think about the foreign direct investment from China.

Sergazy's Lemons: Case Study on Financial Project Evaluation in Agribusiness in Kazakhstan
November 2019, 15 p.

Вот и пустился курс в плавание...
October 2015, In : National Business KZ. 19, p. 42-45 4 p.

Нацфонд Казахстана – куда двигаться дальше?
July 2016, In : National Business KZ. 24, p. 44-47 4 p.

Прямые иностранные инвестиции и «cool» государство
November 2016, In : Kapital.

Poznámka k běžně používaným vzorcům PIN na základě vygenerovaných dat
September 2015,

Test of PIN Estimation Algorithms through Simulation

Больше Excel, пожалуйста!: Знание моделирования электронных таблиц стало неотъемлемой частью инструментария делового человека
January 2017, In : Kapital.

Невидимая рука рынка - Как наличие альтернатив влияет на поведение в экономике
January 2017, In : Kapital.

Chinese Investment in the Framework of Belt & Road Initiative in Kazakhstan and Kyrgyzstan: Current Situations, Challenges, and Perspectives
June 2017, 40 p.