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Marek Jochec


Marek Jochec

Academic Director of the MSF Program, PhD (Finance) University of Illinois at Urbana-Champaign, USA

Research interests


Subject areas



Nazarbayev University Graduate School of Business Office No. 6.037 E-mail:

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.

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,

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

interview on Atameken TV program on Development of Entrepreneurial Skills of Children (November 7, 2016)”:

«Рецепты успеха для отечественной экономики» (“FDI and a Cool Country”), Kapital, November 18, 2016

Marek was quoted in WSJ:

“Больше Excel, пожалуйста!”,, January 12, 2017,

“Невидимая рука рынка – Как наличие альтернатив влияет на поведение в экономике”, Kapital, January 26, 2017,

“Рынок корпоративного контроля и другие преимущества капитализма”,, November 27, 2017

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

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

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

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)