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Research
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Research at NUGSB

NUGSB’s objectives stem from three main, mutually intertwined categories – teaching, research and service. In order to train and prepare the new generation of managers, entrepreneurs, and leaders of Kazakhstan and the region, the school puts cutting edge research at the heart of its mission. By engaging in world-class research in the fields of management, finance and economics, our faculty translates global knowledge into local context. Research-informed teaching also serves society by producing future professionals who are flexible and open to new ideas. For this purpose, we strive to attract research driven faculty and create a culture where good research ideas are turned into great research outcomes. In the growth period, the focus of NUGSB will be on three main areas: Entrepreneurship and Emerging Markets.

Research Seminars
Wednesday, August 26, 2:00–3:00 PM
Location: C3, Room 3015
Speaker: Niels Boissonnet, Bielefeld University, Germany
Title: Consensus on the Lesser of Two Evils
Abstract:

We propose a new ordinal axiom for interpersonal comparisons, Consensus on the Lesser of Two Evils. It requires that whenever both agents agree that the position one allocation assigns to one of them is better than the position another allocation assigns to the other, society ranks the first above the second. Imposed on all bundles, the axiom is incompatible with Pareto efficiency as soon as the two agents’ preferences differ; restricted to the positions the efficient frontier makes available, it yields a sharp representation. We show that a social preference satisfies the axiom if and only if it is represented by a mixed-benchmark metric: the welfare of agent (i) is the sum (m_i^1 + m_i^2) of two continuous increasing representations of (\succsim_i), where for each (k \in {1,2}) the pair ((m_1^k,m_2^k)) agrees on agent (k)’s projection of the frontier, that is, (m_1^k(x)=m_2^k(x)) for every bundle (x) that agent (k) receives in some Pareto-efficient allocation. Because the axiom bears only on single-recipient allocations, the representation constrains the calibration of welfare alone and holds for any aggregation rule—utilitarian, prioritarian, or leximin. We relate the result to existing welfare indices built on a single reference path, and show that our criterion is logically independent of envy-freeness while always compatible with it, and that it symmetrizes Suppes’s grading principle across agents.

NUGSB working papers
2026/10 Market power or fixed costs? Price-cost margins in a capital-intensive transition economy by Aigerim Yergabulova
2026/09 Persuasion Processing Intuitions: How People Judge the Morality of Persuasive Messages by Zarema Khon, Haiming Hang, Samuel G. B. Johnson
2026/08 Lay Theories of Manipulation: Do People Believe they are Susceptible to Persuaders' Trickery? by Zarema Khon, Yi-Ju Chen, Yvetta Simonyan, Haiming Hang, Samuel G. B. Johnson
2026/07 Companies are Villains with Good True Selves by Zarema Khon, Julian De Freitas, Samuel G. B. Johnson
2026/06 Do Investors Respond Differently to Non-GAAP Earnings After Material GAAP Restatements? by Christian Sofilkanitsch
2026/05 Managed Money and Oil Convenience Yield Dynamics by Assiya Utzhanova, Tom Vinaimont
2026/04 Buffering or Backfiring? Non-GAAP Reporting and Investor Reactions to Material GAAP Restatements by Theodore E. Christensen, Mueller Jens, Sievers Soenke, Sofilkanitsch Christian
2026/03 Endogenous Commitments: Implications for Supply Chains by Narendra Singh
2026/02 Dual-Bid Corporate Charters, Entrepreneurial Incentives and Social Efficiency by Piet Sercu, Tom Vinaimont
2026/01 GenAI-Based Index of Financial Constraints by Bektemir Ysmailov
2025/11 Decolonizing Entrepreneurship: Navigating, Resisting, and Transforming Patriarchy through Infrapolitics in Palestine and the Global South – A Systematic Literature Review by Wojdan Omran, Shumaila Yousafzai
2025/09 The same yet different: the effects of vividness in a laboratory asset market by Sudeep Ghosh, Piet Sercu, Tom Vinaimont
2025/08 Do Managers Cater to Investors' Demand for Income? by Bektemir Ysmailov
2025/07 A Survey of Restatement Literature: Determinants of Misreporting by Soenke Sievers, Christian Sofilkanitsch
2025/06 Beyond Collaboration: Mutual Dependence and Power Imbalance in Addressing Grand Challenges by Arijit Chatterjee, Bernard Leca, Anjan Ghosh
2025/05 A global value chain approach to economic diversification and resilience in resource‐rich states: the case of Kazakhstan by David R. DeRemer, Venkat Subramanian, Aigerim Yergabulova
2025/04 Costly External Finance and Corporate Investment: The Role of Marketable Securities by Bektemir Ysmailov
2025/03 When Certainty Backfires: The Effects of Unwarranted Precision on Consumer Loyalty by Eleonore Batteux, Zarema Khon, Avri Bilovich, Samuel G. B. Johnson, David Tuckett
2025/02 The FBR 7 String Framework: A Guide to Qualitative Case Study Manuscript Development by Anjan Ghosh
2025/01 Real Effects of Board Reforms: International Evidence by Songyi Han, Jaehyeon Kim, Sang Soo Park
2024/10 Price-cost margins, fixed costs and excess profits by Filip Abraham, Yannick Bormans, Jozef Konings (NUGSB), and Werner Roeger
2024/03 Strategic Cash Portfolio Management in the Face of Policy Uncertainty: Evidence from U.S. Firms by Julian Atanassov, Gabriele Lattanzio, Bektemir Ysmailov
2024/02 Non-Compete Agreements and Capital Structure Decisions by Bektemir Ysmailov
2024/01 Opportunity Cost of Capital for Entrepreneurs: A Reappraisal by Prabesh Luitel, Piet Sercu, Tom Vinaimont
2023/09 Firm Employment Dynamics in Kazakhstan after Sudden Russian Immigration by David R. DeRemer, Yelzhas Kadyr, Aigerim Yergabulova
2023/08 Foreign-owned firms and occupational gender pay inequality by Dinara Alpysbayeva, Galiya Sagyndykova, Aigerim Yergabulova
2023/04 Can Exchange Rates Really Forecast Commodity Prices? by Lasse Bork, Pablo Rovira Kaltwasser, Piet Sercu, Tom Vinaimont
2023/03 Insights into the Emerging Business Dynamics of Post-Soviet Central Asia by Anjan Ghosh
2023/02 Decolonizing Feminist ‘Knowledge’: ‘The Modern Woman’ in Kazakh Influencer Culture by Nandita Roy, Anjan Ghosh, Paromita Chakravarti, Nurlykhan Aljanova, Nazym Baskynbayeva
2023/01 Mountains of Evidence: The Effects of Abnormal Air Pollution on Crime by Birzhan Batkeyev, David R. DeRemer
2022/07 Dual Process Intuitions: Consumers’ Belief about Persuasion Processing Drive Morality of Marketing Communications by Zarema Khon, Yi-Ju Chen, Yvetta Simonyan, Haiming Hang, Samuel G.B. Johnson
2022/06 The Impact of Firm-level Covid Rescue Policies on Productivity Growth and Reallocation by Jozef Konings, Glenn Magerman Dieter, Van Esbroeck
2022/05 How binding is supervisory guidance? Evidence from the European calendar provisioning by Franco Fiordelisi, Gabriele Lattanzio, Davide S. Mare
2022/04 Mountains of Evidence: The Effects of Abnormal Air Pollution on Crime by Birzhan Batkeyev, David R. DeRemer
2022/03 Wage dispersion and firm performance: evidence from Kazakhstan by Dinara Alpysbayeva, Jozef Konings, Venkat Subramanian, Aigerim Yergabulova
2021/02 M&A and Cybersecurity Risk: Empirical Evidence by Gabriele Lattanzio, Jérôme P. Taillard
2021/01 The granular economy of Kazakhstan by Jozef Konings, Galiya Sagyndykova, Venkat Subramanian, Astrid Volckaert