Dear However, I made a decision to


Dear VGSF Selection


After obtaining a nearly 2-year hands-on
experience in the financial sector, I would like to return to academia and pursue
a PhD degree in Finance at the Vienna Graduate School of Finance. This decision
was made in 2013 when I had graduated with a first class Bachelor’s degree in
Finance from the Tajik National University (Tajikistan). In 2015, I successfully
completed a Master in
International Business programme at the University of Lincoln (United Kingdom) doing
a cutting-edge academic research, including a dissertation on “An Empirical
Analysis of UK-based Global Macro Hedge Funds Returns’ in the Post-Crisis
Period”. Once I submitted this dissertation, my professors
have encouraged me that I have the potential to apply for the PhD. However, I
made a decision to gain at least two years of work experience in my home
country prior to stepping into the highest academic degree.

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While studying at the master degree level, I was selected
for an extensive industry experience by doing an internship program at one of
the London-based private equity firm. This combined experience of study and
internship equipped me with strong market research, analytical and quantitative
skills. I also gained valuable international experience and established
contacts with people from the City, London’s financial center. In 2016, I
joined RSM Tajikistan, a member of RSM International, the world’s 6th largest
network of audit, tax, and consulting firms. Joining the firm as a consultant,
one of my tasks was to conduct market research on demand for valuation services
in Tajikistan. My extensive research concludes that there are no local
companies  in Tajikistan rendering independent
valuation services. Subsequently I secured a job at the Industrial Promotion
Services (IPS) Tajikistan, the industrial development arm of the Aga-Khan Fund
for Economic Development (AKFED). In my temporary consultancy, I developed
business plans and created financial models for medium-sized enterprises across
Tajikistan. The latest business plan developed by me for a local company
allowed it receive half a million dollars of capital investments.

There are several research areas that are of interest
to me, including global macro hedge funds in the UK, stock markets in the
emerging economies, and valuation services in Tajikistan. These areas of
interest are backed, in varying degrees, by academic researches.  

As I mentioned above, I did the research on the UK
hedge funds industry. The main aim of my research was to investigate how UK
based global macro hedge funds’ performance was affected by the global
financial crisis in 2008. Using the OLS regression with multiple explanatory, I
established that the returns did not follow a normal distribution during the analyzed
period, but exhibited high standard deviation. Using the F-Test for overall
significance of the model, I examined if there is a linear relationship between
returns. The standard deviation demonstrated highly dispersing results for the
three observed funds. Summarizing the main hypothesis formulated by this
research, I concluded that it appears to provide different results. It has been
confirmed for Aspect Capital and North Asset Management which show positive
relation between returns and other variables during crisis and post crisis
periods. However, in case of BTG Pactual Group UK I observed that there is a
negative relation between the variables and none of them affected the fund’s
returns during the estimated years.  

Summarizing my second area of interest, stock markets
in the emerging economies, I would briefly outline my article written in 2015.
The article concludes that many investors assume the growing economy of
emerging markets predetermines the growth of stock market capitalization.
However, my observations showed that this approach can be reconsidered when
determining the potential of the stock market in emerging economies. For
instance, as China’s economy had begun to grow in the last decade, investors believed
in growing Chinese stock market. Despite the GDP growth by 14%, the Chinese
stock market has fallen by 2%. At the same time, Mexican economy demonstrates a
slight GDP growth of 2%. However, the stock market in the country increased by
19%. This indicates that returns are dependent on competitive positioning,
strategic focus, industry dynamics and management quality rather than on the fundamental
indicators of the economy. The formation of the securities market in a given
country allows to explain the existing dissociation between capitalization of stock
markets and GDP growth. Therefore, the macroeconomic situation in developing
economies is an important factor for potential investors. Nevertheless, a
fundamental valuation of listed companies rather than macroeconomic trends is a
more appropriate benchmark to determine profitability.

And finally, my interest in asset valuation services
in Tajikistan is reflected in the research that I am currently working on. In
this research I attempted to empirically examine the key advantages of this
process. I personally believe that asset valuation will benefit not only
entities, banks, high net worth individuals but also the ordinary people in
Tajikistan. I will give a simple example. A potential client goes to a bank to
obtain a loan. To secure repayment of the loan, the client offers his apartment
or house as collateral. To minimize the repayment risks, the bank is interested
in valuing the collateralized property at a minimal cost. On the contrary, the
client is interested that his property is valued at a maximum cost. In such
case, the client and the bank are interested to use an independent valuation expert
who would determine the fair value of the apartment or house. In my research I
will also analyze more complex issues and examples associated with asset
valuation in Tajikistan.    

selecting the PhD at the Veinna Graduate School of Finance I have been
influenced by the programme structure. I am particularly looking forward to core
courses, including Corporate Finance, Quantitative Methods, Financial
Econometrics. Needless to say, how I am excited about the variety of elective
courses, including Advanced Time series and Financial Econometrics, Capital
Market Theory, Credit Risk Management, Empirical Asset Pricing, Empirical
Corporate Finance, Financial Intermediation. In my opinion, I will gain
valuable experience during my interaction with Professors Doron Avramov,
Rüdiger Fahlenbrach and Toni Whited whose academic papers are closest
to the research areas that are of interest to me.

I hope that the admissions committee finds my academic
background commensurate with the requirements of the PhD programme in Finance
at the VGSF.


Parviz Nazariev






























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