I'm a finance lecturer and practitioner, lecturing at Middlesex U. and other institutions, publishing, speaking, training and consulting. Address: London, London, City of, United Kingdom
The American Academy in Rome excavated for fourteen seasons (1948-1954, 1965-1971) at Cosa, a Lat... more The American Academy in Rome excavated for fourteen seasons (1948-1954, 1965-1971) at Cosa, a Latin colony founded by Rome in the third century B.C. on the coast of Etruria about 100 miles north of the capital. Nearly 200 fragments of inscriptions on stone, and 120 brick-stamp fragments, were unearthed, mainly in the Forum and Arx, and are stored in the museum on the site. Although they have suffered extensive destruction, the inscriptions reflect sacral and secular affairs in the life of the colony, and fall into three distinct periods: (a) the late Republic, (b) the Julio-Claudian age, and (c) the third century A.D. Three initial chapters summarize the scanty literary and fuller archaeological sources for the history of Cosa and its territory, the ager Cosanus, from the foundation of the colony in hostile Etruria, through its settlement by traders bringing wealth from Rome, to its apparent destruction and ab and onment in the early 60's B.C., possibly due to pirates. The territory continued to flourish in the first century B.C., while a resettlement under Augustus briefly revived the town, thanks in part to imperial aid. Under the Flavians Cosa was again neglected, but luxury villas appeared in the territory, most likely for imperial occupants. This growth ceased by the mid-second century A.D., and Cosa underwent one last revival under the Severans. By the mid-third century A.D., town and territory finally submitted to malaria and marauders, and the l and was not to be reclaimed until the 1950's. In the catalogues which follow, dedications by civil and religious officials help to identify local people and cults in the town, and imperial decrees indicate building activity. Epitaphs reveal a large number of slaves and freedmen in the region. The brick-stamps, a number of which are new, document the building history of the town under the Empire. Appendices contain previously published epigraphical material from town and territory, and indices. The epigraphical sources thus indicate chronological discontinuities which emphasize the unusual rural development of the ager Cosanus in the context of economic studies of ancient Roman Italy.Ph.D.Classical literatureArchaeologyUniversity of Michiganhttp://deepblue.lib.umich.edu/bitstream/2027.42/159504/1/8324137.pd
This is a very timely, topical and comprehensive exposition of asset and liability management (AL... more This is a very timely, topical and comprehensive exposition of asset and liability management (ALM) for financial institutions by Dr. Bardaeva. It builds substantially upon prior works, including the 2007 volume by Professor Moorad Choudhry and her own 2011 text, but expands considerably upon the all-important function of ALM and the overriding imperative for it to be firmly established in financial institution processes and procedures. The author, currently heading Group Capital Management for Sberbank Europe AG, brings her decades of banking and ALM experience solidly to the fore in outlining current best practice and in looking forward to a sustainable future for the industry. She is prescient in her ability to identify and suggest benefits from new and emerging trends in innovative ALM practices
Next week, thousands of candidates will sit the CFA Level 1 exam in London. If you're one of ... more Next week, thousands of candidates will sit the CFA Level 1 exam in London. If you're one of them, take careful note of the tips below. They should help you tackle Level 1 successfully
Review of 'The Alpha Masters: Unlocking the Genius of the World’s Top Hedge Funds,' by Ma... more Review of 'The Alpha Masters: Unlocking the Genius of the World’s Top Hedge Funds,' by Maneet Ahuja. Release Date: May 29, 2012. Publisher/Imprint: Wiley Business Books Review of a book about successful hedge fund manager
The financial system in the Kingdom of Saudi Arabia (KSA) has a history of relative soundness, pa... more The financial system in the Kingdom of Saudi Arabia (KSA) has a history of relative soundness, particularly in banking, due to comparatively strict and enforced domestic supervision, and supported by what has been for the most part a reasonably robust economy. However, the sector is facing challenges of a sluggish economy, need for reform and negative effects of the COVID-19 pandemic. This paper strives to assess how well the government thus far has responded to the challenges in the financial sector. The working hypothesis is that the insurance industry has improved its position, resulting in higher efficiency and profitability and lower risk. This is an industry historically plagued by too many players, financial issues and less than adequate controls. The analysis undertaken bears out the hypothesis, as revealed by the enhanced contribution made by the industry since the pandemic. Analysis suggests that strides have been made in that industry in terms of helping to diversify the ...
This study examines conduct costs incurred by large international banks over the period 2008-2014... more This study examines conduct costs incurred by large international banks over the period 2008-2014, and notes a negative correlation between the level of such costs and equity investor returns in these institutions. This reinforces the importance of good governance in contributing to investor returns and confidence.
An article showing that poor conduct by financial services firms has a negative impact on shareho... more An article showing that poor conduct by financial services firms has a negative impact on shareholder returns.
In the wake of the devastating 2008 financial crisis, many banks appear to display a renewed appr... more In the wake of the devastating 2008 financial crisis, many banks appear to display a renewed appreciation for the fundamental ethical values that should underpin banking as a business, including in particular a focus on providing essential services in an effective, honest and transparent manner, as with any other products or services. Despite ongoing abuses, many large global banks, who now trade at a fraction of their previous value, now seem to be more attentive to serving the needs of customers and to the changing preferences of investors. Yet much more needs to be done in the banking and finance sector in terms of building trust, as public perception surveys, particularly in the US and UK, suggest. Even if the big banks continue to be slow to adapt on their own, they will be forced to change for the better by the growing threat posed by so-called ‘challenger’ banks. Many of these have a competitive advantage in a more responsible, sustainable and innovative business model, which...
Article exploring relationship of banks' profitability to their liquidity holdings, capital a... more Article exploring relationship of banks' profitability to their liquidity holdings, capital and asset quality.
It is important for CFAs and CFA candidates to understand the foundations of global banking regul... more It is important for CFAs and CFA candidates to understand the foundations of global banking regulation, currently within the framework of Basel III. This third iteration of the framework has built upon Basel I and II by mandating reinforced and stronger capital ratios, higher quality capital, and supplementing capital requirements with leverage ratio and minimum liquidity requirements. As we look towards the further iteration of Basel IV, it is hoped that the third framework provides a solid structure for increasingly globalised banking systems.
In regulation of financial services, supervisory authorities have relied to a great extent on the... more In regulation of financial services, supervisory authorities have relied to a great extent on theoretical models developed in academia and applied to the often less predictable world of financial markets. The theory typically assumes that investors are rational, whereas countless empirical studies indicate that often the reverse is true. This short exposition argues that regulators should take greater account of the many human behavioural factors affecting investment decisions, and uses the Chinese “equity mania” of 2015 as an example. A classic case of an asset bubble, this ultimately destructive phenomenon was facilitated by the authorities, who loosened regulations in an ill-advised effort to boost domestic investment. Classic examples of irrational behavioral heuristics on the part of investors, who were largely made up of poorly educated individuals, were manifested in this bubble, repeated so often throughout the world and over the centuries. These include errors of framing, o...
Gaining finance is crucial for entrepreneurs. This paper reviews the green finance market and pro... more Gaining finance is crucial for entrepreneurs. This paper reviews the green finance market and provides an overview of key sources of finance available. We identify the main sources used and the advantages and disadvantages of each for entrepreneurs. Background is provided on the international, European, and UK green finance markets so that entrepreneurs are familiarised with their target market for green finance. Academic papers on green finance such as Demirel et al. (2019) tend to focus on the problems faced by entrepreneurs in gaining finance highlighting lack of collateral, uncertainty, complexity, perceptions of higher risk, perceptions of lower scalability, and longer pay-back periods. Nevertheless, Nobel prize winning economist Jeffrey Sachs, and colleagues, (2019) remind us that green finance is important as climate change is the world’s greatest environmental threat and that If the current trajectory of global fossil-fuel use continues the planet’s temperature is likely to ...
Recommendations for structuring the asset liability management process to incorporate credit risk... more Recommendations for structuring the asset liability management process to incorporate credit risk in a bank
This paper attempts to identify the factors (qualitative and quantitative) that allowed Canada’s ... more This paper attempts to identify the factors (qualitative and quantitative) that allowed Canada’s banking system to weather the last financial crisis so well compared to peers in North America and Europe; this aims to provide insight and recommendation into best practice for bank management and regulators to mitigate negative impact on the global financial system in future crises, applicable to around the world. The Canadian banking system, in contrast to most other national systems, proved remarkably resilient to the stresses of the 2008 financial crisis, which so severely negatively affected systems in most other developed economies, especially the US and Europe. This had deep and devastating impact on the real economy and on the well being of the populations of these countries, which we are still living with today. Some studies have already pointed to factors contributing to this relative resilience, but little has been written about specific policies and recommendations which cou...
Has the reputation of the major credit ratings agencies, badly tarnished in the financial crisis ... more Has the reputation of the major credit ratings agencies, badly tarnished in the financial crisis because of ill-judged ratings, now been restored? If by reputation we mean credibility and confidence in their output, such a claim appears optimistic, or at the very least premature.
The American Academy in Rome excavated for fourteen seasons (1948-1954, 1965-1971) at Cosa, a Lat... more The American Academy in Rome excavated for fourteen seasons (1948-1954, 1965-1971) at Cosa, a Latin colony founded by Rome in the third century B.C. on the coast of Etruria about 100 miles north of the capital. Nearly 200 fragments of inscriptions on stone, and 120 brick-stamp fragments, were unearthed, mainly in the Forum and Arx, and are stored in the museum on the site. Although they have suffered extensive destruction, the inscriptions reflect sacral and secular affairs in the life of the colony, and fall into three distinct periods: (a) the late Republic, (b) the Julio-Claudian age, and (c) the third century A.D. Three initial chapters summarize the scanty literary and fuller archaeological sources for the history of Cosa and its territory, the ager Cosanus, from the foundation of the colony in hostile Etruria, through its settlement by traders bringing wealth from Rome, to its apparent destruction and ab and onment in the early 60's B.C., possibly due to pirates. The territory continued to flourish in the first century B.C., while a resettlement under Augustus briefly revived the town, thanks in part to imperial aid. Under the Flavians Cosa was again neglected, but luxury villas appeared in the territory, most likely for imperial occupants. This growth ceased by the mid-second century A.D., and Cosa underwent one last revival under the Severans. By the mid-third century A.D., town and territory finally submitted to malaria and marauders, and the l and was not to be reclaimed until the 1950's. In the catalogues which follow, dedications by civil and religious officials help to identify local people and cults in the town, and imperial decrees indicate building activity. Epitaphs reveal a large number of slaves and freedmen in the region. The brick-stamps, a number of which are new, document the building history of the town under the Empire. Appendices contain previously published epigraphical material from town and territory, and indices. The epigraphical sources thus indicate chronological discontinuities which emphasize the unusual rural development of the ager Cosanus in the context of economic studies of ancient Roman Italy.Ph.D.Classical literatureArchaeologyUniversity of Michiganhttp://deepblue.lib.umich.edu/bitstream/2027.42/159504/1/8324137.pd
This is a very timely, topical and comprehensive exposition of asset and liability management (AL... more This is a very timely, topical and comprehensive exposition of asset and liability management (ALM) for financial institutions by Dr. Bardaeva. It builds substantially upon prior works, including the 2007 volume by Professor Moorad Choudhry and her own 2011 text, but expands considerably upon the all-important function of ALM and the overriding imperative for it to be firmly established in financial institution processes and procedures. The author, currently heading Group Capital Management for Sberbank Europe AG, brings her decades of banking and ALM experience solidly to the fore in outlining current best practice and in looking forward to a sustainable future for the industry. She is prescient in her ability to identify and suggest benefits from new and emerging trends in innovative ALM practices
Next week, thousands of candidates will sit the CFA Level 1 exam in London. If you're one of ... more Next week, thousands of candidates will sit the CFA Level 1 exam in London. If you're one of them, take careful note of the tips below. They should help you tackle Level 1 successfully
Review of 'The Alpha Masters: Unlocking the Genius of the World’s Top Hedge Funds,' by Ma... more Review of 'The Alpha Masters: Unlocking the Genius of the World’s Top Hedge Funds,' by Maneet Ahuja. Release Date: May 29, 2012. Publisher/Imprint: Wiley Business Books Review of a book about successful hedge fund manager
The financial system in the Kingdom of Saudi Arabia (KSA) has a history of relative soundness, pa... more The financial system in the Kingdom of Saudi Arabia (KSA) has a history of relative soundness, particularly in banking, due to comparatively strict and enforced domestic supervision, and supported by what has been for the most part a reasonably robust economy. However, the sector is facing challenges of a sluggish economy, need for reform and negative effects of the COVID-19 pandemic. This paper strives to assess how well the government thus far has responded to the challenges in the financial sector. The working hypothesis is that the insurance industry has improved its position, resulting in higher efficiency and profitability and lower risk. This is an industry historically plagued by too many players, financial issues and less than adequate controls. The analysis undertaken bears out the hypothesis, as revealed by the enhanced contribution made by the industry since the pandemic. Analysis suggests that strides have been made in that industry in terms of helping to diversify the ...
This study examines conduct costs incurred by large international banks over the period 2008-2014... more This study examines conduct costs incurred by large international banks over the period 2008-2014, and notes a negative correlation between the level of such costs and equity investor returns in these institutions. This reinforces the importance of good governance in contributing to investor returns and confidence.
An article showing that poor conduct by financial services firms has a negative impact on shareho... more An article showing that poor conduct by financial services firms has a negative impact on shareholder returns.
In the wake of the devastating 2008 financial crisis, many banks appear to display a renewed appr... more In the wake of the devastating 2008 financial crisis, many banks appear to display a renewed appreciation for the fundamental ethical values that should underpin banking as a business, including in particular a focus on providing essential services in an effective, honest and transparent manner, as with any other products or services. Despite ongoing abuses, many large global banks, who now trade at a fraction of their previous value, now seem to be more attentive to serving the needs of customers and to the changing preferences of investors. Yet much more needs to be done in the banking and finance sector in terms of building trust, as public perception surveys, particularly in the US and UK, suggest. Even if the big banks continue to be slow to adapt on their own, they will be forced to change for the better by the growing threat posed by so-called ‘challenger’ banks. Many of these have a competitive advantage in a more responsible, sustainable and innovative business model, which...
Article exploring relationship of banks' profitability to their liquidity holdings, capital a... more Article exploring relationship of banks' profitability to their liquidity holdings, capital and asset quality.
It is important for CFAs and CFA candidates to understand the foundations of global banking regul... more It is important for CFAs and CFA candidates to understand the foundations of global banking regulation, currently within the framework of Basel III. This third iteration of the framework has built upon Basel I and II by mandating reinforced and stronger capital ratios, higher quality capital, and supplementing capital requirements with leverage ratio and minimum liquidity requirements. As we look towards the further iteration of Basel IV, it is hoped that the third framework provides a solid structure for increasingly globalised banking systems.
In regulation of financial services, supervisory authorities have relied to a great extent on the... more In regulation of financial services, supervisory authorities have relied to a great extent on theoretical models developed in academia and applied to the often less predictable world of financial markets. The theory typically assumes that investors are rational, whereas countless empirical studies indicate that often the reverse is true. This short exposition argues that regulators should take greater account of the many human behavioural factors affecting investment decisions, and uses the Chinese “equity mania” of 2015 as an example. A classic case of an asset bubble, this ultimately destructive phenomenon was facilitated by the authorities, who loosened regulations in an ill-advised effort to boost domestic investment. Classic examples of irrational behavioral heuristics on the part of investors, who were largely made up of poorly educated individuals, were manifested in this bubble, repeated so often throughout the world and over the centuries. These include errors of framing, o...
Gaining finance is crucial for entrepreneurs. This paper reviews the green finance market and pro... more Gaining finance is crucial for entrepreneurs. This paper reviews the green finance market and provides an overview of key sources of finance available. We identify the main sources used and the advantages and disadvantages of each for entrepreneurs. Background is provided on the international, European, and UK green finance markets so that entrepreneurs are familiarised with their target market for green finance. Academic papers on green finance such as Demirel et al. (2019) tend to focus on the problems faced by entrepreneurs in gaining finance highlighting lack of collateral, uncertainty, complexity, perceptions of higher risk, perceptions of lower scalability, and longer pay-back periods. Nevertheless, Nobel prize winning economist Jeffrey Sachs, and colleagues, (2019) remind us that green finance is important as climate change is the world’s greatest environmental threat and that If the current trajectory of global fossil-fuel use continues the planet’s temperature is likely to ...
Recommendations for structuring the asset liability management process to incorporate credit risk... more Recommendations for structuring the asset liability management process to incorporate credit risk in a bank
This paper attempts to identify the factors (qualitative and quantitative) that allowed Canada’s ... more This paper attempts to identify the factors (qualitative and quantitative) that allowed Canada’s banking system to weather the last financial crisis so well compared to peers in North America and Europe; this aims to provide insight and recommendation into best practice for bank management and regulators to mitigate negative impact on the global financial system in future crises, applicable to around the world. The Canadian banking system, in contrast to most other national systems, proved remarkably resilient to the stresses of the 2008 financial crisis, which so severely negatively affected systems in most other developed economies, especially the US and Europe. This had deep and devastating impact on the real economy and on the well being of the populations of these countries, which we are still living with today. Some studies have already pointed to factors contributing to this relative resilience, but little has been written about specific policies and recommendations which cou...
Has the reputation of the major credit ratings agencies, badly tarnished in the financial crisis ... more Has the reputation of the major credit ratings agencies, badly tarnished in the financial crisis because of ill-judged ratings, now been restored? If by reputation we mean credibility and confidence in their output, such a claim appears optimistic, or at the very least premature.
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