Miroslav Mateev

Miroslav Mateev
Abu Dhabi School of Management (ADSM)

PhD, DSc in Finance, Director of Research
Director of Research

About

66
Publications
19,225
Reads
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522
Citations
Citations since 2017
43 Research Items
402 Citations
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Introduction
Miroslav Mateev currently works as Director of Reseach at Abu Dhabi School of Management (ADSM). Miroslav does research in Financial Economics, International Economics and Risk Management and Insurance. His current project is about risk and performance of banks in the MENA region and the role of regulation and institution. A special emphasis is placed on the effect of bank regulation and quality of institutions on the performance of conventional vs Islamic banks in the MENA region.
Additional affiliations
January 2017 - December 2019
American University in the Emirates (AUE)
Position
  • Professor
September 2016 - December 2016
American University in the Emirates (AUE)
Position
  • Associate Provost
January 2016 - September 2016
American University in the Emirates (AUE)
Position
  • Head of Faculty

Publications

Publications (66)
Article
Full-text available
This study aims to evaluate the effect of efficiency and banking market structure on bank performance in the Middle East and North Africa (MENA) region. The relationship between efficiency and bank performance in the countries in the MENA region during the COVID-19 outbreak has not been examined. We use data for 225 banks in 18 MENA countries and f...
Technical Report
Full-text available
The idea of hybrid learning can be widely explained as synchronous learning, accumulating remote and in-person learning, simultaneously covering the gap between the two. While it can offer some excellent benefits, it is equally vital to address some challenges of hybrid learning. With the shift to hybrid or blended course delivery that is being car...
Technical Report
Full-text available
Hybrid teaching will comprise of a fusion of on-campus and digital activities, where learners may have the ability to join on-campus classes, digital classes in the same time frame, or digital classes at diversified time zones. It is vital to keep in mind that designing courses to be taught in a blended or digital mode for a period of educational c...
Technical Report
Full-text available
Small and medium firms are also significant for social inclusion and intergenerational mobility, providing economic opportunity and growing mobility, especially for understated groups like immigrants and minorities. Small and medium firms are also exploring novel ways to reach customers outside their local communities through digital mediums like A...
Article
This paper investigates the impact of capital requirements and market power on the risk of financial institutions in the Middle East and North Africa (MENA) region. We test the hypothesis that capital requirements have a significant effect on risk behavior of both Islamic and conventional banks in the MENA region. We also investigate the moderating...
Technical Report
Full-text available
Dubai Electricity & Water Authority has experienced consecutive massive growth since its beginning as a private organization known as Dubai Electricity & Water Resources CO. Then its possession was transferred to the Government of Dubai as Dubai Electricity and Water Department. The management teams of DEWA developed a strategy focused on enhancing...
Article
Full-text available
This paper investigates the impact of bank regulation and ownership on the risk-taking behavior of financial institutions in the MENA region. We test the hypothesis that the effect of regulation on bank risk depends on the type of ownership structure. The public and private views of bank regulation are used to explain the relationship between regul...
Article
Full-text available
This article investigates the impact of capital requirements and market competition on the stability of financial institutions in the Middle East and North African (MENA) region. We test the hypothesis that capital requirements significantly affect the risk behaviour of both Islamic and conventional banks in the MENA region. We also investigate the...
Article
Purpose This paper aims to investigate the impact of regulation and market competition on the risk-taking Behaviour of financial institutions in the Middle East and North Africa (MENA) region. Design/methodology/approach The empirical framework is based on panel fixed effects/random effects specification. For robustness purpose, this study also us...
Article
Full-text available
This paper investigates how capital requirements and bank competition affect banks' financial soundness in the Middle East and North Africa (MENA) region. We test the hypothesis that regulatory capital positively impacts the risk-taking behavior of Islamic and conventional banks in the MENA region. The analysis indicates that the capital adequacy r...
Article
Full-text available
This study aims to show the relationship between competition, financial stability and ownership structure of banks in the Middle East and North African (MENA) countries. This study uses the generalized method of moments (GMM) estimators to generate research results. This study implies that there is a significant and positive relationship between m...
Article
Full-text available
This study empirically aims to investigate the influence of diversification on cost efficiency in the context of 10 Central European countries’ (such as Hungary, Poland, Germany, Slovakia, Slovenia, Romania, Croatia, Serbia, Czech Republic and Switzerland) banks from 2011 to 2017 and employs two-stage least squares (2SLS) estimator as a methodologi...
Article
Full-text available
This paper investigates how banking competition and capital level impact on the risk-taking behavior of banking institutions in the Middle East and North Africa (MENA) region. The topic is perceived to be of significant importance during the COVID-19 pandemic. We use data for more than 225 banks in 18 countries in the MENA region to test whether in...
Article
This paper investigates the impact of regulation and ownership on the performance of banks in 19 countries in the Middle East and North Africa (MENA) region. We test the hypothesis that the effect of regulation on bank profitability depends on the type of ownership structure. The public and private views of bank regulation are also tested along wit...
Technical Report
Full-text available
This case focuses on the King's Hospital's strategic approach for operational excellence as one of the most reputable and largest educational and medical institutions with the best clinical procedures, education, and research, in the UAE. This case highlights the dynamic evolution of the healthcare sector in the UAE that have elevated the market co...
Preprint
Full-text available
This paper investigates the impact of capital requirements and market power on the risk of financial institutions in the Middle East and North Africa (MENA) region. We test the hypothesis that regulatory capital requirements have a significant effect on risk behavior of Islamic and conventional banks in the MENA region. We also investigate the mode...
Conference Paper
This paper investigates the impact of regulation, concentration and market power on the risk of Islamic and conventional financial institutions in the Middle East and North Africa (MENA) region. We test the hypothesis that regulatory capital requirements have a significant effect on risk behavior of Islamic and conventional banks in the MENA region...
Research
Full-text available
This paper investigates the impact of capital requirements on the risk of financial institutions in the Middle East and North Africa (MENA) region. We test the hypothesis that regulatory capital requirements have a significant effect on risk behavior of Islamic and conventional banks in the MENA region. We also investigate the moderating effect of...
Research Proposal
Full-text available
This paper investigates the impact of capital requirements on the risk of financial institutions in the Middle East and North Africa (MENA) region. We test the hypothesis that the capital regulatory requirements have a significant effect on credit behaviors of Islamic and conventional banks in the MENA region. We also investigate the moderating eff...
Conference Paper
This paper investigates the impact of ownership and regulation on the risk of financial institutions in the Middle East and North Africa (MENA) region. We test the hypothesis that the effect of regulation on bank risk taking depends on the type of ownership structure. The public and private views of bank regulation are also tested along with the in...
Conference Paper
Full-text available
This paper investigates the impact of institutional quality and governance on the risk and performance of financial institutions in the Middle East and North Africa (MENA) region. Using a large sample of banks from 18 countries over the period 2005-2017, we find that the overall quality of institutions is negatively related with bank performance an...
Article
Full-text available
Purpose The concept of social media crisis has been consequently replaced by the term “paracrisis”. However, the economic implications of the paracrises have not been thoroughly researched by now. The purpose of this paper is to examine the potential influence of paracrisis on companies’ stock price values. Design/methodology/approach Secondary da...
Conference Paper
Full-text available
This paper investigates the impact of the institutional quality and governance on the risk and performance of financial institutions in the Middle East and North Africa (MENA) region. Using a large sample of banks from 18 countries over the period 2005-2017, we find that the overall quality of institutions is negatively related with bank performanc...
Conference Paper
Full-text available
This paper investigates the banking systems in the MENA region and compares the per-formance of conventional and Islamic banks in the UAE, using descriptive, correlation and multiple regression analyses to analyze their efficiency and profitability. The analysis uses a sample of 352 observations from 32 banks, for 11 years (2005 – 2015). We find a...
Conference Paper
Full-text available
This paper investigates the impact of regulation and ownership on the performance of banks in 19 countries in the Middle East and North Africa (MENA) region, over a period of 2005 to 2015. We test the hypothesis that the effect of regulation on bank profitability depends on the type of ownership structure. The public and private view of bank regula...
Article
This paper investigates the relation between volatility of CDS and stock prices using a sample of 109 European investment-grade companies, during the period of January 2012 to January 2016. To analyse the volatility relation between CDS and stock prices and its time persistence, we use the Dynamic Conditional Correlation (DCC) model. We also test t...
Book
Abstract Event study methodology tests the impact of a corporate event on shareholder wealth of a certain company. In this research, I used the event study methodology to investigate the effect of merger and acquisition announcements on stock returns of acquiring companies located in Continental Europe and the United Kingdom. Event study methodolog...
Conference Paper
Full-text available
This study investigates the banking system in the MENA region and compares the performance of conventional and Islamic banks in the UAE, using descriptive, correlation and multiple regression analysis to examine bank cost efficiency and profitability. The analysis uses a sample of 352 observations from 32 banks and financial companies, over the per...
Article
Full-text available
In this paper, we investigate the main determinants of bank performance before, during and after the recent financial crisis of 2007-2008. Using a sample of 178 large and medium sized banks from 33 countries around the globe, we test the validity of different hypotheses advanced in the academic literature. Financial institutions that performed more...
Article
Full-text available
In this study, we investigate the relation between credit risk, as implied in the credit default swaps (CDS), and market prices of Markit iTraxx Europe index companies. To test the hypothesis of co-integration between CDS and stock prices, we apply linear and non-linear models that allow for structural breaks. Using Johansen trace test of cointegra...
Conference Paper
Full-text available
In this paper, we examine the main determinants of stock return performance of 178 large and medium sized banks across the world, during the recent financial crisis of 2007-2008. We test the validity of various hypotheses advanced in the academic literature to address the question of why some banks performed so poorly during the crisis. Previous em...
Article
Full-text available
In this paper, we investigate whether European mergers and acquisitions (M&A) create more value to target than bidding firm shareholders, and why bidders pay larger premiums in cross-border than in domestic acquisitions. Using a sample of 275 intra-European public acquisitions initiated between 2003 and 2010, we find target firm shareholders to ear...
Article
Full-text available
In this paper we investigate whether European mergers and acquisitions (M&A) create more value to target than bidding firm shareholders, and why bidders pay larger premiums in cross-border than in domestic acquisitions. Using a sample of 275 intra-European public acquisitions initiated between 2003 and 2010, we find target firm shareholders to earn...
Article
Full-text available
In this paper we investigate the banks performance during the financial crisis of 2007-2008 and ask the question of why some banks performed so poorly during the crisis. We examine the performance of a group of 102 large and medium sized banks across the world, using the variation in the cross-section of stock returns of these banks. Previous empir...
Article
Full-text available
The United Kingdom (UK) and Continental Europe are two of the most dynamic markets for mergers and acquisitions in the world. Using a sample of 2,823 European acquisitions announced between 2002 and 2010, we investigate the effect of M&A announcements on stock returns of acquiring companies located in Continental Europe and the UK The analysis is b...
Conference Paper
Full-text available
This paper investigates whether the linear cointergation test properly describes the relation between Credit Default Swaps (CDS) spreads and stock prices of iTraxx Europe index that comprises the most liquid and investment-grade European companies. We apply both linear and non-linear methods that take into consideration structural breaks. Using Joh...
Article
Full-text available
The United Kingdom (UK) and Continental Europe are two of the most dynamic markets for mergers and acquisitions (M&As) in the world. In this paper we investigate the effect of M&A announcements on stock returns of acquiring companies located in Continental Europe and the UK using a sample of 2,823 European acquisitions announced between 2002 and 20...
Conference Paper
Full-text available
In this paper we investigate whether European mergers and acquisitions (M&A) create more value to target than bidder shareholders, and why bidders pay larger premiums in cross-border than in domestic acquisitions. Using a sample of 275 public acquisitions initiated by large and medium-sized European firms between 2003 and 2010, we find target firm...
Research
Full-text available
This paper examines the main determinants of Foreign Direct Investment (FDI) in 26 European countries during the period of 1996 to 2012. The previous research reports two groups of explanatory factors: gravity factors (proximity, market size) and factor endowments (infrastructure, human capital). Other factors that are found to have significant eff...
Research
Full-text available
In this paper we investigate the main features of the domestic and cross-border corporate acquisitions involving 38 European countries in the period 2003-2010. The analysis is based on characteristics of takeover transactions such as the type of transaction, relative value of the deal, payment method, legal status of the target firm, and activity r...
Article
Full-text available
In this paper we investigate the main features of the domestic and cross-border corporate acquisitions involving 38 European countries in the period 2003-2010. The analysis is based on characteristics of takeover transactions such as the type of transaction, relative value of the deal, payment method, legal status of the target firm, activity relat...
Conference Paper
Full-text available
The world had gone through many financial crises in the past, but there is not a shadow of doubt that worst crisis has been the 2007 financial meltdown that hit the USA, Europe, and many other countries of the world. The aim of this paper is to identify the reasons that have been proposed as being a first-order cause of making banks' performance du...
Conference Paper
Full-text available
The world had gone through many financial crises in the past, but there is not a shadow of doubt that worst crisis has been the 2007 financial meltdown that hit the USA, Europe, and many other countries of the world. The aim of this paper is to identify the reasons that have been proposed as being a first-order cause of making banks' performance du...
Conference Paper
Full-text available
The world had gone through many financial crises in the past, but there is not a shadow of doubt that the worst crisis has been the 2007 financial meltdown that hit the USA, Europe, and many other countries in the world. The aim of this paper is to identify the risk factors that contributed to the poor performance of banks during the crisis. If the...
Conference Paper
Full-text available
The world had gone through many financial crises in the past, but there is not a shadow of doubt that the worst crisis has been the 2007 financial meltdown that hit the USA, Europe, and many other countries of the world. The aim of this paper is to identify the factors that have been put forth as having contributed to the poor performance of banks...
Conference Paper
Full-text available
In this paper we investigate whether European mergers and acquisitions create more value to target than bidder shareholders, and why bidders pay larger premiums in cross-border than in domestic acquisitions. Using a sample of 275 public acquisitions by large and medium-sized European firms between 2003 and 2010, we find target shareholders of both...
Article
Full-text available
In this paper we investigate the main features of the domestic and cross-border corporate acquisitions involving 38 European countries in the period 2003-2010. The analysis is based on characteristics of takeover transactions such as type of transaction, payment method, legal status of the target firm, activity relatedness, amongst other factors. I...
Article
Full-text available
This paper examines the major determinants of Foreign Direct Investment (FDI) inflows in 26 European Union (EU) countries using panel data. Our empirical study takes a different approach by separating European countries into two groups: Western (EU-15) countries and Central and Eastern European (CEE) countries. The results from the panel data analy...
Data
Full-text available
This paper examines the main determinants of Foreign Direct Investment (FDI) in 26 European countries over the period 1996 -2010. The previous research reports two groups of explanatory factors: gravity factors (proximity, market size) and factor endowments (infrastructure, human capital). Other factors that are found to have significant effect are...
Article
Full-text available
The purpose of this paper is to test how firm characteristics affect SMEs’ capital structure using a unique dataset of micro, small, and medium-sized firms (SMEs) in Central and Eastern Europe (CEE). We carry out a panel data analysis of 3175 SMEs from seven CEE countries during the period 2001–2005, modeling the leverage ratio as a function of fir...
Article
Full-text available
This paper examines the main determinants of Foreign Direct Investment (FDI) in 26 European countries over the period 1996-2010. The previous research reports two groups of explanatory factors: gravity factors (proximity, market size) and factor endowments (infrastructure, human capital). Other factors that are found to have significant effect are...
Article
Full-text available
The purpose of this paper is to explore the main determinants of growth in small and medium-sized enterprises (SMEs) in Central and Eastern Europe. The empirical research has suggested that firm growth is determined not only by the traditional characteristics of size and age but also by other firm specific factors such as indebtedness, internal fin...
Article
Full-text available
The purpose of this paper is to explore the main determinants of growth in small and medium sized enterprises (SMEs) in central and eastern Europe. The important role played by SMEs in the economic development of central and eastern European (CEE) countries has attracted the recent attention of academics and policymakers but remains relatively unex...
Article
Full-text available
This paper studies empirically the role of different economy-wide factors in explaining cross-sectional variation in stock returns in emerging markets. Using a sample of common stocks, traded on the Bulgarian stock exchange (BSE), we examine the relationship between macroeconomics and capital markets in order to determine whether the variations in...
Article
Full-text available
This paper examines the corporate governance problem in Central and Eastern European (CEE) countries and the major implications of highly concentrated ownership in these countries on their economic development. Our main message is that ownership and control in transition economies will remain highly concentrated in short-term aspect, and regulatory...
Article
Full-text available
This paper investigates empirically the relation between average return and beta in the Bulgarian stock market. First, using a sample of common stocks traded on the BSE-Sofia, the study examines the effects of infrequent trading on beta estimates, measured from daily, weekly and monthly return intervals. It aims to find out whether the differences...

Questions

Questions (2)
Question
I am doing risk analysis for MENA banks (2015-2015) and I need data for Corporate Governance Quotient (CGQ) index used in the model below (Governance it)
InsolvencyRiskit = α + β1 Governanceit-1 + β2 Size it-1 + β3 Cost to Income it-1 + β4 Return on Assets it-1 + β5 Loans to Assets it-1 + β6 Loan growth it-1 + β7 Depots to Assets it-1 + β8 Non-Interest Income + åFirmi + åYearsi + eit
where the dependent variable Financial Insolvency Risk is one of the two alternative measures of insolvency risk: distance-to-default, or Z-score and CDS spread for financial institution i at time t. First, distance-to-default measures the difference between the asset value of the financial institution and the face value of its debt, scaled by the standard deviation of the financial institution’s asset value (see Campbell, Hilscher and Szilagyi, 2008, p. 2899). Second, the CDS spread is the pricing of the financial distress risk (Das et al., 2009). CDS are credit derivatives that allow the transfer of the firm‟s default risk between two agents for a predetermined time period. Governance j,t is either the CGQ (see below) which measures the strength of the institution’s corporate governance mechanisms or one of the sub-indices namely, board index, compensation and ownership index, auditing index, and takeover index which summarizes information regarding different corporate governance mechanisms.
Question
Dear collaborators and researchers. The new project is based on a data set of 500 banks over the period of 2005-2015. Additionally I need bank data for 2016 and 2017. Any suggestion/help is well appreciated.

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Projects

Projects (14)
Project
100 case studies
Project
The purpose of this research project is to offer new, applicable, and innovative solutions to handling crisis challenges caused by fake news in the digital space, through the development and examination of theory-grounded countering models.
Project
This project investigates the impact of ownership and regulation on the risk of financial institutions in the Middle East and North Africa (MENA) region. Using a large sample of 300 banks from 18 countries over the period 2005-2018, we show that bank risk is influenced positively by ownership structure and negatively by regulation, when the effects are taken individually. We also test the hypothesis the effect of regulation may depend on the type of ownership of banks in the MENA region. The analysis shows that the negative relationship between regulatory quality and bank risk is intensified with the level of ownership concentration and is stronger at high levels of concentrated ownership. When the analysis is done separately for conventional and Islamic banks, we find that the impact of bank regulations although strongly significant, does not depend on the type of ownership structure prevailing in conventional banks. In contrast, regulatory effects seem to have an important influence on risk taking decision of Islamic banks. We also find that the effect of regulation and ownership is different between banks in the GCC and MENA counties. Our main results hold up in a variety of robustness tests.