Finance and Management Control

Gavin Lee Kretzschmar

Gavin Lee Kretzschmar

Head of Department

Dr. Gavin Lee Kretzschmar is a Chartered Accountant, holds an Honours degree in Accounting as well as a Ph.D in Finance from the University of Edinburgh Business School. He is a specialist in valuation, structured finance and banking. Having worked for 18 years as a banking executive in top Financial Institutions, including Standard Bank of South Africa and Head of Banking at the Moody's Analytics company - Barrie and Hibbert. Latterly served as a Programme Director at Edinburgh University Business School, as well as holding the PwC Professorship and Chair of Accounting for Central Asia. Gavin is author of numerous peer reviewed articles, publishing in the highly regarded Journal of Banking and Finance, Accounting Forum, Journal of Applied Corporate Finance as well as in Energy and Energy Economics Journals. Gavin is a Professor in the Finance and Management Control Department at EADA.

Corporate Finance, Energy, Banking

Other (e.g. Graduate in Psychology, Engineering...) | Chartered Accountant SA, Institute of Chartered Accountants

Ph D - Doctor of Philosophy | , Edinburgh Business School, University of Edinburgh

Other (e.g. Graduate in Psychology, Engineering...) | Graduate in Accounting & Quantitative Analysis, University of Natal

Institute of Chartered Accountants - SAICA


Professor, PwC Chair of Accounting and Finance, KIMEP University, Almaty, Kazakhstan (2009-)

Finance Lecturer and Director of the International Management Program, University of Edinburgh (2003-2012)


CEO, Absa Sub-Prime (2001-2003)

Finance Director, Standard Bank of South Africa (1991-2001)

Chartered Accountant and Supervisor, PricewaterhouseCoopers (1987-1991)

PwC-EADA - Joint Client Executive Masters Programmes (2015 - 2016)

KazMunayGas National Company (KMG NC) (2014 - 2015)

Max Petroleum (2014 - 2015)

PetroKazakhstan (2014 - 2015)

PricewaterhouseCoopers - Sovereign Wealth Fund Benchmarking ( - 2011)

Financial Service Authority - Market Liquidity Estimation (2009 - 2010)

Bank of Scotland - Project Finance-equity, senior debt pricing ( - 2008)

Royal Bank of Scotland - Euro System Integration Project ( - 2008)

WoodMackenzie - Analysis of price risk effect ( - 2008)

WoodMackenzie - Analysis of oil and gas sector mergers and acquisitions and FDI ( - 2006)

Journal Article, Scholarly

NURMAKHANOVA, M. , KRETZSCHMAR, G. (2015). Trade-off between financial sustainability and outreach of microfinance institutions.. : .

KRETZSCHMAR, G. (2013). Russia's resource capitalism - market vs political signalling.. : Energy Policy.

Hatherly, D. , KRETZSCHMAR, G. (2011). Capital and Income Financialization: Accounting for the 2008Financial Crisis. : Accounting Forum.

NURMAKHANOVA, M. , KRETZSCHMAR, G. (2011). Kazakhstan - The Real Currency and Growth Challenge for Commodity Producing Countries. : Journal of Business and Policy Research.

KRETZSCHMAR, G. , McNeil, A. , Kirchner, A. (2010). Integrated Models of Capital Adequacy: Why Banks are Undercapitalised. : Journal of Banking and Finance.

KRETZSCHMAR, G. , Sharifzyanova, L. (2010). Limits to International Diversification in Oil and Gas - Domestic vs. Foreign Asset Control. : Energy.

KRETZSCHMAR, G. , Jansen, M. (2010). The Effects of Asset Control on Energy Firm Value. : Social Science Research Network.

KRETZSCHMAR, G. , Jansen, M. , Sharifzyanova, L. (2010). The Ownership Advantage of Resource Hosting. : Global Economy and Finance Journal.

KRETZSCHMAR, G. , Kirchner, A. (2009). Oil Prices and Resources Location - Effects on Oil and Gas Sector Returns. : Global Finance Journal.

KRETZSCHMAR, G. , Kirchner, A. (2008). Recovery of Hidden State Participation Effects on Oil and Gas Asset Values. : European Journal of Finance.

KRETZSCHMAR, G. , Kirchner, A. , Reusch, H. (2008). Risk and Return in Oilfield Asset Holdings. : Energy Economics.

Kretzschmar, G. , Misund, B. , Hatherly, D. (2007). Market risk and oilfield ownership - Refining oil and gas disclosures.. : Energy Policy.

KRETZSCHMAR, G. , Moles, P. (2006). The effect of private and public risks on oilfield asset pricing. : Journal of Applied Corporate Finance.

Chapters in Scholarly Book

McNeil, A. , KRETZSCHMAR, G. , Kirchner, A. (2012). Making the Case for Integrated Bank Risk Models. : .


KRETZSCHMAR, G. , Morton, F. , Sharifzyanova, L. (2011). Ideology and Ownership. : University of Edinburgh and Yale University.

Hibbert, J. , Kirchner, A. , KRETZSCHMAR, G. , McNeil, A. (2009). Liquidity premium literature Review of Theoretical and Empirical Evidence. : CFO Forum / Financial Services Authority.

Hibbert, J. , Kirchner, A. , KRETZSCHMAR, G. , McNeil, A. (2009). Summary of Liquidity Premium Estimation Methods. : CFO Forum / Financial Services Authority.

Conference Proceeding

NURMAKHANOVA, M. , KRETZSCHMAR, G. (2011). Kazakhstan: The Real Currency and Growth Challenge for Commodity Producing Countries. Dubai Conference: International Review of Business Proceedings.

KRETZSCHMAR, G. , Nurgozhin, S. (2011). Notional Corporate Control Over Strategic National Assets: Outsider vs. Insiders. Kazakhstan: International Research Conference.

KRETZSCHMAR, G. (2011). What Percentage of Global Oil do National Oil Companies Own?. Kazakhstan: International Research Conference.

KRETZSCHMAR, G. (2010). Banking Risk; Oil and Gas Ownership; The True Nature of Global Oil and Gas Ownership ; National Oil Companies vs. International Oil Companies. Kazakhstan: Energy Journal.

KRETZSCHMAR, G. , Sharifzyanova, L. (2010). State Support and Resource Hosting: What Drives Outperformance in the Natural Resource Sector. : University of Edinburgh.

Morton, F. , KRETZSCHMAR, G. (2010). What Drives Acquisitions? Evidence from Global Resource Asset Acquisitions. : Yale University and University of Edinburgh.

Working Paper

Kirchner, A. , KRETZSCHMAR, G. , McNeil, A. (2011). Risk models: A Theoretical Framework for Stress Testing. : .

KRETZSCHMAR, G. , Sharifzyanova, L. (2010). Resource Nationalism: Limits to Foreign Direct Investment. : Energy.

KRETZSCHMAR, G. , Kirchner, A. , McNeil, A. (2009). An Integrated Fair Value Framework for Basel Capital Adequacy and IFRS Asset Reporting. : University of Edinburgh and Maxwell Institute for Mathematical Sciences.