Historians probing the causes of the financial crisis may want to check the sleeping habits of key investment bankers and lawyers.
Among this set, working 18-hour days and surviving on minimal sleep is a source of considerable pride.
But researchers at two Duke University medical schools say coming up short on shut-eye causes people to take unnecessary risks, especially when it comes to money.
The study published in the Journal of Neuroscience found a single night of sleep deprivation "evoked a strategy shift during risky decision making such that healthy human volunteers moved from defending against losses to seeking increased gains".
Put simply, the test subjects tended to take bigger financial risks than their peers who were wide awake, while downplaying the negative consequences.
Sound familiar? It has now become clear that excessive risk taking was one of the key factors in bringing about the worst economic crisis since the Great Depression.
But finance professionals say it is difficult, if not impossible, to work nine to five.
One investment banker at a UAE bank, who claims he is suffering from burnout, says his average workday of 8am to 8pm can easily swell to include several all-nighters in the course of a deal.
"If we're launching a deal, we can't afford to wait for positions to change," he says.
International transactions that require co-ordination of conference calls with several banks, law firms and advisory services in different time zones could be particularly gruelling, the banker says.
The Duke researchers questioned the social value of letting sleep-deprived people make financial decisions, whatever their profession.
"Even if someone makes very sound, risky financial decisions after a normal night of sleep, there is no guarantee this same person will not expose you to untoward risk if sleep deprived," says Michael Chee, a co-author of the study and professor at the Neurobehavioral Disorders Program at Duke-NUS in Singapore.
"I think it's critical that society consider whether to continue doing things the old way," Prof Chee says.
Other professionals accustomed to long hours, such as leading lawyers, said taking a break was often essential for peak performance.
Reza Mohtashami, a partner and the head of Middle East international arbitration at Freshfields Bruckhaus Deringer in Dubai, also works an average day of 8am to 8pm, with the occasional long night when a case is due.
"My practice is litigation and international arbitrage, therefore it's set by the courts and the arbitrators," Mr Mohtashami says. "There'll be ups and downs and it's a function of deadlines that come and go.
"You might be up late some nights and only get five hours sleep but you'll get to take it easy later."
The elite law firm could not allow sleep deprivation among its lawyers to lead to mistakes in court or other errors, he says.
"If someone is too tired to be productive, then it's actually harmful for them … not only for their own health but for the work they produce," Mr Mohtashami says.
"We'd rather send people home to get a good night's sleep and come in the next morning. In terms of risk, we live or die by our reputation and how careful we are."
While companies on Wall Street and in the City of London have in-house doctors and even hairdressers to maximise the amount of work that can be squeezed into the waking hours, the relatively small size of operations in the UAE means such pampering is a far less common here.
ghunter@thenational.ae
Company%20Profile
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
HOSTS
T20 WORLD CUP
2024: US and West Indies; 2026: India and Sri Lanka; 2028: Australia and New Zealand; 2030: England, Ireland and Scotland
ODI WORLD CUP
2027: South Africa, Zimbabwe and Namibia; 2031: India and
Bangladesh
CHAMPIONS TROPHY
2025: Pakistan; 2029: India
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
RESULTS
6.30pm: Handicap (rated 100 ) US$175,000 1,200m
Winner: Baccarat, William Buick (jockey), Charlie Appleby (trainer)
7.05pm: Handicap (78-94) $60,000 1,800m
Winner: Baroot, Christophe Soumillon, Mike de Kock
7.40pm: Firebreak Stakes Group 3 $200,000 1,600m
Winner: Heavy Metal, Mickael Barzalona, Salem bin Ghadayer
8.15pm: Handicap (95-108) $125,000 1,200m
Winner: Yalta, Mickael Barzalona, Salem bin Ghadayer
8.50pm: Balanchine Group 2 $200,000 1,800m
Winner: Promising Run, Pat Cosgrave, Saeed bin Suroor
9.25pm: Handicap (95-105) $125,000 1,800m
Winner: Blair House, James Doyle, Charlie Appleby
10pm: Handicap (95-105) $125,000 1,400m
Winner: Oh This Is Us, Tom Marquand, Richard Hannon
COMPANY%20PROFILE%20
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START-UPS%20IN%20BATCH%204%20OF%20SANABIL%20500'S%20ACCELERATOR%20PROGRAMME
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Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
MATCH INFO
Uefa Champions League, semi-final result:
Liverpool 4-0 Barcelona
Liverpool win 4-3 on aggregate
Champions Legaue final: June 1, Madrid
Profile
Company name: Marefa Digital
Based: Dubai Multi Commodities Centre
Number of employees: seven
Sector: e-learning
Funding stage: Pre-seed funding of Dh1.5m in 2017 and an initial seed round of Dh2m in 2019
Investors: Friends and family
Company%20Profile
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