Defended Master's Theses in Actuarial and Financial Engineering


  1. Suleyman Ahmadov. Weight of Evidence Methodology in Logistic Regression with Application in Credit Scoring. Supervisor K. Pärna. Reviewer K. Kuljus.
  2. Dhruba Raj Gnawali. GLARMA Time Series Modeling of Counts. Supervisor M. Möls. Reviewer T. Raus.
  3. Ali Hasanov. Analysis of the Links among FDI, GDP, Oil and Gas Prices in Developed, Developing and Resource-Dependent Countries. Supervisor T. Raus. Reviewer M. Möls.
  4. Abdullateef Akorede Ibrahim. Weak Efficiency of Foreign Exchange Rates. Supervisor T. Raus. Reviewer K. Lätt.
  5. Kaari Kuus. Claims frequency modelling with usage-based insurance data. Supervisors M. Käärik, E. Sääsk. Reviewer A. Kolde.
  6. Nicholas Lupul. Claims severity modelling on the basis of publicly available vehicle insurance data. Supervisor M. Käärik. Reviewer T. Kollo.
  7. Narmin Mammadli. Interpretable approaches for financial time series forecasting. Supervisors S. Tomasiello, T. Raus. Reviewer M. Möls.
  8. Lilian Amarachukwu Nnamdi. Two-Asset Option Pricing. Juhendaja T. Raus. Retsensent R. Kangro.
  9. Hardi Roosi. K-lähinaabri meetodi ja selle modifikatsioonide rakendamise tehnilistest detailidest ja nende võimalikust mõjust tulemuste täpsusele. Supervisor R. Kangro. Reviewer K. Pärna.
  10. Kelly Tilga. Pseudovaatlused elukestusanalüüsis depressiooni ja kardiometaboolsete haiguste vaheliste seoste hindamiseks TÜ Eesti Geenivaramu andmete põhjal. Supervisor A. Kolde. Reviewer M. Käärik.
  11. Artur Tuttar. Extending generalized linear models in insurance with machine learning techniques (thesis closed until 16.05.2028). Supervisors M. Käärik, J. Pau. Reviewer R. Kangro.


  1. Abdul-Baaki Dolapo Adedokun. Modeling Complex Seasonalities. Supervisor M. Möls. Reviewer R. M. Perez Tiscareño.
  2. Masoumeh Forouzandeh. CAPM model and its extensions: an overview and applications. Supervisor K. Pärna. Reviewer M. J. Ali.
  3. Joseph Haske. Option Pricing Using Stochastic Volatility Models. Supervisor T. Raus. Reviewer R. Kangro.
  4. Kadi Kilgi. Hospitaliseerimise riski prognoosimine krooniliste haigustega patsientidel. Supervisors K. Fischer, M. Gimbutas. Reviewer M. Möls.
  5. Kadi-Liis Kuum. Pseudovaatluste kasutamine elukestusanalüüsis liiklusõnnetuste ravikulude hüvitamise näitel. Supervisor A. Kolde. Reviewer M. Käärik.
  6. Annela Pajumets. Krediidiriski hindamine valdavalt kategoriaalsete andmete põhjal. Supervisor K. Pärna. Reviewer R. Kangro.
  7. Liis Simmul. Development of Dynamic Time-to-Event Models for Use in Credit Risk Modeling (closed until 17.05.2027). Supervisors M. Käärik, J. Kuusik. Reviewer A. Kolde.
  8. Laura Anna Tammesoo. Nõudmiseni hoiuse intressimääradele ARIMAX tüüpi mudelite leidmine turumäärade abil. Supervisor R. Kangro. Reviewer T. Raus.
  9. Kristo Visk. Measures to assess the discriminatory power of loss given default models. Supervisor M. Käärik. Reviewer T. Kollo.


  1. Ismayil Aghahasanli. Detecting money laundering in transaction monitoring using hidden Markov model. Supervisor K. Lumiste. Reviewer M. Möls.
  2. Hans Erik Atonen. Ameerika optsioonide hindamine Monte Carlo meetodiga. Supervisor T. Raus. Reviewer T. Kollo.
  3. Hardo  NiitKaskokindlustuse kahjude modelleerimine. Supervisor T. Kollo. Reviewer M. Käärik.
  4. Robert PikmetsForecasting intraday electricity prices on the Nord Pool using LASSO. Supervisor R. Kangro. Reviewer K. Kuljus.
  5. Anna-Helena SalurandValidation and development of risk metrics for the currency portfolio of a global FinTech company. Supervisors R. Kangro, E. Kraev. Reviewer K. Pärna.
  6. Priyush Protim SharmaTree-based methods in supervised learning with Estonian Health Insurance Fund data. Supervisors J. Lember, M. Gimbutas. Reviewer A. Kolde.
  7. Kristjan SinikasKindlustuslepingute hinnastamine Bayesi meetodi abil. Supervisor M. Möls. Reviewer A. Kolde.
  8. Meelis UttParalleelarvutused optsiooni hinna leidmise numbrilistes meetodites. Supervisors T. Raus, E. Vainikko. Reviewer R. Kangro.


  1. Juan Manuel Alvarado Salcedo. Absolute Risk Estimation for Time to Event Data. Supervisor K. Fischer. Reviewer T. Kollo.
  2. Karen Danielyan. Swaption Pricing with SABR Model. Supervisor R. Kangro. Reviewer T. Raus.
  3. Gegham Fahradyan. Statistical Testing of Claims Related To High-Frequency Stock Market Data. Supervisor R. Kangro. Reviewer K. Pärna.
  4. Nshan Potikyan. Clustering Financial Time Series. Supervisor R. Kangro. Reviewer M. Möls.
  5. Linnet Puskar. Estimation of MTPL Claim Frequency Using GLM, GAM and XGBoost Techniques. Supervisor M. Käärik. Reviewer T. Kollo.
  6. Argo Rihkrand. Algoritmkauplemine elektriturul (closed until 01.06.2025). Supervisor T. Raus. Reviewer R. Kangro.
  7. Omar SetiheOptimal Control Theory and Portfolio Optimization. Supervisors J. Lellep, M. Kantšukov. Reviewer T. Kraav.
  8. Kirill Smirnov. Approximation of Ruin Probability using Phase-Type Distributions. Supervisor K. Pärna. Reviewer M. J. Ali.
  9. Farhad Tahirov.  Application of Poisson and Dixon-Coles Models on Football Match Outcome Prediction and Research of a Positive Return Over Investment in Betting Market. Supervisor J. Lember. Reviewer M. Käärik.
  10. Lasma Ungere. Estimation of the Volatility Parameter in Value at Risk (VaR) Model. Supervisor K. Pärna. Reviewer M. Käärik.

Previous theses

Theses from 2013-2015


An introductory briefing for students of the Actuarial and Financial Engineering master program


An introductory briefing for students of the Actuarial and Financial Engineering master program

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