Nasdaq Baltic is proud to announce the winners of the 2019 Nasdaq Baltic Thesis Competition.

Taking first place and winning a EUR 1000 prize were Emīls Seilis and Ralfs Sataki, co-authors of the bachelor thesis “Global Market Integration and Stock Market Liquidity: Analysis of the Baltic Region” at the Stockholm School of Economics in Riga.

From left: Ralfs Sataki; Liene Dubava, Chairman of the Nasdaq Baltic Thesis Competition Evaluation Committee; and Emīls Seilis

Second place and a EUR 500 prize went to Rytis Urbanavičius of the ISM University of Management and Economics for his thesis “The Impact of Board Composition on the Performance of Companies Listed on Nasdaq Baltic”.

From left: Rytis Urbanavičius and Saulius Malinauskas, Director of Nasdaq Vilnius


Kaspar Kolk, a student at the University of Tarty, took third place and won a EUR 250 prize with his thesis titled: “Raising Capital in Investment Based Crowdfunding Transactions: The Scope of Investor Protection”.

From left: Kaarel Ots, CEO of Nasdaq Tallinn and Kaspar Kolk.

The aim of the thesis competition is to develop an interest in the Baltic capital market, to encourage students to research and analyze market dynamics, trends and development. The competition is a contribution to the broader task of fostering young professionals’ interest and competence in financial market mechanisms.


Theses submitted for the competition were evaluated by industry professionals as well as the representatives of the academic community and the Nasdaq Baltic Market in Tallinn, Riga and Vilnius.

To qualify for the competition, a thesis must:

• comply with the requirements for a traditional bachelor’s or master’s thesis

• be about the Baltic securities market

• be defended in 2017 or 2018

• be written in English/Estonian/Latvian/Lithuanian language

• be graded 7 points or higher (or equivalent)

• be submitted until November 30, 2018


Evaluation criteria:

• Independent scientific thinking

• Relevance and topicality

• Originality and novelty

• Applicability, potentials for practical application of the results

• Work continuity