Nasdaq Baltic Announces Thesis Competition Winners

03.04.2019 RIG, TLN, VLN

Riga/Tallinn/Vilnius, Nasdaq Baltic Market, April 3, 2019 – Nasdaq (Nasdaq: NDAQ) today announced 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.

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”.

Kaspar Kolk, a student at the University of Tartu, 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”.

“We congratulate the winners of the Thesis Competition, representing leading business schools and universities of economics and finance in the Baltics,” says Liene Dubava, Chairman of the Nasdaq Baltic Thesis Competition Evaluation Committee. “Financial market is a powerful engine for fueling sustainable economic growth, so the need for sound analysis, new ideas and suggestions and further research is never lacking. The Evaluation Committee was pleased and impressed at the same time to find so many incredible insights and findings. Thank you to everyone for participation.”

A total of 32 theses by students at universities and business schools in all three Baltic countries were submitted in the competition. They were assessed by a committee of representatives from the academic community, leading specialists at Nasdaq Baltic, and professionals of the Baltic capital markets.

Five evaluation criteria were scored: independent scientific thinking; relevance and topicality; originality and novelty; applicability, and potential for practical application of the results.

The goal of the Thesis Competition is to promote interest in the Baltic capital markets, encouraging students to research and analyze market dynamics, trends and development. The competition is part of a broader effort to foster young professionals’ interest and competence in the financial markets. More information:


About Nasdaq 

Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets. As the creator of the world’s first electronic stock market, its technology powers more than 100 marketplaces in 50 countries. Nasdaq is home to over 4,000 total listings with a market value of approximately $12 trillion. To learn more, visit:

Nasdaq Baltic represents the common offering of the Nasdaq Tallinn, Nasdaq Riga and Nasdaq Vilnius securities markets as well as Nasdaq CSD. To learn more, visit:


Media Relations Contact:
Dace Bulte
+371 67 212 431

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