Professor Kadri Männasoo is co-leading the joint research project with the OECD “Realising digital dividends in Estonia”
OECD and TalTech Department of Economics and Finance researchers investigate the economic benefits from increased digitalization. The research seeks to answer whether the diffusion of digital technologies and higher digital skills improves individual labour market outcomes and lead to higher productivity on aggregate and firm-level. The project draws on Estonian enterprises data and on pan-European CSIS (Community Statistics on Information Society) survey data.
The study results will feed into the 2019 OECD Economic Survey of Estonia and TalTech’s project on the “Impact of Investments and Digital Empowerment on the Economy’s Productivity and Competitiveness” (European Union’s Horizon 2020 research and innovation programme under the Marie Skłodowska-Curie grant agreement No 734712, “Institutions for Knowledge Intensive Development: Economic and Regulatory Aspects in South-East Asian Transition Economies”)
The project heads are Jon Pareliussen (OECD) and Kadri Männasoo (TalTech).
Research Group Headed by Laivi Laidroo publishes “FinTech Report Estonia 2019”
The report, written in cooperation with FinanceEstonia, is the first to provide a complete overview of the Estonian FinTech landscape. To map the development of the sector and the companies operating in it, a thorough analysis of the sector was carried out, along with a survey of local FinTech companies and several interviews with stakeholders in the Estonian FinTech ecosystem. The report captures the sector’s current situation, as well as the most important future trends and biggest challenges facing the companies.
The analysis shows that:
- At the end of 2018, there were at least 84 companies registered in Estonia that could be categorized under FinTech.
- The growth of the sector has been rapid, with two thirds of the companies being established over the past four years.
- Although the business volumes of Estonian FinTechs are still rather modest in comparison to the financial sector as a whole (in 2017 the total assets of FinTechs amounted to 427 million euros), the revenues of FinTech companies reached 235 million euros in 2017. The largest FinTech subsector was deposit and lending.
- FinTech companies are forecasting a three-fold increase in sector revenues in 2019 compared to 2018. Furthermore, to overcome a relatively small domestic market, Estonian FinTechs have set their sights on expanding into international markets and are expecting most of their future growth to come from there.
- Estonian FinTechs value highly the favourable business climate and high levels of digitalization in Estonia, which they view as supportive of FinTech development. At the same time, the scarcity of skilled workers and uncertainty in the regulatory environment are seen as problems.
The finance research group at TalTech will continue to monitor the development of the Estonian FinTech sector in the coming years and wishes to thank all the parties involved in helping in the completion of this report.
The full version of the report is accessible here.
Joint strategy day with Aalto University
Aalto University Department of Finance professors, staff and doctoral students visited our department in June to discuss cooperation plans and research agenda as part of their strategy day. Mutual interest in behavioural and institutional research topics, collaboration in PhD studies and supervising, and research data sharing provide excellent opportunities to continue cooperation and networking between Aalto and TalTech.
Prof Aaro Hazak presented his research at the Institutional and Organizational Economics Academy in France
Prof Aaro Hazak presented the research of his group at the Institutional and Organizational Economics Academy [Read more] (IOEA) in France. The paper "Work arrangements, circadian rhythms and happiness in creative R&D employees" is co-authored with PhD student Heili Hein and Senior Lecturer Marit Rebane. IOEA is an annual key event in institutional economics, hosting this year Nobel Prize laureate Prof Eric Maskin, President of the Society for Institutional and Organizational Economics Prof Francine Lafontaine and many other prominent speakers.
Photo: Lecture by Nobel Prize laureate Prof Eric Maskin
Simona Ferraro defended her PhD thesis “Essays on Education and Labour Economics”
Simona Ferraro, a PhD student at the Department of Economics and Finance, defended her PhD thesis “Essays on Education and Labour Economics” on 25 October 2018.
Supervisor: Associate Professor Karin Jõeveer (TalTech)
Co-supervisors: Professor Karsten Staehr (TalTech), Professor Kaire Põder (EBS)
- Associate Professor Kristof De Witte (KU Leuven, Belgium)
- Linas Tarasonis, PhD (Bank of Lithuania; University of Vilnius, Lithuania)
Simona Ferraro with the members of the defence committee (from left Tairi Rõõm, Mari Avarmaa, Merike Kukk, Simona Ferraro, Linas Tarasonis, Kristof de Witte, Aaro Hazak)
Kristjan Liivamägi defended his PhD thesis "Education and Investor Behaviour"
Kristjan Liivamägi, a PhD student at the Department of Economics and Finance, defended his PhD thesis "Education and Investor Behaviour" on 18 June 2018.
Supervisors: Associate Professor Tõnn Talpsepp (TTÜ), Professor Mei Wang (WHU-Otto Beisheim School of Management)
- Professor Matti Keloharju (Aalto University, Finland)
- Researcher Kaia Kask (University of Tartu, Estonia)
Kristjan Liivamägi with the defence committee
(from left: Mari Avarmaa, Kaia Kask, Laivi Laidroo, Matti Keloharju, Enn Listra, Kristjan Liivamägi, Karin Jõeveer)
The Eesti Pank research award 2018
In 2018 Eesti Pank will grant the award in two categories, with one award of 2300 euros for research leading to a PhD thesis or done as part of doctoral studies, and the other of 1300 euros for research leading to a master's dissertation or done as part of a master's course.
The competition is open to young Estonian scientists who are under 35 when the competition is announced and are studying on a master's or doctoral course accredited by the Estonian Ministry of Education. From 2013, the competition is also open to anyone who has already received a master's degree or doctoral degree from such a course. Groups of researchers can enter the competition as long as all the members of the research group meet these conditions.
To enter the competition, applicants should submit the following documents to Eesti Pank on paper or electronically by 15 September 2018:
- a correctly-formatted work of research or publication in Estonian or English;
- a written declaration of entry in the competition, giving the author(s) of the work; contact details for the author (name, address, educational institution, and telephone number or email address); when and where the research was done; and which other competitions the work has been entered in.
- a biography of the author or authors;
- the diploma for the master's or doctoral degree conferred on the author or authors, or a confirmation issued by the university department that the author is studying on a master's or doctoral course;
- a three-page summary of the research work entered in the competition.
Please send the documents to: Rahapoliitika ja majandusuuringute osakond, Eesti Pank, Estonia pst 13, 15095 Tallinn, or by email to liina dot kulu at eestipank dot ee.
Eesti Pank will announce the results of the competition on its website by 1 November 2018 at the latest.
Nominated academics at the Spring Banquet 2018
On May 16 Spring Banquet 2018 arranged by Student Council of School of Business and Governance took place in SOC building atrium. Spring Banquet is a traditional festive event to recognize and reward academic staff who were nominated and voted by students as best in various categories.
The academics of the Department of Economics and Finance were awarded in several categories:
- Kristjan Liivamägi - The Teacher of the Year 2018
- Kirsti Rumma - Fashionista
- Avo Org - Guru of the Lectures
- Ako Sauga - Living Legend
The academics are very grateful for the recognition. Congratulations and have a successful end of the school year!
From left: Kristjan Liivamägi, Kirsti Rumma, Avo Org, Ako Sauga
Internship and succession training programs at Swedbank
Apply to Swedbank Kick Start internship program and succession training program Business Intelligence Academy until March 11th!
Also come and join their Facebook live event, where they introduce the internship vacancies through the eyes of their former interns and managers who are looking for interns this year. More information on their Facebook page Swedbank Eestis. Please notice that the event will be in Estonian, but you can ask us questions in English as well.
Estonian Economic Association Annual Conference 2018
On 25—26 January, the Estonian Economic Association held the EEA's Annual Conference “Educational Economics and Governance: From kindergartens to life-long learning” in Tallinn and in Toila. The keynote speaker at the opening event was the Nobel Prize winner Bengt Holmström, whose research focuses on motivating employees and contractual partners.
Several researchers from the Department of Economics and Finance presented their papers at Toila Spa Conference Centre:
- “How Good Is University: Teacher, Peer and Location Effects” Lenno Uusküla, Karin Jõeveer
- "Testing Economic Restrictions in Heteroskedastic Structural Vector Autoregressions" Aleksei Netsunajev, Eesti Pank (co-authors L. Winkelmann ja T. Wozniak)
- "Income Underreporting by the Self-employed in Europe: A Cross-Country Comparative Study” Merike Kukk, Tallinn University of Technology and Eesti Pank (co-authors A. Paulus & K. Staehr)
- "Firm Capital Structure in Europe: Comparative Analyses of CCEs vs. Western Firms in Changing Financial Environment” Karin Jõeveer, Tallinn University of Technology
Nobel prize winner Bengt Holmström performing on topic "Beyond Pay for Performance"
Apply for the position as Group Chief Accountant at Markit Holding AS
Markit Holding AS, an e-platform for IT purchasing, was established in 2003. It has grown by an average of 22% per annum and is currently operating in 29 countries. The company's turnover was 93 million euros in 2017 and is expected to be approximately 110 million euros in 2018. In addition to enlargement in Europe and North America, the company will also soon enter the Asia market.
To facilitate the successful management of such global growth, the company is seeking to employ a group chief accountant interested in becoming an outstanding top executive in global competition. This offer is for you, if you have had consistently good results, you have excellent analytical skills, are innovative in developing processes and a commensurate leader (see also the vacancy advertisement). The chief accountant will be recruited within 3–6 months.
Read more about the open position HERE.
Peeter Maripuu defended his PhD Thesis on 5 December 2017
Peeter Maripuu, a PhD student at the Department of Economics and Finance, defended his PhD thesis "Cyclicality, Corporate Investments and Financial Soundness: Evidence from Central and Eastern European Countries" on 5 December 2017.
Supervisors: Prof Kadri Männasoo and Prof Aaro Hazak (TTÜ).
- PhD Mikko Mäkinen (Soome Pank)
- PhD Fabio Filipozzi (Eesti Pank)
Marit Rebane defended her PhD thesis at European University Institute
Marit Rebane, a lecturer at the Department of Economics and Finance, defended her PhD thesis "The Start of Inequality. Evidence from Italian Time-Use Data." at European University Institute on 28 November 2017.
Supervisor: Prof Fabrizio Bernardi (European University Institute)
- Prof Maria Letizia Tanturri (University of Padua)
- Prof Martin Kohli (European University Institute)
- Prof Jonathan Gershuny (University of Oxford)
Open seminar by the Director of the IMF Europe Office
Mr Jeffrey Franks, the Director of the IMF (The International Monetary Fund) Europe Office gave an open lecture on the topic "Economic Prospects For The Euro Area: Towards a Lasting Recovery?". The event took place on 13 September 2017 as a first open research seminar of the Department of Economics and Finance this semester.
Click HERE to see all photos.
Lecturer Simona Ferraro presented a paper at an international conference in New York
Lecturer Simona Ferraro participated in the Seventh Meeting of the Society for the Study of Economic Inequality (ECINEQ), which was held in New York on 17-19 July 2017. She presented her article "Is There a Trade-off between Efficiency and Equity in Education?" which is a joint work with Professor Kaire Põder from EBS. The same article received the Vello Vensel Doctoral Research Prize in 2017.
On the picture Simona Ferraro (left) with Nobel Prize-winning economist Joseph Stiglitz (right) who gave a lecture of his recent work “A Simple Model of Wealth Inequality and the Role of Capital Taxation in Overcoming It”.
Prof. A. Hazak presented a paper at an international conference in Toronto
Professor Aaro Hazak presented a paper at the 17th International Conference on Diversity in Organizations, Communities & Nations, held at the University of Toronto Chestnut Centre. A visit to the Estonian House and VEMU was a pleasant experience to see the Estonian mind, language and culture being kept alive over so many years.
Applied economics and finance study programs very popular among prospective students
Prospective students' competition for a study place in the applied economics and finance study programs were among the highest in TTÜ this year - we are glad to see the students' appreciation of our hard work to develop the programs in cooperation with international partner universities and employers.
More information on SAIS website
Prof. A. Hazak presented a paper at SIOE annual conference in New York
Professor Aaro Hazak presented a paper at the Society of Institutional and Organizational Economics annual conference at Columbia University in New York. The paper, co-authored with Prof Kadri Männasoo (DEF), Prof Markku Partinen (University of Helsinki) and Heili Hein (DEF), discovers the morningness-eveningness pay gap phenomenon.
DEF summer school was a success, comprising courses on academic publishing skills (Prof Ali M. Kutan, Southern Illinois University, Editor of EMFT), company valuations and financial modelling (Tal Mofkadi, Tel Aviv University), and financial markets and economic performance (Kevin R. James, LSE).
9th international conference Economic Challenges in Enlarged Europe
Department of Economics and Finance hosted the 9th international conference Economic Challenges in Enlarged Europe with 85 participants worldwide. We were glad to host professor Josef C. Brada from Arizona State University as the keynote speaker.
Keynote lecture by Prof Josef C. Brada
The young statistician’s grant was awarded to Birgit Hänilane
On June 19, Statistics Estonia presents Birgit Hänilane with the young statistician’s grant named after Albert Pullerits.
Birgit Hänilane defended her Master’s thesis “The Impact of the Minimum Wage on Employment in Estonia” at the School of Business and Governance of the Tallinn University of Technology. The aim of the thesis was to evaluate whether the quick increase in minimum wage in 2013–2016 has had an impact on the employment of low-wage earners. The thesis was supervised by Visiting Lecturer Simona Ferraro and Visiting Professor Tairi Rõõm of the Tallinn University of Technology.
Read more on the website of Statistics Estonia.
Ants Aasma published his book "An Introductory Course in Summability Theory"
Ants Aasma, associate professor at Department of Economics and Finance, published a 221 page book together with co-authors Hemen Dutta and P.N.Natarajan. This book is designed as a textbook for graduate students and researchers as a first course in summability theory. The book starts with a short and compact overview of basic results on summability theory and special summability methods. Then, results on matrix transforms of several matrix methods are discussed, which have not been widely discussed in textbooks yet. One of the most important applications of summability theory is the estimation of the speed of convergence of a sequence or series. In the textbooks published in English language until now, no description of the notions of convergence, boundedness, and summability with speed can be found, started by G. Kangro in 1969. Finally, this book discusses these concepts and some applications of these concepts in approximation theory. Each chapter of the book contains several solved examples and chapter-end exercises including hints for solution.
Nominated academics at Spring Banquet
On May 16 Spring Banquet 2017 arranged by Student Council of School of Business and Governance took place in SOC building atrium. Spring Banquet is a traditional festive event to recognize and reward academic staff who were nominated and voted by students as best in various categories.
The results of the voting show that the academics of the Department of Economics and Finance are highly appreciated by students as they were nominated and awarded in several categories:
- Ricardo Mendes – The Teacher of the Year 2017 (on picture)
- Ants Aasma – Biggest Helping Hand 2017
- Kristjan Liivamägi – The Source of Inspiration 2017
Academics who were nominated are very grateful for the recognition. Congratulations and have a successful end of the school year!