Finance & Accounting

The thematic R&D group on Finance and Accounting is dedicated to advancing knowledge in the fields of financial management, financial and managerial accounting practices. Our interdisciplinary research benefits from insights from different areas from private and corporate finance, financial markets, financial intermediation, fintech, auditing, taxation to risk and wealth management. We aim to develop innovative models and tools that enhance financial decision-making and reporting accuracy. By combining rigorous quantitative methods with practical insights, we seek to address contemporary challenges faced by businesses and policymakers. Our work supports the development of robust financial strategies and practices that promote transparency, efficiency, and professionalism. We are interested in and committed to fighting against corruption and money laundering.  

Members
Gaygysyz Ashyrov

Gaygysyz Ashyrov, PhD

Senior Researcher
Camila Niño Fernández

Camila Niño Fernández, PhD

Senior Lecturer
Urmas Kaarlep

Urmas Kaarlep

Lecturer
Ravi Kashyap

Ravi Kashyap, PhD

Associate professor
Alar Kein

Alar Kein, PhD

Associate Professor
Renee Pesor

Renee Pesor, PhD

Senior Research Fellow
Juan R. Sáenz-Diez

Juan R. Sáenz-Diez

Head of the Centre for Free Economic Thought
Andres Tupits

Andres Tupits, PhD

Visiting Professor

PhD candidates

Emre Güven, Riina Kerner, Sirle Lumi, Ebe Nõmm, Samuli Johannes Saarinen, Jenny Silfver, Joar Terjesen (extern) and Tarvi Tihhanov 

 

PhDs completed

  • Renee Pesor (2022). A Contingent Relationship Between Corporate Social and Financial Performance: The Role of Information Demand and the Signaling Environment 

  • Leonore Riitsalu (2019) Books and Biases - The Explanation for Bounded Rationality in Managing Personal Finances 

  • Ly Hõbe (2015) Financial Services Innovation in Estonia 

  • Juta Tikk (2014) Finantsjuhtimise integreeritud mudel Eesti avaliku sektori organisatsioonide näitel 

  • Jüri Kivimaa (2013) A Cost Optimizing Model for IT Security 

  • Maret Branten (2012) The Impact of Profit Measurement on the Financial Reporting and Analysis 

 

Micro-degrees

 

Ongoing R&D projects

Multilevel Orders of Corruption in Central Asia (MOCCA) 

Project Coordinator at EBS: Gaygysyz Ashyrov 

Funder: European Research Executive Agency (HORIZON- MSCA Staff Exchanges) 

Funding: 105 800 EUR 

Duration: 01.01.2023-31.12.2026 

 

 

Completed institution-building projects

Innovative Financial Inclusion in Academia and Field (IFI) 

Project Coordinator at EBS: Marge Täks 

Funding: 30 610 EUR 

Funder: ERASMUS+ 

Duration: 15.11.2020-14.11.2023 

 

Innovative integrated tools for financial literacy education across Europe (EUFin)  

Project Coordinator at EBS: Kaire Põder 

Funding: 33 230 EUR 

Funder: ERASMUS+ 

Duration: 01.09.2018-31.08.2021 

 

Research publications

Kashyap, Ravi. (2024). “Risk Management: A Slow Walk on a Tight Rope”, The Journal of Investing, joi.2024.1.312. 

 

Fred van Raaij, W.; Riitsalu, Leonore; Põder, Kaire. (2023) “Direct and Indirect Effects of Self-Control and Future Time Perspective on Financial Well-being”, Journal of Economic Psychology, 99.  

  

Kashyap, Ravi. (2023). “Arguably Adequate Aqueduct Algorithm: Crossing A Bridge-Less Block-Chain Chasm”, Finance Research Letters, 104421. 

 

Pärl, Ülle; Paemurru, Elina; Paemurru, Kristjan; Kivisoo, Helen. (2022). “Dialogical turn of accounting and accountability integrated reporting in non-profit and public-sector organisations”. Journal of Public Budgeting Accounting & Financial Management, 34 (1), 27−51. 

 

Kashyap, Ravi (2022). “Options as Silver Bullets: Valuation of Term Loans, Inventory Management, Emissions Trading and Insurance Risk Mitigation using Option Theory”, Annals of Operations Research, 315 (2), 1175−1215. 

 

Ashyrov, Gaygysyz & Lukason, Oliver (2022). Political Connectedness and Financial Performance of SMEs. Journal of Risk and Financial Management, 15 (12). 

 

Pesor, Renee; Esop, Kristiina; Kein, Alar; Kooskora, Mari. (2021). “The Effects of Credence Goods and Country Development on the CSP–CFP Relationship Through Revenue Mediation”. 

In: Joan Marques (Ed.). Business With a Conscience. (375−394). New York: Routledge.  

 

Kashyap, R. (2021). “Seven Survival Senses: Evolutionary Training Makes Discerning Differences More Natural Than Spotting Similarities”, World Futures, 77 (3), 222−244. 

 

Kashyap, Ravi. (2021). “Behavioural Bias Benefits: Beating Benchmarks by Bundling Bouncy Baskets”,  

Accounting and Finance, 61 (3), 4885−4921.  

 

Tupits, Andres (2021). “Estonia”. In: Stefan Griller, Elisabeth Lentsch (Ed.). EMU Integration and Member States’ Constitutions. (177−194). Hart Publishing. 

 

Põder, Kaire; Riitsalu, Leonore; Kroos Karmo. (2020). “Financial education in Estonia”. In: De Witte, Kristof; Holz, Oliver; De Beckker, Kenneth (Ed.). Financial education Current practices and future challenges. (87−110). Münster; New York: Waxmann. 

 

Riitsalu, Leonore & Murakas, Rein. (2019). “Subjective financial knowledge, prudent behaviour and income predictors of financial well-being in Estonia”, International Journal of Bank Marketing, 37 (4), 934−950. 

 

Sepp, Katrin; Kaarlep, Urmas & Kuleli, Turgay (2018). “Unblocking the bottlenecks of the Estonian wealth-management scene for private foundations”, Trusts & Trustees, 24 (6), 558−564. 

 

Kuleli, Turgay and Kaarlep, Urmas. (2017a). “What makes Estonia an attractive jurisdiction for global non-charitable private foundations?”, Trusts & Trustees, 23(3), 263–272. 

 

Kuleli, Turgay and Kaarlep, Urmas. (2017b). “Is the Estonian Foundation Act ready for private purposes?”, Trusts & Trustees, 23(6), 653–657. 

 

Pärl, Ülle (2017). “25 Years of Change in Management Control Systems and Business Education in Estonia”. Acta Baltica Historiae et Philosophiae Scientiarum, 5 (1), 81−100. 

 

Riitsalu, Leonore & Põder, Kaire. (2016). “A glimpse of the complexity of factors that influence financial literacy”, International Journal of Consumer Studies, 722−731.  

 

Kaarlep, Urmas (2016). “Taxation of Private Foundations and Game Theory”. ICAAT 163−172. 

 

Pärl, Ülle (2014). “The role of dialogue between executives and ground-level employees mediated by MACS”. Baltic Journal of Management, 9 (2), 189−212.