Niranjan Sapkota


Laskentatoimen ja rahoituksen yksikkö, Rahoitus
Wolffintie 34, 65200 Vaasa
Tervahovi D336

Niranjan Sapkota is a full-time Ph.D. student in finance. His research focuses on fintech and digital finance, specializing in cryptocurrencies and initial coin offerings with some published papers in highly ranked finance and economics journals such as Economics Letters, Finance Research Letters, and Applied Economics. His interests are also in the area of market microstructure, algorithmic trading, and high-frequency trading and working with intra-day data in R and Sparklyr.  His research articles have been covered by the prestigious US business magazine, Forbes, and many other popular fintech sites like,,, etc. He has been awarded with a research grant of EUR 50,000 from the Foundation for Economic Education for a project related to fintech together with his Ph.D supervisor.  Besides his research works Mr. Sapkota has been assisting on different courses, including master's and bachelor's thesis supervision.

Teachings and other Responsibilities (2016 - )

Corporate Finance (Exercises)

Advanced Topics in Finance: Fixed Income Analysis (Exercises)

Investment: StockTrak Assignment Evaluator

Bachelor's Thesis Supervision

Master's Thesis Supervision

Big Data Analytics (Contact Person)

Internship in Finance (Contact Person)

CME Trading Challenge 2018 (Team Supervisor, University of Vaasa)

Published Papers:

Grobys, K. and Sapkota, N., 2019. Cryptocurrencies and momentum. Economics Letters, 180, pp.6-10. Paper

Grobys, K., Ahmed, S., & Sapkota, N., 2020. Technical trading rules in the cryptocurrency market. Finance Research Letters32, 101396. Paper

Ahmed, S., Grobys, K., & Sapkota, N., 2020. Profitability of technical trading rules among cryptocurrencies with privacy function. Finance Research Letters, 101495. Paper

Grobys, K., and Sapkota, N., 2020, Predicting Cryptocurrency Defaults, Applied Economics, 52(46), pp.5060-5076. Abstract

Sapkota, N., & Grobys, K. ,2020. Blockchain Consensus Protocols, Energy Consumption, and Cryptocurrency Prices. Energy Consumption and Cryptocurrency Prices. Journal of Energy Markets, forthcoming. SSRN

Working Papers:

Grobys, K., Sapkota, N. (2018). Contagion of Uncertainty: Transmission of Risk from the Cryptocurrency Market to the Foreign Exchange Market. Proceedings of the EFMA 28th Annual Meeting 2019, Azores Portugal. SSRN

Sapkota, N., Grobys, K. (2019). Equilibrium in Asset Prices: Evidence from a study of Privacy and Non-privacy Cryptocurrencies. Proceedings of the FINANCE, PROPERTY, TECHNOLOGY, AND THE ECONOMY CONFERENCE 2019, University of South Australia. SSRN

Sapkota, N. (2019). Central Counterparty Clearing, Self-matched Orders and Manipulation Risk: Evidence from NASDAQ OMX Helsinki.

Conference Presentations

28th European Financial Management Association, 2019 Annual Meetings, June 26-29, 2019, University of Azores, Ponta Delgada, Island of S. Miguel, Portugal

17th Finance, Risk and Accounting Perspectives Conference, 23- 25 September 2019, Hanken School of Economics, Helsinki, Finland

FINANCE, PROPERTY, TECHNOLOGY AND THE ECONOMY CONFERENCE, 2?3 December 2019, University of South Australia, Adelaide, Australia

Workshops and Seminar Presentations

Graduate School of Finance (GSF) and Finnish Doctoral Program in Economics (FDPE), Winter Workshop in Finance November 9, 2018, Hanasaarenranta 5, Espoo

Seminar on Applications and Opportunities of Blockchain Monday May 20th, 2019

Graduate School of Finance (GSF) and Finnish Doctoral Program in Economics (FDPE), Summer Workshop in Finance June 10-11, 2019m, University of Jyväskylä

Graduate School of Finance (GSF) and Finnish Doctoral Program in Economics (FDPE), Winter Workshop in Finance November 15, 2019, Radisson Blu Seaside, Helsinki

Reviewer Recognition / Certificate of Reviewing

Finance Research Letters (Elsevier)

Research in International Business and Finance (Elsevier)

Computer Communications- The International Journal for the Computer and Telecommunications Industry (Elsevier)

Financial Innovation (Springer)

The North American Journal of Economics and Finance (Elsevier)

Grants and Awards

50.000 Euro research team funding awarded from the FOUNDATION FOR ECONOMIC EDUCATION, Finland for Business Renewal Using Digital Financial Markets and Blockchain (2020).

Intercontinental travel grant by Erkki Paasikivi Foundation (2019).

Media Coverages

1. Forbes: How To Tell If Your Cryptocurrency Will Go Bust

2. Study proposes a model to predict cryptocurrency defaults

3. TUNF: Ways To Know Whether The Cryptocurrency You're About Investing In Will Crash

4. What happened to all those failed cryptocurrencies?

5. Finnish Study Reveals Trends Amongst Failed Cryptocurrencies

6. VAASA INSIDER: Forbes lyfter upp Vasa universities forskning omryptovaluta

7. THE CURRENCY ANALYTICS: Italy is relaxing its Ban and Coming down Easy on Cryptocurrencies


9. COINTELEGRAPH: Is Technical Trading in Cryptocurrency Markets Profitable?

10. A Variable Moving Average Strategy for Bitcoin Outperforms HODLing

11. Is It Profitable To Do Technical Trading In Cryptocurrency? Know the Pros and Cons.

LinkedIn Profile:

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