Niranjan Sapkota

Yliopisto-opettaja, rahoitus

Laskentatoimen ja rahoituksen yksikkö, Rahoitus
Wolffintie 32, 65200 Vaasa
Tervahovi D210

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I am an Assistant Professor of Finance (tenure track) with a research focus on fintech. My work has been published in leading finance and economics journals, including the Journal of Empirical Finance, Journal of International Money and Finance, International Review of Financial Analysis, Journal of International Financial Markets, Institutions and Money, Economics Letters, Finance Research Letters, and Applied Economics. My research has been featured in Forbes and leading fintech outlets such as Cointelegraph and TheStreet. I have been invited by S&P Global to present my work on cryptocurrency risks and have received research funding from the Foundation for Economic Education. In addition to my research, I have developed and taught a FinTech course and have supervised bachelor's and master's theses, while contributing to a range of other finance courses.

Teaching

  1. Digital Finance and Blockchain-based Payment Solutions
  2. Fundamentals of Financial Modeling
  3. Investment: StockTrak (coordinator/ facilitator)
  4. Internship in Finance (contact person, internship report supervisor)
  5. Bloomberg Market Concept (coordinator)

List of Publications

1. Sapkota, N., 2025. DeFi: Mirage or reality? Unveiling wealth centralization risk in Decentralized Finance. Journal of International Money and Finance, p.103404. (ABS/AJG 3, ABDC A, JUFO 2) DOI: https://doi.org/10.1016/j.jimonfin.2025.103404

2. Yu, B., Zhong, X., Ghimire, B. and Sapkota, N., 2025. When trade meets tradition: Unpacking cultural differences and their impact on China's international trade. International Review of Financial Analysis, p.104488. (ABS/AJG 3, ABDC A) DOI: https://doi.org/10.1016/j.irfa.2025.104488

3. Sapkota, N., 2025. The crypto collapse chronicles: Decoding cryptocurrency exchange defaults. Journal of International Financial Markets, Institutions and Money, 99, p.102093. (ABS/AJG 3, ABDC A, JUFO 2) DOI: https://doi.org/10.1016/j.intfin.2024.102093

4. Sapkota, N. and Grobys, K., 2023. Fear sells: On the sentiment deceptions and fundraising success of initial coin offerings. . Journal of International Financial Markets, Institutions and Money, 83, p. 101716. (ABS/AJG 3, ABDC A, JUFO 2) DOI: https://doi.org/10.1016/j.intfin.2022.101716

5. Sapkota, N., 2022. News-based sentiment and bitcoin volatility. International Review of Financial Analysis, 82, p.102183. (ABS/AJG 3, ABDC A) DOI: https://doi.org/10.1016/j.irfa.2022.102183

6. Grobys, K., Dufitinema, J., Sapkota, N. and Kolari, J.W., 2022. What's the expected loss when Bitcoin is under cyberattack? A fractal process analysis. Journal of International Financial Markets, Institutions and Money, 77, p.101534. (ABS/AJG 3, ABDC A, JUFO 2 ) DOI: https://doi.org/10.1016/j.intfin.2022.101534

7. Grobys, K., Junttila, J., Kolari, J.W. and Sapkota, N., 2021. On the stability of stablecoins. Journal of Empirical Finance, 64, pp.207-223. Paper (ABS/AJG 3, JUFO 2, ABDC A) DOI: https://doi.org/10.1016/j.jempfin.2021.09.002

8. Sapkota, N. and Grobys, K., 2021. Asset market equilibria in cryptocurrency markets: evidence from a study of privacy and non-privacy coins. Journal of International Financial Markets, Institutions and Money, p.101402.  (ABS/AJG 3, ABDC A, JUFO 2) DOI: https://doi.org/10.1016/j.intfin.2021.101402

9. Grobys, K. and Sapkota, N., 2019. Cryptocurrencies and momentum. Economics Letters, 180, pp.6-10. Paper (ABS/AJG 3, ABDC A) DOI: https://doi.org/10.1016/j.econlet.2019.03.028

10. Grobys, K., Ahmed, S., & Sapkota, N., 2020. Technical trading rules in the cryptocurrency market. Finance Research Letters, 32, 101396. (ABS/AJG 2, ABDC A) DOI: https://doi.org/10.1016/j.frl.2019.101396

11. Ahmed, S., Grobys, K., & Sapkota, N., 2020. Profitability of technical trading rules among cryptocurrencies with privacy function. Finance Research Letters, 101495. (ABS/AJG 2, ABDC A) DOI: https://doi.org/10.1016/j.frl.2020.101495

12. Grobys, K., and Sapkota, N., 2020, Predicting Cryptocurrency Defaults, Applied Economics, 52(46), pp.5060-5076. (ABS/AJG 2, ABDC A) DOI: https://doi.org/10.1080/00036846.2020.1752903

13. Sapkota, N., & Grobys, K. ,2020. Blockchain Consensus Protocols, Energy Consumption, and Cryptocurrency Prices. Journal of Energy Markets. (ABS/AJG 1) DOI: 10.21314/JEM.2020.221

14. Karn, A.L., Sapkota, N., Karna, R.K. and Rafiq, M., 2020. Striving to make better decision quicker in cloud: big data event trading in high frequency trading perspective. International Journal of Services Technology and Management, 26(2-3), pp.215-236. DOI: https://doi.org/10.1504/IJSTM.2020.106684

15. Grobys, K., King, T. and Sapkota, N., 2022. A Fractal View on Losses Attributable to Scams in the Market for Initial Coin Offerings. Journal of Risk and Financial Management, 15(12), p.579. DOI:  https://doi.org/10.3390/jrfm15120579

16. Sapkota, Niranjan (2022) Essays on the New Blockchain-Based Digital Financial Market: Risks and Opportunities. Acta Wasaensia 491. Doctoral dissertation. Vaasan yliopisto / University of Vaasa. Link: https://urn.fi/URN:ISBN:978-952-395-033-7

 

Grants and Awards

1. Robert Gordon University, Aberdeen Business School, UK, Global Scholar of the Year 2025, fully funded 1-week research visit to RGU.

2. Primus Doctor (The sixth Ceremonial Conferment of Doctoral Degrees, University of Vaasa, 19-21 September 2024)

3. The Most Deserving Youth in the Education Sector (Kavrepalanchok district, Nepal), National Youth Association, 2024.

4. 30.000 Euro research funding awarded from the FOUNDATION FOR ECONOMIC EDUCATION, Finland for Entrepreneurship, Scaling and Growth during the application round of 2023.

5. Science Communication Award, Honorary Mention 2023, University of Vaasa for featuring research in prestigious national and international news media outlets.

6. 30.000 Euro research funding awarded from the FOUNDATION FOR ECONOMIC EDUCATION, 2022.

7. 28.000 Euro research funding awarded from the FOUNDATION FOR ECONOMIC EDUCATION, 2021.

8. 50.000 Euro team research funding awarded together with my PhD supervisor from the FOUNDATION FOR ECONOMIC EDUCATION, 2019.

9. 900 Euro travel grant award, Erkki Paasikivi Foundation, 2019.

10. Award of appreciation, Polar Bear Pitching, Midnight Pitch Fest, Oulu 2014 For the outstanding e?orts and contribution to the pitching event.

11. 500 Euro scholarship award from the Martti Ahtisaari Institute of Global Business and Economics for excellent performance in studies. Oulu Business School, University of Oulu 2014.

12. Full Scholarships awards (2012-2013, 2013-2014) Oulu Business School, University of Oulu.

 

Conferences

1. 7th Cryptocurrency Research Conference 23-24 September 2024, Zayed University, Dubai, UAE. (Session Chair)

2. 13th International Conference of the Financial Engineering and Banking Society (FEBS) in Paris School of Business, June 20-22 2024, Paris France.

3. 6th Cryptocurrency Research Conference 28-29 August 2023, International University of Monaco, Monaco. (Session Chair)

4. International Risk Management Conference 1-3 October 2021, Cagliari, Italy, Online.

5. 4th Cryptocurrency Research Conference 16-17 September 2021, Centre for Digital Finance, the University of Southampton and the ICMA Centre, Online. (Session Chair)

6. World Finance Conference, 3-6 August 2021, University of Agder, Kristiansand Norway

7. 3rd Cryptocurrency Research Conference 14-15 September 2020, Centre for Digital Finance, the University of Southampton and the ICMA Centre, Online.

8. 28th European Financial Management Association, 2019 Annual Meetings, June 26-29, 2019, University of Azores, Ponta Delgada, Island of S. Miguel, Portugal

9. 17th Finance, Risk and Accounting Perspectives Conference, 23- 25 September 2019, Hanken School of Economics, Helsinki, Finland.

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

 

Selected Media Coverages

  1. Forbes: How To Tell If Your Cryptocurrency Will Go Bust
  2. StudyFinds: https://studyfinds.org/how-to-spot-dying-crypto-exchanges/
  3. TheStreet: Social Media Urge to Use Monero, Zcash to Avoid India's Crypto Tax
  4. COINBET.com: What happened to all those failed cryptocurrencies?
  5. VAASA INSIDER: Forbes lyfter upp Vasa universities forskning omryptovaluta
  6. COINTELEGRAPH: Is Technical Trading in Cryptocurrency Markets Profitable?
  7. Medium.com: A Variable Moving Average Strategy for Bitcoin Outperforms HODLing

 

Guest Speaker/Lecturer

Standard & Poor's (S&P) Global Methodologies, headquarter (Online)

Topic: Different Sides of Cryptocurrency Risks, May 24, 2022.

Invited by: Dr. Cristina Polizu, Senior Executive Methodologies, S&P Global, USA.

 

Nepal's First Open Web3 Meetup (Online)

Topic: Blockchain in Finance, January 13, 2024.

Organized by: Web3 Alliance Nepal, Kathmandu Nepal

 

Kiel University, Germany (Online)

Topic: Risks in crypto space.

Invited by: Professor, Klaus Grobys

Reviewer Recognition Certificates

  1. Journal of International Financial Markets, Institutions and Money (Elsevier)
  2. International Review of Financial Analysis (Elsevier)
  3. International Review of Economics & Finance (Elsevier)
  4. Research in International Business and Finance (Elsevier)
  5. Finance Research Letters (Elsevier)
  6. The North American Journal of Economics and Finance (Elsevier)
  7. Venture Capital (Taylor & Francis)
  8. Financial Innovation (Springer)
  9. Computer Communications ( Elsevier)
  10. SN Business and Economics (Springer Nature)

Workshops, Seminars and Trainings

1. MIB Mentoring Programme 2024-2025 as a mentor, University of Vaasa.

2. Basics of University Pedagogy 2023-24, University of Turku  (YPEDA014, 10ECTS)

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

4. Seminar on Applications and Opportunities of Blockchain Monday, May 20th, 2019, Vaasa Finland

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

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

7. Graduate School of Finance (GSF) and Finnish Doctoral Program in Economics (FDPE), Summer Workshop in Finance June 4, 2021, Zoom.

8. Graduate School of Finance (GSF) and Finnish Doctoral Program in Economics (FDPE), Winter Workshop in Finance June 4, 2021, Hanasaarenranta 5, Espoo Finland.

9. Mission Possible Event March 22, 2023, University of Vaasa.

10. Powered by blockchain Education day, Seminar and Workshop for Companies, April 13, 2023, University of Vaasa.

11. 2nd International Workshop on Global Sustainable Innovation May 22-23, 2023, University of Vaasa.

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