MSc Actuarial and Financial Mathematics


Adolf Árvai: The analysis of the "green premium" on the green bond market (in Hungarian)
Supervisor: Dr. Ágnes Vidovics-Dancs

Veronika Dencs: Study on option price of risk target indices
Supervisor: Ádám L. Farkas, Gábor Molnár-Sáska

Lili Földházi: Pricing average price options
Supervisor: László Varga

Adrienn Szilvia Kasnyik: Kindergarten allocation in Hungary (in Hungarian)
Supervisor: dr. Péter Biró

Réka Kis-Benedek: Pricing of derivative products using LP models (in Hungarian)
Supervisor: Kolos Csaba Ágoston

Tibor Kiss: Examining hedging strategies under transaction costs (in Hungarian)
Supervisor: Zsolt Bihary

Henrietta Lekli: Schoolchoice in Europe (in Hungarian)
Supervisor: Dr. Péter Biró

Dóra Pribeli: Analysis of dynamic hedging performance for interest rate derivatives
Supervisor: Endre Szecsei, Gábor Molnár-Sáska

Sárosdi Zsombor: Fertility and pensions (in Hungarian)
Supervisor: Dr. Banyár József


Tamás Balázsi: Analyzing the term structure of interest rates with global and idiosyncratic factors (in Hungarian)
Supervisor: Dr. Ágnes Vidovics-Dancs

Gergő János Garaguly: Analysing efficiency in financial markets from the perspective of ecophysics (in Hungarian)
Supervisor: Milán Csaba Badics

Hegel Patrik: Mortality estimation with health state function (in Hungarian)
Supervisor: Arató Miklós

Ádám Huszárik: Data-driven underwriting in life insurance (in Hungarian)
Supervisor: Dr. Erzsébet Kovács

Kristóf Reizinger: Big data analysis in financial networks: An econometric approach for the detection of SIFIs and the measurement of systemic risk
Supervisor: Milán Csaba Badics

Simon Nikolett: Profitability testing under IFRS 17 (in Hungarian)
Supervisor: Hauer Judit

Gábor Szentkereszti: Application of machine learning algorithms in actuarial mathematics (in Hungarian)
Supervisor: Dr. Péter Vékás

Péter Tóth: Big Data analytics in health insurance (in Hungarian)
Supervisor: Dr. Péter Vékás


Dániel Biró: Contagion and interdependence on the CDS market: a Bayesian Factor Model approach
Supervisor: Milán Csaba Badics

Fodor Péter: Life insurance's lapse risk in Solvency2 (in Hungarian)
Supervisor: Gerényi Attila Zoltán

Anna Horvat: Simulation modeling of insurance products (in Hungarian)
Supervisor: Péter Vékás

István Huzsvai: Solvency 2: Own risk and solvency assessment (in Hungarian)
Supervisor: Enikő Góg, Miklós Arató

Kovács Dániel: A look at the NHL draft from a behavioral economics standpoint (in Hungarian)
Supervisor: Dr. Dömötör Barbara Mária

Timea Kövesdiné Tassonyi: Private pension fund membership (in Hungarian)
Supervisor: Gábor Borza, György Michaletzky

Bálint Plangár: EMD and wavelet decomposition based denoising and forecasting of crude oil prices
Supervisor: Milán Csaba Badics

Zsófia Tagscherer: Variance Derivatives and the Effect of Jumps on Them
Supervisor: Dr. Gábor Molnár-Sáska, Zsófia Iványi

Petra Turi: Evolution of investment strategies (in Hungarian)
Supervisor: dr. Zsolt Bihary

Anikó Ungár: The effect of large shocks in financial and economic systems (in Hungarian)
Supervisor: Zsolt Bihary

Miklós Milán Vancsa: Empirical Portfolio Selection based on Option Implied Measures
Supervisor: Milán Csaba Badics

Dávid Virtás: Application of predictive methods and machine learning techniques in the insurance business (in Hungarian)
Supervisor: Péter Vékás

Bettina Zsámboki: The evolution of calculating market risk and credit risk in regulation, in particular the CVA risk (in Hungarian)
Supervisor: Barbara Mária Dömötör


Edina Antal: Mortality models: comparison and application (in Hungarian)
Supervisor: dr. Erzsébet Kovács

Eszter Baranyi: CDO Pricing with Different Correlation Structures (in Hungarian)
Supervisor: László Márkus

Gábor Bényi: Errors of mortality predictions (in Hungarian)
Supervisor: Miklós Arató

László Bereczki: Prospect theory in insurance (in Hungarian)
Supervisor: Kolos Csaba Ágoston

Gábor Bottyán: IFRS 17, a solved problem for non-life portfolio (in Hungarian)
Supervisor: András Boncz

Orsolya Gyóni: How much should you trust the Least Squares Method as a Risk Manager?
Supervisor: Norbert Hári, Gábor Vigh, Gábor Molnár-Sáska

Klaudia Hosszú: IFRS 17, a practical example for a unit-linked portfolio (in Hungarian)
Supervisor: András Boncz, Ágnes Backhausz

Edina Kovács: Comparison and backtesting of Value at Risk and Expected Shortfall (in Hungarian)
Supervisor: Barbara Dömötör, András Komárik, Gábor Molnár-Sáska

Orsolya Lelkes: Childcare and pension systems: One potential model: The HTET pension system (in Hungarian)
Supervisor: József Banyár

Szabolcs Majoros: Multivariate stable distributions and their application in modeling returns
Supervisor: András Zempléni

Alexandra Maros: Modelling the dependency between frequency and severity of insurance claims (in Hungarian)
Supervisor: János Szamoránsky, Ágnes Backhausz

Rahel Johanna Mogyorosi: Game theory models in finance (in Hungarian)
Supervisor: Dr. Peter Csoka

Nagy Eszter: Analysis of Ageing and Retirement in European Countries with Generalized Linear Model (in Hungarian)
Supervisor: Kovács Erzsébet

Tünde Nász: Analysis of the Kelly Criterion (in Hungarian)
Supervisor: Zsolt Bihary

Petra Romvári: Fair valuation of insurance liabilities, time-consistent and market-consistent evaluations (in Hungarian)
Supervisor: Miklós Arató

Gergely Bence Szilágyi: Analysing short time asymptotic of stochastic volatility models
Supervisor: Csaba Kőrössy, Gábor Molnár-Sáska

Kristóf Takács: Characterization and classification of paid-up insurance policies using statistical data mining methods (in Hungarian)
Supervisor: Péter Vakhal, Tamás Pröhle

Anikó Török: Survival models in insurance (in Hungarian)
Supervisor: Péter Vékás

Julia Toth: Volatility as a tradable instrument (in Hungarian)
Supervisor: Dr. Agnes Vidovics-Dancs


Barbara Anna Balázs: Interpretations and degrees of path-dependency (in Hungarian)
Supervisor: Ágnes Vidovics-Dancs

László Bondici: Multi-Factor Interest Rate Models and Exotic Options (in Hungarian)
Supervisor: György Michaletzky

Csikai Mátyás: Similarities between Sports Betting and Financial Markets (in Hungarian)
Supervisor: Badics Milán

Tamás Gilinger: Analysis of the Takeover Markets with Game Theory Methodologies (in Hungarian)
Supervisor: Péter Csóka

Roland Horváth: Forecasting Hungarian mortality tables using multi-population models (in Hungarian)
Supervisor: Péter Vékás

Mátyás József Kiss: Pricing models in FX markets (in Hungarian)
Supervisor: Gábor Molnár-Sáska

Eszter Kunne Szabo: Modeling systemic risk (in Hungarian)
Supervisor: Agnes Backhausz

Zoltán Milotai: Frequency and severity models in reserving
Supervisor: Antalffy-Németh Gabriella

Peter Németh: The pricing process and the challanges of health insurances in the social security system (in Hungarian)
Supervisor: Eszter Kovács

Károly Nyitrai : Co-insurance modeling with game theory (in Hungarian)
Supervisor: Zsuzsanna Jankó

Sándor Pap : The actuarial principles and the retirement age (in Hungarian)
Supervisor: Gábor Borza

Balázs Takács: Malliavin Calculus and an Application to Finance (in Hungarian)
Supervisor: György Michaletzky


Ákos Tuzson Árendás: Ruin probabilities in case of INAR claim processes (in Hungarian)
Supervisor: Tamás Prőhle

Botond Bende: Statistical analysis of randomly censored data (in Hungarian)
Supervisor: Antal Kováts

Peter Bosz: The Heston and Bates-models discretization (in Hungarian)
Supervisor: Laszlo Markus

Bettina Bota: Different approaches to the financial position of insurance companies in the Solvency II system. (in Hungarian)
Supervisor: Dr. Gábor Hanák

Csikai Mátyás: Similarities between Sports Betting and Financial Markets (in Hungarian)
Supervisor: Badics Milán

Csaba Drahos: Random fields in finance (in Hungarian)
Supervisor: László Márkus

Fanni Hegyi: Annual cost rate of life insurance products (in Hungarian)
Supervisor: Szabolcs Kemény

Dániel Hermán: Predicting the expectation of retired payments from personal parameters (in Hungarian)
Supervisor: Ákos Ribényi, Gabriella Keszthelyi

Jakab Juhász: Comparation of methods for calculating IBNR claims reserves (in Hungarian)
Supervisor: Miklós Arató

László Botond Kar: Clinical studies in actuarial relations (in Hungarian)
Supervisor: Miklós Arató

Mihály Kis: Solvency capital requirement of catastrophe risk (in Hungarian)
Supervisor: Antal Kováts

Máté János Knódel: Individual claim reserving models (in Hungarian)
Supervisor: Miklós Arató

Noémi Mázsár: Network modells for the systemic risk of banks (in Hungarian)
Supervisor: Péter Csóka

Péter Pogonyi: Non-life Reserving Based on Individual Claim Information with Simulation Method (in Hungarian)
Supervisor: Róbert Pónuzs

Imre Puskás: Credit Risk Modeling with Hybrid Machine Learning Method (in Hungarian)
Supervisor: Milán Csaba Badics

Ernő Solymosi: Variance derivatives (in Hungarian)
Supervisor: Gábor Molnár-Sáska

Kristof Szabo: Pricing derivatives with nonparametric models (in Hungarian)
Supervisor: Milan Csaba Badics

Attila András Víg: Pricing Models for Inflation Derivatives (in Hungarian)
Supervisor: Ágnes Vidovics-Dancs


Tamás Bakó: Analysis of bitcoin networks (in Hungarian)
Supervisor: Dr. István Csabai, Dr. Edina Berlinger

Ágnes Bertalan: The effect of degression on the hungarian pension system (in Hungarian)
Supervisor: Gábor Borza

Bonifác Herczeg: Capital allocation for illiquid portfolio (in Hungarian)
Supervisor: Péter Csóka

Ádám Tamás Hosszú: Difficulties of short rate model callibration in low-yield environment (in Hungarian)
Supervisor: Dávid Bozsó

Gábor Kondor: Dynamic Indices (in Hungarian)
Supervisor: Csaba Böde, Balázs Márkus

Gábor Koronka: Solvency capital allocation methods in insurance business (in Hungarian)
Supervisor: Gábor László Malicskó

Enikő Gréta Kránicz: Credit Derivative Pricing with Stochastic Volatility Models (in Hungarian)
Supervisor: Dr. Gábor Molnár-Sáska

Erika Mercs: The impact of reinsurance on capital requirement under Solvency 2 (in Hungarian)
Supervisor: Dávid Bozsó

Balázs Márton Süli: Yield Curve Modeling
Supervisor: Dr. András Zempléni

Ágnes Szabó: Behavioral economics in actuarial mathematics (in Hungarian)
Supervisor: Dr. Miklós Pintér

Dávid Szabó: VaR calculation methods (in Hungarian)
Supervisor: Miklós Arató


András Bebes: An Overview of the Classification of Risk Measures According to Various Risk Management Preferences (in Hungarian)
Supervisor: Dr. Péter Csóka

Anikó Fábián: Estimation of ruin probability with Cramér-Lundberg approximations (in Hungarian)
Supervisor: György Michaletzky

György Fegyveres: Methods of yield curve modelling through the comparison of spline and Nelson-Siegel type models (in Hungarian)
Supervisor: Dr. János Száz, Ágnes Vidovics-Dancs

Tamás Gombár: Mathematical and empirical properties of high frequency financial data (in Hungarian)
Supervisor: László Márkus

Réka Gondos: Reinsurance and Solvency II. (in Hungarian)
Supervisor: István Kerényi

Hegedűs Endre: Dependence modeling in non-life claims reserving (in Hungarian)
Supervisor: Arató Miklós

Blanka Kiss: Liquidity risk (in Hungarian)
Supervisor: Vilmos Prokaj

Bettina Klimaj: Lundberg approximations with insurance applications: Estimation of the time of ruin (in Hungarian)
Supervisor: György Michaletzky

János Sándor Luptovics: The effect of using longevity bonds on the solvency capital calculated under the Solvency II (in Hungarian)
Supervisor: Dávid Bozsó

Orsolya Nagy: IBNR reserves calculation methods (in Hungarian)
Supervisor: Ágnes Rádonyi

Berta Nánássi: Modelling of joint annuities with copula functions (in Hungarian)
Supervisor: Erzsébet Kovács

Barbara Orbán: Stochastic Claims Reserving Methods in Non-Life Insurance (in Hungarian)
Supervisor: Gabriella Antalffy-Németh

András Stark: The role of joint distributions in operational risk (in Hungarian)
Supervisor: Péter Medvegyev, Örs Szilágyi

Mónika Szikszai: Valuation of CDS index options (in Hungarian)
Supervisor: Gábor Molnár-Sáska

Dóra Edit Talabér: Modeling of claim counts' distribution (in Hungarian)
Supervisor: Vilmos Prokaj

Beáta Tóth: Conversion of savings to life annuities (in Hungarian)
Supervisor: Kolos Csaba Ágoston

Nikolett Töttösi: Detecting asset price bubbles (in Hungarian)
Supervisor: András Zempléni


Teréz Balogh: An analysis of factors affecting insurance agent's performance (in Hungarian)
Supervisor: Miklós Arató

Péter Bayer: Ambiguity neutrality
Supervisor: Miklós Pintér

Gábor Czigány: Game theory and finances (in Hungarian)
Supervisor: Dr. Péter Csóka

Hutvágner Ivett: The comparison of the sweden and the german pension systems (in Hungarian)
Supervisor: Viszkievicz András

Péter Kerényi: Risk capital allocation and examination of the Shapley value risk capital allocation method with simulation tools (in Hungarian)
Supervisor: Péter Csóka

Péterné Szabari: The modeling of insurances public procurement with cooperative game theory methods (in Hungarian)
Supervisor: Miklós Pintér

Beata Tunde Szabo: CDO pricing: the Gaussian copula and correlation expansions (in Hungarian)
Supervisor: Dr. Gabor Molnar-Saska

David Zoltan Szabo: Spectral risk measures for determining the risk of holding stocks (in Hungarian)
Supervisor: Dr. Peter Csoka

Gábor Szalai: Fleets in the automobile insurance (in Hungarian)
Supervisor: Erika Kelemen

András Tóth: Generalized linear models in insurance (in Hungarian)
Supervisor: János Szamoránsky

Viktória Varga: Possible techniques for the integration of a risk premium based on income contingent student loan system - In particular the effects of cross-financing (in Hungarian)
Supervisor: Dr. Edina Berlinger


Viktória Csépány : Extreme sports in accident insurance (in Hungarian)
Supervisor: Miklós Arató

Bea Eitner: Estimated balance of the National Health Insurance Fund (in Hungarian)
Supervisor: Ákos Ribényi , András Viszkievicz

Ákos Englert: The spatial median (in Hungarian)
Supervisor: Károly Mályusz

Judit Faragó: Actuarial models in disability insurance (in Hungarian)
Supervisor: Erzsébet Kovács, László Szegő

Orsolya Kocsis: The effect of dependences into the incolvency probabilities (in Hungarian)
Supervisor: Miklós Arató

Attila Lukács: Forecasting of Hungarian mortality rates (in Hungarian)
Supervisor: Erzsébet Kovács

László Szepesváry: Modelling market and life insurance risks in Solvency 2 (in Hungarian)
Supervisor: Péter Vékás

Tolnai, Katalin Viktória: Risk Measuring in Non-life Insurance in Solvency 2 (in Hungarian)
Supervisor: Lilli, Róbert

Krisztina Török: Solvency II: Presentation of the life and health insurance risk modules by example of a unit-linked insurance (in Hungarian)
Supervisor: Péter Vékás

Gábor Tóth: Max-stable processes and their application to modelling extreme insurance risks (in Hungarian)
Supervisor: András Zempléni

Viktor Varga: Structural analysis of income on the hungarian generation of 1968 (in Hungarian)
Supervisor: Edina Berlinger


Zsuzsanna Jankó: Generalized stable matchings: theory and applications
Supervisor: Tamás Fleiner

Vivien Éva Radocha: Pension Point Systems (in Hungarian)
Supervisor: Erzsébet Kovács

Laszlo Sajtos: nalyzing the relationship of financial datasets, especially detecting the effects of crisis. (in Hungarian)
Supervisor: Andras Zempleni

András Szigethy: Influence of reinsurance on ruin probability (in Hungarian)
Supervisor: Miklós Arató

Edina Tárnok: Modelling of husband's and wife's life-span in case of multi-life insurance policies (in Hungarian)
Supervisor: Péter Vékás