Qualification: PhD
Position :Lecturer
Department: Mathematics and Actuarial Sciences
Address: P.O. Box 43844, 00100,Nairobi, Kenya
Email: This email address is being protected from spambots. You need JavaScript enabled to view it., This email address is being protected from spambots. You need JavaScript enabled to view it.

Skype: ananda.kube


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Financial mathematics originated in the early 1970s with the seminal papers of Black, Scholes and Merton and subsequently led to tremendous growth in derivative markets. The financial crisis of 2008 exacerbated current practice and this necessitated a change to prudent risk management techniques. The mathematical techniques widely applied include: probability theory, machine learning (FinMetrics), stochastic calculus, extreme value theory to develop solutions for such complex financial issues. Dr. Ananda has research interests in Financial Econometrics, Computational Statistics, Time Series and Financial Risk Analysis. He is currently enrolled with the CFA Institute for professional training in financial analysis. Up to date, he has a couple of collaborative publications in Financial Derivative Pricing and Risk Management based on Economic Time Series with Time-Varying volatility. He is a member of The Actuarial Society of Kenya (TASK), The Kenya National Statistical Society (KNSS) (holding position of the Coordinator Nairobi region) and The International Biometric Society (IBS) as professional societies.


  • Kithinji, M. M., Mwita, P. N., and Kube, A. O. (2021). Adjusted Extreme Conditional Quantile Autoregression with Application to Risk Measurement. Journal of Probability and Statistics, 2021.
  • Mohammed G. T., Aduda J. A. and Kube A. O. Modeling Exchange Rate Volatility Dynamics of the Great Britain Pound to Ethiopian Birr Using the Semi-Parametric Non-Linear Fuzzy-EGARCH-ANN Model (2020) Journal of Mathematical Finance 10 (4), 598 - 611
  • Mohammed G. T., Akinyi J. A. and Kube A. O. Improving Forecasts of the EGARCH Model using Artificial Neural Network and Fuzzy Inference system.(2020). Hindawi Journal of Mathematics 2020, 1 -14
  • Azumah K., Ananda K. and Bashiru S. I. I. Modelling of Monthly meteorological Time Series. (2020). Journal of Statistical and Econometric methods 9(14) 117-136
  • Azumah K., Ananda K. and Bashiru S. I. I. Penalized Maximum Likelihood Estimation of semi-parametric Generalized Linear models with applications to Climate Temperature data (2020) 8(4) 479 - 486
  • Azumah K., Ananda K. and Bashiru S. I. I. Functional Time Series Analysis of Land surface Temperature. (2020) International Journal of Statistics and Probability 9(5) 1 - 61
  • Nelson Y., Aduda J. and Kube A. Volatility spillover effects among securities Exchanges in East Africa. (2019). International Journal of Economics and Finance 11 (10), 32 - 41
  • Bekele D., Kube A. and Ikpe D. C. Portfolio optimization in Jump Models under Inefficiencies in the market by conditioning on information flow (2019), Global Journal of Pure and Applied Mathematics 15 (2), 169 - 184
  • Nathaniel H., Kube A. and Ikpe D. C. On the derivation of the pricing equation of collateralized Deals using BSDE approach. (2018), Global Journal of Pure and Applied mathematics 14 (12) 1551 - 1567
  • Dereje B., Ananda O. K. and Ikpe D., Optimal Portfolio of investors under Inefficiencies in Jump Market. (2018), Journal of Mathematical Finance. ISSN Online: 2162-2442, Vol 8, pp 562 - 575
  • Kemboi, G. K. K., Ananda, O. K., Mutua M. J., and Muriithi F. D. Regularized Nonlinear Trimmed Squares Estimator in the presence of Multicollinearity and outliers. American Journal of Theoretical and Applied Statistics. Vol 7, issue 4 (2018), pp 156 - 162
  • Teferi D. W., Ngare P. and Kube A. O. Pricing floating strike look-back put option under Heston stochastic volatility, Global Journal of Mathematical Sciences:Theory and Practical. ISSN 0974-3200 Volume 9, Number 3 (2017), pp. 427-439 (2017) 
  • Hategekimana N., Ikpe D. and Kube A., Pricing collateralized deals under BSDE approach. (Submitted for publication).
  • Kube, A. O. and Odongo, L. O., Mwita, P. N. Conditional CAPM in Financial Risk Management: A Quantile Autoregression approach. Institute of Mathematical Sciences (IMS), 2012
  • Kube, A. O., Kihoro, J. M. and Mwita, P. N. Artificial Neural Networks and Exchange Rates. Proceedings of 2009 Scientific Conference “Physical and Biological Sciences for Industrial and Socio-Economic Development” 5th - 6th May 2009.


  • Third Kenyatta University International Mathematical Conference, June 2019. Paper presented: Contagion processes in financial markets.
  • Strathmore Mathematics Conference, 2012. Presented paper Conditional CAPM in Financial Risk Management: A Quantile Autoregression approach
  • First Kenyatta University International Mathematics Conference, 2011, Kenyatta University Conference Centre, Nairobi, Kenya, June 8-10, 2011 presented: Quantile auto regressions and financial risks, 2011
  • Regional Congress of Actuaries in Africa, Crowne Plaza Hotel, Nairobi-Kenya, November 2-4, 2011
  • Watershed management for the East Africa regions Dar es Salaam University, 2011
  • Watershed management for the East Africa regions Makerere University, 2010