Universal localisations and tilting modules for finite dimensional algebras

We study universal localisations, in the sense of Cohn and Schofield, for finite dimensional algebras and classify them by certain subcategories of our initial module category. A complete classification is presented in the hereditary case as well as for Nakayama algebras and local algebras. Furthermore, for hereditary algebras, we establish a correspondence between finite dimensional universal localisations and finitely generated support tilting modules. In the Nakayama case, we get a similar result using $\tau$-tilting modules, which were recently introduced by Adachi, Iyama and Reiten.