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Finance PhD programme

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A global reputation. Outstanding connections to world-leading financial institutions. 22 full-time finance faculty members. Just three of the reasons why exceptional scholars choose to study for a PhD at London Business School.

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We prepare the next generation of scholars to undertake cutting-edge research. Find out how they’re pushing the frontiers of their individual subject area.

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Benefit from our central London location. Enjoy our vibrant campus environment. Welcome to a dynamic student and alumni community that provides lifelong engagement and opportunity.

Ready to join the LBS PhD programme? We’d love to hear from you.

Interested in applying? We recruit students through our annual PhD application process.

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PH.D. PROGRAM

• Frequently Asked Questions

Finance Ph.D. Placements

 *Please note, placements are within one year of graduation.  .

UCL School of Management

University college london, phd programme in financial economics.

Start date:  September 2024 Duration: 5 years (1 year MRes + 4 years PhD) Fees:  We offer fully-funded scholarships to all admitted students who have applied by the 31 January 2024 (see details below)  Application deadline:  31 January 2024, 17:00 UK time (late applications submited by the 05 April 2024 may still be considered, see details below) Entry:  Applicants must hold a distinction in a master’s degree in Economics or a closely related subject. Applicants must demonstrate a high level of analytical and quantitative skills (such as in mathematics and statistics), evidenced by strong performance in relevant modules taken on previous degree programmes and/or through relevant standardised test performance (such as GRE Quantitative of at least 160). International students, please note that UCL’s English language requirement for this programme is a ‘ Level 2 ’ (IELTS and TOEFL are the preferred test, however others on the UCL recognised test list will be accepted if required) - further details regarding this can be found on the  UCL English Language Requirements  page.

The MRes and PhD in Financial Economics is a joint programme between the UCL Department of Economics and the UCL School of Management.

The MRes programme is the first year of the five-year integrated MRes/PhD programme in Financial Economics. The MRes programme will provide you with training in research methods together with an advanced understanding of financial economics, to enable you to conduct insightful and original PhD level research in financial economics. 

The MRes will firstly provide quantitative training in microeconomics, macroeconomics, econometrics, and finance. These will be taught in the context of cutting-edge research and relevant applications. Secondly, it will provide you with analytic frameworks and transferable skills that will allow you to identify relevant and promising research topics, present ideas in order to obtain feedback, and provide feedback yourself. 

The subsequent years (for students who progress from the MRes to MPhil) will focus on the skills you will need to run research projects to completion and to present completed research projects to various kinds of specialised audiences. Likewise, teaching skills will also be developed.

PhD Structure

• The MRes programme consists of taught modules (Microeconomics, Macroeconomics, Econometrics. Real Analysis and Probability with Economic Application), a hybrid module (Financial Economics) with taught components and research based components, and a research project in the final part of the year. For the MRes project, you work under supervision to design and carry out a substantial piece of original research. This enables you to gain a deep understanding of the entire research process.
• Superior performance is required for automatic progression from MRes to MPhil. In particular, students should achieve an average mark of not less than 60% in the independent, original research components of the programme, and not less than 50% in the taught element.
• Our highly selective and small-sized PhD programme ensures that each student receives personal attention and guidance from our faculty members throughout their doctoral study. The close mentorship process forms the foundations of a successful academic career. At the same time, you will be part of both the School of Management PhD cohort and the Economics PhD cohort, with which you will share most of the taught modules.
• We expect our PhD graduates to have as their goal an academic career as a faculty member in a top business school or Economics department or in the research group of an international institution or a central bank.

Students take a total of 180 credits in the MRes year. This is made up of the MRes Research Project (MSIN0135) and 75 credits of compulsory taught modules. 

All modules in the MRes year are core modules, there are no optional modules. 

• ECON0107 - Macroeconomics, 15 credits  
• ECON0106 - Microeconomics, 15 credits  
• ECON0108 - Econometrics, 15 credits  
• ECON0118 - Real Analysis and Probability with Economic Applications, 15 credits
• MSIN0234 - Topics in Financial Economics, 30 credits  
• MSIN0135 - MRes Financial Economics Research Project, 105 credits  

The programme is delivered through a combination of lectures, seminars, and class discussion. Student performance is assessed through presentations, coursework, projects, and examinations. 

Students will study 4 compulsory taught modules. A typical taught module is taught over two terms (2 x 10 weeks) with 4 hours of contact hours per week (3 hours of lecture + 1 hour of review session). In addition, students spend approximately 6-8 hours a week for each module on assessment and independent study to further develop the skills and knowledge covered in lectures and seminars.  

Students will also undertake a substantial research project, which would usually start in Term 2 and be completed over the Summer. The total number of weekly hours will vary according to the weekly activities being undertaken.

Why choose us

What makes us different:.

Unlike many PhD Programmes in finance, our programme has a full anchor in economics and econometrics. Hence, we offer a unique world-class environment that combines the best of a leading business school, located in Canary Wharf, the heart of London’s modern financial district, and the tradition of economic research and teaching of the Department of Economics, which is located in Bloomsbury, London’s historical intellectual centre.

If you want to become an academic economist conducting research in finance, this programme is for you.  

UCL School of Management and the Department of Economics  

Founded in 2007, UCL School of Management has forged a reputation for world-leading research in management studies with 95% of the School’s research deemed to be world-leading or internationally excellent, the second highest percentage of any business school in the UK, according to the 2021 REF . The PhD programme is an integral part of our School’s active and ambitious research environment where students receive rigorous academic training and personalised research mentorship. 

The UCL Department of Economics has an outstanding international reputation in key areas of current research. The Department ranked top in the UK for research environment and outputs in the field of Economics and Econometrics in the 2021 REF . 

Our research programme offers a unique education and research experience with the intent of preparing you for scholarly careers at the highest level. Our highly selective and small-sized programme ensures that you receive personal attention and an opportunity for guidance from our world-leading scholars. The close mentorship process forms the foundations of a successful academic career. 

As a research student you will join a highly active research environment which involves frequent research seminars and visits by leading scholars worldwide, reading groups, brown bag seminars and panels in which PhD students and faculty members present and discuss their ongoing work. Such forums provide an excellent opportunity to receive critical constructive feedback on your research and to develop academic, generic and transferable skills.

Applications

Applying for our mres/phd programme.

Entry requirements and admissions criteria:

Applicants to the MRes+PhD programme must hold a distinction in a master’s degree in Economics or a closely related subject. Applicants must demonstrate a high level of analytical and quantitative skills (such as in mathematics and statistics), evidenced by strong performance in relevant modules taken on previous degree programmes and/or through relevant standardised test performance (such as GRE Quantitative of at least 160). Submitting a GRE test result is encouraged but not compulsory and is only one of the components used to assess the strength of applications. 

We only have a single intake in September. We accept applications throughout the year. Successful candidates who have submitted their MRes application by 31 January 2024 will receive a scholarship (full fee waiver plus a stipend). Successful candidates who have submitted their application after this date may receive a scholarship subject to availability, or will come with their own funding.

In your personal statement you are expected to suggest one or more faculty members as potential supervisors. On the application form you may see that it states that it is preferred that you contact potential supervisors beforehand. However, we strongly discourage applicants from contacting individual faculty members or potential supervisors when applying to our programme. All applications are first evaluated by a joint admissions committee, so contacting potential supervisors separately will not increase your chances.

We also require you to submit IELTS or TOEFL scores if English is not your first language. Our School requires a “Level 2” English language qualification which corresponds to:

IELTS: Overall grade of 7.0 with a minimum of 6.5 in each of the sub-tests.

TOEFL: Score of 96 overall, plus 24/30 in the reading and writing subtests and 22/30 in the listening and speaking subtests. 

Application Deadline

The application window closes 31 January 2024 (17:00 UK time) and a late submission window closes on 05 April 2024 (17:00 UK time). We advise those interested in the programme to apply before 31 January 2024, as those applying in the late submission window will only be considered if there are still places remaining.

Application Procedure

Apply via UCL Postgraduate Admissions System here . When starting the application, you must select the MRes Financial Economics option. In addition to filling out the online application form, please upload a copy of the following documents:

• Official Transcripts of Grades / Course marks
• A 1 page personal statement that clearly indicates: (i) your research interests and preliminary research ideas, (ii) potential faculty member(s) you may want to work with (this is a suggested list, you don’t need to contact potential supervisors beforehand), and (iii) your motivation to do a PhD.
• Your  GRE  score report, if you took the test.
• Your IELTS/TOEFL score report, if English is not your first language.

Funding/Scholarships

We offer fully funded five year scholarships to all admitted students who apply before the 31 January 2024. The scholarship is open to all nationalities. It covers all tuition fees, and includes an annual stipend of £25,000 which is tax-free. 

Successful candidates who have submitted their application after 31 January 2024 may receive a scholarship subject to availability or will come with their own funding.

Additional Costs

This programme does not have any compulsory additional costs outside of purchasing books or stationery, printing, thesis binding or photocopying.  Students may have the opportunity to participate in conferences in the UK and internationally. The UCL School of Management provides MRes/PhD students with an annual budget for conferences, which students will use to cover the travel, accommodation, food and other costs whilst at conferences, in line with UCL’s expenses policy. 

Further Information and Contact Details

The full-time MRes/PhD programme runs from September each academic year. Entrance is therefore every September. While we may accept applications until 05 April 2024 we encourage candidates to apply as early as possible. Our programme is very selective and we only admit a limited number of students, so applying before 31 January 2024 increases your chances.

How to Apply

For queries about the MRes/PhD Programme that are not addressed on our web pages, please contact [email protected] .

Video Library

Frequently Asked Questions about the UCL School of Management MRes/PhD Programme

Programme Information

Application process, admissions requirements.

Students are required to possess a “Level 2” English language qualification if it is not their first language. This means: TOEFL: Score of 96, plus 24/30 in the reading and writing, and 22/30 in the listening and speaking subtests. IELTS: Overall grade of 7.0 with a minimum of 6.5 in each of the subtests.

Further Information

If you have any other questions regarding the programme that are not addressed on our web pages please email the programme team ( [email protected] )

Recent Graduates and Current Students

The Ph.D. program in financial economics has an outstanding and impressive track record in terms of quality of placements and research. Below are a list our graduates, and placements.

Financial Economics Graduates

Law/financial economics joint degree graduates.

Quinn Curtis (2011) Initial Placement at University of Virginia

Ofer Eldar (2016) Duke University

Adriana Robertson (2017) University of Toronto

Rahul Goravara (2021) Cornerstone Research

Current Students

Joseph Leland Bybee (email) MS, Statistics, University of Michigan BA, Economics, University of Chicago

Xugan Chen (email) BS, Mathematics, Zhejiang University

Abhishek Dev (email) BS, Finance, Bard College

Tania Diaz-Bazan (email) MS, Economics, Universidad de La Plata BA, Economics, Universidad Catolica de Cuyo

Ben Gardner (email) BS, Computer Engineering, Brigham Young University

Pranav Garg (email) MS, Economics, Paris School of Economics BA, Economics, University of Delhi

Leandro de Miranda Gomes (email) MS, Economics, Pontificia U Catolica Rio De Janeiro BS, Economics, State University of Santa Catarina

Weiting Hong (email) MA, Economics, Columbia University BS, Finance, New York University

Allen (An) Hu (email) BE, Industrial Engineering, Tsinghua University

Daniel (Zongsheng) Huang (email) Bachelors, Economics,Tsinghua University MS, Finance, University of Chicago

Dong Huang (email) Masters, Finance, Tsinghua University BS, Economics and Mathematics, Tsinghua University

Kwon Yong Jin (email) JD, Law, Yale Law School BA, Economics, Harvard University

Barry Shikun Ke (email) BS, Applied Mathematics, Columbia University

Pengcheng Liu (email) MS, Finance, Chinese University of Hong Kong BS, Finance, Renmin University of China

Tianshu Lyu (email) MS, Finance, Massachusetts Institute of Technology BS, Computer Science, New York University Shanghai

Jamil Abdur Rahman (email) BA, Economics, Cornell University

Haley Ru (email) BA, Economics, University of Hong Kong

Tudor-David Schlanger (email) BA, International & Developmental Economics, University of British Columbia

Paul Schmidt-Engelbertz (email) BA, Economics, Oxford University

Kaushik Vasudevan (email) BA, Statistics, University of Chicago

Yi Wang (email) Bachelors, Finance, Wuhan University MS, Finance, New York University

Yiyuan Wang (email) BA, Finance, Tsinghua University

Hongyu Wu (email) BBA, Economics, Chinese University of Hong Kong MA, Mathematics, Columbia University

Nicholas Wuthenow Anglarill (email) BS, Economics, Ludwig Maximilians University

Yingxuan Yang (email) BA, Economics, Nankai University MS, Economics, London School of Economics

Dolly (Yang) Yu (email) BS, Economics, University of Toronto MA, Economics, Yale University

Daojing Zhai (email) BS, Physics, Nanjing University

Kangying Zhou (email) MS, Applied Mathematics, University of Chicago BS, Economics, Huazhong University of Science

Choose start date: Start date: September 2024 Duration: Five to six years Deadline: Applications are now closed Fee: Fully funded Location: London, UK Funding and scholarships Career impact

Applying for the Doctoral programme

Are you ready to ignite your extraordinary potential within a forward-thinking Business School? At Imperial we take a holistic approach to admissions, attracting a diverse range of individuals with varied backgrounds to foster an enriching learning experience. Looking beyond your professional qualifications, we also consider who you are, what motivates you and how you collaborate with others.

How to apply

Who are we looking for?

At Imperial, we are looking for well-rounded candidates with the aptitude and ambition to thrive in our PhD programmes and make a global impact as future leaders of business and society.

Entry requirements

Academic achievement.

A PhD at Imperial College London is a demanding academic qualification. We therefore look for evidence of strong and consistent academic performance and expect applicants to have high grades at undergraduate and Master’s level, including a strong dissertation.

From graduates of UK institutions, this would normally equate to a combination of at least an Upper Second Class Honours degree at undergraduate level and a Master’s degree awarded with Merit or Distinction. Please see the  College Country index  for the international equivalent of these qualifications, though please bear in mind that the Business School may ask for higher grades than the College minimum.

In exceptional circumstances, we will consider candidates holding a strong First Class Honours undergraduate degree, without a Master’s, if accompanied by very strong academic references and outstanding CV and personal statement.

For general enquiries, please contact us at  [email protected]

What to expect – pre-requisite knowledge and training

As a PhD graduate of Imperial College Business School, you will be expected to have a solid foundation in quantitative research methods, understand the breadth of your research area and have in depth knowledge of your specific field demonstrated through your own original research. Graduates who are working in primarily qualitative fields are still expected to undertake core quantitative methods training.

To be able to succeed in the formal courses, as a minimum, you should have knowledge of:

Topics include functions, limits and continuity, differentiation, applications of the derivative, curve sketching, and integration theory, methods of integration, applications of the integral, Taylor’s theorem, infinite sequences and series.

Matrix Theory/Linear Algebra

Topics include matrix algebra, systems of linear equations, determinants, vector algebra and geometry, eigenvalues, eigenvectors, vector spaces, subspaces, bases, and dimension, linear transformations, representation by matrices, nullity, rank, diagonalization, inner products, adjoints, unitary, and orthogonal transformations.

Topics include fundamentals of probability theory, confidence intervals, and tests of hypothesis for normal distributions, one- and two-sample tests and associated confidence intervals for means and proportions, analysis of variance, F-tests, correlation, regression, contingency tables, and statistical analysis using the computer.

Data analysis and programming

During your courses and research, you will use a variety of analysis tools and programming languages, including R, STATA, MATLAB, Python – applicants who are not confident with programming should learn before enrolling. There are many open online courses available that make it feasible to learn. This  Data School  web page gives a good round up of some available resources as a starting point.

• Statement of purpose

One of the most important parts of our application form is the Statement of Purpose section. Although you are not expected to have your whole thesis planned at this stage, it is important to articulate your knowledge and ideas. It should include the following:

• Your motivation for undertaking the MRes and PhD
• A discussion of possible research areas that you might pursue
• Business School faculty you have identified that align with your research interests
• What interests you most about your chosen field of study

Relevant past study or research projects – in particular those completed with faculty

GMAT or GRE requirement

A GMAT or GRE score is a compulsory requirement to be considered for entry into the Doctoral programme at Imperial College Business School. This GMAT/GRE score must be submitted before we will consider an application. Please note that we do not make offers on the condition that a candidate achieves a satisfactory GMAT/GRE score.

There are only a few test dates per year in some countries or testing centres. It is highly recommended that applicants arrange a GMAT or GRE test at the earliest possible opportunity to ensure that they can submit a timely application.

To locate your nearest GMAT test centre, visit  www.mba.com  or for your nearest GRE test centre visit  www.ets.org/gre/ . Our GRE code is 0121.

Preferred scores

No preference between GRE and GMAT:

• Innovation and Entrepreneurship

Strategy & Organisational Behaviour

GRE preferred:

• Economics & Public Policy

All applicants are free to take either test and we understand that there are some countries where only one of these tests is available.

We expect applicants to have obtained strong scores across all elements of the exam. We consider strong scores to be in the 90th percentile or higher in either test.

For the GMAT Exam , our preferred total score is 700 or above. From the different test elements, scores in the 90th percentile roughly equate to: 50/60 in quantitative reasoning, 39/60 in verbal reasoning, 6/6 in analytical writing and 8/8 in integrated reasoning.

We also accept the GMAT Focus Edition (available from 7 November 2023). If taking this test, our preferred total score is 655 or above. We would also be looking to see scores in the 90th percentile in the Data Insights, Verbal Reasoning and Quantitative Reasoning components. Scores are valid for five years from your appointment date. 

From the different test elements, scores in the 90th percentile roughly equate to: 165/170 in quantitative reasoning, 163/170 in verbal reasoning and 5/6 in analytical writing.

English language requirement

All Doctoral students must meet our English language entry requirements. If you have a degree taught in English within the following countries, you meet the English requirement automatically: Australia, Canada, Guyana, Ireland, New Zealand, South Africa, United Kingdom, United States of America, West Indies. This applies only to degrees that were studied entirely and awarded in the relevant country.

For all other applicants, a full list of acceptable English language qualifications and our required scores can be found on our detailed  English language requirement page .

Most applicants meet the requirement in one of the following ways:

IELTS (academic): A minimum score of 7.0 with minimum scores of 6.5 in all elements.  The IELTS indicator test will be accepted for admissions to the 2023/24 academic year.

TOEFL iBT: A minimum score of 100 overall with minimum scores of 22 in all elements.  The ETS at Home test will be accepted for admission to the 2023/24 academic year.

• Duolingo English Test: 125 Overall with no less than 115 in any band score.
• IELTS, TOEFL and Duolingo scores are only valid if they are less than two years old on the programme start date
• TOEFL: You must meet the entry requirement in one test from your scaled scores ( ‘My Best Scores’ reported by TOEFL will not be considered ). For more information regarding TOEFL please visit the  ETS website . Please note if you would like ETS to send your TOEFL scores directly to the College, our TOEFL Institution Code is 0891.

You may submit your online application prior to meeting the English language requirement.

Start your application

Applications are made through our online application system, which gives you the flexibility to complete your application in your own time and save your progress. The form includes questions about you and your educational history to date.

If you wish to be considered for the Doctoral programme, please follow the steps below:

• Start a new application and search for “Business”. Select either Business (MRes 1YFT) or (MRes 2YFT) depending on which pathway you wish to apply for.
• Applicants applying for the Marketing or Analytics and Operations pathways will need to select Business (MRes 1YFT). Applicants applying for the Economics and Public Policy, Finance, Strategy and Organisational Behaviour or Innovation and Entrepreneurship pathways will need to choose Business (MRes 2YFT). You must only select Business [LISS DTP 1+3] (MRes 1YFT) if you are also planning on completing a LISS Case for Support.
• Once you have chosen either the Business (MRes 1YFT) or Business (MRes 2YFT) programme, you will need to select which pathway you wish to be considered for based on your research area of interest.
• You will also need to provide a brief outline of your primary research interest and indicate a potential supervisor.

Submit your supporting documents

Once you have submitted your application form, you will need to upload the following supporting information to complete your application in time for the application deadline you want to be considered by.

• Current resume/CV
• Complete degree transcripts
• Contact details of two academic referees
• GMAT/GRE test scores: you should have sat and have a valid test score that meets our requirements at the point of entry
• Evidence of English language qualification

It’s essential we receive your supporting documents  and  reference information before midnight (UK time) on Monday 8 January 2024.  Until we have received all the necessary documents, your application will not be complete and will not be processed.

Once the following information is uploaded, the Doctoral Admissions Team will assess your application and you will be contacted if any additional documents are required. Complete applications will then be considered by the Academic Selection Committee. Applications submitted without a GMAT or GRE score or without references will be considered incomplete and will not be considered.

If you are shortlisted by the Academic Selection Committee, you will be invited to an interview with a panel of faculty before a final decision is made. In the case of overseas candidates, we will arrange an interview by telephone or via Skype. 

Shortlisted candidates will normally be invited to interview by Friday 1 March 2024 at the latest.

Admissions decision

You will be notified of your application result by email as soon as possible after your interview. Following this, you will receive official notification via your Imperial Gateway account from the College Registry team. If you have been granted a place on the programme the official offer notification will let you know of any conditions that you need to complete to take up your place.

If you have any further questions about the application process, please see our FAQs.

Start your Doctoral journey today

Key dates and deadlines.

 Applications for 2024 are now closed.   Sign up to our mailing list to receive updates.

Funding your PhD

We offer a funded Doctoral programme at the Business School. This includes a full tuition fee waiver (Home/EU or Overseas fees) plus a living stipend for up to five years through the Business School Graduate Teaching Assistant Scholarship. Funding for a sixth year can be considered on a case-by-case basis, with the potential to undertake a teaching or research assistant studentship with one of the Business Schools research centres.

Some of our scholarship funding comes from EPSRC and ESRC for candidates who meet Research Councils UK’s academic and residential eligibility conditions. During the MRes you will have a discussion with our team to find out whether you are eligible to move onto any of these awards.

Funding and scholarships

The fees for both UK and international students are the same.   

Frequently asked questions

How do i apply and what documents do i need to submit with my application.

All applications to the Doctoral programme are made via our online platform. You will either need to select 'Business (MRes 1YFT)' or 'Business (MRes 2YFT)' based on your research area of interest. Further information can be found on our  Doctoral programme page .

Please refer to the 'How to apply' section of this page to see application deadlines, what documents you are required to submit with your application and to view the selection process.

When is the application deadline?

To find out more about application deadlines for our Doctoral programme please visit the 'How to apply' section of this page.

What do I need to include in my statement of purpose?

One of the most important parts of our application form is the ‘statement of purpose’ section. It should be no more than one or two A4 pages and should cover the following points:

• Your motivation for undertaking the programme
• A discussion of possible research areas that you might pursue and how these are a good fit for Imperial College Business School
• Relevant past study, industry, or research projects

Long-term career goals

I haven’t decided what area I want to specialise in for my PhD, what should I do?

You should browse the description of the different research groups in the Business School and the webpages of faculty members. This will give an overview of their research interests and current projects. The MRes gives you an opportunity to pursue potential interests through courses and a project prior to committing to the PhD.

Do I need a willing supervisor prior to application?

No, although in your application you should list a member of faculty you have identified as a potential supervisor. You can demonstrate in your statement of purpose how your research interests are aligned to a potential supervisor and the Business School.

Checking the research profiles of faculty members and Business School projects will give you an indication of whether the Business School is a good fit for you. If no faculty are working in your area of interest it is unlikely that you would be shortlisted, as we may not be able to provide supervisory support during your PhD.

During the MRes year, you will become part of the research community at Imperial College Business School and interact with faculty and other PhD students during taught courses and at seminars, which we hope will influence and help shape your research ideas for the PhD.

Are all applicants interviewed?

Not all applications progress to the interview stage of the selection process, however we interview all shortlisted candidates before making an offer. In the case of overseas candidates we will arrange an interview by telephone or via Skype.

Is GMAT/GRE a compulsory requirement?

Yes. A GMAT/GRE score must be submitted before we will consider an application. Any applications submitted without a GMAT/GRE score will be considered incomplete until we receive a score. Please note that we do not make offers on the condition that a candidate achieves a satisfactory GMAT/GRE score.

Do you offer Doctoral funding and stipend?

We offer a fully funded Doctoral programme at Imperial College Business School – this includes a tuition fee waiver and a stipend for up to five years. The 2024-25 rate of the Graduate Teaching Assistant scholarship stipend is £25,000. Rates are reviewed annually and are expected to increase for 2025-26 in line with Research Council UK rates. Stipends are tax-free and the continuation of the stipend will depend on your satisfactory progress on the programme.

What living costs should I allow for in London?

Living costs vary considerably depending on the area of London you choose to live in and your choice of accommodation.

Read more about  estimated London living costs  and  accommodation for postgraduates .

Do you offer Doctoral scholarships?

Within Imperial, we also have funding opportunities from various external studentships, including EPSRC, ESRC, and the Imperial College President’s PhD Scholarships .

Students who are eligible for other PhD  funding opportunities  that may be available to them are expected to apply for them.

How long does it take to complete the Doctoral Programme?

The Doctoral programme is structured to take between four to six years full-time. In the first year, all students undertake a one or two year MRes programme depending on their chosen research area specialism. Subject to satisfactory academic progress, students then progress to the PhD which takes between 3-4 years.

When does the academic year start?

The Doctoral programme has one intake each year in September and is spread over four to six years.

Do you offer any distance learning or part-time research programmes?

It is not possible to enrol on the Doctoral programme on a part-time or distance learning basis. Students must be in attendance throughout the full period of study.

Can I transfer from my current Doctoral programme to Imperial College Business School's Doctoral programme?

It is not usually possible to transfer onto the Doctoral programme as it is unlikely that previous studies would perfectly overlap with the School’s expertise.

Can I come to Imperial College Business School as a visiting student?

Imperial College Business School does not accept visiting student applications. On rare occasions students are invited to visit by an academic and are dealt with individually.

Can I have a part-time job whilst enrolled in the programme?

The Doctoral programme is full time. Students are able to undertake part-time work if this does not break any relevant visa and/or scholarship conditions, however the programme offers a living stipend to support students during their studies.

How many students do you accept onto the Doctoral programme every year?

Admission onto the Doctoral programme is highly competitive as we accept around 15 students each year, from a total of approximately 200 applications.

Is there a workspace assigned to Doctoral students?

There is a designated workspace which includes a computer and relevant software assigned to all enrolled Doctoral students. You will share working space with other PhD students in your cohort.

When will I receive my official offer?

When the Business School recommends an offer, the College Registry team will perform a final review of your application to make sure that all College entry requirements are met before making an official offer. This process can take up to three weeks from Business School recommendation.

Do I need to pay a deposit to secure my place?

No. This is not required as all places on the Doctoral Programme come with full funding.

How do I show that I’ve met the academic condition of my offer?

You will receive an email detailing what you are required to submit and where you need to submit relevant documents.

How do I show that I’ve met the English language condition of my offer?

IELTS and TOEFL certificates should be scanned and emailed to  [email protected] . If you have not yet received your certificates, you can email your IELTS Test Report Number or TOEFL 16 digit registration number to the Registry team.

If you have completed the Pearson Test of Academic English, please ensure you have sent your scores to Imperial via your  PearsonPTE account.

If you have completed another one of Imperial’s accepted English language qualifications, you will need to post the original, physical document to the Registry team to support this qualification. You will receive an email with more information and the address that the document will need to be posted to.

How do I find the Business School?

The Business School is located on the South Kensington Campus of Imperial College London. 

“The programme structure is different from many other business schools because during the first year at Imperial we study the Master’s of Research (MRes), which is focused on developing strong foundations before continuing to the PhD programme. This also gives us additional time to discover opportunities and find the right paths for our research. ”

The programme

Funding and scholarships, career impact, attend an event.

PhD Program

The Marshall PhD Program is one of the premier Business PhD programs in the world. With a diverse and outstanding faculty and a student-centered culture, we have achieved stellar success in placing our graduates in faculty positions at the top business schools in the U.S. and abroad.

Accounting PhD Program

The Accounting PhD program includes research focused on several accounting disciplines, including Financial, Managerial, and Auditing and Corporate Governance Accounting.

Data Sciences + Operations PhD Program

Operations Management studies how firms organize their resources and recurring activities in order to be competitive in cost, price, responsiveness and quality. The field stresses quantitative techniques ranging from applied probability to optimization and game theory.

Finance PhD Program

The finance Ph.D. program is designed to prepare students for academic careers in financial economics. Financial economics is the study of how individuals and firms raise and invest resources, and how financial assets are priced. Specific topics in asset pricing include the determinants of asset returns, pricing of risk, behavior of investors, and trading mechanisms. Specific topics in corporate finance include capital structure, payout policy, financial intermediation, internal capital markets, venture capital, mergers and acquisitions, and corporate governance.

Management + Organization PhD Program

MOR research includes the study of human behavior in organizational settings, the design of organizational structures and the relationship of organizations to their environments. MOR research draws on the basic disciplines of psychology, sociology and economics to investigate research questions in three general areas: organizational behavior, organizational theory and strategic management.

Marketing PhD Program

Marketing is an interdisciplinary field that examines the interactions of consumers and businesses in the marketplace. Academic research in marketing draws upon theories and methodology from a wide variety of fields, including psychology, sociology, mathematics, statistics, and economics. Faculty members in Marshall’s marketing department represent numerous theoretical backgrounds and substantive interests. As mentors, they encourage students to identify their own interests and develop the analytic and methodological skills to pursue their own research questions.

Marshall PhD Program

Maya Cratsley is a PhD Candidate in the Management and Organization department at USC Marshall.

PhD Program Benefits

Why pursue a Ph.D. at Marshall?

Because Marshall offers a distinct set of advantages that is rarely available at other schools.

World-Renowned Faculty

Marshall faculty are top-tier professionals with a passion for academia and research. Currently, Marshall Faculty rank 8th in the world in terms of publication output in the top business journals. Many of our faculty are thought leaders in their profession, conducting innovative and influential research, serving as editors at top journals, and taking leadership roles in research bodies and associations. During the past few years, Marshall has engaged in an aggressive and successful strategy to recruit some of the top researchers in various areas of business.

Student-Centered Culture

- Our student-centered program is based on flexibility, a collegial environment, free inquiry, informed risk taking and exposes students to top quality research early in the program.

- We employ a “learner-centered” approach, fostering intellectual partnerships between faculty and students as students hone their skills in identifying interesting research topics, conducting rigorous research, and presenting their research to academic and non-academic audiences.

- We maintain a high faculty-to-student ratio, allowing students to receive quality mentoring and to develop research and teaching skills under the apprenticeship of renowned faculty members.

- We strive for students to have ample co-authorship opportunities with faculty; most of our graduates produce multiple papers with faculty before graduation.

- Students have unmatched exposure to global cultures as USC is home to more international students than any other university in the United States.

- Graduates join two powerful networks with unsurpassed reach: the Trojan Family, with more than 375,000 USC alumni worldwide, and the Marshall Trojan Family, with 80,000 graduates in 123 countries.

Abundant Research Opportunities

At Marshall, we believe in exposing students to research early in the program and providing all the necessary support to prepare students for conducting top quality research. This includes providing resources such as state of the art computers/information systems support, innumerable research databases, behavioral labs, research grants and industry access. It also includes working with faculty on research projects, and receiving the necessary training, guidance and mentorship from a top-flight researcher.

Many of our Ph.D. students will publish at least one top journal paper along with faculty prior to graduation.

Cutting-Edge Curriculum

The Marshall Ph.D. program offers you the opportunity to explore your research interests and take advantage of the classes, centers and programs offered both within and outside of Marshall.

- Our curriculum includes numerous electives that can be taken within Marshall, at USC schools outside of Marshall and at other universities.

- USC offers more than 400 highly regarded graduate and professional programs that prepare students for leadership positions in research, education and professional practice.

- Our interdisciplinary approach to research includes productive collaborations with other USC professional schools and access to USC’s 100-plus research centers and institutes.

Competitive Financial Assistance

Fellowship & Graduate Assistantships

Accepted students receive a competitive fellowship and/or graduate assistantship package. The package includes full tuition, a generous stipend, health and dental insurance, and coverage of mandatory student health center fees. The combination of fellowship and graduate assistantship is guaranteed for five years for those who maintain satisfactory degree progress.

Outside Funding

Occasionally a student brings outside funding to replace or supplement the funding from the USC Marshall School of Business. Examples of outside funding sources include the Ph.D. Project, foreign governments, and the Accounting Doctoral Scholars program. Such funding is acceptable, but applicants should understand that funding source is not considered in the evaluation process. We accept only the top applicants regardless of the source of funding.

Research Support & Awards

Marshall Ph.D. students are provided with a discretionary account for teaching and research activities. The annual funding increases as the student progresses in the program into more research activities in the later years.

After advancing to candidacy, students become eligible for competitive research awards open exclusively to USC Marshall Ph.D. students. Past awards have been sponsored by the USC Graduate School, the Ford Foundation, the USC Marshall Lloyd Greif Center for Entrepreneurship and the USC Marshall James S. Ford Award.

Location Advantage

Marshall is located at the heart of Los Angeles and Southern California, giving students access to the people and places that make the region a global force. As one of the world’s most dynamic, diverse and successful business centers, Los Angeles is equal parts international trendsetter and cultural crossroads. Students at Marshall are immersed in a vibrant international city that is a major player in emerging economies across the Pacific Rim.The University of Southern California, one of the world’s leading private research universities, offers a global outlook as well as close ties with the local community, providing opportunities to gain real-world experience while making a lasting impact.

• ADMISSIONS INFO
• INFO SESSIONS

Our students have had job offers from top business schools including Stanford, MIT, Harvard, University of Chicago, Columbia, Cornell, UT Austin, Duke, NYU, Cambridge, London Business School, University of Michigan, Rochester, Nanyang, North Carolina, Emory, and others.

Shuping Chen, PhD '03

Current Position: Wilton E. and Catherine A. Thomas Professor in Accounting, University of Texas at Austin

Initial Placement: Foster School of Business, University of Washington, Seattle

Shuping is a highly published researcher in accounting with an emphasis in voluntary disclosure, who no holds an endowed chair in accounting at UT Austin. She is on the editorial board of The Accounting Review .

Ran Duchin, PhD '08

Current Position: William A. Fowler Endowed Professor at University of Washington (Seattle)

Initial Placement: University of Michigan, Stephen M. Ross School of Business

Ran has published extensively in the top finance journals in areas as disparate as corporate finance and behavioral economics. He was recently awarded an endowed professorship at the University of Washington in record time. He also serves as Associate Editor of the Review of Financial Studies .

Negin Golrezaei, PhD '17

Current Position: Assistant Professor of Operations, Sloan School of Management MIT

Initial Placement: MIT, Sloan School of Management

Prior to graduation, Negin won the University of Southern California Graduate School PhD Achievement Award. This prestigious award is granted to a select few graduating PhD students across the entire university. Negin's dissertation has also won two prestigious awards: the INFORMS Revenue Management and Pricing Section Dissertation Prize, and the Dantzig Dissertation Award.

FACULTY + RESEARCH

Select phd faculty, patricia dechow.

• Robert R. Dockson Professor of Business Administration
• Professor of Accounting, Finance and Business Economics

Professor Dechow's research focuses on accounting accruals, the quality and reliability of earnings, the use of earnings information in predicting stock returns, and the effect of analysts' forecasts on investors’ perceptions of firm value.

Mark Leroy DeFond

• A. N. Mosich Chair in Accounting
• Professor of Accounting

Professor DeFond is the A. N. Mosich Chair of Accounting, Leventhal School, University of Southern California. His research investigates issues in auditing, international accounting, and earnings management.

Nathanael Fast

• Jorge Paulo and Susanna Lemann Chair in Entrepreneurship
• Associate Professor of Management and Organization
• Director of the Neely Center for Ethical Leadership and Decision Making
• Co-Director of the Psychology of Technology Institute

Nathanael Fast studies the psychological underpinnings of power, leadership, and technology adoption. His research examines how power and status hierarchies shape decision making, how people’s identities shape their professional networks, and how AI is shaping the future.

Fast is Director of the Neely Center for Ethical Leadership and Decision Making and Co-Director of the Psychology of Technology Institute.

He received his PhD in Organizational Behavior from Stanford University and has been recognized for both teaching and research, including USC’s Golden Apple Teaching Award, the Dean’s Award for Excellence in Research, and Poets & Quants "best 40 B-school profs under the age of 40.

Peer C. Fiss

• Jill and Frank Fertitta Chair in Business Administration
• Professor of Management and Organization, and Sociology (by courtesy)
• Associate Vice Dean for Research

Peer is broadly interested in how meaning structures shape organizational actions. His work has been published in journals such as the Academy of Management Journal, Academy of Management Review, Administrative Science Quarterly, American Sociological Review, Journal of Management, Journal of Management Studies, Organizations Science, Organization Studies, MISQuarterly, and the Strategic Management Journal, among others. Peer has also been working for almost two decades on the use of set-analytic methods in the social sciences, specifically on the use of fuzzy set Qualitative Comparative Analysis (QCA) in management and related fields. Most recently he has been working on applying set-analytic methods to policy analysis, specifically the intersectionality of poverty. His recent book with Charles Ragin (UCI) is entitled “Intersectional Inequality: Race, Class, Test Scores, and Poverty” (University of Chicago Press, 2017).

• ALL PhD FACULTY

SELECT RESEARCH

"how do accounting practices spread an examination of law firm networks and stock option backdating".

Patty Dechow, Samuel Tan (2021)

The Accounting Review 96, 431-464

"Implied Equity Duration: A Measure of Pandemic Shutdown Risk"

Patty Dechow, Ryan Erhard, Richard Sloan, Mark Soliman (2021)

Journal of Accounting Research 59, 243-281

"Is It a Home Run? Measuring Relative Citation Rates in Accounting Research"

Patty Dechow, Richard Sloan, Jean (Jieyin) Zeng (2020)

Accounting Horizons 34, 67-91

"Understanding the Determinants of Analyst Target Price Implied Returns"

Patty Dechow, Haifeng You (2020)

Accounting Review 95, 125-149

"Virtual (freedom from) reality: Evaluation apprehension and leaders’ preference for communicating through avatars."

Roshni Raveendhran, Nate Fast, Peter Carnevale (2020)

"“Theorizing the Multiplicity of Digital Phenomena: The Ecology of Configurations, Causal Recipes, and Guidelines for Applying QCA"

YoungKi Park, Peer Fiss, Omar El Sawy (2020)

MIS Quarterly

"Director Networks and Innovation Herding"

Felipe Cabezon, Gerard Hoberg (2021)

"Product Life Cycles in Corporate Finance"

Gerard Hoberg, Vojislav Maksimovic (2021)

Review of Financial Studies Accepted

INSIGHT + ANALYSIS

Op-ed: if roe is overturned, democracy could be the best path forward on abortion.

John Matsusaka , the Charles F. Sexton Chair in American Enterprise, pens his thoughts for Politico .

Research: Do Employees Accept Behavior Tracking?

Research conducted by Nate Fast, Associate Professor of Management and Organization, and colleagues is discussed in Forbes .

Quoted: Peer Fiss in the Los Angeles Times

FISS , Jill and Frank Fertitta Chair in Business Administration, explains how a "poison pill" strategy works in a LOS ANGELES TIMES piece on Elon Musk's Twitter bid.

Recap: 40th Annual SEC and Financial Reporting Conference

DEAN WILLIAM HOLDER [Leventhal] and RICHARD SLOAN , professor of accounting, are mentioned in a recap of this year's conference by ACCOUNTING TODAY .

STAY CONNECTED

Ph.D. Program Marshall School of Business University of Southern California 3670 Trousdale Parkway, BRI 306 Los Angeles, California 90089-0809

Discover New Knowledge in Finance

Get Your PhD in Finance

Olin’s PhD in Finance emphasizes rigorous analytical training and prepares you to pursue a career in research and teaching at leading academic institutions across the globe.

As a PhD student in Finance, you will train alongside some of the most respected and accomplished academics in the world. Students in this program have strong quantitative backgrounds and analytical abilities, typically with undergraduate training in economics, mathematics, engineering or another quantitative discipline as well as high GMAT/GRE scores.

Finance research is mostly based on economic models, which are used to address problems such as the allocation of capital, risk and rewards in the economy. Empirical work widely uses the tools of econometrics—the application of statistics to economics. Mathematical tools are extremely important in finance, helping to solve sophisticated models that reflect, as closely as possible, the important features of the market.

You have the unique opportunity to benefit from and engage in corporate collaborations with partners such as Equifax and Alibaba. These collaborations have resulted in unique access to robust datasets and have already yielded several dynamic working papers.

Our research-active faculty members are easily accessible to you. Collaboration is encouraged early in the program, with faculty/student joint research resulting in co-authored papers published in important journals.

Our finance faculty members are active and renowned researchers dedicated to advancing the understanding of financial economics. Their research interests encompass many areas of finance, both empirical and theoretical topics, including banking and financial intermediation, corporate finance, corporate control and capital structure, mergers and acquisitions, asset pricing models, investments and portfolio allocation models, and market microstructure.

Research papers by faculty members have recently been published in well-respected journals such as:

• Journal of Finance
• Journal of Financial Economics
• Review of Financial Studies
• Econometrica
• Management Science
• Journal of Financial Intermediation
• Harvard Business Review

Read about collaborative research by Finance faculty and PhD students.

As part of the program, you have access to the Wells Fargo Advisors Center for Finance and Accounting Research (WFA-CFAR). In addition to organizing a number of conferences that bring cutting-edge researchers to Olin, WFA-CFAR also funds data acquisition and student travel.

PhD Finance

Olin’s PhD program in finance emphasizes rigorous analytical training and prepares you to pursue a career in research and teaching.

Research Center Collaboration

The Wells Fargo Advisors Center for Accounting Research is dedicated to the dissemination of cutting-edge research in finance and accounting.

PhD in Finance Curriculum

Prior to the first year, we require mandatory attendance at math camp (offered through the Economics department).

Required Courses

• MEC 610 Microeconomics I (3 credits)
• MEC 611 Microeconomics II (3 credits)
• L11 511 Quantitative Methods I (3 credits)
• L11 5161 Applied Econometrics (3 credits)
• B52 620 Empirical Methods in Finance (if available first year; if not, required in the second year)
• B52 652 Introduction to Asset Pricing
• B52 655 Introduction to Corporate Finance

Prerequisites for FIN 642

• B62 538 Stochastic Foundations for Finance
• B62 539 Mathematical Finance

Olin PhD Finance courses – you will take one of the following groups of courses:

• B52 FIN 643 Info Econ & Corp Finance Theory (3 credits) – Prof. Anjan Thakor
• B52 FIN 642 Advanced Continuous Finance (1.5 credits) – Prof. Phil Dybvig (Pre requisite: B62 539 Mathematical Finance and B62 538 Stochastic Foundations for Finance)
• B52 651 Topics in Finance (1.5 credits)
• B52 654 Empirical Methods in Asset Pricing (1.5 credits) – Prof. Asaf Manela
• Compulsory attendance in all finance brown bag lunches and Friday Seminars
• First-year summer paper; papers are due by end of September after the first year.
• In the summer of the first year, students must meet with the faculty coordinator to discuss progress and complete a progress report to be submitted to the PhD Office by September 1 after the first year.
• The Micro Prelim Exam is offered in August. Students must receive a “Distinction/Honors” or “PhD pass” to continue in the PhD program. One retake of the exam is permitted.
• In August after the first year, students must attend an RA/TA orientation offered by the Center for Teaching and Learning.
• B52 FIN 615A and B Research in Finance (both semesters)
• B52 620 Empirical Methods in Finance (if not taken during the first year)
• Directed readings and/or independent studies

Olin PhD Finance courses—you will take one of the following groups of courses:

Other Electives (see below for some choices)

• B50 665 Applied Empirical Research in Accounting
• B53 620 Empirical Methods in Business
• B50 664 Doctoral Seminar in Financial Accounting
• B55 675 Empirical Methods in Structural Modeling
• B62 500R Topics in Quantitative Finance
• E35 516 Optimization in Function Space
• L11 501 Macroeconomics I
• L11 518B Seminar in Applied Econometrics II: Time Series Analysis and Macroeconomics
• B54 661 Analysis of Time Series Data
• Compulsory attendance in all finance brown bag lunches and department seminars
• Second-year summer paper; papers are due by the end of September after the second year.
• Second-year paper—Students must have paper approved by faculty to continue in the PhD program. Papers will be presented to faculty in fall of the third year.
• Field exam, given in June after the second year. Students must pass the field exam to continue in the PhD program.
• In the summer, students must meet with the faculty coordinator to discuss progress and complete a progress report to be submitted to the PhD office by September 1.
• B25 615 A and B Research in Finance (both semesters)
• B53 660 Seminar in Presentation Skills (fall semester, required)
• Improvisation Course
• Compulsory attendance in all finance brown bag lunches and Friday seminars
• Second year paper (due in September of third year) must be presented during a brown bag seminar before October 30 and must be approved by the faculty to continue in the PhD program.
• Dissertation research
• Paper presentations (brown bag seminars and conferences)
• Dissertation Proposal—Students must be able to assemble a Research Advisory Committee for the proposal of their dissertation and must submit a Title, Scope and Procedure Form as the committee’s approval of the proposed dissertation by September 30 of the fifth year.
• Paper presentations (job market paper presentations with faculty and at conferences)
• Intent to Graduate (complete form online)
• Job market and placement
• Oral defense of dissertation
• Submission of Examination Approval form, which signifies committee’s approval
• Upload of final, approved dissertation to Graduate School of Arts &Sciences
• Submission of Documented Teaching Requirements to PhD office

Download Finance PhD course descriptions

Andreas Neuhierl

Assistant Professor

• [email protected]

Full Professor

• [email protected]
• 314.935.6384

Doctoral Programs

Campus Box 1133-124-05 One Brookings Drive St. Louis, MO 63130-4899

• [email protected]
• 314-935-6340

Office Hours: Monday–Friday 9:00 a.m. to 5:00 p.m.

Quick Links

• PhD & DBA Admissions
• PhD Bulletin
• Research collaborations PDF
• Greater St. Louis
• Pre-Doctoral Program

PhD in Management

Graduate Placements - PhD in Management

PhD in Management Graduates Placements

Ahn Yeonsin

Julia Bodner

Copenhagen Business School

Dmitry Chebotarev

Indiana University Bloomington

National University of Singapore

Vanderbilt University

Maria Langlois

Southern Methodist University

Kelly Nault

IE Business School

Dmitry Sumkin

University of Illinois, Urbana-Champaign (post-doc)

May-Anne Very

IESE Business School

Andres Alban

Institute of Technology Assessment, Massachusetts General Hospital  (post-doc)

Nicoló Bertani

Católica Lisbon School of Business & Economics

Philippe Blättchen

City University of London

Paula Andrea Cocoma

Frankfurt School of Finance and Management

Norwegian School of Economics

Paul Parker

Kansas University

Jaime Seo Yeon

ESMT Berlin

Marton Varga

Bocconi University

Ratnalekha Viswanadham

NYU Grossman (post-doc)

Jinyuan Zhang

Dinara Akchurina

University of Toronto

Bingfeng Cen

Shanghai University of Finance and Economics

Vivek Kumar Choudhary

Nanyang Technological University

Haoqing Grace Fan

Singapore Management University

Fatima Zahra Filali Adbi

Rolf Hoeffer

Chinese University of Hong Kong, Shenzen

Varun Karamshetty

Leena Kinger Hans

Indian School of Business

Arianna Marchetti

London Business School

Sujesh Nambiar

Grenoble School of Management

Christophe Pennetier

Utku Serhatli

Nova School of Business and Economics

Amy Ding Zhao

Technical University of Munich

Baruch College, City University of New York

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• Youth Program
• Wharton Online

PhD Program

• Program of Study

Wharton’s PhD program in Finance provides students with a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of economics.

The department prepares students for careers in research and teaching at the world’s leading academic institutions, focusing on Asset Pricing and Portfolio Management, Corporate Finance, International Finance, Financial Institutions and Macroeconomics.

Wharton’s Finance faculty, widely recognized as the finest in the world, has been at the forefront of several areas of research. For example, members of the faculty have led modern innovations in theories of portfolio choice and savings behavior, which have significantly impacted the asset pricing techniques used by researchers, practitioners, and policymakers. Another example is the contribution by faculty members to the analysis of financial institutions and markets, which is fundamental to our understanding of the trade-offs between economic systems and their implications for financial fragility and crises.

Faculty research, both empirical and theoretical, includes such areas as:

• Structure of financial markets
• Formation and behavior of financial asset prices
• Banking and monetary systems
• Corporate control and capital structure
• Saving and capital formation
• International financial markets

Candidates with undergraduate training in economics, mathematics, engineering, statistics, and other quantitative disciplines have an ideal background for doctoral studies in this field.

Effective 2023, The Wharton Finance PhD Program is now STEM certified.

• Course Descriptions
• Course Schedule
• Dissertation Committee and Proposal Defense
• Meet our PhD Students
• Visiting Scholars

More Information

• Apply to Wharton
• Doctoral Inside: Resources for Current PhD Students
• Wharton Doctoral Program Policies
• Transfer of Credit
• Research Fellowship

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• PhD Job Market
• News and event highlights

LSE Finance PhD Placements / Thesis Titles

• Huaizhi Chen , postdoc, Harvard Thesis title : Essays in empirical asset pricing
• Hoyong Choi,   Assistant Professor, Erasmus University
• Sergei Glebkin , Assistant Professor, Insead Thesis title : Three essays in financial economics
• Yiqing Lu , Assistant Professor, NYU Shanghai’s campus Thesis title : Essays on innovation incentives and compensation structure
• Milan Martinovic Thesis title, MPhil in Finance:   Insiders' selling decision of VC-backed IPOs and long-run post-IPO performance
• Seyed Seyedan , Assistant Professor, Sharif University of Technology Thesis title:  Essays in Financial Economics
• Ji Shen , Guanghua School of Management at Peking University Thesis title:  Essays on asset pricing in over-the-counter markets
• Luana Zaccaria , Assistant Professor, Einaudi
• Shiyang Huang,  Assistant Professor of Finance, University of Hong Kong Thesis title:  Essays on information asymmetry in financial market
• Victoria Dobrynskaya , Assistant Professor, Higher School of Economics Thesis title : Downside risk in stock and currency markets
• Jason Donaldson , Assistant Professor of Finance, Olin Business School, Washington University in St Louis Thesis title:  Essays in Financial Contract Theory
• John Kuong , Assistant Professor, INSEAD Thesis title:  Essays in Financial Economics
• Christian von Drathen , Assistant Professor of Finance, Jindal School of Management, The University of Texas at Dallas Thesis Title : Essays in Empirical Finance
• Jing Zeng , Lecturer, Frankfurt School of Finance and Management Thesis title:  Essays on the theories of financial intermediation
• Ping Zhou , Analyst in Market Risk Modelling, Deutsche Bank Thesis title:  Essays on Credit Risk
• Nelson Costa-Neto , Assistant Professor in Finance, Catholic University of Portugal (Lisbon) Thesis Title:  Essays on information asymmetry and financial institutions
• Pragyan Deb , Economist, International Monetary Fund First placement:  Economist, Bank of England Thesis title:  Essays on the Impact of Competition on Financial Intermediaries
• Sean Lew , Associate, Cornerstone Research Thesis title:  Essays on market microstructure
• Giorgia Piacentino , Assistant Professor of Finance, Olin Business School, Washington University in St Louis Thesis Title:  Theories of the effects of delegated portfolio managers' incentives
• Marcela Valenzuela , Assistant Professor, Universidad de Chile Thesis Title:  Essays in financial economics 
• Ilknur Zer , Economist, Board of Governors of the Federal Reserve System, Washington DC Thesis Title:  Essays in financial economics
• Vincent Fardeau , Assistant Professor, Frankfurt School of Finance and Management First placement:  Economist - Division of Research & Statistics, Board of Governors of the Federal Reserve System, Washington DC Thesis Title:  Essays in financial economics
• Thomas Maurer , Assistant Professor of Finance at the Olin Business School, Washington University in St. Louis Thesis Title:  Is Consumption Growth merely a Sideshow in Asset Pricing? - Asset Pricing Implications of Demographic Change and Shocks to Time Preferences
• Sitikantha Parida , Assistant Professor of Finance, Graduate School of Management, Clark University Thesis Title:  Essays on delegated portfolio  management
• Qi Shang , Assistant Professor at the Hanqing Advanced Institute of Economics and Finance, Renmin University of China Thesis title:  Essays in Asset Pricing and Institutional Investors
• Terence Teo Thesis title:  Essays in disclosure of holdings by institutional investors
• Gyuri Venter , Assistant Professor of Finance, Copenhagen Business School Thesis Title:  Essays on asymmetric information and trading constraints
• Yiyi Wang Thesis Title:  Rational bubble, short-dated volatility forecasting and profitable trade on implied volatility surface
• Yu-Min Yen , Postdoctoral Fellow, Academia Sinica, Taiwan
• Miguel Anton , Assistant Professor of Finance, IESE Business School, University of Navarra
• Dragana Cvijanovic , Assistant Professor of Finance, HEC Paris Thesis Title:  Essays in Real Estate Finance
• Nathan Foley-Fisher , Economist, International Finance Division, Federal Reserve Board
• Elizabeth Foote , Junior Associate, McKinsey
• Xiaoxia Hao , Asset Allocation and Strategic Research Department, China Investment Corporation Thesis title:  Patent Award and Informed Trading in Stock Market
• Zijun Liu , Economist, FSA Thesis Title:  Essays in Financial Intermediation
• Aytek Malkhozov , Assistant Professor, McGill University Thesis Title:  Essays in Asset Pricing
• Kenneth McKay , Risk Management, Morgan Stanley (Hong Kong)  Thesis Title:  Essays in contingent claims analysis
• Daniel Metzger , Assistant Professor of Finance, Stockholm School of Economics
• Zhigang Qiu , Assistant Professor of Finance, Hanqing Advanced Institute of Economics and Finance, Renmin University of China, Beijing. Thesis Title:  Essays on Delegated Portfolio Management
• Yuki Sato , Assistant Professor of Finance, University of Lausanne
• Marvin Siepman Thesis Title (MPhil in Finance):  Two essays on hedge fund risks and returns
• Claudia Custodio , Assistant Professor, Arizona State University Thesis Title:  Essays in Corporate Finance
• Fabian Garavito , Global Asset Allocation & Alternative Investments Research Team, JP Morgan Thesis Title:  Essays on delegated asset management
• Kalin Nikolov , European Central Bank Thesis Title:  Credit Frictions and the Macroeconomy
• Marco Protopapa , Vice President, Euro Area Economic Research, J.P. Morgan First placement:  Economist, European Central Bank Thesis Title (MPhil in Finance):  An Essay in Corporate Finance, Managerial Incentives, Financial Constraints and Ownership Concentration.
• Jan Bena  - Assistant Professor of Finance, Sauder School of Business, University of British Columbia Thesis Title:  Essays on the Interaction between Financial Development and Real Economy
• Alexander Bleck  - Assistant Professor of Accounting, Chicago Booth Thesis Title:  Disclosure and Trading Games in Financial Markets
• Pierre Chaigneau  - Assistant Professor of Finance, HEC Montreal Thesis Title:  Essays on CEO Compensation
• Anisha Ghosh  - Assistant Professor of Finance, Carnegie Mellon, Tepper School of Business Thesis Title:  Essays in Asset Pricing
• Keun Jung Lee Thesis Title:  Three Essays in Corporate Governance in Korea
• Christian Reusch  - Quantitative Analyst, Wadhwani Asset Management Thesis Title:  On the non-linear dynamics of financial market risk and liquidity
• Nikolaj Schmidt Thesis Title:  Essays in Financial Intermediation
• Gara Minguez Afonso  - Economist, Federal Reserve Bank of New York
• Sridhar Arcot , PhD 2007, Assistant Professor, ESSEC Business School, Paris Thesis Title:  Essays in Corporate Finance
• Valentina Bruno , Assistant Professor, Finance and Real Estate Department, American University Thesis Title:  Three Essays in Corporate Governance
• Michael Gabor Kollo , PhD 2007, Head of Quantitative Research and Risk, Renaissance Asset Managers First placement:  PhD Associate, BlackRock Investment Management (UK) Limited Thesis Title:  Essays on Financial Intermediation
• Xuewen Liu , PhD 2007, Lecturer, Imperial College London Thesis Title:  Essays on Corporate Finance under Information Asymmetry
• Peter Kondor , PhD 2006, Associate Professor of Economics, Central European University First placement:  Assistant Professor, Chicago Booth (formerly Chicago GSB) Thesis Title:  Higher-Order Expectations, Risky Arbitrage and Professional Investors
• Beatriz Mariano , PhD 2006, University Carlos III of Madrid Thesis Title:  Asymmetries of information in financial markets with applications to debt regeneration and financial certification 
• Freyan Panthaki , PhD 2006, Equity Derivatives & Synthetics Strategy, Deutsche Bank, Hong Kong First placement : Global Equity Derivatives Strategy, Deutsche Bank, New York Thesis Title:  Foreign Exchange Market Reactions to News: A Microstructure Analysis of Returns, Volatility and Order Flow from the Reuters D2000-2 Electronic Trading System
• Miguel Segoviano , PhD 2005, International Monetary Fund (IMF) Thesis Title:  'Portfolio Credit Risk Through Time: Measurement Methodologies'
• Andy Jobst , PhD 2005, Economist, International Monetary Fund (IMF) Thesis Title:  A Theoretical and Empirical Study of Asset Securisation: Risk Modelling, Security Design and Market Pricing
• Max Bruche , PhD 2005, Senior Lecturer in Finance, Cass Business School First placement:  Assistant Professor of Economics, CEMFI Thesis Title:  Structural Models of Corporate Bond Prices
• Spyros Pagratis , PhD 2005, Lecturer in Finance, Athens University of Economics and Business First placement:  Economist, Bank of England Thesis Title:  Asymmetric Information in Financial Economics: Asset Pricing, Liquidity Pricing and the Resolution of Financial Distress
• Paolo Colla , PhD 2005, Bocconi University Thesis Title:  Essays on Non-Fundamental Speculation, Trading Behaviour and Strategic Information Sharing
• Hassan Syed Naqvi , PhD 2005, Assistant Professor of Finance, National University of Singapore Thesis Title:  Essays on Financial Crisis: Implications for Debt-Pricing, Bail Outs and Resource Allocation
• Robert Kozowski , PhD 2002, Associate Professor, Imperial College London First placement:  Assistant Professor, INSEAD Thesis Title:  Essays on Mutual Fund Performance: Statistical Significance, Persistence and Business Cycle Time-Variation
• Jinhui Luo , PhD 2002, Researcher, Barclays Global Investors
• Josef Schuster , PhD 2002, Director, IPOX Schuster LLC
• Andrew Ellul , PhD 2001, Assistant Professor of Finance, Indiana University, Kelley School of Business
• Elena Carletti , PhD 2000, University of Mannheim
• Ulrike Hoffman-Burchardi , PhD 1999, Tudor Investments
• Gleb Sandmann , PhD 1997, Barclays Capital

PhD Program in Finance

Mark Westerfield [email protected] (206) 543-4578 Doron Levit [email protected] (206) 543-3021

Jarrad Harford [email protected] (206) 543-4796

For additional information on the PhD Program in Finance, with links to Admissions Criteria and Processes, visit the Finance Area Specialization Page .

Students Currently on the Market

Recent academic placements:, current students:.

Matt (Maitraya) Ghatak Kourosh Ghobadi Chris Liu Yizhen Liu Robin (Yifan) Luo Sophia Mao George Nurisso Hossein Poorvasei Mikhail Proshletsov Danial Salman Xuan Xie Claire Xu

Be boundless

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