research areas in corporate finance

Research Topics & Ideas: Finance

120+ Finance Research Topic Ideas To Fast-Track Your Project

If you’re just starting out exploring potential research topics for your finance-related dissertation, thesis or research project, you’ve come to the right place. In this post, we’ll help kickstart your research topic ideation process by providing a hearty list of finance-centric research topics and ideas.

PS – This is just the start…

We know it’s exciting to run through a list of research topics, but please keep in mind that this list is just a starting point . To develop a suitable education-related research topic, you’ll need to identify a clear and convincing research gap , and a viable plan of action to fill that gap.

If this sounds foreign to you, check out our free research topic webinar that explores how to find and refine a high-quality research topic, from scratch. Alternatively, if you’d like hands-on help, consider our 1-on-1 coaching service .

Overview: Finance Research Topics

• Corporate finance topics
• Investment banking topics
• Private equity & VC
• Asset management
• Hedge funds
• Financial planning & advisory
• Quantitative finance
• Treasury management
• Financial technology (FinTech)
• Commercial banking
• International finance

Corporate Finance

These research topic ideas explore a breadth of issues ranging from the examination of capital structure to the exploration of financial strategies in mergers and acquisitions.

• Evaluating the impact of capital structure on firm performance across different industries
• Assessing the effectiveness of financial management practices in emerging markets
• A comparative analysis of the cost of capital and financial structure in multinational corporations across different regulatory environments
• Examining how integrating sustainability and CSR initiatives affect a corporation’s financial performance and brand reputation
• Analysing how rigorous financial analysis informs strategic decisions and contributes to corporate growth
• Examining the relationship between corporate governance structures and financial performance
• A comparative analysis of financing strategies among mergers and acquisitions
• Evaluating the importance of financial transparency and its impact on investor relations and trust
• Investigating the role of financial flexibility in strategic investment decisions during economic downturns
• Investigating how different dividend policies affect shareholder value and the firm’s financial performance

Investment Banking

The list below presents a series of research topics exploring the multifaceted dimensions of investment banking, with a particular focus on its evolution following the 2008 financial crisis.

• Analysing the evolution and impact of regulatory frameworks in investment banking post-2008 financial crisis
• Investigating the challenges and opportunities associated with cross-border M&As facilitated by investment banks.
• Evaluating the role of investment banks in facilitating mergers and acquisitions in emerging markets
• Analysing the transformation brought about by digital technologies in the delivery of investment banking services and its effects on efficiency and client satisfaction.
• Evaluating the role of investment banks in promoting sustainable finance and the integration of Environmental, Social, and Governance (ESG) criteria in investment decisions.
• Assessing the impact of technology on the efficiency and effectiveness of investment banking services
• Examining the effectiveness of investment banks in pricing and marketing IPOs, and the subsequent performance of these IPOs in the stock market.
• A comparative analysis of different risk management strategies employed by investment banks
• Examining the relationship between investment banking fees and corporate performance
• A comparative analysis of competitive strategies employed by leading investment banks and their impact on market share and profitability

Private Equity & Venture Capital (VC)

These research topic ideas are centred on venture capital and private equity investments, with a focus on their impact on technological startups, emerging technologies, and broader economic ecosystems.

• Investigating the determinants of successful venture capital investments in tech startups
• Analysing the trends and outcomes of venture capital funding in emerging technologies such as artificial intelligence, blockchain, or clean energy
• Assessing the performance and return on investment of different exit strategies employed by venture capital firms
• Assessing the impact of private equity investments on the financial performance of SMEs
• Analysing the role of venture capital in fostering innovation and entrepreneurship
• Evaluating the exit strategies of private equity firms: A comparative analysis
• Exploring the ethical considerations in private equity and venture capital financing
• Investigating how private equity ownership influences operational efficiency and overall business performance
• Evaluating the effectiveness of corporate governance structures in companies backed by private equity investments
• Examining how the regulatory environment in different regions affects the operations, investments and performance of private equity and venture capital firms

Asset Management

This list includes a range of research topic ideas focused on asset management, probing into the effectiveness of various strategies, the integration of technology, and the alignment with ethical principles among other key dimensions.

• Analysing the effectiveness of different asset allocation strategies in diverse economic environments
• Analysing the methodologies and effectiveness of performance attribution in asset management firms
• Assessing the impact of environmental, social, and governance (ESG) criteria on fund performance
• Examining the role of robo-advisors in modern asset management
• Evaluating how advancements in technology are reshaping portfolio management strategies within asset management firms
• Evaluating the performance persistence of mutual funds and hedge funds
• Investigating the long-term performance of portfolios managed with ethical or socially responsible investing principles
• Investigating the behavioural biases in individual and institutional investment decisions
• Examining the asset allocation strategies employed by pension funds and their impact on long-term fund performance
• Assessing the operational efficiency of asset management firms and its correlation with fund performance

Hedge Funds

Here we explore research topics related to hedge fund operations and strategies, including their implications on corporate governance, financial market stability, and regulatory compliance among other critical facets.

• Assessing the impact of hedge fund activism on corporate governance and financial performance
• Analysing the effectiveness and implications of market-neutral strategies employed by hedge funds
• Investigating how different fee structures impact the performance and investor attraction to hedge funds
• Evaluating the contribution of hedge funds to financial market liquidity and the implications for market stability
• Analysing the risk-return profile of hedge fund strategies during financial crises
• Evaluating the influence of regulatory changes on hedge fund operations and performance
• Examining the level of transparency and disclosure practices in the hedge fund industry and its impact on investor trust and regulatory compliance
• Assessing the contribution of hedge funds to systemic risk in financial markets, and the effectiveness of regulatory measures in mitigating such risks
• Examining the role of hedge funds in financial market stability
• Investigating the determinants of hedge fund success: A comparative analysis

Financial Planning and Advisory

This list explores various research topic ideas related to financial planning, focusing on the effects of financial literacy, the adoption of digital tools, taxation policies, and the role of financial advisors.

• Evaluating the impact of financial literacy on individual financial planning effectiveness
• Analysing how different taxation policies influence financial planning strategies among individuals and businesses
• Evaluating the effectiveness and user adoption of digital tools in modern financial planning practices
• Investigating the adequacy of long-term financial planning strategies in ensuring retirement security
• Assessing the role of financial education in shaping financial planning behaviour among different demographic groups
• Examining the impact of psychological biases on financial planning and decision-making, and strategies to mitigate these biases
• Assessing the behavioural factors influencing financial planning decisions
• Examining the role of financial advisors in managing retirement savings
• A comparative analysis of traditional versus robo-advisory in financial planning
• Investigating the ethics of financial advisory practices

The following list delves into research topics within the insurance sector, touching on the technological transformations, regulatory shifts, and evolving consumer behaviours among other pivotal aspects.

• Analysing the impact of technology adoption on insurance pricing and risk management
• Analysing the influence of Insurtech innovations on the competitive dynamics and consumer choices in insurance markets
• Investigating the factors affecting consumer behaviour in insurance product selection and the role of digital channels in influencing decisions
• Assessing the effect of regulatory changes on insurance product offerings
• Examining the determinants of insurance penetration in emerging markets
• Evaluating the operational efficiency of claims management processes in insurance companies and its impact on customer satisfaction
• Examining the evolution and effectiveness of risk assessment models used in insurance underwriting and their impact on pricing and coverage
• Evaluating the role of insurance in financial stability and economic development
• Investigating the impact of climate change on insurance models and products
• Exploring the challenges and opportunities in underwriting cyber insurance in the face of evolving cyber threats and regulations

Quantitative Finance

These topic ideas span the development of asset pricing models, evaluation of machine learning algorithms, and the exploration of ethical implications among other pivotal areas.

• Developing and testing new quantitative models for asset pricing
• Analysing the effectiveness and limitations of machine learning algorithms in predicting financial market movements
• Assessing the effectiveness of various risk management techniques in quantitative finance
• Evaluating the advancements in portfolio optimisation techniques and their impact on risk-adjusted returns
• Evaluating the impact of high-frequency trading on market efficiency and stability
• Investigating the influence of algorithmic trading strategies on market efficiency and liquidity
• Examining the risk parity approach in asset allocation and its effectiveness in different market conditions
• Examining the application of machine learning and artificial intelligence in quantitative financial analysis
• Investigating the ethical implications of quantitative financial innovations
• Assessing the profitability and market impact of statistical arbitrage strategies considering different market microstructures

Treasury Management

The following topic ideas explore treasury management, focusing on modernisation through technological advancements, the impact on firm liquidity, and the intertwined relationship with corporate governance among other crucial areas.

• Analysing the impact of treasury management practices on firm liquidity and profitability
• Analysing the role of automation in enhancing operational efficiency and strategic decision-making in treasury management
• Evaluating the effectiveness of various cash management strategies in multinational corporations
• Investigating the potential of blockchain technology in streamlining treasury operations and enhancing transparency
• Examining the role of treasury management in mitigating financial risks
• Evaluating the accuracy and effectiveness of various cash flow forecasting techniques employed in treasury management
• Assessing the impact of technological advancements on treasury management operations
• Examining the effectiveness of different foreign exchange risk management strategies employed by treasury managers in multinational corporations
• Assessing the impact of regulatory compliance requirements on the operational and strategic aspects of treasury management
• Investigating the relationship between treasury management and corporate governance

Financial Technology (FinTech)

The following research topic ideas explore the transformative potential of blockchain, the rise of open banking, and the burgeoning landscape of peer-to-peer lending among other focal areas.

• Evaluating the impact of blockchain technology on financial services
• Investigating the implications of open banking on consumer data privacy and financial services competition
• Assessing the role of FinTech in financial inclusion in emerging markets
• Analysing the role of peer-to-peer lending platforms in promoting financial inclusion and their impact on traditional banking systems
• Examining the cybersecurity challenges faced by FinTech firms and the regulatory measures to ensure data protection and financial stability
• Examining the regulatory challenges and opportunities in the FinTech ecosystem
• Assessing the impact of artificial intelligence on the delivery of financial services, customer experience, and operational efficiency within FinTech firms
• Analysing the adoption and impact of cryptocurrencies on traditional financial systems
• Investigating the determinants of success for FinTech startups

Commercial Banking

These topic ideas span commercial banking, encompassing digital transformation, support for small and medium-sized enterprises (SMEs), and the evolving regulatory and competitive landscape among other key themes.

• Assessing the impact of digital transformation on commercial banking services and competitiveness
• Analysing the impact of digital transformation on customer experience and operational efficiency in commercial banking
• Evaluating the role of commercial banks in supporting small and medium-sized enterprises (SMEs)
• Investigating the effectiveness of credit risk management practices and their impact on bank profitability and financial stability
• Examining the relationship between commercial banking practices and financial stability
• Evaluating the implications of open banking frameworks on the competitive landscape and service innovation in commercial banking
• Assessing how regulatory changes affect lending practices and risk appetite of commercial banks
• Examining how commercial banks are adapting their strategies in response to competition from FinTech firms and changing consumer preferences
• Analysing the impact of regulatory compliance on commercial banking operations
• Investigating the determinants of customer satisfaction and loyalty in commercial banking

International Finance

The folowing research topic ideas are centred around international finance and global economic dynamics, delving into aspects like exchange rate fluctuations, international financial regulations, and the role of international financial institutions among other pivotal areas.

• Analysing the determinants of exchange rate fluctuations and their impact on international trade
• Analysing the influence of global trade agreements on international financial flows and foreign direct investments
• Evaluating the effectiveness of international portfolio diversification strategies in mitigating risks and enhancing returns
• Evaluating the role of international financial institutions in global financial stability
• Investigating the role and implications of offshore financial centres on international financial stability and regulatory harmonisation
• Examining the impact of global financial crises on emerging market economies
• Examining the challenges and regulatory frameworks associated with cross-border banking operations
• Assessing the effectiveness of international financial regulations
• Investigating the challenges and opportunities of cross-border mergers and acquisitions

Choosing A Research Topic

These finance-related research topic ideas are starting points to guide your thinking. They are intentionally very broad and open-ended. By engaging with the currently literature in your field of interest, you’ll be able to narrow down your focus to a specific research gap .

When choosing a topic , you’ll need to take into account its originality, relevance, feasibility, and the resources you have at your disposal. Make sure to align your interest and expertise in the subject with your university program’s specific requirements. Always consult your academic advisor to ensure that your chosen topic not only meets the academic criteria but also provides a valuable contribution to the field. 

If you need a helping hand, feel free to check out our private coaching service here.

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Research Areas

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Manuel adelino.

Areas: Corporate Finance; Entrepreneurial Finance, Venture Capital, and Private Equity; Financial Intermediation; Household Finance; Climate and ESG

• Are lemons sold first? Dynamic signaling in the mortgage market, with Kris Gerardi and Barney Hartman-Glaser, Journal of Financial Economics 132 (2019) 1-25. [Article]
• Firm age, investment opportunities, and job creation, with Song Ma and David Robinson, Journal of Finance 72 (2017) 999-1038. [Article]
• Loan originations and defaults in the mortgage crisis: The role of the middle class, with Antoinette Schoar and Felipe Severino, Review of Financial Studies 29 (2016) 1635-1670. [Article]

Ravi Bansal

Areas: Asset Pricing; Macro Finance; Climate and ESG

• Socially responsible investing in good and bad times, with Di (Andrew) Wu and Amir Yaron, Review of Financial Studies 35 (2022) 2067-2099. [Article]
• Risk preferences and the macroeconomic announcement premium, with Hengjie Ai, Econometrica 86 (2018) 1383-1430. [Article]
• Risks for the long run: A potential resolution of asset pricing puzzles, with Amir Yaron, Journal of Finance 59 (2004) 1481-1509. [Article]

Areas: Corporate Finance

• How does hedge fund activism reshape corporate innovation?, with Wei Jiang, Song Ma, and Xuan Tian, Journal of Financial Economics 130 (2018) 237-264. [Article]
• Hedge fund activism, corporate governance, and firm performance, with Wei Jiang, Frank Partnoy, and Randall Thomas, Journal of Finance 63 (2008) 1729-1775. [Article]
• Competing theories of financial anomalies, with J.B. Heaton, Review of Financial Studies 15 (2002) 575–606. [Article]

Doug Breeden

Areas: Asset Pricing

• Consumption-Based Asset Pricing, Part 1: Classic Theory and Tests, Measurement Issues, and Limited Participation, with Robert Litzenberger, and Tingyan Jia, Annual Review of Financial Economics 7 (2015) 35-83. [ Article ]
• An intertemporal asset pricing model with stochastic consumption and investment opportunities, Journal of Financial Economics 7 (1979) 265-296. [ Article ]
• Prices of state-contingent claims implicit in option prices, with Robert Litzenberger, Journal of Business 51 (1978) 621-651. [ Article ]

Anna Cielsak

Areas: Asset Pricing, Macro Finance

• Common shocks in stocks and bonds, with Hao Pang, Journal of Financial Economics 142 (2021) 880-904. [Article]
• Stock returns over the FOMC cycle, with Annette Vissing-Jorgensen and Adair Morse , Journal of Finance 74 (2019) 2201-2248. [Article]
• Expected returns in Treasury bonds, with Pavol Povala, Review of Financial Studies 28 (2015) 2859-2901. [Article]

Areas: Asset Pricing, Macro Finance, Household Finance

• Structuring mortgages to macroeconomic stability, with John Campbell and Joao Cocco, Journal of Finance 76 (2021) 2525-2576. [Article]
• Borrow now, pay even later: A quantitative analysis of student debt payment plans, with Michael Boutros and Francisco Gomes, Working Paper. [Article]
• Demand elasticities nominal rigidities and asset prices, Working Paper. [Article]

Simon Gervais

Areas: Behavioral Finance; Financial Intermediation; Corporate Finance

• Transparency and talent allocation in money management, with Günter Strobl, Review of Financial Studies 3 3 (2020) 3889-3924. [Article]
• Overconfidence, compensation contracts, and capital budgeting, with J. B. Heaton and Terrance Odean, Journal of Finance 66 (2011) 1735-1777. [Article]
• Learning to be overconfident, with Terrance Odean, Review of Financial Studies 14 (2001) 1-27. [Article]

John Graham

Areas: Corporate Finance; Behavioral Finance; Climate and ESG

• Presidential address: Corporate finance and reality, Journal of Finance 77 (2022) 1975-2049. [Article]
• The economic implications of corporate financial reporting, with Cam Harvey and Shiva Rajgopal, Journal of Accounting and Economics 40 (2005) 3-73. [Article]
• How big are the tax benefits of debt?, Journal of Finance 55 (2000) 1901-1941. [Article]

Campbell Harvey

Areas: Asset Pricing; Corporate Finance; Entrepreneurial Finance, Venture Capital, and Private Equity; Behavioral Finance; FinTech

• Momentum turning points, with Christian Goulding and Michele Mazzoleni, Journal of Financial Economics 149 (2023) 378-406. [Article]
• False (and missed) discoveries in financial economics, with Yan Liu, Journal of Finance 75 (2020) 2503-2553. [Article]
• Presidential address: The scientific outlook in financial economics, Journal of Finance 72 (2017) 1399-1440. [Article]

David Hsieh

Areas: Asset Pricing; Macro Finance

• Empirical characteristics of dynamic trading strategies: The case of hedge funds, with William Fung, Review of Financial Studies 10 (1997),275-302. [Article]
• Margin regulation and stock market volatility, with Merton H. Miller, Journal of Finance 45 (1990) 3-29. [Article]
• Estimation of response probabilities from augmented retrospective observations, with Charles Manski and Daniel McFadden, Journal of the American Statistical Association 80 (1985) 651-662. [Article]

Paymon Khorrami

Areas: Asset Pricing; Macro Finance; Financial Intermediation; Behavioral Finance

• Commonality in credit spread changes: Dealer inventory and intermediary distress, with Zhiguo He and Zhaogang Song, Review of Financial Studies 35 (2022) 4630-4673. [Article]
• Rational sentiment and financial frictions, with Fernando Mendo, Working Paper. [Article]
• The risk of risk-sharing: Diversification and boom-bust cycles, Working Paper. [Article]

Areas: Corporate Finance; Entrepreneurial Finance, Venture Capital, and Private Equity; Financial Intermediation; Household Finance; Behavioral Finance; FinTech

• On the rise of FinTechs: Credit scoring using digital footprints, with Tobias Berg, Valentin Burg, and Ana Vanjak, Review of Financial Studies 33 (2020) 2845-2897. [Article]
• Understanding bank runs: The importance of depositor-bank relationships and networks, with Rajkamal Iyer, American Economic Review 102 (2012) 1414-45. [Article]
• Venture capital and the professionalization of start-up firms: Empirical evidence, with Thomas Hellmann, Journal of Finance 57 (2002) 169-197. [Article]

Adriano Rampini

Areas: Macro Finance; Corporate Finance; Financial Intermediation; Household Finance; Climate and ESG

• Financing durable assets, American Economic Review 109 (2019) 664-701. [Article]
• Collateral and capital structure, with S. Viswanathan, Journal of Financial Economics 109 (2013) 466-492. [Article]
• Capital reallocation and liquidity, with Andrea L. Eisfeldt, Journal of Monetary Economics 53 (2006) 369-399. [Article]

David T. Robinson

Areas: Entrepreneurial Finance, Venture Capital, and Private Equity; Household Finance; Climate and ESG; Corporate Finance

• Financial literacy in the age of green investment, with Anders Anderson, Review of Finance 26 (2022) 1551-1584. [Article]
• Optimism and economic choice, with Manju Puri, Journal of Financial Economics 86 (2007) 71-99. [Article]

Arthur Taburet

Areas: Corporate Finance; Household Finance

• Screening using a menu of contracts: a structural model for lending markets, Working Paper. [Article]
• Screening using a menu of contracts in imperfectly competitive and adversely selected markets, Working Paper. [Article]

João Thereze

Areas: Market Structure and Design; Financial Intermediation; Corporate Finance

• Adverse selection and endogenous information, Working Paper. [Article]
• Screening costly information, Working Paper. [Article]

S. Viswanathan

Areas: Corporate Finance; Financial Intermediation; Market Structure and Design

• Financial intermediary capital, with Adriano Rampini, Review of Economic Studies 86 (2019) 413-455. [Article]
• Collateral and capital structure, with Adriano Rampini, Journal of Financial Economics 109 (2013) 466-492. [Article]
• Strategic trading when agents forecast the forecast of others, with Douglas Foster, Journal of Finance 51 (1996) 1437-1478. [Article]

Melanie Wallskog

Areas: Corporate Finance; Entrepreneurial Finance, Venture Capital, and Private Equity

• The slow diffusion of earnings inequality, with Isaac Sorkin. Journal of Labor Economics (2023) forthcoming. [Article]
• Entrepreneurial spillovers across coworkers, Working Paper. [Article]
• Pay, productivity and management, with Nicholas Bloom, Scott Ohlmacher, and Cristina Tello-Trillo, Working Paper. [Article]

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Finance is an applied branch of economics that studies the ways in which individuals, business entities, and other organizations allocate resources over time and make decisions in the presence of uncertainty.

The faculty in the finance area have wide-ranging expertise in all major areas of finance, including:

• Asset pricing, or how security prices and interest rates are determined in the market.
• Corporate finance, or how corporations raise capital and make investment decisions.

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Research Areas

The faculty in the Department of Finance is committed to developing original, high-quality research in finance, and they produce cutting-edge research and analyse finance industry topics in most areas of finance.

Asset management is an umbrella term and encompasses alternative investments, asset and liability management, dynamic asset allocation and portfolio choice, intertemporal household choice, financial markets, life cycle models and saving, personal finance, quantitative trading, real estate, responsible investing, and sustainable investing.

Francesco Corielli

Massimo Guidolin

Christian Skov Jensen

Alberto Manconi

Andrea Cesare Resti

Claudio Tebaldi

Hannes Wagner

Asset pricing and econometrics are broad-based areas and include applied econometrics, asset pricing, big data, data analytics, derivatives, econometric modelling, empirical option pricing, financial econometrics, financial economics, financial risk and volatility, financial markets and the macroeconomy, fiscal policy, information and market efficiency, international finance, international macrofinance, market microstructure, mathematical finance, mathematical statistics, forecasting, monetary and fiscal policy, monetary economics, network analysis, OTC markets, quantitative methods, theory of finance, and time series models for macroeconomics and finance.

Anna Battauz

Andrea Beltratti

Paolo Colla

Mariano Massimiliano Croce

Nicola Gennaioli

Gabriele Gurioli

Fulvio Ortu

Barbara Rindi

Francesco Rotondi

Jakob Ahm Sorensen

The areas of banking and financial intermediation include banking, banking monitoring and supervision, big data, blockchain, credit risk, cryptocurrencies, development economics, financial crises and regulation, financial development and access, financial literacy, financial planning and sustainability, fintech, government policies and regulation, insurance, international banking regulation, investment banking, and ratings.

Brunella Bruno

Elena Carletti

Stefano Caselli

Giuseppe Corvino

Giacomo De Laurentis

Filippo De Marco

Stefano Gatti

Nicola Limodio

Davide Maspero

Clement Jonathan Mazet-Sonilhac

Anna Eugenia Omarini

Francesco Saita

Andrea Sironi

Lucia Spotorno

Claudio Zara

Stefano Zorzoli

The realm of behavioral finance includes behavioral economics, behavioral finance, behavior of economic agents, experiments, mechanism design, information and knowledge, neuroeconomics, and the psychological and cognitive factors involved in decision making in financial markets.

Matthias Rodemeier

Katrin Goedker

Corporate finance is a broad area that includes applied microeconomics, bankruptcy and financial distress, capital structure, competition and antitrust, corporate finance, corporate governance, corporate valuation, debt financing, entrepreneurship, family firms, industrial organization, institutional investors, law and finance, mergers and acquisitions, machine learning, private equity and venture capital, privatizations, project and infrastructure finance, restructuring, shareholder activism, strategy and finance, structured finance, and sustainable finance.

Cesare Conti

Maurizio Dallocchio

Alessandro Frova

Thorsten Martin

Florian Nagler

Alessandro Nova

Stefano Rossi

Stefano Salvatori

Nicolas Andre Benigno Serrano-Velarde

Laura Zanetti

Fintech (short for financial technology) is a term to include, among other, the fast-evolving research areas of blockchain and cryptocurrencies, machine learning, big data in finance, peer-to-peer lending, robo-advising in financial decision making, and the role of digital technology for banking and financial development.

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

Conduct research to develop a more robust financial system

Within the Department of Finance, our world-class researchers engage with and disseminate research to practitioners, policy-makers and academic colleagues to develop a more robust financial system.  

The research interests of faculty span four core themes – Innovation and Asset Pricing, Corporate Finance, Finance and Risk Management, and Financial Analysis. They hold expertise within derivative pricing and hedging, quantitative risk management and asset allocation, financial econometrics, stochastic volatility modelling, credit risk modelling, catastrophe risk analysis, M&A and private equity. 

You may also be co-supervised by faculty in other departments in the School, depending on your research interests. 

Research centres and partnerships

The Business School is home to several research centres and institutes, offering a diverse range of activities that bring together academics and specialists

The Brevan Howard Centre for Financial Analysis

Where Imperial College London finance faculty collaborate with external academics and industry professionals to develop cutting-edge research, influencing global industry practice and public policy.  

Grantham Institute for Climate Change

Focussing on research relating to a sustainable, resilient, zero-carbon future. 

Financial Technology

Acting as a hub for the interdisciplinary research that is needed to develop innovations, reveal insights and answer questions; bringing together the activities of academics, startup companies, established industry and governmental organisations. 

Climate Finance and Investment

Works to unlock solutions within capital markets to address the challenges posed by global climate change. 

Teaching experience

PhD students on the Graduate Teaching Assistant (GTA) scholarship will undertake 150 hours of teaching assistant duties from year three of the programme. There will be opportunities for PhD students to engage in teaching activities within the Business School’s Finance Masters’. 

Doctoral Theses in Finance

Meet your faculty.

Our PhD programme fosters close collaboration between leading Finance faculty and doctoral students, developing their research interests and providing continuous support and guidance throughout the programme.  

Franklin Allen

Patrick Bolton

Ramana Nanda

Lara Cathcart

Enrico Biffis

Christopher Hansman

Clara Martinez-Toledano

Explore more, doctoral programme.

Study your doctoral programme at a global top 10 university offering world-class faculty, leadership coaching, global business experience, industry connections, specialist careers support and an exciting London location. 

Request a brochure

Downloading a brochure is a great way to find out more about our programmes and discover which is right for you. 

Stay up to date

Keep up to date about news, events, and application deadlines for the Doctoral programme by joining our mailing list. 

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What Is Corporate Finance?

Understanding corporate finance, working in corporate finance, the bottom line.

• Corporate Finance
• Corporate Finance Basics

Corporate Finance Definition and Activities

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more. Her expertise is in personal finance and investing, and real estate.

Corporate finance is a subfield of finance that deals with how corporations address funding sources, capital structuring, accounting, and investment decisions.

Corporate finance is also often concerned with maximizing shareholder value through long- and short-term financial planning and implementing various strategies. Corporate finance activities range from capital investment to tax considerations.

Key Takeaways

• Corporate finance is concerned with how businesses fund their operations to maximize profits and minimize costs.
• It deals with the day-to-day demands on business cash flows and long-term financing goals (e.g., issuing bonds).
• Corporate finance also involves monitoring cash flows, accounting, preparing financial statements, and taxation.
• Determining whether or not to issue a dividend is another corporate finance activity.
• Corporate finance jobs can pay attractive salaries.

Investopedia / Julie Bang

Corporate finance has three main areas: capital budgeting, capital financing, and working capital management. Capital budgeting is the process of prioritizing funds toward the most profitable projects. Capital financing is determining how a company's investments and endeavors will be financed. Working capital management is concerned with cash flow for day-to-day operations and maintaining liquidity.

While not necessarily an area of corporate finance, dividend distributions to shareholders are also a main concern because, in a publicly-owned company, shareholders are usually owners and expect returns for their investments.

Corporate Finance Activities

Corporate finance tasks include capital investing, financing, and liquidity management.

Capital Investments

Corporate finance tasks include making capital investments and deploying a company's long-term capital. The capital investment decision process is primarily concerned with capital budgeting .

Through capital budgeting, a company identifies capital expenditures, estimates future cash flows from proposed capital projects, compares planned investments with potential proceeds, and decides which projects to include in its capital budget.

Making capital investments is perhaps the most important corporate finance task and can have serious business implications. Poor capital budgeting (e.g., excessive investing or under-funded investments) can compromise a company's financial position, either because of increased financing costs or inadequate operating capacity.

Corporate financing includes the activities involved with a corporation's financing, investment, and capital budgeting decisions.

Capital Financing

Corporate finance also involves sourcing capital in the form of debt or equity. A company may borrow from commercial banks and other financial intermediaries or may issue debt securities in the capital markets through investment banks . A company may also choose to sell stocks to equity investors, especially when it needs large amounts of capital for business expansions.

Capital financing is a balancing act involving decisions about the necessary amounts of debt and equity. Having too much debt may increase default risk, and relying heavily on equity can dilute earnings and value for early investors. In the end, though, capital financing must provide the capital needed to implement capital investments.

Short-Term Liquidity

The goal of capital management is to ensure that there is enough liquidity in the short-term to carry out continuing operations. Short-term financial management concerns current assets and current liabilities, working capital, and operating cash flows.

A company must be able to meet all its current obligations when they are due. This involves having enough current liquid assets to avoid disrupting a company's operations. Short-term financial management may also involve getting additional credit lines or issuing commercial paper as liquidity backup.

Positions in the area of corporate finance attract many job seekers. In fact, there's typically great competition for many of these types of jobs. Some of the many corporate finance job titles include:

• Chief financial officer
• Financial planning and analysis manager
• Cost analyst
• Financial analyst
• Corporate accountant

Corporate finance salaries can vary among companies, but according to the top job site Indeed , the national average annual salaries for the positions noted above are:

• Chief financial officer: $133,898
• Financial planning and analysis manager: $113,770
• Cost analyst: $83,304
• Financial analyst: $71,556
• Treasurer: $80,428
• Corporate accountant: $66,515

What Does Corporate Finance Do?

Corporate finance departments in companies focus on solid decision-making for profitable financial results. Thus, corporate finance involves activities that relate to the budgeting of capital, the debt and equity used to finance operations, management of working capital, and shareholder dividends.

What Is Corporate Finance vs. Finance?

Corporate finance is one of the subfields of the overall finance category. The others include public (or government) finance and personal finance.

What Are the 3 Main Areas of Corporate Finance?

The main areas of corporate finance are capital budgeting (e.g., for investing in company projects), capital financing (deciding how to fund projects/operations), and working capital management (managing assets and liabilities to operate efficiently).

Corporate finance is a subset of the field of finance. It concerns proper budgeting, raising capital to meet company needs and objectives with debt and/or equity, and the efficient management of a company's current assets and liabilities. The various jobs in corporate finance can pay well.

Indeed. " 11 Careers in Corporate Finance ."

• Accounting Explained With Brief History and Modern Job Requirements 1 of 51
• What Is the Accounting Equation, and How Do You Calculate It? 2 of 51
• What Is an Asset? Definition, Types, and Examples 3 of 51
• Liability: Definition, Types, Example, and Assets vs. Liabilities 4 of 51
• Equity Definition: What it is, How It Works and How to Calculate It 5 of 51
• Revenue Definition, Formula, Calculation, and Examples 6 of 51
• Expense: Definition, Types, and How Expenses Are Recorded 7 of 51
• Current Assets vs. Noncurrent Assets: What's the Difference? 8 of 51
• What Is Accounting Theory in Financial Reporting? 9 of 51
• Accounting Principles Explained: How They Work, GAAP, IFRS 10 of 51
• Accounting Standard Definition: How It Works 11 of 51
• Accounting Convention: Definition, Methods, and Applications 12 of 51
• What Are Accounting Policies and How Are They Used? With Examples 13 of 51
• How Are Principles-Based and Rules-Based Accounting Different? 14 of 51
• What Are Accounting Methods? Definition, Types, and Example 15 of 51
• What Is Accrual Accounting, and How Does It Work? 16 of 51
• Cash Accounting Definition, Example & Limitations 17 of 51
• Accrual Accounting vs. Cash Basis Accounting: What's the Difference? 18 of 51
• Financial Accounting Standards Board (FASB): Definition and How It Works 19 of 51
• Generally Accepted Accounting Principles (GAAP): Definition, Standards and Rules 20 of 51
• What Are International Financial Reporting Standards (IFRS)? 21 of 51
• IFRS vs. GAAP: What's the Difference? 22 of 51
• How Does US Accounting Differ From International Accounting? 23 of 51
• Cash Flow Statement: What It Is and Examples 24 of 51
• Breaking Down The Balance Sheet 25 of 51
• Income Statement: How to Read and Use It 26 of 51
• What Does an Accountant Do? 27 of 51
• Financial Accounting Meaning, Principles, and Why It Matters 28 of 51
• How Does Financial Accounting Help Decision-Making? 29 of 51
• Corporate Finance Definition and Activities 30 of 51
• How Financial Accounting Differs From Managerial Accounting 31 of 51
• Cost Accounting: Definition and Types With Examples 32 of 51
• Certified Public Accountant: What the CPA Credential Means 33 of 51
• What Is a Chartered Accountant (CA) and What Do They Do? 34 of 51
• Accountant vs. Financial Planner: What's the Difference? 35 of 51
• Auditor: What It Is, 4 Types, and Qualifications 36 of 51
• Audit: What It Means in Finance and Accounting, and 3 Main Types 37 of 51
• Tax Accounting: Definition, Types, vs. Financial Accounting 38 of 51
• Forensic Accounting: What It Is, How It's Used 39 of 51
• Chart of Accounts (COA) Definition, How It Works, and Example 40 of 51
• What Is a Journal in Accounting, Investing, and Trading? 41 of 51
• Double Entry: What It Means in Accounting and How It's Used 42 of 51
• Debit: Definition and Relationship to Credit 43 of 51
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• Last In, First Out (LIFO): The Inventory Cost Method Explained 49 of 51
• The FIFO Method: First In, First Out 50 of 51
• Average Cost Method: Definition and Formula with Example 51 of 51

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Research in Accounting and Finance

As a department, we invest  heavily in our research-related infrastructure with the aim of creating an environment in which ideas flourish and staff members are able to reach their full research potential. 

Our Research

The wide variety of research areas within our department are within two main fields. The first is Accounting, where our principal research strengths are in Bank Accounting and Regulation, Financial Reporting, and Corporate Governance and Auditing. Our second field is Finance, where our main specialisms are in Banking and Corporate Finance, and Asset Pricing and Financial Econometrics.

Our research activities have been supported by a range of external funding bodies including the European Commission, the Economic and Social Research Council (ESRC), The Leverhulme Trust, the Institute of Chartered Accountants in England and Wales (ICAEW), INQUIRE, and the Nuffield Foundation.

Research Areas

Research by our faculty members covers a variety of topics in both Accounting and Finance, organised into five broad research areas. Our faculty have published in some of the very best journals in the field, including the Journal of Accounting and Economics, the Accounting Review, the Review of Accounting Studies, the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies and many other very high quality journals.

Bank Accounting and Regulation

The research in this area aims to understand what role accounting and regulation play in shaping the banking industry and preserving financial stability. The Department has one of the largest research groups in the UK working in the area of Bank Accounting and Regulation, and continues to strengthen its expertise in this area by hiring new faculty and expanding its library of state-of-the-art databases.

The research undertaken by faculty members in this area covers topics of particular interest to the banking industry including accounting for financial instruments, accounting for loan losses, securitisation, accounting for own credit risk, minimum capital requirements, and the interaction between accounting and financial regulation. Faculty members recently authored two papers on accounting for expected credit losses as part of the European Parliament’s endorsement process for IFRS 9 Financial Instruments.

Faculty members in this area have published in leading accounting journals such as The Accounting Review , Journal of Accounting Research , Review of Accounting Studies , Accounting, Organizations and Society , Contemporary Accounting Research , and other reputable accounting journals such as Journal of Business Finance and Accounting , European Accounting Review , Accounting Horizons , Accounting and Business Research , and Abacus .

Visit our Staff and Publications for further details.

Financial Reporting

Research on different aspects of Financial Reporting has been a traditional strength of the department. Our research in the field of valuation has an international reputation and provides a theoretical underpinning for methods used in market based accounting research. Recent contributions to contemporary financial reporting issues include work on the role of financial reporting in capital markets. We continue to strengthen our expertise in the area of Financial Reporting by recruitment and development of faculty and by investing in research infrastructure such as state-of-the-art databases.

The research undertaken by faculty members in this area covers a wide spectrum of topics including aspects of IFRS adoption, accounting for employee stock options, fair value accounting and disclosures, dirty surplus accounting, reporting financial performance, pension accounting, accounting for intangibles, accounting conservatism, earnings quality and textual analysis of financial disclosures.

Our faculty members in this area have published in leading accounting journals such as The Accounting Review , Journal of Accounting Research , Review of Accounting Studies , Accounting, Organizations and Society , Contemporary Accounting Research , and other reputable accounting journals such as Journal of Business Finance and Accounting , European Accounting Review , Accounting and Business Research , and Abacus .

Our faculty members in the area of Financial Reporting maintain close links to regulators, accountancy professional bodies, and academic accounting associations. They serve as editors or editorial board members of high quality journals such as Accounting, Organizations and Society , Journal of Business Finance and Accounting , Accounting and Business Research , and European Accounting Review .

Corporate Governance and Auditing

The Department has a long-standing tradition of research in different aspects of corporate governance. Our expertise in the field of Corporate Governance and Auditing is further strengthened by close work of colleagues examining corporate governance from the viewpoint of accounting and finance research. The research results in the area of Corporate Governance and Auditing are of great public interest and are frequently covered by national and international newspapers.

The research undertaken by our faculty members in this area covers executive compensation, share repurchases, outside directors, importance of different governance arrangements, and aspects of financial audit. Ongoing research projects include design of executive compensation contracts and international evidence on the association between earnings quality and corporate governance arrangements.

Faculty members in this area have published in leading accounting journals such as The Accounting Review , Journal of Accounting and Economics , Contemporary Accounting Research and other reputable accounting journals such as Journal of Business Finance and Accounting , Journal of Corporate Finance , Accounting and Business Research , Corporate Governance: An International Review , and Auditing: A Journal of Practice and Theory .

Asset Pricing and Financial Econometrics

The Department has a long-standing reputation in financial econometrics and derivatives. In recent years, the department has been making significant investments in this area through recruitment and a distinguished visitor scheme.

The research conducted by faculty members in these areas covers a wide spectrum of topics including portfolio optimisation under uncertainty, bond and derivatives pricing, asset pricing dynamics, volatility modelling, high-frequency financial econometrics, understanding of individual trading behaviour, behavioural finance, mutual funds, and real estate.

Faculty members in this area have published in the Journal of Financial and Quantitative Analysis, the Journal of Econometrics , the Journal of Economic Theory , the Journal of Business and Economic Statistics , the Review of Finance , and many other reputable finance journals. Steven Taylor’s book, “Asset Price Dynamics, Volatility, and Prediction” (Princeton University Press, 2005), provides a comprehensive resource for researchers in this area and is being used on advanced-level courses around the world, while his book “Modelling Financial Time Series” (now in its second edition) is widely acknowledged as the definitive textbook on the subject.

Banking and Corporate Finance

In recent years the Department has made a significant investment in both Banking and Corporate Finance, with the recruitment of new faculty at both the senior and junior level, and will continue to do so with the goal of achieving excellence at the highest international standards.

The research undertaken by faculty members in these areas covers a wide spectrum of topics including capital structure, corporate governance, financial constraints and cash flow allocation, investment decisions under uncertainty, corporate payout policy, asymmetric information and contract design, relationship banking and SME financing, credit guarantee programmes, foreign bank entry and financial development, micro and macro-prudential banking supervision, deposit insurance and market discipline, and bank resolution mechanisms.

Faculty members in this area have published in leading finance journals such as the Journal of Finance , the Journal of Financial Economics , the Review of Financial Studies , Management Science and many other high quality finance journals such as the Journal of Financial and Quantitative Analysis , Review of Finance , Journal Money Credit and Banking , Journal of Financial Intermediation , Journal of Corporate Finance , and many other reputable finance journals.

Our faculty members maintain close links to several research networks, international organisations, and central banks such as the CEPR, the International Monetary Fund, the World Bank, the European Central Bank, the Bank of England, the Deutsche Bundesbank and many others.

Many of our faculty members have achieved notable honours over the past few years including Editorships, CEPR fellowships, research grants and best paper awards in recognition of their expertise, high standard of research activities and significant contributions to their relevant disciplines. Visit our faculty member profiles for further details on individual achievements.

Financial databases

Developing your practical knowledge in preparation for your future career is an essential element of your degree, so the Department of Accounting and Finance provides you with access to a number of leading financial databases. This valuable resource enables you to acquire crucial skills that are highly desirable to employers, making you stand out in the competitive job market.

For more information, please contact Justin Chircop

ORIGINAL RESEARCH article

This article is part of the research topic.

Changes in the Approach to Energy Concerns and their Impact on the Economy and the Environment

Patenting for Profitability: Renewable Energy Innovations and Firm Performance in BRICS Countries Provisionally Accepted

• 1 National Research University Higher School of Economics, Russia
• 2 Center for Energy Policy and International Relations (ENERPO), European University at St. Petersburg, Russia

The final, formatted version of the article will be published soon.

Introduction: Despite the significant advancements in renewable energy technologies, the current energy system remains heavily reliant on fossil fuels. However, an increasing number of studies have demonstrated that the proliferation of "green" patents is contributing to the transition towards a more sustainable energy future, with important implications for both environmental sustainability and corporate financial performance.Methods: Utilizing panel data sourced from 63 of the most prominent energy sector companies within the BRICS countries during the period between 2011 and 2020, we conducted a comprehensive analysis with the objective of uncovering the distinct impacts of various types of patents in renewable energy technologies on the firm's financial performance indicators (ROA, ROIC, and market capitalization) by using multiple regression modeling.The FGLS estimations reveal that higher CO2 emissions correlate with lower ROA, ROIC, and market capitalization of energy companies, significant at the 5% level. Additionally, while renewable energy technologies (Y02E10) did not impact ROA, they contributed significantly to ROIC at the 1% level. Combustion technologies with mitigation potential (Y02E20) positively influence all financial performance indicators, and nuclear energy technologies (Y02E30) significantly contribute to both ROA and ROIC at the 10% level.Discussion: Our research demonstrates that technological advancements in national economies are not consistent and that disparities exist in specific data segments. Advancements are observed in certain areas, highlighting the significance of national legislation in promoting green finance and renewable energy development. This emphasizes the need for BRICS countries to prioritize renewable energy technologies and adopt legislative initiatives from developed nations as a model for achieving clean technological growth and renewable energy targets.

Keywords: Carbon Emission1, Green Innovations2, Emerging Countries3, energy4, BRICS5

Received: 03 Nov 2023; Accepted: 03 Apr 2024.

Copyright: © 2024 Makeeva, Popov and Teplova. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) . The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

* Correspondence: Prof. Elena Makeeva, National Research University Higher School of Economics, Moscow, Russia

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Investment Energy Resources Limited

Thu 04 Apr, 2024 - 1:53 PM ET

Investment Energy Resources Limited’s (IERL) ratings reflect a diversified portfolio of generation assets spanning Central America and the Dominican Republic (DR). Energy sales are contracted through long-term U.S. dollar-denominated contracts, and off-taker risk has steadily improved in recent years. Nearly 70% of EBITDA is derived from distribution companies with 'BB-' or above ratings or operating environments. These include Energuate Trust (BB/Stable), Instituto Costarricense de Electricidad y Subsidiarias (BB/Stable), and off-takers in the Dominican Republic. This concentration moderately offsets the company's otherwise high off-taker risk tied to governments in lower-rated operating environments. Key Rating Drivers IERL's ratings reflect a weighted average combination of off-taker risk from the six operating environments in which it maintains assets. Off-taker sovereign ratings include Guatemala (BB/Stable), Costa Rica (BB/Stable), the Dominican Republic (BB-/Positive), Nicaragua (B-/Positive), Honduras (not rated) and through joint ventures, such as El Salvador (CCC+). The company's largest source of off-taker risk stems from frequent accumulation of accounts receivable by Honduras's Empresa Nacional de Energia Electrica (ENEE), which accounts for an average 33% of EBITDA. IERL mitigates this risk through the maintenance of a robust and flexible annual cash balance. Risk is further mitigated through EBITDA from the Guatemalan off-takers, which alone, are sufficient to cover hard currency interest payments through the rating cycle.