PhD – A rigorous financial curriculum

EDHEC Business School’s PhD in Finance balances coursework and a dissertation to help participants acquire the tools, approaches and experience to become autonomous researchers and innovators.

This is an academically rigorous programme that prepares professionals for challenges that require an integrated view of financial markets and institutions, a thorough understanding of financial modelling and decision-making, and an ability to identify and research issues to propose and implement creative solutions. 

Classes, research workshops and presentations take place in the EDHEC’s e-learning classrooms to allow remote and asynchronous access.
 

Core courses

 

Core courses equip participants with robust training in financial theory and state-of- the-art analytical and research methods.

Core courses are delivered in the first year of the programme to provide candidates with a thorough knowledge of financial theory and literature and solid comprehension of advanced analytical and research methods in financial economics. In this way, participants can decide on a specialisation and refine their research projects.

Each course is 15 or 25 hours long and offered from EDHEC’s London and/or Nice campuses. The following five core courses are mandatory:
 

This course looks at the theoretical foundations of modern financial economics. Its main themes include individual consumption and investment decisions under uncertainty, mean-variance theory, the consumption-based capital asset pricing model, long-run risks and the term structures of equity premia, empirical asset pricing models, and the term structure of interest rates. It covers both traditional theories and recent advances and applies basic concepts in the discrete time framework to risky asset valuations.

This course provides a solid understanding of some of the econometric methodologies most used in academic research in finance. It focuses on linear models for time-series, cross-sectional and panel data.

This course is the starting point for conducting research into theoretical or empirical corporate finance. The course will provide a framework for understanding and further developing the determinants of corporate policy, including financing, investment, risk management and dividends. We will analyze the economic determinants of corporate policy and discuss the quantitative implementation.

This course covers continuous-time tools for pricing financial derivatives, modelling the term structure of interest rates and valuing interest rate-sensitive claims, optimal consumption and portfolio choices, and dynamic asset pricing in equilibrium.

This course focuses on the empirical aspects of asset pricing and on the econometrics of financial markets. Topics include the modelling of asset returns, return predictability in time-series and cross-sectional data, the estimation and testing of asset pricing and inter-temporal equilibrium models, the econometrics of fixed-income securities and the econometrics of options pricing.

Elective research seminars

 

Top scholars teach the latest research advances or subjects of great topical interest. 

PhD candidates select five or more elective seminars offered in London and Nice and attend research workshops and presentations to acquire an intimate and detailed understanding of the most recent theoretical and modelling advances in their field of specialisation.

For 2022 and 2023, the catalogue of elective research seminars is as follows :

 

  • Empirical asset pricing (fundamental concepts and recent advances) 
  • Financial econometrics (methods for forecasting and risk management)
  • Asset management: mutual funds and hedge funds 
  • Behavioural finance and asset management
  • Climate/sustainable finance
  • Private equity
  • Topics in microeconometrics (cross-section and panel data) 
  • Machine learning with applications in finance 

 

Each elective research seminar is 15 hours in duration. PhD candidates need to take a minimum of five electives to meet the course elective requirement and are free to participate in additional electives.
 

Research presentation series

 

PhD candidates communicate the progress of their dissertation research to faculty and peers at two formal presentations.

PhD_Finance_dissertation_thesis

Over the course of the programme, each PhD candidate is required to make two research presentations of his/her work and to provide comments and feedback to other candidates presenting their newly developed theoretical insights and original empirical findings.

 

The research presentation series is designed to provide peer and faculty support and advice to PhD candidates working on their dissertations, as well as to hone their research presentation skills. The series is 30 hours long and is scheduled in the second and third years of the programme.
 

Dissertation

 

Dissertation topics are selected for their academic and industry relevance and in accordance with each candidate’s research interests and professional goals.

PhD in Finance Thesis Dissertation

All candidates work individually with programme faculty on dissertation topics. Comprising two or more papers, the dissertation should make a significant contribution to the body of literature in the field, advancing knowledge and practices, and should be of sufficient originality and quality for publication in leading peer-reviewed journals.
Dissertation work starts in the first year of the programme with the drafting of a proposal to be submitted at the beginning of the second year. Thesis work intensifies as course requirements wane. PhD candidates are required to communicate the progress of their dissertation research to faculty and peers at two formal presentations in the second and third years of the programme.

The dissertation should be completed and defended at the end of the third year of the programme. During all phases of the dissertation process, candidates work closely with their adviser.
 

Research workshops

 

Faculty and guest scholars present and discuss their ongoing research work. PhD candidates further their knowledge of current research and prepare for future research presentations.

 

Forthcoming research workshops

 

  • October 11, 2022: Katrin Gödker (Bocconi University), "Disposed to be overconfident", organised jointly with the CEPR
  • October 12, 2022: Harrison Hong (Columbia University, "Welfare Consequences of Sustainable Finance"
  • October 13, 2022: Arnaud Dufays (EDHEC Business School) "Factor Dynamics, Risk Premia, and Higher Moments in Multi-Factor Option Pricing Models"
  • October 14, 2022: Marcin Kacperczyk (Imperial College), "Global Volatility and Firm-Level Capital Flows"
  • October 18, 2022: Jeroen Rombouts (ESSEC Business School),"Fast Forecasting of Unstable Data Streams for Digital Platforms"
  • October 20, 2022: Michela Verardo (London School of Economics and Political Science),
  • November 8, 2022: Carlo Schwarz (Bocconi University), "Gender gaps in academia: Global evidence over the twentieth century",
  • December 13, 2022: Alexandru Barbu (INSEAD), "Procyclical asset management and bond risk premia", organised jointly with the CEPR
  • September 20, 2022, Tobin Hanspal (Vienna University of Economics), "Educating Investors about Dividends"
  • July 12, 2022, Larissa Schäfer (Frankfurt School of Finance and Management), "Political Ideology and International Capital Allocation", organised jointly with the CEPR
  • June 16, 2022, Frederico Belo (Insead), "Estimating and Testing Investment-based Asset Pricing Models"
  • June 9, 2022, Melissa Porras Prado (Nova School of Business and Economics), "The Real Effects of FinTech Lending on SMEs: Evidence from Loan Applications"
  • May 12, 2022, Josef Zechner (Vienna University of Economics and Business), "The Dynamics of Corporate Debt Structure"
  • May 5, 2022, Elisa Pazaj (University of Amsterdam), "Transitory Earnings Shocks, Liquidity Constraints and Price Momentum"
  • April 12, 2022, Irina Zviadadze (HEC Paris), "Correcting Misspecified Stochastic Discount Factors", organised jointly with the CEPR
  • April 7, 2022, Vikas Agarwal (Georgia State University), "Eponymous Hedge Funds"
  • March 24, 2022, Chris Hansman (Imperial College London), "Access to Credit, Exports, and Product Quality" March 10, 2022, Milo Bianchi (Toulouse School of Economics), "Are We Becoming Greener? Life-time Experiences and Responsible Investment"
  • March 8, 2022, Claudia Custodio (Imperial College London), "Opioid Crisis and Real Estate Prices", organised jointly with the CEPR
  • February 8, 2022, Benjamin Moll (London School of Economics), "Uneven growth: Automation’s Impact on Income and Wealth Inequality", organised jointly with the CEPR
  • January 27, 2022, Andrew Patton (Duke University), "Better the Devil You Know: Improved Forecasts from Imperfect Models"
  • January 20, 2022, Stefano Giglio (Yale School of Management), "A Quantity-Based Approach to Constructing Climate Risk Hedge Portfolios"
  • January 11, 2022, Theresa Kuchler (New York University, "Social networks shape beliefs and behavior: Evidence from social distancing during the Covid-19 pandemic", organised jointly with the CEPR
  • December 14, 2021, Francesco D'Acunto (Boston University), "How Costly Are Cultural Biases? Evidence from FinTech", organised jointly with the CEPR 
  • November 11, 2021, Nicolas Crouzet, Northwestern University, "Can the cure kill the patient? Corporate Credit Interventions and Debt Overhang"
  • November 9, 2021, Magdalena Rola-Janicka (Tilburg University), "The Political Economy of Prudential Regulation", organised jointly with the CEPR 
  • November 4, 2021, Giorgia Piacentino, Columbia University, "Collateral Reallocation" 
  • October 28, 2021, David Solomon, Boston College, "Predictable Price Pressure"
  • October 21, 2021, Raman Uppal (EDHEC Business School, CEPR), "Correcting Misspecified Stochastic Discount Factors"
  • October 20, 2021, Sanjiv Das (Santa Clara University), "AI/ML in FinTech: New Paradigms"
  • October 14, 2021, Arthur Korteweg (University of Southern California, "Evaluating Private Equity from an Investor's Perspective"
  • October 12, 2021, Anastasia Girshina (Stockholm School of Economics), "Explaining Gender Gap in Real Estate Returns", organised jointly with the CEPR
  • September 30, 2021, Mirco Rubin (EDHEC Business School), "Factors Common to Individual Stock and Sorted Portfolio Returns’’
  • September 23, 2021, Pietro Veronesi (University of Chicago, Booth School of Business, NBER and CEPR), "Option-Implied Spreads and Option Risk Premia"
  • September 14, 2021, Francesco Franzoni (USI Lugano), "Avoiding Volatility: Institutional Trading Before Scheduled News", organised jointly with the CEPR
  • September 2, 2021, Nadya Malenko, University of Michigan, "Board Dynamics over the Startup Life Cycle" 
  • June 17, 2021, Riccardo Rebonato (EDHEC Business School), "Abrupt or Gradual? What Recursive Utility Functions Can Tell Us about the Optimal Pace of Climate Change Abatement" 
  • June 8, 2021, Mariassunta Giannetti (Stockholm School of Economics and CEPR), organised jointly with the CEPR
  • May 11, 2021, Vikrant Vig (London Business School), Quality and Productivity in Aircraft Sales", organised jointly with the CEPR
  • April 6, 2021, Savitar Sundaresan (Imperial College and CEPR), "More Risk, More Information: How Passive Ownership Can Improve Informational Efficiency", organised jointly with the CEPR
  • April 1, 2021, Laurent Calvet (EDHEC Business School and CEPR), "What Do the Portfolios of Individual Investors Reveal About the Cross-Section of Equity Returns?"
  • March 9, 2021, Svetlana Bryzgalova (London Business School and CEPR) "Bayesian Solutions for the Factor Zoo", organised jointly with the CEPR
  • February 9, 2021, Marieke Bos (Stockholm School of Economics), "Corporate Restructuring and Employees’ Mental Health" organised jointly with the CEPR
  • February 5, 2021, Lu Zhang (Ohio State University), "Searching for the Equity Premium"
  • January 21, 2021, Yacine Aït-Sahalia (Princeton University), "Implied Stochastic Volatility Models" 

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