PhD specialisation in Finance

PhD specialisation in Finance

Faculty at the Department of Finance are dedicated to training and guiding PhD students to become leading researchers.

The PhD specialisation is designed for candidates with proven academic capabilities and the potential for cutting-edge research in finance.


  • PhD course portfolio

    PhD course portfolio

    PhD Course Portfolio in Finance

    Courses offered in the Spring 2020:

    FIN521 - Topics in Empirical Corporate Finance II

    By Professor B. Espen Eckbo

    March 16-20

    early June

    FIN536 - Scientific Methods in Finance

    By Associate Professor Xunhua Su

    Regular schedule: January / February

    FIN539 - Research Seminar in Finance

    By Associate Professor Tommy Stamland

    continuation from fall semester

    FIN543 - Scientific Methods in Finance

    By Associate Professor Xunhua Su

    Regular schedule: January / February

    FIN544 - Special Topics in Empirical Corporate Finance

    By Professor Eric de Bodt

    Rescheduled to September

    FIN545 - Asset Pricing

    January, February, June

    FIN546 - Continuous Time Finance: Credit Risk and Capital Structure



  • Research environment

    Research environment

    The Department of Finance offers an active and dynamic research environment, with faculty members committed to training and guiding students throughout their PhD program.

    Once students have found a research topic, they are assigned to a faculty member doing related research.

    Students benefit from the seminar activity in the department, ranging from research presentations by internationally leading scholars to internal brown-bag discussions of current research projects.

    Students are encouraged to submit their research for presentation at seminars and conferences.

  • Structure and milestones

    Structure and milestones

    The PhD Finance specialization is challenging, and student initiative and motivation are key to succeeding in the program.

    PhD students are assigned to faculty members with an expertise suitable for the students' research interests. The intensity of the mentoring and supervision varies across faculty members, and students are responsible for seeking the advice and assistance that they need. 

    See also general milestones in your PhD required by NHH.

    Year 1

    • Finance course work
    • Formulation of research topic for thesis

    The first year ends with writing a summer paper. This paper should expand on existing reserarch and is aimed to help train the PhD students in doing research.

    Year 2

    • Submission of first summer paper (September)
    • Presentation of first summer paper (September)

    In the second year, students can take elective courses within their area of specialization. More importantly, students should develop and refine their research ideas to result in a second-year summer paper and a thesis proposal.

    Year 3

    • Submission of second summer paper (September)
    • Presentation of second summer paper (September
    • Submission of dissertation proposal (February)

    End of program

    • Submission of thesis
    • PhD Defense


    Towards the end of the first and second year, student are expected to write a summer research paper and to present this paper to the faculty. The two summer research papers are milestones for continuation in the PhD program and could potentially be included in the dissertation.

    Doctoral Thesis

    In the last two or three years of the PhD program, students focus on their dissertation. A thesis typically contains three research articles, some of which may be coauthored with faculty members or other PhD students. The last year of the PhD program allows the students to fully focus on their dissertaton work.

    Throughout the PhD program, students are expected to attend the Finance group's seminar series.

  • Doctoral Dissertations and Placements

    Doctoral Dissertations and Placements


    Negar Ghanbari

    Thesis: Essays on Debt Financing

    Placement: Aarhus School of Business and Social Sciences


    Thesis: Essays on Empirical Corporate Finance

    Placement: The Swedish Social Insurance Inspectorate


    Giovanni Bruno 

    Thesis: Essays on Optionality and Risk

    Placement: Scientific Beta, France

    Xiaoyu Zhang 

    Thesis: Essays on Empirical Corporate Finance

    Placement: Vrije Universiteit (VU) Amsterdam, The Netherlands


    Varun Verma 

    Thesis: Essays on Empirical Corporate Finance

    Placement: Horde

    Erik Hetland Tvedt 

    Thesis: Essays on Dynamic Models in Corporate Finance

    Placement: Ernst & Young, Norway


    Raffaele Giuliana 

    Thesis: Three Essays in Empirical Finance

    Placement: Central Bank of Ireland, Ireland

    Yun Tang 

    Thesis: Essays on Empirical Corporate Finance

    Placement: OECD, France


    Jens Kværner 

    Thesis: Essays on Savings and Investment Choices

    Placement: Tilburg University, The Netherlands

    Kamil Klavidko

    Thesis: Essays on Financial Options: Employee Stock Options and Reinsurance Pricing

    Placement: Orebro University School of Business, Sweden


    Thesis: Essays on Debt Covenants and creditor control

    Placement: Southwestern University of Finance and Economics, China


    Tor Åge Myklebust 

    Thesis: Corporate Credit and Energy Risk: Performance Sensitive Debt and Quanto Options

    Placement: Norwegian Cancer Registry, Norway