The Department of Finance

The Department of Finance is internationally recognised for its world-class research, research training, and undergraduate and postgraduate education in the various sub-disciplines of finance.

Learn about the PHD
 

Journals in which staff members have had their research published include: Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Financial Economics and Review of Financial Studies. Staff have been invited to teach at leading overseas institutions, including the Wharton School of the University of Pennsylvania, and the Stern School of Business at New York University.

With research strengths in a number of key areas, the Department can offer PhD supervision for topics in a wide range of specialisations, including:

  • Asset pricing and portfolio/funds management
  • Corporate finance and corporate governance
  • Derivatives and risk management
  • Financial institutions and regulation
  • Market microstructure
  • Real estate finance.

Knowledge transfer and career development

The Department of Finance engages closely with the finance industry through involvement in continuing education and executive programs. It is a founding member of the Australian Centre for Financial Studies (ACFS), which brings together education and industry bodies to advance industry practice, research and education in the city of Melbourne. PhD candidates are encouraged to participate in ACFS activities and thus build linkages with industry professionals to enhance their finance industry career opportunities.

The Department is also a founding member of the Financial Integrity Research Network (FIRN), a network of 12 Australian universities.

The Department of Finance has an active research seminar series which provides excellent research training opportunities for PhD candidates. An exciting and stimulating research brown bag workshop series actively involves the PhD candidates by inviting them to present their work-in-progress. The Department encourages its PhD candidates to submit their papers to prominent finance conferences and finance journals and provides funding towards journal submissions and local and international conference attendance, when accepted to present a paper.

The career prospects of graduating PhDs increasingly depend not only on their ability to write quality research, but also on their ability to successfully teach large and small classes. Our PhD candidates are therefore actively encouraged to apply for tutoring positions within our Department in the later stages of their candidature. The Department employs about 40 casual tutors each semester, including many of our current PhD candidates.

View the handbook entry for this course (including subject details & course objectives)
 

Recent PhD theses completed

  • Mahmoud Agha, now Assistant Professor, University of Western Australia – Investment, Dividends, Firm Performance and Managerial Incentives: Another Insight into the Value of Corporate Governance
  • Kim Loong Choo, now Lecturer, Griffith Business School – Information, Day Trading and Market Behaviour
  • Tariq Hassan Haque, now Lecturer, University of Adelaide – Leader Stocks, Follower Stocks and Switching Effects in the Australian Stock Market
  • Hui Li, now Lecturer, La Trobe University – Investor Sentiment, Institutional Ownership, Executive Compensation and Corporate Investment
  • Brett Leo Shanahan, now Research Fellow, RMIT University – Multi Dimensional Stochastic Volatility and its Application to Option Pricing
  • Hong Feng Zhang, now Lecturer, Deakin University – Shareholder Rights, Firm Performance and Information Flow

Financial support

The Department of Finance offers a range of financial support options for suitably qualified PhD candidates. For more details, download the Finance Scholarships PDF

Local students are entitled to a HECS exemption for the duration of an accredited graduate research degree. Read more about research scholarships.

For more information, including a detailed listing of academic staff within the Department, please visit: www.finance.unimelb.edu.au

 

Minimum entry

Structure

Either:

  • A four-year honours degree at minimum H2A (75–79%) standard from an Australian university, or
  • A qualification or combination of qualifications considered by the Research Higher Degree Committee to be equivalent, in an area that is relevant to the intended PhD.

Applicants are also required to provide results of the GMAT or the GRE General Test.
Please see admission requirements - research for more information.
Commencement only in Semester One of any given year.

3 years full-time or part-time equivalent

One year (or parttime equivalent) of Coursework followed by two years (or part-time equivalent) of Research
 
Chang Liu - Australia - PhD Candidate

Chang Liu Australia

My thesis, entitled 'The Pricing of Portfolio Credit Risk', is about the development and calibration of credit derivative models. I am very interested in gaining industry experience that would enable me to observe how these models perform in real-world conditions, possibly in a bank or financial consulting firm. Later I would like to develop closer links with academic research.