Finance Ph.D.

Finance PhD program at Walton College

The objective of the Ph.D. program in Finance is to prepare students for faculty positions at academic institutions or for professional careers in private industry and government.

Program Overview

During their course of study, students receive specialized instruction in the areas of corporate finance, investments, and financial institutions. The conceptual knowledge and methodological skills necessary to conduct independent research are acquired through individual apprenticeships with faculty.

Faculty Research Interests and Highlights

The faculty are actively engaged in research across a broad array of topics that include: corporate finance issues such as dividend and capital structure policy, acquisitions and mergers, distress and financial restructuring; regulation and rate of return setting process; investments and financial market issues such as stock market efficiency, credit risk and corporate bond ratings, portfolio diversification and derivative hedging strategies, exchange rate risk exposure, and mutual fund performance; as well as institutional issues such as corporate governance, executive compensation, corporate ownership, and shareholder voting rights.

Program Structure

The program develops proficiency in classroom instruction by providing opportunities to teach, to design curriculum, and to attend regularly scheduled teaching workshops and seminars. The Ph.D. program in Finance requires 43 credit hours of coursework. Five seminars in financial theory and research are required in addition to the 1 hour of WCOB 61101. The remaining credit hours, distributed across two supporting areas, economics and research, are customized in consultation with the departmental doctoral program advisor along with 18 hours of dissertation. In addition, students must complete a research paper requirement, pass a written comprehensive exam, and successfully defend and conclude an approved doctoral thesis.

Finance Ph.D. Curriculum

Required Courses (34 hours)

WCOB 61101: Seminar in Business Administration Teaching I This course in college level teaching is designed for graduate students and new college teachers with specific emphasis on the Business Administration learning and classroom management. The purpose of this course is to introduce graduate students to principles of teaching and learning and to prepare these future teachers to lifelong learners in the classroom as teachers.

Finance

FINN 60403: Finance Theory Provides a conceptual understanding of key theoretical developments in the field of financial economics, including firm decisions under risk within a world of uncertainty.
FINN 61303: Seminar in Investment Theory Study advanced literature in field investments, with special reference to theory of random walks, stock valuation models, portfolio management.
FINN 62303: Seminar in Corporate Finance Financial management of firm with emphasis on financial theory or firm, quantitative methods used in financial analysis, planning.
FINN 63303: Empirical Research in Finance A study of recent empirically based research in finance.
FINN 67303: Seminar in Financial Markets and Institutions Recent developments in the literature of financial markets and institutions. Participants will be involved in the extensive study of existing theories and empirical tests of the theories.

Economics

ECON 61303: Mathematics for Economic Analysis (Summer) This course will develop mathematical and statistical skills for learning economics and related fields. Topics include calculus, static optimization, real analysis, linear algebra, convex analysis, and dynamic optimization.
ECON 62103: Microeconomics Theory I (Fall) Introductory microeconomic theory at the graduate level. Mathematical formulation of the consumer choice, producer behavior, and market equilibrium problems at the level of introductory calculus. Discussion of monopoly, oligopoly, public goods, and externalities.
ECON 62203: Microeconomics Theory II (Spring) Advanced treatment of the central microeconomic issues using basic real analysis. Formal discussion of duality, general equilibrium, welfare economics, choice under uncertainty, and game theory.
ECON 66103: Econometrics I (Fall) Use of economic theory and statistical methods to estimate economic models. Nonlinear and semiparametric/nonparametric methods, dynamic panel data methods, and time series analysis (both stationary and nonstationary processes) will be covered. Additional frontier techniques may be covered.
ECON 66203: Econometrics II (Spring) Use of economic theory and statistical methods to estimate economic models. The treatment of measurement error and limited dependent variables and the estimation of multiple equation models and basic panel data models will be covered. Additional frontier techniques may be introduced.
ECON 66303: Econometrics III (Spring) Use of economic theory and statistical methods to estimate economic models. Nonlinear and semiparametric/nonparametric methods, dynamic panel data methods, and time series analysis (both stationary and nonstationary processes) will be covered. Additional frontier techniques may be covered.

Research Requirements (9 hours)

Students may take up to one research tool course approved by the department doctoral program adviser when the research tool course is not listed above.

FINN 6830V: Contemporary Issues in Doctoral Colloquium To explore and evaluate contemporary research issues in finance. Course content to reflect the most recent developments in theory and empirical research methodologies.

Select two of the following (6 hours)

STAT 51003: Introduction to Probability Theory To explore and evaluate contemporary research issues in finance. Course content to reflect the most recent developments in theory and empirical research methodologies.
STAT 51103: Statistical Inference Statistical theory of estimation and testing hypothesis.
STAT 53503: Methods of Multivariate Analysis Statistical tools to analyze multivariate datasets. Topics include the multivariate linear model, principal component analysis, factor analysis, linear discriminant analysis, clustering, classification and regression trees, support vector machines, nonlinear dimensionality reduction.
STAT 53303: Analytis of Categorical Responses Statistical tools to analyze univariate and multivariate categorical responses. Emphasis is given to Generalized Linear Models, including logistic regression and loglinear models.
STAT 53803: Time Series Analysis Identification, estimation and forecasting of time series. Spectral analysis including the fast Fourier transform computational aspects are emphasized.
STAT 54103: Spatial Statistics Applied spatial statistics, covering univariate spatial modeling (kriging), multivariate spatial modeling (cokriging), methods of estimation and inference, and spatial sampling designs. Special relevance to remote sensing.
Finance Ph.D Degree

Finance Ph.D.

Finance Faculty
View faculty and research interests

Duration of Program: 4-5 years

Program Start Date: Fall

Application Deadline:
December 15

Curriculum Overview
View a Course Listing

Admissions Information
View Info and Requirements / F.A.Q.

Required Test: GMAT preferred
GRE also accepted


Request Information Apply Now   Schedule a Time to Talk to Us

Admissions Requirements for the Ph.D. Programs

Applicants who wish to apply for the doctoral program in Finance must submit their application to the Graduate School of Business by December 15th.



Learn more about admissions requirements.

Frequently Asked Questions

How many Ph.D. students are in the department? The Accounting Department typically has twelve Ph.D. students, at differing stages of their program, at all times.
Do you accept late applications? The Finance department will accept late applications, but only on a space-available basis. However, please note that late applicants are not eligible for Distinguished Doctoral Fellowship (DDF) funding. We encourage you to apply as early as possible to ensure you are considered for all available funding. Application deadline is December 15th.
Do I need a master’s degree to be admitted to the Ph.D. Program? The Finance Department requires that all applicants complete the master’s degree prior to entry into the Ph.D. program.
What kind of financial aid would I be eligible to receive? Students admitted to Walton College Ph.D. programs may receive graduate assistantship funding, please visit our Ph.D. Assistantships page to see specific forms of funding.