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PhD Opportunity: Shareholder investment horizons in early capital markets

University of Strathclyde - Accounting & Finance

Qualification Type: PhD
Location: Glasgow
Funding for: UK Students, EU Students, International Students
Funding amount: Not Specified
Hours: Full Time
Placed On: 6th February 2023
Closes: 31st March 2023
 

Project summary: Focusing on Nineteenth Century Britain, this PhD will explore shareholder investment horizons to better understand the relationship between investors and the companies they invest in and examine how it impacted on corporate policies and firm governance.

Deadline: 31 March 2023

Duration: 36 months full-time

Funding details: Fully-funded scholarship for 3 years covers all university tuition fees (at UK level) and an annual tax-free stipend. International students are also eligible to apply, but they will need to find other funding sources to cover the difference between the home and international tuition fees. Exceptional international candidates may be provided funding for this difference.

Number of places: 1

Eligibility: We are seeking an outstanding student with an interest in Financial History, a background in Finance or Economics, (preferably with a completed or near-to-completion master’s degree), strong motivation, excellent command of English, and outstanding communication skills to embark on this exciting PhD project. Furthermore, a solid quantitative background with essential econometric knowledge and programming skills is highly desirable.

Project details: Could short-termism in capital markets influence long term growth? This is a question raised by the Bank of England in the wake of the Global financial crisis (see Haldane and Davies, 2011). They conclude that investor choice, like other life choices, is being re-tuned to a shorter wave-length and hypothesise that this constitutes a market failure as it would result in aggregate investment being too low in the economy, with long-duration projects suffering disproportionately.

However, this perception of investors neglects an understanding of investment behaviour over the long-run, and we believe that the development of corporate ownership in British capital markets may have important lessons for contemporary questions about short-termism amongst investors.

Focusing on the British capital market in the Nineteenth Century, and using historic shareholder records, accounting data and share price time series, this project will empirically investigate the relationship between investor horizons and how they impact on corporate policies and firm governance.

Primary supervisor: Professor Graeme Acheson

Contact: graeme.acheson@strath.ac.uk

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