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.


  • 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 recognized scholars to internal brown-bag discussions of current research projects. 
    Moreover, the department regularly organizes short-term visits for leading researchers. 

    Students are encouraged to submit their research for presentation at seminars and conferences. The department offers funding for travel, academic workshops and other research expenses. 

  • PhD course portfolio

    PhD course portfolio

    PhD Course Portfolio in Finance

    Courses offered in the Spring 2022:

    Course details to be adviced.
    FIN521 Topics in Empirical Corporate Finance 7,5 ECT
    FIN539A Research Seminar in Finance 2,5 ECT
    FIN545A Asset Pricing II 5 ECT
    FIN545B Asset Pricing II 5 ECT
    FIN543 Scientific Methods in Finance 5 ECT
    FIN546 Continuous Time Finance: Credit Risk and Capital Structure 2,5 ECT

    Courses offered in the Fall 2021:

    FIN501A Asset Pricing I 5 ECT
    FIN501B Asset Pricing I 5 ECT
    FIN504A Corporate Finance I 7,5 ECT
    FIN504B Corporate Finance I 2,5 ECT
    FIN538 Financial Econometrics 7,5 ECT

    Previous Courses 

    Spring 2020:

    FIN543 Scientific Methods in Finance 5 ECT
    FIN521 Topics in Empirical Corporate Finance II 7,5 ECT
    FIN545 Asset Pricing  10 ECT
    FIN539A Research Seminar in Finance 2,5 ECT
    FIN544 Stata Programming and Applications in Finance 2,5 ECT

    Fall 2019:

    FIN501 Asset Pricing Theory I 7,5 ECT
    FIN504 Corporate Finance Theory 10 ECT
    FIN538 Financial Econometrics 7,5 ECT
    FIN539 Research Seminar in Finance 2,5 ECT
  • Structure and milestones

    Structure and milestones

    The PhD Finance specialization is challenging, and student initiative and motivation are key to succeeding in the program. The expected duration of the program is five years.

    PhD students are matched with 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.

    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.


    The third year thesis proposal takes the form of a 45-minute seminar presentation to faculty. The purpose is to help the student develop a feasible research plan for how to best use the remaining time in the PhD program and to receive feedback on her or his work. 

    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.

  • Job Market Candidates 2021

    Job Market Candidates 2021


    Fields of interests:
    Corporate Pensions, Corporate Finance, Financial Reporting  

    Job Market Paper:
    Do corporate pension decisions affect rivals? Evidence from DB plan freezes

    Personal Website | NHH Website



    Fields of interests: 
    Entrepreneurial finance, SME finance, Household finance

    Job Market Paper:
    Does entrepreneur divorce affect the firm? Evidence from Norway

    Personal Website | NHH Website



    Fields of interests: 
    Empirical corporate finance and the Chinese economy, including IPOs, SEOs, capital structure, banking, machine learning, and Fintech

    Job Market Paper:
    Market smart: How firms respond to IPO pricing cap in China

    Personal Website | NHH Website


  • Doctoral Dissertations and Placements

    Doctoral Dissertations and Placements



    Thesis: Essays on Asset Pricing

    Placement: BI Oslo
    Position: Assistant Professor of Finance


    Thesis: Essays on Empirical Corporate Finance

    Placement: BI Bergen
    Position: Associate Professor of Finance

    Damiano maggi

    Thesis: Essays on Empirical Corporate Finance

    Placement: The Financial Supervisory Authority of Norway
    Position: Advisor at the Solidity Regulation Section


    Negar Ghanbari

    Thesis: Essays on Debt Financing

    Placement: Aarhus BSS - Aarhus University
    Position: Assistant Professor of Finance


    Thesis: Essays on Empirical Corporate Finance

    Placement: The Swedish Social Insurance Inspectorate
    Position: Researcher


    Giovanni Bruno 

    Thesis: Essays on Optionality and Risk

    Placement: Scientific Beta, France
    Postition: Senior Quantitative Researcher

    Xiaoyu Zhang 

    Thesis: Essays on Empirical Corporate Finance

    Placement: Vrije Universiteit (VU) Amsterdam, The Netherlands
    Position: Assistant Professor


    Varun Verma 

    Thesis: Essays on Empirical Corporate Finance

    Placement: Horda
    Position: CFO

    Erik Hetland Tvedt 

    Thesis: Essays on Dynamic Models in Corporate Finance

    Placement: Ernst & Young, Norway
    Position: Analyst


    Raffaele Giuliana 

    Thesis: Three Essays in Empirical Finance

    Placement: Central Bank of Ireland, Ireland
    Position: Economist

    Yun Tang 

    Thesis: Essays on Empirical Corporate Finance

    Placement: OECD, France
    Position: Economist


    Jens Kværner 

    Thesis: Essays on Savings and Investment Choices

    Placement: Tilburg University, The Netherlands
    Position: Assistant Professor

    Kamil Klavidko

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

    Placement: Örebro University School of Business, Sweden
    Position: Associate Senior Lecturer


    Thesis: Essays on Debt Covenants and creditor control

    Placement: Southwestern University of Finance and Economics, China
    Position: Assistant Professor


    Tor Åge Myklebust 

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

    Placement: Norwegian Cancer Registry, Norway
    Position: Statistician