The overall objective of the Ph.D. Program in finance is to develop scholars who will be productive researchers and effective
teachers at leading colleges and universities. The program emphasizes analytical training in financial economics and quantitative
methods and equips students to conduct original research on important problems that are of interest to both academics and
practitioners in the field of finance.
While the Ph.D. program is rigorous and challenging, it is also small and collegial. An average of two students enter the
program each year and work closely with their fellow Ph.D. students in finance and accounting. Students develop valuable working
relationships with one another and faculty that continue long after completion of the program.
The program's faculty are productive scholars and enthusiastic mentors. They are readily accessible in offices nearby those
of the Ph.D. students. Ph.D. students actively and regularly participate in informal research discussions and present their own
work. Ph.D. students also participate in research seminars given by the school's faculty and by invited faculty from other
universities. The faculty are active researchers who publish regularly in scholarly finance journals. Many have served in
editorial positions with prominent journals and are widely recognized for their empirical research in the areas of corporate
finance and investments.
The Finance Ph.D. Program Structure
The Ph.D. program requirements include courses and a qualifying examination in the major area of finance; courses in economics
and statistics; two research papers; and a thesis. Prior to the first term in the program, students take a short course on the
mathematical tools of economic analysis.
Major area requirements
Students are required to take at least two Ph.D. seminars in each of the first two years. In preparation for the Ph.D.
seminars, they are also are encouraged to take upper level finance courses in the M.B.A. program, such as Concepts of Investments
and the Theory of Finance . In addition to courses offered in the finance department, students also take courses and seminars in
economics, statistics, econometrics and accounting. Individual programs of study are tailored to the student's interests and prior
coursework.
The qualifying examination in finance, given in two four-hour sessions over two consecutive days, is taken at the end of spring
term in the second year of the Ph.D. program. Students who fail the first time have an opportunity to re-take the qualifying
exam.
Finance Ph.D. Seminars
Formal Ph.D. coursework in finance takes place in the Ph.D. seminars. The objective of the seminars is to teach students the
fundamental theories, analytical techniques, and empirical methods that are employed in finance research. The seminars typically
involve lively discussions and debate, and are designed to enhance the students' ability to critically evaluate others' research
and to develop their own research projects.
Given the small number of faculty in the finance department, it is not possible to cover in-depth all the subfields of finance.
The goal of the seminars is to provide sufficient depth in training in a few areas such that students develop the facility to
study and master other fields independently.
Currently, faculty expertise resides in empirical research within the areas of corporate finance and investments.
Finance Ph.D. seminars cover the core topics of: fundamentals of valuation, utility and portfolio theory, asset pricing,
options and futures, capital structure, and empirical methods. The seminars also cover such topics as corporate governance,
dividends and repurchases, term structure of interest rates, fixed income securities, and financial institutions.
Courses in Economics and Statistics
Students must complete three courses in economics and five courses in statistics or econometrics. Typically, students take a
sequence of statistics and econometric courses and a sequence of microeconomics courses offered by the economics department.
Statistics, decision sciences and accounting departments also offer courses on empirical methods.
First-year research paper
The first-year research paper is due at the beginning of the fall term of the second year in the program. This paper gives
students the opportunity to do independent research at the beginning of the doctoral program. In addition, the paper helps
students identify specialized interests, develop writing and research skills and offers them the chance to interact with faculty.
The student submits a short proposal spring quarter and a faculty advisor is assigned at that time. Most of the work on this
project is completed during the summer following the first year. Students present the results of their research during the second
year of the program.
Second research paper
The second research paper is due six months after passing the qualifying examination in finance. This paper maintains the
student's involvement in independent research and generally leads to the research topic for the doctoral thesis. Students work
with two faculty advisors on this research.
The Thesis
The thesis is an original project that adheres to high standards of exposition, contributes to knowledge in the field of
financial economics and demonstrates an ability to conduct independent research. Students are responsible for identifying their
area of research and work informally with faculty in developing their topic and project. When the project is well-defined, the
student forms a thesis committee that typically consists of a faculty advisor, two other faculty from the Lundquist College and
one faculty from another department within the university. The student presents a thesis proposal to the faculty and other Ph.D.
students after the thesis committee agrees that a suitable topic has been chosen and substantial progress has been made toward
completion of the project. Ideally, the thesis proposal is defended by the beginning of the fourth year of the program.
A successful defense of the thesis proposal results in a written agreement between the student and the committee that
acknowledges the project can be successfully completed. A defense of the thesis is presented when the student and the thesis
committee agree that the thesis is essentially completed. A student making steady progress should complete all of the degree
requirements within four years of entering the program.
Training in Effective Teaching
Developing effective teaching skills is a significant part of the Ph.D. program and increasingly important in attracting offers
in the academic job market. Students participate in teacher training activities conducted by the Lundquist College and by the
University's Teaching Effectiveness Program. In addition, students are encouraged to observe classes taught by faculty, to serve
as teaching assistants, and to use the resources available in the University's Teaching Effectiveness Program. Students typically
teach four quarter-length undergraduate courses during the third and fourth years of the program.
Selection of Students
Students admitted to the finance Ph.D. program should have a solid foundation in mathematics and statistics and have proficient English writing
and speaking skills. Students may be accepted into the program without an M.B.A. or other graduate degree. A strong liberal arts
background that includes coursework in mathematics and economics is particularly valuable. Ideally, students will have taken
courses in differential and integral calculus, linear algebra, and intermediate microeconomics.
Admission Procedures
Students should have a Graduate Management Admissions Test (GMAT) score above 650 and scores on the verbal and quantitative
portions that place them in the 75th or higher percentile. International students whose native language is not English should have
TOEFL scores higher than 600 (250 or higher on the computer-based version of the exam). A TOEFL score is good for two years.
Almost all Ph.D. students receive financial support in the form of an appointment as a graduate teaching fellow. Typical
appointments carry a nine month stipend of approximately $11,500 to $14,500 (depending on whether one has a master's degree or has advanced to candidacy),
plus a waiver of tuition and health care coverage. Graduate teaching fellows may assist faculty members in research and teaching and assume
responsibility for teaching undergraduate business courses.
Students who perform well in the Ph.D. program are eligible annually for a Hopewell/Racette Scholarship of $3,000 or more.
Opportunities for summer funding are also available.
The application deadline for the Ph.D. program for fall term is the preceding January 15th.
Recent Placements
Aziz Alimov (2007, California State University - Fullerton)
Laura Liu (2006, California State University - Fullerton)
Liwei Shan (2006, Southwestern University of Finance and Economics - China)
Susan Elkinawy (2003, Loyola Marymount University)
John Blease (2002, University of New Hampshire)
Sandy Klasa (2002, University of Arizona)
Jeff Brookman (2001, University of Nevada, Las Vegas)
Donna Paul (2001, Babson College)
Craig Rennie (2001, University of Arkansas)
Inquiries about the Finance Ph.D. Program may be addressed to:
Professor Diane Del Guercio
University of Oregon
Charles H. Lundquist College of Business
Eugene, OR 97403-1208
Telephone: (541) 346-5179
E-Mail Address: dianedg@uoregon.edu
