Sunday, May 6, 2012

Denmark : PhD scholarship in Finance

Copenhagen Business School, Department of Finance invites applications for PhD scholarships in finance. We invite applications within all areas of finance (including but not limited to corporate finance, asset pricing, financial econometrics, market microstructure, behavioural finance, macro-finance, and banking). At least two stipends will be allocated to the field of financial frictions and these stipends will be associated with the new Center for Financial Frictions (FRIC), which is a Center of Excellence funded by the Danish National Research Foundation. Financial frictions are costs or impediments in connection with financial transactions, for example due to transactions costs, borrowing constraints, credit risk, capital requirements, or asymmetric information.
The three-year PhD programme at CBS allows students to conduct research under the supervision of CBS professors, supported by research training courses. The programme is highly international, and students are expected to take part in the Department’s research activities, to participate in international research conferences and to spend time abroad.
CBS PhD graduates in finance are held in high esteem in academia and research institutions as well as in government and business where their research qualifications are in high demand. The Department of Finance at CBS has recently placed PhD candidates at leading academic institutions (London Business School and the EPFL in Lausanne), at the Federal Reserve Bank of San Francisco, at Goldman Sachs, and in leading Danish banks and financial institutions.
Copenhagen Business School has a broad commitment to the excellence, distinctiveness and relevance of its teaching and research programmes. Candidates who wish to join us should demonstrate enthusiasm for working in an organisation of this type (highlighting, for example, relevant business, educational and dissemination activities).
Appointment and salary will be in accordance with the Ministry of Finance’s agreement with the Central Academic Organisation.
General information:
A PhD scholarship runs for a period of 3 years, and includes teaching obligations equivalent of ½ year’s work (840 work hours). The scholarships are fully salaried positions, according to the national Danish collective agreement. The scholarship includes the tuition fees, office space, travel grants plus a salary, currently starting with DKK 23.770 (app. 3,160 euro) monthly up to DKK 28.964 (app. 3,860 euro) depending on seniority, plus a pension contribution totalling 17,1 % of 85 per cent of the base salary.
Appointment and salary will be in accordance with the Ministry of Finance’s collective agreement with the Danish Confederation of Professional Associations (AC).
The PhD student will be enrolled at PhD School in Economics and Management. Please see the CBS homepage for more information about the PhD programme, .
To be considered, the candidate should have a basic training at the Master’s level (similar to the 3 + 2 Bologna process). The applicant must have successfully completed the Master’s degree before commencing as PhD student at CBS, but we also welcome applications from individuals close to completion of the Master’s degree. Generally, a completed MBA education does not fulfill this requirement. The applicants must be fluent in English. The successful applicant must have a record of top grades from previously completed programmes. Priority will be given to candidates who have both a strong quantitative background and some previous training in financial economics.
The application (see link below) must include a project description of up to 5 pages. This research proposal should contain a presentation of an original research question, a description of the theoretical framework and related literature.
In addition to the research proposal, the application must include the completed application form, copies of a Master’s degree certificate or other certificates of a corresponding level, brief curriculum vitae (CV), a list of papers and publications, and one copy of a selected written work (e.g. Master’s thesis). Applicants must enclose documentation for English language skills. Documentation of GRE and/or GMAT scores as well as two letters of recommendation are strongly encouraged. For submitting GMAT scores, look up Copenhagen Business School in the GMAC register and choose the PhD Program
A committee of experts will assess the applications. The assessment will be based on the merits of the applicant, as well as the quality and relevance of the project. Following this assessment, the Department will select the winners of the scholarships.
Please find the compulsory application form, guidelines, and further information on scholarships and the Doctoral Programme at
For further information please contact: Professor Bjarne Astrup Jensen, tel.: +45 3815 3614, e-mail For questions related to the stipends within the area of financial frictions, please contact Professor David Lando, tel.: +45 3815 3613, e-mail Information about the department may be found at
Closing date: 7 May 2012
Copenhagen Business School must receive all application material, including all appendices (see items above), by the application deadline.
Details about Copenhagen Business School are available at
Application Deadline : 7 May 2012

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