PhD in Finance

Finance is the branch of economics that deals with capital markets. Possible specializations within finance include corporate finance, corporate control, asset pricing, portfolio theory, derivatives, market microstructure, behavioural finance, financial institutions, international finance, and valuation.

Major Area Course Requirements

Each doctoral student in finance must complete the following seminars.

FIN 701. Advance Seminar in Finance I
This course provides an introduction to theoretical and empirical work in asset pricing and market microstructure. Topics covered include market efficiency, time varying expected returns and volatility, test of asset pricing models, and models and analysis of price formation. Prerequisite: Open to doctoral students in the Alberta School of Business, the Department of Economics and the Program of Mathematical Finance. For all other students, written permission of instructor required. Approval of the Business PhD Program Director is also required for non-PhD students.

FIN 702. Advanced Seminar in Finance II
This seminar introduces students to theoretical and empirical research in corporate finance. Potential topics include contracting theory, the theory of the firm, corporate governance, capital structure, and dividend policy. Prerequisite: Open to doctoral students in the Alberta School of Business, the Department of Economics and the Program of Mathematical Finance. For all other students, written permission of instructor required. Approval of the Business PhD Program Director is also required for non-PhD students.

FIN 703. Advanced Seminar in Finance III
This seminar provides advanced mathematical coverage of important topics in finance. Potential topics include continuous-time models of asset pricing and portfolio choice, pricing and hedging of derivative securities, and the applications of contingent claim pricing models to the valuation of real assets and corporate liabilities. Prerequisite: Open to doctoral students in the Alberta School of Business, the Department of Economics and the Program of Mathematical Finance. For all other students, written permission of instructor required. Approval of the Business PhD Program Director is also required for non-PhD students.

FIN 705. Research Seminar in Finance.
This seminar is a single-term course offered over two terms. Members of the faculty and visiting speakers will often present their research. Advance students are expected to present original work related to their doctoral thesis. Other students will discuss and critique papers on the frontier of current research. Prerequisites or corequisites: Finance 710, Finance 702, and Finance 703. Open to doctoral students in the Alberta School of Business, the Department of Economics and the Program of Mathematical Finance. For all other students, written permission of instructor required. Approval of the Business PhD Program Director is also required for non-PhD students.

Students must also complete at least two graduate level courses in finance, management science, or economics. The courses chosen must be approved by the student's supervisory committee and Doctoral Program Director and may not count toward the minors. Students may be asked by their PhD committees to do additional coursework relating to thesis topics.

A comprehensive examination is required in the finance major.

Suggested Minors

Finance students must complete minors in two areas. There are generally three option available: statistics/econometrics, economics, and accounting, through other minors are possible with the permission of the student's supervisor.

a) Statistics/Econometrics

Students should possess a through knowledge of probability theory, statistics, and linear models in the context of a major statistical computer package. A possible way to achieve this is to complete STAT 471, STAT 466, and MGTSC 706. Students with limited mathematical or statistics backgrounds should consider taking MGTSC 705 as well as either ECON 386/387 or MATH 214/215 before going on to STAT 471/466.

Students must complete any three of:

*Recommended

Other courses containing equivalent or higher level material may be substituted, with approval.

b) Economics

Students must complete:

c) Accounting

Students will normally complete:

Students can substitute other graduate courses for the above with permission of their supervisor.

d) Other Supporting Courses

Students may take more than the minimum number of courses to complement their major and minors. Some suggestions are as follows:

Students who are taking either the accounting or the economics minor should take MGTSC 705 and 706 before, or concurrently with, their minor requirements. In addition to these courses, students should consult with their supervisors concerning other desirable statistics/econometrics courses.