MRes/PhD Finance & Economics

Course Structure

Initial Registration

If you choose our 2+4 year MRes/PhD Finance & Economics programme, you will initially be registered for an MRes. This is a compulsory taught part of the programme, and you will be required to pass modules in your first and second years. Following the taught modules, you will be required to submit a dissertation and attend and pass an upgrade panel in order to be upgraded to the degree of PhD.

This programme is linked to the well-established MRes Economics led by the Department of Economics, one of the University of Warwick’s top departments. The economic modules on the course in Year 1 will be co-delivered by academic staff from the Department of Economics, alongside students from the MRes Economics programme.

Your thesis

Once you have upgraded to PhD, this will become your main focus, leading to the completion of your thesis. The criterion for the award is that the thesis makes a significant original contribution to knowledge.

 

Modules

You will study four compulsory modules in Year 1, and five compulsory modules plus a dissertation in Year 2. You will then continue on to our PhD Finance programme, and complete your doctoral thesis. The overall course structure is 2+4 years (MRes/PhD).

Compulsory modules - Year 1:

  • Advanced Microeconomic Theory*
  • Advanced Macroeconomic Analysis*
  • Advanced Econometric Theory*
  • Practice of Financial Research

* These modules will be studied in the Department of Economics, with students on the MRes/PhD Economics programme.

Compulsory modules - Year 2*:

  • Asset Pricing 1
  • Asset Pricing 2
  • Corporate Finance 1
  • Corporate Finance 2
  • Financial Markets
  • Dissertation

* Students must select four of these modules. The fifth module can be taken from this list, or chosen from electives run by the Department of Economics.

Finance & Econometrics modules

Advanced Microeconomic Theory

This module aims to develop the skills in, and knowledge of, microeconomics necessary for a career as an academic economist and in all areas where advanced research skills in economics are required. Specifically, it aims to teach you to understand, appreciate, and ultimately contribute to, frontier research. It is intended to be comparable to modules taught in the best research universities in the USA and elsewhere in Europe.

Advanced Macroeconomic Analysis

This module aims to develop the skills in, and knowledge of, macroeconomics necessary for a career as an academic economist and in all areas where advanced research skills in economics are required. Specifically, it aims to teach you to understand, appreciate, and ultimately contribute to, frontier research. It is intended to be comparable to modules taught in the best research universities in the USA and elsewhere in Europe.

Advanced Econometric Theory

This module aims to develop the skills and knowledge of econometrics necessary for a career as an academic economist and in all areas where advanced research skills in economics are required. Specifically, it aims to teach you to understand, appreciate, and ultimately contribute to, frontier research.

Practice of Financial Research

This module aims to provide you with a sound understanding of continuous-time finance and the econometric tools for conducting empirical research in Finance and Economics.

Asset Pricing 1

The objective of this module is to provide a rigorous, in-depth introduction to the theoretical foundations of Finance in the areas of Asset Pricing and Corporate Finance. The Asset Pricing part of the module focuses primarily on the investor's perspective and analyses individual's consumption and portfolio choice and their implications for equilibrium asset prices. In addition, contingent claims valuation techniques based on the absence of arbitrage are presented.

Asset Pricing 2

This course is the second of the two courses that examines asset pricing. The module focuses on the development of stylized facts and tools for the investigation of data. This course is an introduction to empirical research and quantitative analysis in the broadly defined area of asset pricing and macro-finance. The focus of the course is on applications of economic models and econometric methods in finance. Topics will include, returns predictability in the time-series and in the cross-section, foundations of macro finance, and applications of numerical methods for solving models.

Corporate Finance 1

The objective of this module is to provide a rigorous, in-depth introduction to the theoretical foundations of Finance in the area of Corporate Finance. It focuses on the following topics: theory of the firm and the agency problems, capital structure and asymmetric information, security design, financial intermediary, the interaction between finance and industrial organisation, corporate control and corporate governance.

Corporate Finance 2

The module focuses on research in empirical corporate finance. The topics covered include natural experiments, difference in differences estimates, and regression discontinuity design. The module gives you the opportunity to present your own work as well as other cutting-edge research to your peers, a skill which is essential for PhD researchers.

Financial Markets

The aim of this module is provide training and tools required to conduct research in Finance. In particular, to provide students with the foundations, topics and current research in market microstructure, banking, financial institutions, financial innovation, and financial crises.

Dissertation

In the second year of your MRes, you will have the opportunity to demonstrate your ability to autonomously investigate and carry out novel research in your chosen area of finance upon successfully progressing to PhD level. To develop a PhD research proposal in advance of progressing to the +4 element of the programme. Demonstrate advanced competence in formulating a valid research question at the forefront of the field and in designing an appropriate empirical investigation.

Module details More Less

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