Postgraduate research opportunities Shareholder investment horizons in early capital markets


Key facts

  • Opens: Thursday 26 January 2023
  • Deadline: Friday 31 March 2023
  • Number of places: 1
  • Duration: 36 months
  • Funding: Home fee, Stipend


Focusing on Nineteenth Century Britain, this PhD will explore shareholder investment horizons to better understand the relationship between investors and the companies they invest in, and examine how it impacted on corporate policies and firm governance.
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We are seeking an outstanding student with an interest in Financial History, a background in Finance or Economics, (preferably with a completed or near-to-completion master’s degree), strong motivation, excellent command of English, and outstanding communication skills to embark on this exciting PhD project. Furthermore, a solid quantitative background with essential econometric knowledge and programming skills is highly desirable.

Strathclyde Business School is committed to supporting a diverse and inclusive postgraduate research population. We make decisions on entry by assessing the whole person and not relying solely on academic achievements. On that basis, please ensure that your application (via your CV and covering letter) can evidence your resourcefulness, commitment and resilience as demonstrated by broader professional and life experiences. This evidence should be centred on your ability to undertake and complete a PhD and contribute to a positive PhD community. 

If English isn't your first language, you'll need an IELTS score of 6.5 or equivalent with no individual element below 5.5. 

Your application must include:

  • A cover letter presenting your academic path, motivation for doing a PhD and fit with the advertised research project
  • An updated curriculum vitae
  • Details of two academic referees, including email addresses
  • Academic transcripts, which must be certified copies

Candidates for this PhD project will be selected on the basis of this information and interviews with potential supervisors.

THE Awards 2019: UK University of the Year Winner
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Project Details

Could short-termism in capital markets influence long term growth?  This is a question raised by the Bank of England in the wake of the Global financial crisis (see Haldane and Davies, 2011). They conclude that investor choice, like other life choices, is being re-tuned to a shorter wave-length and hypothesise that this constitutes a market failure as it would result in aggregate investment being too low in the economy, with long-duration projects suffering disproportionately.

However, this perception of investors neglects an understanding of investment behaviour over the long-run, and we believe that the development of corporate ownership in British capital markets may have important lessons for contemporary questions about short-termism amongst investors.

Focusing on the British capital market in the Nineteenth Century, and using historic shareholder records, accounting data and share price time series, this project will empirically investigate the relationship between investor horizons and how they impact on corporate policies and firm governance.

Further information

The successful candidate will join a stimulating, developmental and inclusive research and learning environment. Strathclyde Business School was awarded the Times Higher Education University of the Year in 2019 for a second time. The Accounting and Finance department of Strathclyde Business School is ranked 1st in the UK for Accounting and Finance in Good University Guide 2022 and Complete University Guide 2022. By participating in research seminars, workshops and ad hoc learning activities, the candidate will engage with multiple disciplinary and theoretical perspectives and methodologies. The successful candidate will also be linked into the wider academic community in the area of economic and financial history, which will provide the student opportunities to present work at doctorial colloquiums and international conferences.

Progress will be reviewed annually. During the three-year PhD programme, the candidate is expected to participate in academic conferences, contribute to the School’s teaching provision, and potentially submit articles for publication in peer-reviewed journals.

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Funding details

Fully-funded scholarship for 3 years covers all university tuition fees (at UK level) and an annual tax-free stipend. International students are also eligible to apply, but they will need to find other funding sources to cover the difference between the home and international tuition fees. Exceptional international candidates may be provided funding for this difference. 

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Professor Graeme Acheson

Head Of Department
Accounting and Finance

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Professor Jonathan Fletcher

Accounting and Finance

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Number of places: 1

There will be a shortlisting and interview process.

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Accounting and Finance

Programme: Accounting and Finance

Start date: Oct 2023 - Sep 2024

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Contact us

For further queries and information, please contact Prof Graeme Acheson at