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Stock Market Investments Performance, Energy Firms and the Environment: Does it Pay to Pollute? (Advert Reference: RDF19/BL/AFM/GHIMIRE)

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  • Full or part time
    Dr B Ghimire
  • Application Deadline
    No more applications being accepted
  • Funded PhD Project (Students Worldwide)
    Funded PhD Project (Students Worldwide)

Project Description

Energy and resource companies play a crucial role in achieving economic sustainability and it is widely believed that they have responsibility in preventing environmental damage. Therefore, many corporate as well as private investors are considering environmental friendliness as a criterion in the selection of investment portfolios.

The effect of climate change has received a great deal of scholarly attention and it is now adequately embedded in many disciplines, such as corporate finance and CSR. This line of research started as early as the 1970s (Hay and Gray, 1974, Murphy, 1978) and has continued to develop by including the studies of impact on companies’ performance (Lyon and Maxwell, 2008, Brzobohatý and Janský, 2010, Saka and Oshika, 2010). Nevertheless, there still exists only a surprisingly small number of industry-specific studies on investors’ behaviour and on their investment performance. Therefore, the project focused on investments in the energy and resource firms is a relatively new area of research that can help answer important policy questions and fill relevant gaps in the literature.

In particular, this project will focus on expanding our understanding of:

1) The risk-return characteristics of the portfolio composed of energy and resource stocks with an emphasis on their environmental friendliness.
2) The impact of dividends, transaction costs, market anomalies and behavioural biases on the investors and their investment performance at different time periods.
3) The existence of heterogeneity among the selected companies and possible explanations for it.
4) The robustness of portfolio performance against various external shocks relative to the most relevant sector- and industry-specific benchmarks.

This research project aims at evaluating the investment attractiveness of environmentally friendly stocks and it should also lead to formulation of relevant policy implications.

Given the nature of investigation, candidate with good knowledge of econometric modelling would be desired.

Eligibility and How to Apply:

Please note eligibility requirement:

• Academic excellence of the proposed student i.e. 2:1 (or equivalent GPA from non-UK universities [preference for 1st class honours]); or a Masters (preference for Merit or above); or APEL evidence of substantial practitioner achievement.
• Appropriate IELTS score, if required.
• Applicants cannot apply for this funding if currently engaged in Doctoral study at Northumbria or elsewhere.

For further details of how to apply, entry requirements and the application form, see

Please note: Applications that do not include a research proposal of approximately 1,000 words (not a copy of the advert), or that do not include the advert reference (e.g. RDF19/BL/AFM/GHIMIRE) will not be considered.

Deadline for applications: Friday 25 January 2019
Start Date: 1 October 2019

Northumbria University is an equal opportunities provider and in welcoming applications for studentships from all sectors of the community we strongly encourage applications from women and under-represented groups.

Funding Notes

The studentship is available to Students Worldwide, and covers full fees and a full stipend, paid for three years at RCUK rates (for 2018/19, this is £14,777 pa).


Savva, S. and Ghimire, B. (2018) Is all politics local? Regional political risk in Russia and the panel of stock returns, Journal of Behavioral and Experimental Finance, Forthcoming.

Trinh, Vu, Karki, D., Ghimire, B. (2018) Systematic Risk Determinants of Stock Returns after Financial Crisis Fama-French Three-factor Model vs CAPM, Published on 20th March 2018, Scholars’ Press. Available:

Brzeszczyński, J. Ghimire, B., Jamasb, T., McIntosh, G. (2016) Socially Responsible Investment and Market Performance: The Case of Energy and Resource Firms, EPRG Working Paper 1605, University of Cambridge. Avalable:

Ghimire, B., Perrot, L., Karki, D. (2016) The effect of market conditions on forward looking portfolio performance, Journal of Investment Strategies. vol. 5, issue 4, pp 51-85, DOI: 10.21314/JOIS.2016.073. Available:

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