I joined Brunel University Department of Economics and Finance in January 2023 as Professor of Macroeconomics and Finance. Prior to this I was an Associate Professor of Financial Economics at the University of Bath, Department of Economics, the leader of the Applied Econometrics research group and the Finance stream leader of the Macroeconomics and Finance research group. I was also employed as an Assistant Professor of Economics at the University of Stirling, Economics Division; as a temporary Assistant Professor of Economics at the University of Nottingham, School of Economics; and as an external consultant and researcher at the European Central Bank. My research has been published in highly ranked academic journals, i.e. Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Review of Economic Dynamics, Journal of International Money and Finance, Journal of Financial Stability, Journal of Economic Dynamics and Control, Canadian Journal of Economics, Scandinavian Journal of Economics, European Journal of Finance, Economics Letters etc.; and it is mainly focused in the area of Financial Economics (corporate finance, sustainable/green finance, capital structure and payout poicy) and applied Macroeconomics (DSGE modelling, business cycles, optimal fiscal/monetary policy, cryptocurrencies).
Biodiversity loss is increasingly recognised by financial regulators, central banks and international bodies such as the Taskforce on Nature-related Financial Disclosures (TNFD) as a material source of systemic risk.
Yet, unlike climate risk, the mechanisms through which biodiversity risk is priced into corporate debt and equity markets remain poorly understood. This PhD project will examine how firms' exposure to and dependence on natural ecosystems shapes their capital structure decisions, credit ratings, and borrowing costs.
Drawing on novel biodiversity risk metrics, including those derived from satellite-based ecosystem data, supply-chain exposure scores, and regulatory proximity indices, the project will assess whether biodiversity risk commands a measurable risk premium in corporate bond and loan markets. The candidate will also investigate whether voluntary nature-related disclosures (e.g. TNFD-aligned reports) reduce information asymmetry and lower firms' cost of debt.
Methodological approaches may include (spatial) panel econometrics, machine learning-based text analysis of corporate disclosures, and structural credit-risk modelling.
Key research questions include:
- Does biodiversity risk exposure significantly increase firms' cost of debt and equity?
- Do TNFD-aligned disclosures reduce financing frictions for nature-exposed firms?
- Are there spillover effects in biodiversity risk pricing across supply-chain networks?
- How do lenders and investors respond to regulatory milestones in nature-related financial policy?licy?
This project offers a timely contribution to an emerging academic literature and directly informs active policy debates at the Bank of England, European Central Bank, and international sustainability standard-setting bodies. Candidates with a strong background in financial economics, econometrics, or corporate finance are encouraged to apply.
How to apply
If you are interested in applying for the above PhD topic please follow the steps below:
- Contact the supervisor by email or phone to discuss your interest and find out if you would be suitable. Supervisor details can be found on this topic page. The supervisor will guide you in developing the topic-specific research proposal, which will form part of your application.
- Click on the "Apply here" button on this page and you will be taken to the relevant PhD course page, where you can apply using an online application.
- Complete the online application indicating your selected supervisor and include the research proposal for the topic you have selected.
Good luck!
This is a self-funded topic
Brunel offers a number of funding options to research students that help cover the cost of their tuition fees, contribute to living expenses or both. The UK Government is also offering Doctoral Student Loans for eligible students, and there is some funding available through the Research Councils. Many of our international students benefit from funding provided by their governments or employers. Brunel alumni enjoy tuition fee discounts of 15%.