The PhD program in Finance at the Graduate School of Management and Economics of Pannasastra University of Cambodia provides students with a solid foundation in the theoretical and empirical tools of modern finance, drawing heavily on the discipline of finance. The program is designed to produce qualified and well trained scholars, it is meant to sharpen the career life of students pursuing economics, corporate finance, international finance and statistics fields. Students also gain extensive exposure to various research areas in finance allowing them to think critically about how to approach the analysis of contemporary financial issues and contribute to the knowledge base for the financial professionals.

The PhD-Finance program mainly emphasizes analytical and quantitative skills and exposes students to a broad range of contemporary financial issues to prepare them for careers in academic, finance, economy and business, or government careers. In the first year, students will attend rigorous coursework in research methodology, applied statistics, advanced corporate finance, advanced financial markets. In the second year, students will specialise in the major field of finance such as investment analysis and portfolio management, and advanced international finance.

The program is designed to give the candidate a thorough and comprehensive knowledge of finance field and training in methods of research. The final basis for granting the degree shall be the candidate’s grasp of the subject matter of a broad field of study and a demonstrated ability to do independent research. In addition, the candidate must have acquired the ability to express thoughts clearly and forcefully in both oral and written languages. The degree is not granted solely for the completion of coursework, residence and technical requirements, although these must be met.

Doctor of Philosophy (PhD)

Major: Finance

Course Description

RESR 704        Research Methodology

The principles of scientific method and techniques of research design common to both qualitative and quantitative research methods, including sampling methods and data collection techniques. You will learn how to critically read research papers and articles. You will be introduced to the techniques of writing necessary to produce expository and analytical papers in a style that meets the standards of publishable work. Literature research methods will acquaint you with both traditional library research and the recent developments in electronic search and retrieval methods.

STAT 705        Advanced Statistics

This course is designed to broaden and enrich the student's knowledge and understanding of statistical methodology as it pertains to the study of multivariate techniques used in the behavioral sciences. The goal of this course is to develop skills with a range of procedures and programs for multivariate data analysis. The focus will be on practical issues such as selecting the appropriate analysis, preparing data for analysis, menu-driven and syntax programming, interpreting output, and presenting results of a complex nature.

FIN 706           Advanced Corporate Finance

The main aim of this course is to help you learn to apply solid ideas of financial economics to real-life problems of business valuation and financial decisions with all the complexities the real world entails. The course covers contemporary financial theories and their applications, examines financial processes as they relate to corporate financial decision making and the types of short term and long term financial decisions which must be made by managers. Topics include capital structure, credit policies, financial operation, capital budgeting and transaction financing, asset pricing, option theory and financial risk management.

FIN 774           Advanced Financial Markets

This course provides students with an overview of the basic contributions in to the modern theory of corporate finance and financial institutions. The topics covered may include capital structure, distribution policy, financial intermediation, incomplete financial contracting, initial and seasoned public offerings, market for corporate control, product market corporate finance interactions, corporate reorganization and bankruptcy, financing in imperfect markets, security design under adverse selection and moral hazard, swaps, gap analysis, and, long-term investment decision of financial institutions in the context of market globalization. The course examines monetary policy and the central bank, the flow of funds in the economy and interest rate determination. Financial intermediaries are examined with particular attention to their regulations, the composition of their assets and liabilities, and their changing relative importance. Investment funds and pension funds are included among the intermediaries. Due attention is given to current developments in financial markets.

FIN 710           Investment Analysis and Portfolio Management

The course is provided student more advanced idea and technique in corporation and personal financial decision making. We will focus on tolls and methods IPO, Security trading, Risk and return concept then we will examine modern portfolio theory, Capital asset pricing model, Asset allocation, Multi-Factor Models and the Arbitrage Pricing Theory, including market efficiency and behavioural finance, Bond and Stock valuations, and then Option and Future Markets. The ability to implement and apply these techniques in practice is regarded as achieve target of the course. Hence, the students will learn to deal with real business financial cases and they will learn how to use Microsoft Excel (VBA) to analyse risk and return of portfolio management.

FIN 716           Advanced International Finance

This advanced international financial management course provides an in-depth study of issues and tools that will assist financial managers in making decisions. Topics include capital budgeting under uncertainty; long-term sources of funds; capital structure; dividend

policy; special financing and investment decisions; futures, forwards, options, and swaps; treasury risk management; financial planning; as well as long-term planning and strategic issues in finance. The main objective of the course is to expose students with various theoretical models of exchange rate determination, the balance of payments, financial crisis and open economy macroeconomics, as well as their respective empirical studies. Students are advised to read supplementary readings to relate what they have learnt to current issues at hand. In particular, the issues of global imbalances, the 2008 Global Financial Crisis and Debt Crisis in Europe will be discussed in depth in the course.

RES 799          PhD Dissertation Proposal Design and Defense

This course is designed for PhD scholars to design and defend PhD Dissertation Proposal in Finance. Prior to defense of PhD Dissertation Proposal, the students are required to obtain 21 credits, as 18 credits from Remedial Courses, Doctoral Level Courses and Directed Courses and 3 credits from their elective courses. The student, who can pass her/his Proposal Defense of PhD Dissertation, she/he can acquire 3 credits.

RPD 799          PhD International or National Publications

This course is designed for PhD scholars to publish the parts of PhD dissertation in the national or international academic journal. Prior to writing for PhD academic journals, the students are required to completely pass PhD Dissertation Proposal. The students are required to separately publish two academic journals (6 credits); each journal publication will be obtained 3 credits.

SFP 799           Scientific Conference Presentations

This course is designed for PhD scholars to participate and present the parts of PhD dissertation to the national and international scientific conferences. Prior to the conference presentation, the students are required to completely pass PhD Dissertation Proposal. The student, who fully completed the scientific conference presentation, she/he can obtain 3 credits.

SPD 799           Academic Seminars for PhD Dissertation

This course is designed for PhD scholars to organize an individual/personal academic seminar in order to present the parts of PhD dissertation to the publics, students, communities, national and international organizations as needed. Prior to the academic seminar presentation, the students are required to completely pass the PhD Dissertation Proposal. The student, who fully completed the academic seminar presentation, she/he can acquire 3 credits.

ECON 703       Advanced Macroeconomic Analysis

The aim of this course is to provide a basic understanding of the theoretical foundation of macroeconomics at the advanced level. There are two aspects to these foundations. First, we emphasize the dynamic general equilibrium character of modern macroeconomic analysis. For dynamic general equilibrium modeling, we adopt the overlapping-generations model as the dynamic model to model the macro economy. Second, we use a consistent approach based on microeconomic foundations and the rationality of economic agents to address several issues in monetary policy, exchange-rate policy and fiscal policy.

ECON 704       Advanced Microeconomic Analysis

This course covers several microeconomic topics taught at the advanced level. It will provide a solid microeconomic foundation for the students for their future research in different fields in economic theory. The prerequisites of this course consist of intermediate microeconomics and a strong background in mathematics. Topics include the theory of consumer, demand and supply, game theory, competitive markets and market failure; externalities and public goods; adverse selection, moral hazard; principal-agent problem and general equilibrium theory.

RESR 705        Seminar in Doctoral Dissertation Development

Dissertation Seminar is intended to assist doctoral students in the preparation of a dissertation proposal and to facilitate the transition from course work to dissertation. This course will review of proposal components, with particular emphasis on research design and developing the literature review, and will also focus on key issues such as dissertation format standards, psychological and time management demands, committee formation, and project management. This course does not aim to provide additional substantive material or methodological toolkit, the way typical graduate courses do. Its goal is rather modest as it attempts to apply your cumulative understanding and skills to specific research situation. From the perspective of one’s program of study, however, this course poses a real-world test helping to make a realistic transition from coursework to dissertation.

FIN 708           Modern Public Finance

Public finance is the study of the economic functions or role of a government and its associated institutions, analysis of government taxing and spending activities using theoretical, empirical, and institutional material. Topics include optimal provision of public goods, cost-benefit analysis, tax incidence, policies aimed at efficient level of externalities such as pollution, income redistribution, models of democratic and bureaucratic decision-making and the design of government procurement contracts.

BUS 712          Advance International Business

An advanced international business course explores the implications of global economic integration in a world of national differences, focusing on corporations and business global firms that operate in several countries. The emergence of a world economy has also produced unparalleled opportunities to test theories developed in a single national border relative to other trading nations. The course examines the growth of the multinationals and international trade theories linked to practical cases differing from country to country. It also deepens an understanding of basic human behavior and is to find out practical world business elevating real academic value relevant to the disciplines of politics, business, economics, psychology, and sociology. Due to the fact that the world has become more and more open in terms of economics, politics and culture, students can pursue their research studies in countries with widely divergent cultures, economic systems and political institutions so as to broaden their understanding and knowledge in international business.

ECON 718       Monetary Economics

Monetary Economics and Sequential Trade is an insightful introduction to the advanced topics in monetary economics. Accessible to students who have mastered the diagrammatic tools of economics; it discusses real issues with a variety of modeling alternatives, allowing for a direct comparison of the implications of the different models. The exposition is clear and logical, providing a solid foundation in monetary theory and the techniques of economic modeling. The text is rooted in the author's years of teaching and research, and will be highly suitable for monetary economics courses in both the upper-level undergraduate and graduate levels.

MGT 722         Cross Cultural Management

This course examines organizational and individual behaviors, structures and management practices in multinationals and in business situations involving cross cultural interactions. The course covers a variety of theories that relate culture to behavior in general and management in particular, develops an analytical framework that facilitates adaptation of managerial practices and organizational structures to cultural differences. It focuses on the practical application of the framework to shaping individual and organizational behaviors. We pay special attention to the following areas: organizational design, negotiation processes, and communications. Through simulations and exercises students will develop their skills of communicating and managing in diverse cultural environments and in cross cultural situations.

FIN 730           Advanced Financial Analysis Techniques

This course offers student intensive hands on financial statement, financial modeling and simulation exercises. Student will learn how to evaluate financial statements in predicting future financial condition, how to construct and use corporate financial models in valuing firms, how to use time series analysis in developing assumptions for investment decision making, and how to apply sophisticated Monte Carlo simulation techniques in financial forecasts. You will receive a number of software programs, reading materials and a variety of practical programming techniques will be included in the case studies.

ECON 737       Applied Game Theory

Game theory is widely applied in management and social sciences. Game theory is a popular subject and became a powerful tool for analyzing strategic interactions between players or decision making units. Game theory describes a strategic decision making processes. It analyzes situations in which players interact, and suggests strategies and solutions that are based on profit or utility maximizing concepts. This course provides the basic concepts and applies those concepts to economics and business applications. It introduces the basic concepts of game theory and introduces several methods to solving interactive decision problems. The concepts will be applied to economics and business relevant applications that relate to Firm Behavior in Markets and different types of market structures.

MGT 740         Advanced Quantitative Analysis for Management

The course is to study Quantitative Methods and Business Analysis approaches to make decision in the business organization. This course provides students to the scientific approach to managerial decisions making.  The approach consists of problem definition, model development, data collection, model implementation using the data, model validation, result analysis, and using the findings to implement changes which solve the original problem.  Various quantitative models and methods will be discussed.  The assumptions and limitations of the various models and methods will be discussed with case study assignments used to demonstrate the real world usefulness of each technique. 

FIN 781           Derivatives and Risk Management

This course provides both introductory theory and a working knowledge of futures, options, and swaps, with an emphasis on the use of derivatives in risk management. The theory component is important, as with the rapid expansion of different derivative types we must know the fundamental pricing principle. The working knowledge component will cover the main types of derivatives contracts and valuation techniques. This subject is both theoretical and practical; the emphasis will be on problem solving. There is some overlap with material discussed in Security Valuation, though the course will explore these topics in much greater depth.

RPC 799          Dissertation

This course is designed for PhD scholars to complete and finally defend the PhD Dissertation. Prior to final defense of PhD Dissertation, the students are required to complete all the required courses, such as 21 credits from Doctoral Courses, 3 credits from Proposal Defense, 6 credits from Academic Journal Publications, and 3 credits from Scientific Conference Presentations as well as an additional 3 credits from Academic Seminars for PhD Dissertation. The student, who can pass her/his Final Defense of PhD Dissertation, she/he can acquire 18 credits.