The aim of the Master of Philosophy (MPhil) program is to provide research training in a manner that fosters the development of independent research skills in candidates. On completion of the period of research, the student should possess the ability to formulate a significant problem, mastery of appropriate conceptual and methodological frameworks, and the capacity for articulate and critical analysis. The MPhil thesis provides evidence of significant research as the culmination of 1.5-2 years full-time equivalent study and research training. Finance, investment and banking researchers at UQ Business School study the decisions of firms and individuals and their interrelationship with financial institutions. We have specific expertise in firm valuation, asset pricing and portfolio analysis. Corporate Valuation This area focuses on: The valuation of companies, including the valuation of potential targets for corporate acquisitions; The evaluation of proposed new investment projects; The estimation of the corporate cost of capital, identifying and evaluating appropriate asset pricing models, analysing risk and uncertainty and identifying key value drivers; The impact of market stress (e.g. the Global Financial Crisis) on corporate valuation; Assessing a firm’s optimal capital structure. Financial Institutions This area focuses on risk and return analysis relevant to financial institutions and issues that lead to stable financial systems. Specific areas of investigation include: Competitiveness and efficiency of banks; Assessment of equity and credit risk; The impact of the GFC; Benchmarking institutional performance; Predicting bank performance and governance in financial institutions. Investment and Portfolio Analysis This area of research responds to the increasing complexity of financial markets, their securities and systems. Projects encompass evaluation and risk of managed funds and portfolios. Research activities include: Dynamic portfolio allocation in conditions of global investment uncertainty; Hedging in portfolio management; Asymmetric financial risk exposure; Portfolio volatility; Sustainable investment; The impact of market stress on investment decision making; Assessing the impact of market sentiment. Managerial Incentives and Corporate Governance This area of research focuses mainly on issues related to improving corporate governance of firms. Specific areas of research interest include but are not limited to: Determinants and consequence of board structure, ownership structure and executive remuneration on various firms’ specific outcomes such as performance, investment and financing decisions; Different board committee activities; Corporate litigations; Succession planning; Auditors’ independence; Post-GFC governance reforms; Shareholder activism.