PhD defence Z. (Zhaowen) Qian


Prof.dr. M.A. Pieterse-Bloem


Prof.dr. W.F.C. Verschoor


Prof.dr. R.C.J. Zwinkels

Thursday 26 Mar 2020, 11:30 - 13:00
PhD defence
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On Thursday 26 March 2020, Z. Qian will defend her PhD dissertation, entitled: ‘Time-Varying Integration and Portfolio Choices in the European Capital Markets’.

The country versus industry debate has long been discussed in both academia and industry. The benchmark study is Heston and Rouwenhorst (1994) in which they introduce a factor decomposition model with static and unit country and industry factor exposures in explaining equity returns. A great number of studies (Griffin and Karolyi, 1998; Rouwenhorst, 1999;  Cavaglia et al., 2000; Brooks and del Negro, 2004, Baca et al. 2000; Cavaglia et al., 2000; Adjaoute and Danthine, 2003; Flavin, 2004; Ferreira and Gama, 2005; Phylaktis and Xia, 2006 and Carrieri, Errunza and Sarkissian, 2008) have followed since using the same decomposition methodology, or a variant thereof, to analyze the relative importance of the two factors in the stock markets. Studies on the European capital markets, especially in the corporate bond market, are much less prevalent. This is where my PhD dissertation could contribute to the literature and provide new empirical evidence. Two primary reasons could explain why the country versus industry debate attracts continuous attention from the perspective of financial integration and portfolio management, which serve as the main motivations for this PhD dissertation.

The PhD defences will not take place publicly in the Senate Hall or Professor Andries Queridoroon due to the coronavirus. The candidates will defend their thesis online.

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