PhD Studentship in IFRS Accounting Standards and Cost of Capital at The Open University The Open University in United Kingdom

The Open University’s Faculty of Business and Law is offering a PhD studentship focused on the impact of International Financial Reporting Standards (IFRS) on global capital markets. The project will investigate whether IFRS adoption has improved capital market outcomes, specifically examining the cost of equity, cost of debt, liquidity, and comparability across different sectors and jurisdictions. Since 2005, IFRS has been mandatory for EU-listed companies, with adoption spreading to countries such as Australia, New Zealand, Hong Kong, and South Africa. However, empirical evidence on its effectiveness remains mixed, especially between voluntary and mandatory adoption scenarios.

Key research aims include assessing the success of IFRS in achieving its mission over the past 25+ years, investigating its association with capital market efficiency and investor returns, and addressing gaps in the alignment between theory and empirical research. The project will also identify factors contributing to mixed results in previous studies, referencing recent literature in the field.

The methodology requires strong quantitative and empirical research skills, with a focus on econometric analysis using tools such as Stata, R, or Python. Applicants will work with firm-level financial data, addressing methodological challenges like endogeneity and differences in adoption modes. The research is expected to contribute both theoretically—by strengthening the link between accounting disclosure theory and empirical evidence—and practically, by informing standard setters and regulators about the effectiveness of IFRS in promoting transparency and market benefits.

This opportunity is ideal for candidates with a background in accounting, finance, or related disciplines, and who possess advanced quantitative skills. The position is based at The Open University in the UK, within the Departments of Accounting and Finance. For more information and to apply, visit the provided application link or contact the supervisor via LinkedIn.