Mark Sanders

Maastricht University’s School of Business and Economics (SBE) invites applications for a 4-year PhD position focused on the social returns to pension investments, starting September 1, 2026. The project aims to deepen understanding of how pension fund investment strategies impact the broader economy, with particular emphasis on infrastructure, innovation, and the green transition. You will join an interdisciplinary supervision team from the Departments of Finance and Macro, International and Labour Economics (MILE), including Prof Mark Sanders, Prof Rob Bauer, and Dr Julian Ashwin. Pension funds are major institutional investors in Europe, managing retirement savings for millions. Their investment decisions not only optimize financial returns but also generate significant economic spillovers, especially through infrastructure and innovation. This research will explore the gap between private and social returns to European investment, examining how pension fund portfolio choices interact with structural challenges such as demographic ageing, climate transition, and geopolitical fragmentation. The project combines quantitative macroeconomic modelling with empirical estimation to assess the alignment of pension fund strategies with broader social objectives, including sustainable growth and the green transition. Potential research activities include developing general equilibrium models with overlapping generations, empirically estimating parameters related to knowledge accumulation and infrastructure spillovers, and analyzing the effects of structural challenges on optimal portfolio allocation. As a PhD candidate, you will benefit from an international, open, and engaged academic environment. The position includes a teaching obligation (0.2 FTE) and opportunities to collaborate with external partners in pension management and responsible investment. SBE is renowned for its focus on sustainability, inclusion, and digital transformation, offering small-scale, interactive education and impactful research. Funding includes a gross monthly salary between €3.059 and €3.881 (full-time, 38 hours/week), 8% holiday allowance, 8.3% year-end bonus, 29 vacation days, four additional days off, and the possibility to accrue up to 12 extra days. Additional benefits include flexible working hours, home office allowance, partial remote work, a solid pension plan via ABP, company fitness schemes, and access to university sports facilities. Eligibility requires a research master equivalent to 120 ECTS (MSc, MPhil or MRes) in Economics, Econometrics, Finance, or a related field, strong technical skills, proven interest in economic and/or finance research, and excellent English communication and writing skills. Candidates should preferably be able to start on September 1, 2026. To apply, submit your CV, motivation letter, short research proposal (max 500 words), grade transcripts, and names/contact details of two references (at least one academic) via the application link by July 8, 2026. For further information, contact Prof Mark Sanders. Maastricht University is committed to diversity and inclusion, prioritizing internal candidates in case of equal qualifications. Join a vibrant academic community in the heart of Europe and contribute to impactful research on pension fund investments and sustainable economic growth.