PhD Circular economy bonds – an initial examination of performance, riskiness and connectedness
PhD @Loughborough University posted 7 hours agoJob Description
Project details
Interest in sustainability and climate change is soaring. It is widely acknowledged that funding for climate change mitigation projects needs to increase dramatically (COP28). Circular economy with its emphasis on reducing material usage, reusing and recycling has the potential to facilitate dramatic change in environmental outcomes. Work on green finance is expanding but, research on financing the circular economy is limited.
Circular economy bonds are rapidly growing, from less than 50 in 2019 to over 550 by 2024, with $96 billion in issuance. The objective of this PhD is to provide an initial quantitative analysis of the circular economy bonds. It will focus on assessing three elements of circular economy bonds.
- How do circular economy bonds perform, and which factors help explain their performance?
- What risks are involved with circular economy bonds?
- How do circular economy bonds relate to the broader financial system and economic indicators? Which shocks are circular economy bonds exposed to, and how do they connect to other parts of the financial ecosystem?
Applicants will need high grades in a master’s degree in a related subject, and will need a strong interest in finance and sustainability. Experience in undertaking quantitative research is required.
94% of Loughborough’s research impact is rated world-leading or internationally excellent. REF 2021
Supervisors
Primary supervisor: Professor Andrew Vivian
Secondary supervisor: Professor Suzana Grubnic
Entry requirements
Our entry requirements are listed using standard UK undergraduate degree classifications i.e. first-class honours, upper second-class honours and lower second-class honours. To learn the equivalent for your country, please choose it from the drop-down below.
Entry requirements for United Kingdom
At least a 2:1 honours degree (or equivalent) with a UK master’s degree (with an average programme mark of no less than 65%) or international equivalent.
English language requirements
Applicants must meet the minimum English language requirements. Loughborough Business School requires a minimum IELTS band 7.0 or above with not less than 7.0 in each component. Further details are available on the international website.
Fees and funding
Tuition fees for 2025-26 entry
UK fee
£5,006 Full-time degree per annum
International fee
£22,360 Full-time degree per annum
Fees for the 2025-26 academic year apply to projects starting in October 2025, January 2026, April 2026 and July 2026.
Tuition fees cover the cost of your teaching, assessment and operating University facilities such as the library, IT equipment and other support services. University fees and charges can be paid in advance and there are several methods of payment, including online payments and payment by instalment. Fees are reviewed annually and are likely to increase to take into account inflationary pressures.
How to apply
- Put together your research proposal (between 2,500 to 3,000 words including references). Share your research proposal with the identified supervisor(s) and confirm they are willing to be named in support of your application. You are also encouraged to ask for feedback to develop your research proposal.
- All applications should be made online. Under programme name, select ‘Business School’. Please upload with your application a research proposal, copies of your transcripts/certificates, English language certificate and contact details of two academic references, one of which must be from your most recent degree. Please quote the project reference number: LB25-AV-SG-unfunded.
To avoid delays in processing your application, please ensure that you submit the minimum supporting documents.
The selection criteria will be used by academic schools to help them take a decision on your application.
