Program Overview

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Program Overview

The program in question is a PhD research opportunity focused on "Circular economy bonds – an initial examination of performance, riskiness and connectedness." This research aims to provide an initial quantitative analysis of circular economy bonds, assessing their performance, risks, and relationship to the broader financial system and economic indicators.

Qualification(s) Available

• PhD

Entry Requirements

• 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.
• High grades in a master’s degree in a related subject.
• A strong interest in finance and sustainability.
• Experience in undertaking quantitative research is required.

Fees for Entry

• UK fee: £5,006 Full-time degree per annum
• International fee: £22,360 Full-time degree per annum

Duration and Start Date

• Full-time: 3 years
• Start date: October 2025, January 2026

Application Deadline

• 1 October 2025

Project Reference

• LB25-AV-SG-unfunded

Location

• Loughborough

Subject Area(s)

• Business and Economics

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. 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:

1. How do circular economy bonds perform, and which factors help explain their performance?
2. What risks are involved with circular economy bonds?
3. 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?

Supervisors

• Primary supervisor: Professor Andrew Vivian
• Secondary supervisor: Professor Suzana Grubnic

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.

How to Apply

1. 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.
2. 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.

Selection Criteria

The selection criteria will be used by academic schools to help them take a decision on your application.

International Entry Requirements

The University uses the Shanghai Academic Ranking of World Universities to identify the required final mark for applicants from China. For other countries, specific GPA or percentage requirements are outlined:

• For example, in the United States, a GPA of 3.5 or above is required for a first-class honors equivalent.
• In India, institutions listed on the National Institutional Ranking Framework require 65% or above for a first-class honors equivalent.
• Detailed requirements for each country are provided to ensure clarity on the admission criteria.