I am applying for the Ph.D. program infinance in the Melbourne school of business-University of Melbourne for thespring 2018 admission.My motivation and desire to pursue a Ph. D.
stem from my predilection for teaching. After my first degree (B.A Hons.Psychology with sociology) from university of Ghana, I was posted to Yendisecondary school for my national service. I taught social studies and government.It was challenging yet the challenge paved way for a new discovery about myselfwhich hitherto I did not know- I discovered my talent for teaching and mypassion for helping students acquire knowledge and improve their life skills.
My dedication and astuteness in my work, led to my appointment as thecounselling master for the first year students. Subsequently, I left in 2004 for the UK whereI studied for my MSc. Financial and Legal Management at Thames ValleyUniversity- now University of West London. I graduated in Msc. Financial andLegal Management in 2007. It was in the course of this program that my interestfor finance became apparent; as I was more inclined to and passionate about allthe finance related subjects.
To further demonstrate my proclivity for thissubject, I conducted my graduate dissertation in corporate finance- CorporateFinancing Decision in Ghana: Equity or Debt. My interest has not waned …………Upon completion I came back to Ghana in2009 and landed a job in a multinational finance house company as one of theirbranch managers. After two years working with them I lost the interest andpassion for the job not because it was not well paid.
Quite the reverse, thesalary was good; there was the opportunity for career progression and otherperquisites that were too attractive to leave behind. However, the intrinsic desire for theexperience I had in teaching at Yendi secondary school overpowered theextrinsic motivation to stay. To fulfil my desire and ambition, I resigned whenI got a teaching position at Northern Business College as a business financeand management teacher.RESEARCHINTERESTI present the summary of my graduatedissertation in lieu of my first research interest.
I did my research incorporate finance- Corporate financing decision in Ghana: Equity or Debt. Thestudy investigated whether capital structure is a value relevant for the equityinvestor and whether firms in the same industry maintain the similar proportionof debt – equity ratio and if this optimum range of capital structure differssignificantly among industries.The result was overlapping and contradictoryas it showed that market value increases in debt – equity ratio for some firmsand decreases for others. The F – test analysis also revealed that there was nosignificant difference in debt – equity ratio among firms in the same industryit however contradicted the finding of previous studies (Bradley et el 1984)that different industries would maintain different debt level of capitalstructure.In the field of financing and capitalstructure decision the broadest question I would like to explore include: Whydo firms issues equity or debt? How do firms determine their capitalstructures? What are the value effects of capital structure decision? Underwhat condition do firms opt for a specific instruments and the valueimplication of these choices.
What are the preferred combinations of financinginstruments for Ghanaian companies? I would like to conduct this research usingcompanies in Ghana as my sample population.My second research interest is financialinstitutions and regulations. The provision and complexity of financialproducts are growing rapidly and dramatically in the emerging Ghanaian economy.The authorities are dealing with a growing number of complaints from the publicas well as increasing media coverage on consumer complaintsEconomic development hinges on capitalmobilisation- if financial consumers are not protected well enough to feelsecured to participate in the financial market, there would be no capitalmobilisation for economic development. Building and maintaining consumerconfidence and trust in financial markets promotes efficiency and stabilitywhich helps to create positive outcomes for both financial institutions andtheir customers. Withinthis broad spectrum, l would like to explore financial consumer protectionpolicy and financial services law and regulation in Ghana. Research questionsof prime importance to explore in the Ghanaian financial consumer protectionpolicy include the following; How do we protect financial consumers-Forexample what types of law we use and how well they work and why we protectconsumers in the ways we do.
Within the financial services law andregulation I am particularly interested in the techniques of regulation. Whatare we trying to achieve by regulating: Is it consumer protection, confidence inthe financial market or competition between providers? How is consumer protection designed andincorporated into regulatory framework? If there are breaches in the regulationhow quick does the regulator respond? Are there provisions for victim customersto seek redress- for example financial ombudsman? How do the current regulation, supervisionand practices within the financial service industry bring about inclusivebanking and financial services to the rural poor? AFTERPh.D. Having completed this program, I will comeback to Ghana where I will seek a tenure position in one of the country’suniversities. The future for finance Ph.
D holders is brighter as more newuniversities, both local and foreign are being established whilst the tenpolytechnics are converted into technical universities. The ever increasingdemand for qualified lecturers will create a dearth and paucity of lecturers inthe field.Good fitThe university ofMelbourne finance program is a good fit not just because of its outstandingfaculty and interdisciplinary approach to finance. One distinguishing featureof the PhD program is it expanded core and more focus field, than is usuallythe case. Additionally, in my quest fora suitable PhD program, I was thrilled to discover that the program isstructured into a two tie course.
The first being taught, in which one is exposeto fundamental finance theories and ability to synthesize existing knowledgenecessary for a research in finance. With Melbourne tag around my neck I amconfident it will ease my burden of securing a tenure position in one ofGhana’s universities and anywhere in the world.