THE IMPACT OF BORDERS ON THE EFFECTIVENESS OF ACTIVE OWNERSHIP BY EUROPEAN ASSET OWNERS

Various waves of deregulation of financial markets in the past few decades have resulted in capital flowing in and out of countries and regions at much higher speed than in the Post-War period. Large asset owners, e.g., pension funds, have increasingly invested their stakeholders’ assets across the globe and in a variety of asset classes and investment products. These asset owners now jointly own a large share of the world equities markets (estimates range from 50-70%) and as such are responsible for making sure that the management of the companies they invest in acts in the long-term interest of the company, its shareholders and (more recently) stakeholders. Although the investment programs of asset owners globalized rapidly (almost without exception), the level and direction of engagement with company management to a large extent is driven by the legal-, social-, cultural- and political context of the countries the respective asset owners are based in. We are particularly interested in to what extent the legal rules of the companies' country of incorporation, the country of listing and the home country of the asset owners influence the level, intensity and direction of engagement. In addition, we would like to investigate how this difference in context determines the effectiveness of active ownership by asset owners. We will first focus on European countries and in a later stage (potentially) broaden it to other developed markets.

The researcher will be based at Maastricht University School of Business and Economics, in the European Centre for Sustainable Finance (ECCE), and undertake a 6-month secondment at the International Centre for Pension Management (ICPM) in Toronto, or one of its member organizations.

If the PhD candidate is interested in gaining teaching experience, this can be accommodated in consultation with the supervisor, and only to such an extent that teaching does not interfere with the implementation of the project.

Supervision team:
Supervisor: Rob Bauer, Professor of Finance (and holder of the Elverding Chair on Sustainable Business, Culture and Corporate Regulation), School of Business and Economics, Maastricht University

Co-supervisor: Mieke Olaerts, Professor of Comparative Corporate Law (and holder of the Elverding Chair on Sustainable Business, Culture and Corporate Regulation), Faculty of Law, Maastricht University

External advisor: Mike Simutin, Associate Director of Research at the International Centre for Pension Management, and Professor of Finance, Rotman School of Management, University of Toronto

Because the PhD candidates work in a larger research project, team work is essential. In addition to individual work on their dissertations, the PhD candidates will contribute to regular project team meetings and joint academic publications. The PhD candidates will receive extensive training, including regular supervision, training by the Graduate Schools of the relevant faculties, and the partner organisations, where they can benefit from a secondment.

Candidates will be judged on the basis of the requirements outlined below. Candidates should make sure that their application letter demonstrates how they meet these requirements:

• Knowledge and interest on the topics covered by the relevant PhD project;

• Advanced skills in research design and relevant quantitative analysis, as demonstrated in education and/or work so far;

• Strong analytical skills;

• Outstanding writing skills;

• Show an obvious interest in academic research, particularly qualitative research methods;

• Have the capability of autonomously conducting original research as well as working in a team;

• Fluency in English; knowledge of other languages such as the official UN languages is an asset.

We offer a dynamic and challenging job in an internationally-oriented organisation where people receive an advanced education and scholars conduct exciting research. You will be part of an international network of top universities and renowned scholars within the field.

We offer a 4-year full-time appointment as PhD candidate in one of the 13 research projects under the umbrella of LIMES.

The first year will be a probation period, after a positive assessment the position will be extended with another 3 years.

Remuneration will be according to standard salary levels for PhD students starting with a salary of € 2.325,- with a yearly growth to € 2.972,- gross a month in year 4 (based on a full-time appointment.)

Each year the standard salary is supplemented with a holiday allowance of 8% and an end-of-year bonus of 8.3%.

You have to be willing to move to (the vicinity of) Maastricht. You will be eligible for an allowance for moving costs. You may also be eligible for an allowance for alternative housing. Other secondary conditions include e.g. a pension scheme and partially paid parental leave.

You will be provided with shared office space and a PC.

The terms of employment of Maastricht University are set out in the Collective Labour Agreement of Dutch Universities (CAO). Furthermore, local UM provisions also apply. For more information look at the website http://www.maastrichtuniversity.nl > Support > UM employees.

Maastricht University

Maastricht University is renowned for its unique, innovative, problem-based learning system, which is characterized by a small-scale and student-oriented approach. Research at UM is characterized by a multidisciplinary and thematic approach, and is concentrated in research institutes and schools. Maastricht University has around 18,000 students and 4,300 employees. Reflecting the university's strong international profile, a fair amount of both students and staff are from abroad. The university hosts 6 faculties: Faculty of Health, Medicine and Life Sciences, Faculty of Law, School of Business and Economics, Faculty of Science and Engineering, Faculty of Arts and Social Sciences, Faculty of Psychology and Neuroscience.